-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UlEeoOGcNKkRfq/Bhu/BeHPnHBKL6MCpfIhIfhOBHRIdZwIi3YidvbkLxN6iFbab k1GKu/dyGBtrQs9yoGcDzw== 0001467105-09-000009.txt : 20090903 0001467105-09-000009.hdr.sgml : 20090903 20090903144113 ACCESSION NUMBER: 0001467105-09-000009 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090903 DATE AS OF CHANGE: 20090903 EFFECTIVENESS DATE: 20090903 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-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-05447 FILM NUMBER: 091053365 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 SAN 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 0000827060 S000005976 DISCIPLINED GROWTH FUND C000016462 INVESTOR CLASS ADSIX C000016463 A CLASS ADCVX C000016464 INSTITUTIONAL CLASS ADCIX C000016465 R CLASS ADRRX C000055500 B CLASS ADYBX C000055501 C CLASS ADCCX 0000827060 S000005977 EQUITY GROWTH FUND C000016466 INVESTOR CLASS BEQGX C000016467 A CLASS BEQAX C000016468 INSTITUTIONAL CLASS AMEIX C000016469 C CLASS AEYCX C000016470 R CLASS AEYRX C000055502 B CLASS AEYBX 0000827060 S000005978 GLOBAL GOLD FUND C000016471 INVESTOR CLASS BGEIX C000016472 A CLASS ACGGX C000055503 INSTITUTIONAL CLASS AGGNX C000055504 B CLASS AGYBX C000055505 C CLASS AGYCX C000055506 R CLASS AGGWX 0000827060 S000005979 INCOME & GROWTH FUND C000016473 INVESTOR CLASS BIGRX C000016474 A CLASS AMADX C000016475 INSTITUTIONAL CLASS AMGIX C000016476 C CLASS ACGCX C000016477 R CLASS AICRX C000052604 B CLASS AIGBX 0000827060 S000005980 LONG-SHORT MARKET NEUTRAL FUND C000016478 INVESTOR CLASS ALHIX C000016479 INSTITUTIONAL CLASS ALISX C000016480 A CLASS ALIAX C000016481 B CLASS ALIBX C000016482 C CLASS ALICX C000016483 R CLASS ALIRX 0000827060 S000005981 SMALL COMPANY FUND C000016484 INVESTOR CLASS ASQIX C000016485 ADVISOR CLASS ASQAX C000016486 INSTITUTIONAL CLASS ASCQX C000016487 R CLASS ASCRX 0000827060 S000005982 UTILITIES FUND C000016488 INVESTOR CLASS BULIX 0000827060 S000010998 NT EQUITY GROWTH FUND C000030376 INSTITUTIONAL CLASS ACLEX 0000827060 S000010999 NT SMALL COMPANY C000030377 INSTITUTIONAL CLASS ACLOX 0000827060 S000014383 INTERNATIONAL CORE EQUITY FUND C000039160 INVESTOR CLASS ACIMX C000039161 INSTITUTIONAL CLASS ACIUX C000039162 A CLASS ACIQX C000039163 B CLASS ACIJX C000039164 C CLASS ACIKX C000039165 R CLASS ACIRX N-CSR 1 acqef_aug09.htm ANNUAL CERTIFIED SHAREHOLDER REPORT acqef_aug09.htm - Generated by SEC Publisher for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED 
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number  811-05447
 
AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC. 
(Exact name of registrant as specified in charter)
 
4500 MAIN STREET, KANSAS CITY, MISSOURI  64111 
                                             (Address of principal executive offices) (Zip Code) 
 
CHARLES A. ETHERINGTON
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)
Registrant’s telephone number, including area code:   816-531-5575 
 
Date of fiscal year end:  06-30
 
Date of reporting period:  06-30-2009
   
   

ITEM 1. REPORTS TO STOCKHOLDERS.  

Annual Report 
June 30, 2009 

American Century Investments 

Disciplined Growth Fund

Equity Growth Fund

Income & Growth Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting.

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify and stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     U.S. Stock Index Returns  2 
 
Disciplined Growth   
 
           Performance  3 
           Portfolio Commentary  5 
                     Top Ten Holdings  7 
                     Five Largest Overweights  7 
                     Five Largest Underweights.  7 
 
Equity Growth   
 
           Performance  8 
           Portfolio Commentary  10 
                     Top Ten Holdings  12 
                     Five Largest Overweights  12 
                     Five Largest Underweights.  12 
 
Income & Growth   
 
           Performance  13 
           Portfolio Commentary  15 
                     Top Ten Holdings  17 
                     Five Largest Overweights  17 
                     Five Largest Underweights.  17 
 
           Shareholder Fee Examples  18 
 
Financial Statements   
 
           Schedule of Investments  21 
           Statement of Assets and Liabilities  35 
           Statement of Operations  37 
           Statement of Changes in Net Assets  38 
           Notes to Financial Statements  40 
           Financial Highlights  50 
           Report of Independent Registered Public Accounting Firm  68 
 
Other Information   
 
           Management  69 
           Approval of Management Agreements  72 
           Additional Information  77 
           Index Definitions  78 

The opinions expressed in the Market Perspective and each of the Portfolio Commentaries reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for com parative 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.

Market Perspective 

 

By John Schniedwind, Chief Investment Officer, Quantitative Equity

A Historic Market Decline Sank Stocks

U.S. stocks fell sharply for the 12 months ended June 30, 2009, in an environment of extreme volatility and dramatic shifts in market sentiment. The major stock indices remained on a downward trajectory for much of the 12-month period as a deepening economic downturn, a worsening credit crunch, and a near collapse in the financial sector weighed on investor confidence.

The U.S. economy, already in recession since the end of 2007, contracted in the last two quarters of 2008 and the first quarter of 2009. The slumping economy was characterized by substantial job losses (leading to the highest unemployment rate since 1983), a drop-off in consumer spending, and further deterioration in the housing market.

At the same time, a lack of liquidity in the credit markets put enormous pressure on the balance sheets and profitability of financial companies worldwide. After a series of bankruptcies and takeovers swept through the financial sector in late 2008, the federal government moved swiftly to provide financial assistance and other support to prevent a full-scale breakdown in the financial system.

The economic and financial difficulties led to a steep market decline throughout the last half of 2008 and into early 2009. From the beginning of the reporting period through March 9, 2009, the broad stock indices plummeted by more than 45%.

Early Signs of Recovery

Market conditions changed dramatically in the last few months of the period. The stock market hit a multi-year low on March 9 and then staged a powerful rally as signs of economic stabilization generated optimism about a possible recovery. Investors also grew more confident about the federal government’s actions to stimulate economic activity and restore liquidity in the credit markets.

Despite the recent rebound, the broad equity indices declined by more than 25% for the 12-month period (see the table below). Much of the rally late in the period was driven by changing perceptions, but a truly sustainable long-term advance requires substantial improvements in economic and company fundamentals, which have yet to materialize.

U.S. Stock Index Returns         
For the 12 months ended June 30, 2009         
Russell 1000 Index (Large-Cap)  –26.69%  Russell 2000 Index (Small-Cap)  –25.01% 
Russell 1000 Growth Index  –24.50%  Russell 2000 Growth Index  –24.85% 
Russell 1000 Value Index  –29.03%  Russell 2000 Value Index  –25.24% 
Russell Midcap Index  –30.36%     
Russell Midcap Growth Index  –30.33%     
Russell Midcap Value Index  –30.52%     

2

Performance 

Disciplined Growth       
 
Total Returns as of June 30, 2009       
      Average Annual   
      Returns   
      Since  Inception 
    1 year   Inception  Date 
Investor Class  -27.63% -4.36% 9/30/05
Russell 1000 Growth Index(1)  -24.50% -3.87% —
Institutional Class  -27.50% -4.19% 9/30/05
A Class(2)  9/30/05
 No sales charge*  -27.76% -4.59%
 With sales charge*  -31.94% -6.09%
B Class  9/28/07
 No sales charge*  -28.35% -22.71%
 With sales charge*  -32.35% -25.52%
C Class  -28.35% -22.71% 9/28/07
R Class  -28.00% -4.85% 9/30/05
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 
 maximum 5.75% initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years 
 of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year after 
 purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that 
 mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied. 
 
(1)  Data provided by Lipper Inc. – A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper 
  content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be 
  liable for any errors or delays in the content, or for any actions taken in reliance thereon.     
  The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to be 
  reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or 
  sell any of the securities herein is being made by Lipper.       
(2)  Prior to September 4, 2007, the A Class was referred to as the Advisor Class. Performance, with sales charge, prior to that date has been 
  adjusted to reflect the A Class’s current sales charge.       

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

3

 Disciplined Growth 

 
One-Year Returns Over Life of Class       
Periods ended June 30           
    2006*  2007  2008  2009 
Investor Class    7.05%  16.66%  -6.38%  -27.63% 
Russell 1000 Growth Index    2.02%  19.04%  -5.96%  -24.50% 
*From 9/30/05, the Investor Class’s inception date. Not annualized.       
         
Total Annual Fund Operating Expenses       
  Institutional         
Investor Class  Class  A Class  B Class  C Class  R Class 
1.03%  0.83%  1.28%  2.03%  2.03%  1.53% 

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

4

 Portfolio Commentary 
Disciplined Growth 

Portfolio Managers: Bill Martin, Brian Ertley, and Lynette Pang

Performance Summary

Disciplined Growth returned –27.63%* for the fiscal year ended June 30, 2009, trailing the –24.50% return of its benchmark, the Russell 1000 Growth Index, and the –26.21% return of the S&P 500 Index.**

The substantial decline for Disciplined Growth and the indices during the 12-month period reflected the challenging environment for stocks amid a deteriorating economy and a crisis in the financial sector. Although growth stocks outperformed during the period, Disciplined Growth lagged both its growth-oriented benchmark, the Russell 1000 Growth Index, and the broad S&P 500. Sector allocation added value versus the benchmark, but individual stock selection detracted from relative results in seven of ten market sectors, contributing to the portfolio’s overall underperformance of its benchmark.

Energy and Industrials Lagged

The bulk of the fund’s underperformance versus the Russell 1000 Growth Index resulted from stock selection in the energy and industrials sectors. Underperformance in the energy sector was driven almost entirely by stock selection among energy producers; in fact, the fund’s three biggest individual detractors from relative performance were oil and gas production companies. The culprits included W&T Offshore, which tumbled as offshore drilling activity declined; coal producer Massey Energy, which struggled with falling coal prices; and Stone Energy, which was hit hard by declining fuel prices and an ill-timed acquisition.

In the industrials sector, overweight positions in machinery manufacturers and construction and engineering firms had the biggest negative impact on relative results. The most significant detractor was farm machinery maker AGCO, which fell sharply as the economic downturn led to a decline in agricultural development. Other noteworthy decliners in the industrials sector included flow control equipment company Flowserve and construction and engineering firm Chicago Bridge & Iron, both of which had substantial exposure to the slumping oil and gas industry.

Technology Also Detracted

Disciplined Growth’s holdings in the information technology sector under-performed their counterparts in the benchmark index, with stock selection in the software and semiconductor industries contributing the most to this underperformance. Drafting software maker Autodesk was the worst contributor in this sector—broad cutbacks on technology spending for many businesses and a downturn in the construction and engineering industry led to losses and workforce reductions at the company. Semiconductor testing firm Amkor Technology also struggled amid a broad-based slowdown across all of its end markets.

*All fund returns referenced in this commentary are for Investor Class shares.
**The S&P 500 Index returned –5.45% since the fund’s inception September 30, 2005 through June 30, 2009.

5

Disciplined Growth

Materials and Utilities Added Value

On the positive side, the portfolio’s materials and utilities stocks contributed favorably to performance versus the Russell 1000 Growth Index. An overweight position in paper and forest products companies and an underweight position in mining and metals companies were responsible for virtually all of the outperformance in the materials sector. Paper and packaging producer International Paper, which was added to the portfolio during the last few months of the period, rallied sharply as the company paid down some of its near-term debt and a beneficial tax credit boosted earnings.

The utilities sector was one of the worst-performing segments of the index, and the portfolio’s outperformance resulted primarily from an underweight position in the sector. In particular, underweights in electric utilities and independent power producers added considerable value as waning demand for power and declining energy prices put downward pressure on profit margins.

Other notable outperformers during the period included pharmaceutical firm Schering-Plough, gaming machine manufacturer WMS Industries, and household products maker Clorox. Schering-Plough, the portfolio’s top relative performance contributor, rallied sharply after agreeing to be acquired by competitor Merck. WMS Industries, which makes slot machines and other gaming products, reported stronger-than-expected profits and gained market share despite the difficult economic environment. Clorox, the largest overweight position in the portfolio during the 12-month period, advanced as price increases led to higher profit margins and an increase in its dividend.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

6

Disciplined Growth     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Microsoft Corp.  4.6%  4.0% 
International Business Machines Corp.  3.7%  3.3% 
Apple, Inc.  3.2%  1.8% 
Cisco Systems, Inc.  2.4%  2.2% 
Google, Inc., Class A  2.1%  1.7% 
Abbott Laboratories  1.9%  1.0% 
Intel Corp.  1.9%  1.8% 
Oracle Corp.  1.9%  1.6% 
Wal-Mart Stores, Inc.  1.8%  3.2% 
Coca-Cola Co. (The)  1.8%  2.6% 
     
Disciplined Growth’s Five Largest Overweights as of June 30, 2009   
  % of  % of Russell 1000 
  net assets  Growth Index 
Occidental Petroleum Corp.  0.99%  — 
EMC Corp.  1.03%             0.06% 
Murphy Oil Corp.  0.89%  — 
Adobe Systems, Inc.  1.18%             0.32% 
Goodrich Corp.  0.97%             0.13% 
 
Disciplined Growth’s Five Largest Underweights as of June 30, 2009   
  % of  % of Russell 1000 
  net assets  Growth Index 
Procter & Gamble Co. (The)  0.75%             2.11% 
Johnson & Johnson  1.60%             2.62% 
PepsiCo, Inc.  0.83%             1.85% 
Exxon Mobil Corp.  1.10%             1.90% 
Altria Group, Inc.  —             0.73% 

7

Performance 

Equity Growth           
 
Total Returns as of June 30, 2009         
      Average Annual Returns   
          Since  Inception 
    1 year  5 years  10 years  Inception  Date 
Investor Class  -28.37%  -2.26%  -1.68%  7.35% 5/9/91 
S&P 500 Index(1)  -26.21%  -2.24%  -2.22%  7.10% — 
Institutional Class  -28.21%  -2.07%  -1.48%  1.38% 1/2/98 
A Class(2)        10/9/97 
 No sales charge*  -28.54%  -2.50%  -1.93%  0.87%  
 With sales charge*  -32.64%  -3.65%  -2.51%  0.36%  
B Class        9/28/07 
 No sales charge*  -29.05%  —  —  -24.30%  
 With sales charge*  -33.05%  —  —  -27.15%  
C Class  -29.06%  -3.22%  —  -1.94% 7/18/01 
R Class  -28.71%  —  —  -6.73% 7/29/05 
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 
 maximum 5.75% initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years 
 of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year after 
 purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that 
 mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied. 
 
(1)  Data provided by Lipper Inc. – A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper 
  content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be 
  liable for any errors or delays in the content, or for any actions taken in reliance thereon.       
  The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to 
  reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or 
  sell any of the securities herein is being made by Lipper.         
(2)  Prior to September 4, 2007, the A Class was referred to as the Advisor Class. Performance, with sales charge, prior to that date has been 
  adjusted to reflect the A Class’s current sales charge.         

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

8

  Equity Growth 

 
One-Year Returns Over 10 Years               
Periods ended June 30                   
  2000  2001  2002  2003  2004  2005  2006  2007  2008  2009 
Investor Class  9.35%  -15.34%  -16.81%  1.35%  21.20%  10.27%  8.79%  18.09%  -12.12%  -28.37% 
S&P 500 Index  7.25%  -14.83%  -17.99%  0.25%  19.11%    6.32%  8.63%  20.59%  -13.12%  -26.21% 
 
Total Annual Fund Operating Expenses               
Institutional                 
Investor Class  Class  A Class  B Class  C Class  R Class 
0.67%  0.47%  0.92%  1.67%  1.67%  1.17% 

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

9

Portfolio Commentary 

Equity Growth

Portfolio Managers: Bill Martin and Tom Vaiana

Performance Summary

Equity Growth returned –28.37%* for the fiscal year ended June 30, 2009, trailing the –26.21% return of its benchmark, the S&P 500 Index.

The substantial decline for both Equity Growth and the S&P 500 during the 12-month period reflected the challenging environment for stocks amid a deteriorating economy and a crisis in the financial sector. Equity Growth also underperformed the S&P 500 during the period, with the bulk of the underperformance occurring in the last six months. The primary contributing factor to the fund’s underperformance of its benchmark was individual stock selection, which detracted in eight of ten market sectors.

Technology Lagged

The fund’s information technology holdings had the biggest negative impact on performance versus the S&P 500. Stock selection among semiconductor manufacturers and communications equipment makers contributed much of the underperformance in this sector. The most significant individual detractors included semiconductor testing firm Amkor Technology, which struggled amid a broad-based slowdown across all of its end markets, and printer maker Lexmark International, which tumbled sharply as a decline in business spending on technology dampened sales.

Underweight positions in several of the better performers in the technology sector also weighed on relative results. Examples included wireless technology firm QUALCOMM and database software company Oracle, both of which posted positive returns for the 12-month period.

Energy and Consumer Staples Also Detracted

The portfolio’s energy and consumer staples holdings underperformed their counterparts in the index. Underperformance in the energy sector resulted almost entirely from stock selection among energy producers; in fact, three of the five biggest individual detractors from relative performance were oil and gas production companies. The culprits included Stone Energy, which was hit hard by declining fuel prices and an ill-timed acquisition; W&T Offshore, which tumbled as offshore drilling activity declined; and ConocoPhillips, which struggled as weak demand and falling energy prices led to tighter refining profit margins.

In the consumer staples sector, stock choices among beverage companies and food products makers generated virtually all of the underperformance. Beverage maker Dr Pepper Snapple Group faced declining sales and a considerable debt load, while agricultural producer Archer-Daniels-Midland reported disappointing earnings as sales slumped.

*All fund returns referenced in this commentary are for Investor Class shares.

10

Equity Growth

The portfolio’s worst individual contributor was independent power producer RRI Energy, formerly known as Reliant Energy. As demand for electricity waned, putting downward pressure on energy prices, RRI faced shrinking profit margins and higher financing costs.

Financials and Industrials Outperformed

On the positive side, stock selection was most successful in the beaten-down financials sector. Security selection contributed positively in nearly every segment within the financials sector, most notably among insurance firms and commercial banks. Avoiding insurance giant American International Group (AIG) was the biggest positive factor—AIG plunged by more than 90% during the 12-month period as the company’s severe credit-related losses led to the largest federal government bailout ever.

Overweight positions in property and casualty insurers ACE and Arch Capital added value during the period. Both companies benefited from their relatively strong balance sheets and firmer pricing in their end markets. Commercial banks Regions Financial and Toronto-Dominion Bank were also significant positive contributors.

Stock selection in the industrials sector contributed favorably to performance versus the S&P 500. The keys in this sector were an underweight position in industrial conglomerates and stock choices among aerospace and defense companies. Top contributors included aerospace company Goodrich, which reported healthy earnings amid strength in its defense business, and construction and engineering firm Shaw Group, which benefited from its exposure to nuclear projects in China.

Other notable contributors included biotechnology firm Amgen and fast-food chain McDonald’s. Amgen advanced thanks to successful clinical trials for the company’s new osteoporosis medication, while McDonald’s benefited as the economic downturn caused budget-conscious consumers to seek out less expensive dining options.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

We are placing additional emphasis on our valuation factors—valuations remain attractive, and a valuation-based investment strategy has historically outperformed when the economy emerges from recession. In addition, we are emphasizing quality, seeking companies with strong balance sheets and healthy cash flow. We believe this positioning will help the fund capitalize on an eventual but uneven economic recovery.

11

Equity Growth     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Exxon Mobil Corp.  4.3%  6.0% 
Johnson & Johnson  2.6%  3.0% 
International Business Machines Corp.  2.3%  1.5% 
Microsoft Corp.  2.2%  2.6% 
AT&T, Inc.  1.9%  2.0% 
JPMorgan Chase & Co.  1.9%  1.6% 
Procter & Gamble Co. (The)  1.8%  3.0% 
Apple, Inc.  1.7%  1.0% 
Cisco Systems, Inc.  1.5%  1.0% 
Wal-Mart Stores, Inc.  1.5%  1.8% 
 
Equity Growth’s Five Largest Overweights as of June 30, 2009   
  % of           % of 
  net assets  S&P 500 Index 
Financial Select Sector SPDR Fund  1.02%  — 
NRG Energy, Inc.  0.85%  — 
Amgen, Inc.  1.44%           0.67% 
Consumer Staples Select Sector SPDR Fund  0.69%  — 
Eli Lilly & Co.  1.12%           0.44% 
 
Equity Growth’s Five Largest Underweights as of June 30, 2009   
  % of           % of 
  net assets  S&P 500 Index 
Wyeth  —           0.75% 
Merck & Co., Inc.  —           0.73% 
General Electric Co.  0.84%           1.54% 
PepsiCo, Inc.  0.38%           1.06% 
United Technologies Corp.  —           0.61% 

12

Performance 

Income & Growth           
 
Total Returns as of June 30, 2009         
      Average Annual Returns   
             Since  Inception 
    1 year  5 years  10 years     Inception  Date 
Investor Class  -26.76%  -3.18%  -1.95%  8.34% 12/17/90 
S&P 500 Index(1)  -26.21%  -2.24%  -2.22%        7.89%(2) — 
Institutional Class  -26.63%  -3.00%  -1.74%  1.44% 1/28/98 
A Class(3)        12/15/97 
 No sales charge*  -26.95%  -3.43%  -2.19%  1.08%  
 With sales charge*  -31.15%  -4.56%  -2.77%  0.56%  
B Class        9/28/07 
 No sales charge*  -27.49%  —  —  -25.51%  
 With sales charge*  -31.49%  —  —  -28.40%  
C Class  -27.48%  -4.15%  —  -2.41% 6/28/01 
R Class  -27.13%  -3.66%  —  -0.40% 8/29/03 
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 
 maximum 5.75% initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years 
 of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year after 
 purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that 
 mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied. 
 
(1)  Data provided by Lipper Inc. – A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper 
  content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be 
  liable for any errors or delays in the content, or for any actions taken in reliance thereon.       
  The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to be 
  reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or 
  sell any of the securities herein is being made by Lipper.         
(2)  Since 12/20/90, the date nearest the Investor Class’s inception for which data are available.     
(3)  Prior to September 4, 2007, the A Class was referred to as the Advisor Class. Performance, with sales charge, prior to that date has been 
  adjusted to reflect the A Class’s current sales charge.         

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

13

  Income & Growth


One-Year Returns Over 10 Years               
Periods ended June 30                   
  2000  2001  2002  2003  2004  2005  2006  2007  2008  2009 
Investor Class  3.72%  -11.00%  -14.32%  0.79%  21.16%  8.28%  7.24%  22.70%  -18.48%  -26.76% 
S&P 500 Index  7.25%  -14.83%  -17.99%  0.25%  19.11%  6.32%  8.63%  20.59%  -13.12%  -26.21% 
 
Total Annual Fund Operating Expenses               
  Institutional                 
       Investor Class  Class  A Class  B Class  C Class  R Class 
0.68%  0.48%  0.93%  1.68%  1.68%  1.18% 

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

14

 Portfolio Commentary 
Income & Growth 

Portfolio Managers: John Schniedwind, Kurt Borgwardt, and Zili Zhang

Performance Summary

Income & Growth returned –26.76%* for the fiscal year ended June 30, 2009, narrowly trailing the –26.21% return of its benchmark, the S&P 500 Index.

The substantial decline for both Income & Growth and the S&P 500 during the 12-month period reflected the difficult environment for stocks amid a deteriorating economy and a crisis in the financial sector. It was also a period of extreme market volatility—stocks plummeted through the first eight months of the period, then bounced back substantially during the last four months.

As always, we remained focused on our disciplined investment process, which helped the portfolio weather the turbulent market conditions and keep pace with the broad stock market indices. The portfolio’s modest underperformance of the S&P 500 Index during the period resulted primarily from individual stock selection, which detracted in six of ten market sectors.

Technology and Industrials Lagged

The fund’s holdings in the information technology and industrials sectors had the biggest negative impact on performance versus the S&P 500. Underweight positions in several of the better performers, particularly among computer hardware makers and communications equipment manufacturers, contributed to the underperformance in the information technology sector. Examples included consumer electronics maker Apple, wireless technology firm QUALCOMM, and database software company Oracle.

Several overweight positions in the technology sector also hampered relative results. Lexmark International, which makes printers and related products, and Xerox, which produces copiers and other office-related electronics, both tumbled sharply as a significant decline in business spending on technology dampened sales.

In the industrials sector, stock selection among aerospace & defense companies and machinery manufacturers contributed the bulk of the underperformance. The largest detractor in this sector was printing company RR Donnelley, which slid as a dramatic drop-off in advertising and consolidation in the publishing industry weighed on the company’s earnings. Other noteworthy decliners included defense contractor General Dynamics and construction machinery maker Caterpillar.

The portfolio’s worst individual contributor was copper producer Freeport McMoRan Copper and Gold, which slumped as metals prices plummeted in late 2008 and early 2009. Several energy stocks were also among the biggest detractors, including oil and gas producers W&T Offshore, which tumbled as offshore drilling activity declined, and ConocoPhillips, which struggled as weak demand and falling energy prices led to tighter refining profit margins.

*All fund returns referenced in this commentary are for Investor Class shares.

15

Income & Growth

Financials and Telecom Outperformed

On the positive side, stock selection was most successful in the beaten-down financials sector. Outperformance in this sector resulted almost entirely from stock selection in the insurance industry. In particular, avoiding insurance giant American International Group (AIG) was the biggest positive factor—AIG plunged by more than 90% during the 12-month period as the company’s severe credit-related losses led to the largest federal government bailout ever.

Overweight positions in property and casualty insurers ACE and Aspen Insurance Holdings also added value during the period. Both companies benefited from their relatively strong balance sheets and firmer pricing in their end markets.

Stock selection in the telecommunication services sector also contributed favorably to performance versus the S&P 500. The key in this sector was an emphasis on diversified telecom companies over wireless service providers. The top contributors included Verizon Communications, which benefited from its industry-leading wireless business and the acquisition of competitor Alltel, and Qwest Communications, which maintained profitability through spending and workforce reductions.

Other notable contributors included biotechnology firm Amgen and fast-food chain McDonald’s. Amgen advanced thanks to successful clinical trials for the company’s new osteoporosis medication, while McDonald’s benefited from a broad consumer shift toward lower-cost options for dining out in a weak economic environment.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

We are placing additional emphasis on our valuation factors—valuations remain attractive, and a valuation-based investment strategy has historically outperformed when the economy emerges from recession. In addition, we are emphasizing quality, seeking companies with strong balance sheets and healthy cash flow. We believe this positioning will help the fund capitalize on an eventual but uneven economic recovery.

16

Income & Growth     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Exxon Mobil Corp.  5.3%           6.3% 
Johnson & Johnson  2.9%           2.8% 
International Business Machines Corp.  2.7%           1.9% 
Chevron Corp.  2.6%           3.0% 
Microsoft Corp.  2.4%           1.8% 
AT&T, Inc.  2.1%           2.1% 
Pfizer, Inc.  2.0%           2.7% 
Verizon Communications, Inc.  1.9%           2.4% 
Amgen, Inc.  1.7%           2.0% 
ConocoPhillips  1.7%           2.0% 
 
Income & Growth’s Five Largest Overweights as of June 30, 2009   
  % of           % of 
  net assets  S&P 500 Index 
Amgen, Inc.  1.73%           0.67% 
Exxon Mobil Corp.  5.27%           4.24% 
International Business Machines Corp.  2.73%           1.72% 
Accenture Ltd., Class A  1.00%  — 
Computer Sciences Corp.  1.06%           0.08% 
 
Income & Growth’s Five Largest Underweights as of June 30, 2009   
  % of           % of 
  net assets  S&P 500 Index 
PepsiCo, Inc.  0.08%           1.06% 
Abbott Laboratories  —           0.90% 
Coca-Cola Co. (The)   0.31%           1.19% 
Philip Morris International, Inc.  0.25%           1.06% 
Schlumberger Ltd.  —           0.80% 

17

Shareholder Fee Examples (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

18

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  Ending  Expenses Paid   
  Account Value  Account Value  During Period*  Annualized 
  1/1/09  6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Disciplined Growth         
Actual         
Investor Class  $1,000  $1,107.90    $5.49  1.05% 
Institutional Class  $1,000  $1,107.60    $4.44  0.85% 
A Class  $1,000  $1,106.80    $6.79  1.30% 
B Class  $1,000  $1,103.20  $10.69  2.05% 
C Class  $1,000  $1,103.20  $10.69  2.05% 
R Class  $1,000  $1,104.60    $8.09  1.55% 
Hypothetical         
Investor Class  $1,000  $1,019.59    $5.26  1.05% 
Institutional Class  $1,000  $1,020.58    $4.26  0.85% 
A Class  $1,000  $1,018.35    $6.51  1.30% 
B Class  $1,000  $1,014.63  $10.24  2.05% 
C Class  $1,000  $1,014.63  $10.24  2.05% 
R Class  $1,000  $1,017.11    $7.75  1.55% 
Equity Growth         
Actual         
Investor Class  $1,000    $993.60    $3.46  0.70% 
Institutional Class  $1,000    $994.50    $2.47  0.50% 
A Class  $1,000    $992.40    $4.69  0.95% 
B Class  $1,000    $988.40    $8.38  1.70% 
C Class  $1,000    $989.00    $8.38  1.70% 
R Class  $1,000    $991.30    $5.92  1.20% 
Hypothetical         
Investor Class  $1,000  $1,021.32    $3.51  0.70% 
Institutional Class  $1,000  $1,022.32    $2.51  0.50% 
A Class  $1,000  $1,020.08    $4.76  0.95% 
B Class  $1,000  $1,016.36    $8.50  1.70% 
C Class  $1,000  $1,016.36    $8.50  1.70% 
R Class  $1,000  $1,018.84    $6.01  1.20% 
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
 multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 

19

  Beginning    Ending  Expenses Paid   
  Account Value    Account Value  During Period*  Annualized 
  1/1/09    6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Income & Growth         
Actual         
Investor Class  $1,000  $987.00 $3.45  0.70% 
Institutional Class  $1,000  $987.90 $2.46  0.50% 
A Class  $1,000  $985.30 $4.68  0.95% 
B Class  $1,000  $981.90 $8.35  1.70% 
C Class  $1,000  $981.90 $8.35  1.70% 
R Class  $1,000  $984.20 $5.90  1.20% 
Hypothetical       
Investor Class  $1,000  $1,021.32 $3.51  0.70% 
Institutional Class  $1,000  $1,022.32 $2.51  0.50% 
A Class  $1,000  $1,020.08 $4.76  0.95% 
B Class  $1,000  $1,016.36 $8.50  1.70% 
C Class  $1,000  $1,016.36 $8.50  1.70% 
R Class  $1,000  $1,018.84 $6.01  1.20% 
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
 multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 

20

 Schedule of Investments 
Disciplined Growth 

JUNE 30, 2009           
 
                                                          Shares  Value      Shares  Value 
Common Stocks — 99.3%      Scotts Miracle-Gro     
      Co. (The), Class A  2,564  $      89,868 
AEROSPACE & DEFENSE — 2.3%      Terra Industries, Inc.  199  4,820 
Goodrich Corp.  2,638  $      131,821      151,738 
Raytheon Co.  2,593  115,207  COMMUNICATIONS EQUIPMENT — 5.0%   
TransDigm Group, Inc.(1)  581  21,032       
      Cisco Systems, Inc.(1)  17,819  332,146 
United Technologies Corp.  963  50,038  F5 Networks, Inc.(1)  538  18,610 
    318,098  InterDigital, Inc.(1)  498  12,171 
AIR FREIGHT & LOGISTICS — 1.1%           
C.H. Robinson     Juniper Networks, Inc.(1)  2,658  62,729 
Worldwide, Inc.  601  31,342  QUALCOMM, Inc.  4,617  208,688 
United Parcel Service, Inc.,      Research In Motion Ltd.(1)  726  51,582 
Class B  2,286  114,277      685,926 
    145,619  COMPUTERS & PERIPHERALS — 6.3%   
AUTO COMPONENTS — 0.3%      Apple, Inc.(1)  3,050  434,411 
WABCO Holdings, Inc.  2,107  37,294  EMC Corp.(1)  10,710  140,301 
BEVERAGES — 3.5%      Hewlett-Packard Co.  3,217  124,337 
Coca-Cola Co. (The)  5,146  246,956  Seagate Technology  3,235  33,838 
Coca-Cola Enterprises, Inc.  6,846  113,986  Teradata Corp.(1)  3,062  71,743 
PepsiCo, Inc.  2,061  113,273  Western Digital Corp.(1)  1,924  50,986 
    474,215      855,616 
BIOTECHNOLOGY — 3.8%      CONSTRUCTION & ENGINEERING — 1.0%   
Amgen, Inc.(1)  1,278  67,657  Fluor Corp.  2,645  135,662 
Celgene Corp.(1)  1,097  52,480  CONSUMER FINANCE(2)     
Gilead Sciences, Inc.(1)  4,790  224,364  American Express Co.  226  5,252 
Isis Pharmaceuticals, Inc.(1)  3,858  63,657  CONTAINERS & PACKAGING — 0.9%   
Myriad Genetics, Inc.(1)  3,094  110,301  Pactiv Corp.(1)  3,384  73,433 
Myriad      Sealed Air Corp.  978  18,044 
Pharmaceuticals, Inc.(1)  401  1,866       
      Silgan Holdings, Inc.  571  27,996 
    520,325      119,473 
CAPITAL MARKETS — 1.1%      DIVERSIFIED CONSUMER SERVICES — 2.0%   
Federated Investors, Inc.,      Apollo Group, Inc., Class A(1)  1,474  104,831 
Class B  438  10,551       
GAMCO Investors, Inc.,      H&R Block, Inc.  4,936  85,047 
Class A  341  16,539  ITT Educational     
      Services, Inc.(1)  415  41,774 
Goldman Sachs           
Group, Inc. (The)  39  5,750  Strayer Education, Inc.  156  34,025 
Investment Technology          265,677 
Group, Inc.(1)  2,237  45,612  DIVERSIFIED FINANCIAL SERVICES — 0.5%   
Morgan Stanley  2,217  63,207  Citigroup, Inc.  3,929  11,669 
    141,659  Moody’s Corp.  2,035  53,622 
CHEMICALS — 1.1%          65,291 
CF Industries Holdings, Inc.  231  17,126  ELECTRICAL EQUIPMENT — 1.0%   
Eastman Chemical Co.  310  11,749  Emerson Electric Co.  2,845  92,178 
Monsanto Co.  379  28,175  First Solar, Inc.(1)  285  46,204 
          138,382 

21

Disciplined Growth           
 
    Shares    Value      Shares    Value 
ELECTRONIC EQUIPMENT, INSTRUMENTS &    McDonald’s Corp.  3,126  $     179,714 
COMPONENTS — 0.2%      Panera Bread Co., Class A(1)  540  26,924 
Dolby Laboratories, Inc.,      Penn National     
Class A(1)  6  $       224  Gaming, Inc.(1)  141  4,105 
FLIR Systems, Inc.(1)  1,220  27,523  WMS Industries, Inc.(1)  3,571  112,522 
    27,747      371,947 
ENERGY EQUIPMENT & SERVICES — 1.7%    HOUSEHOLD DURABLES(2)     
Halliburton Co.  2,800  57,960  D.R. Horton, Inc.  167  1,563 
Nabors Industries Ltd.(1)  736  11,467  HOUSEHOLD PRODUCTS — 2.9%   
Noble Corp.  2,441  73,840  Church & Dwight Co., Inc.  1,869  101,505 
Schlumberger Ltd.  1,604  86,793  Clorox Co.  2,028  113,223 
    230,060  Colgate-Palmolive Co.  1,117  79,017 
FOOD & STAPLES RETAILING — 3.4%    Procter & Gamble Co. (The)  1,999  102,149 
BJ’s Wholesale Club, Inc.(1)  1,166  37,580      395,894 
CVS Caremark Corp.  3,138  100,008  INDEPENDENT POWER PRODUCERS &   
Kroger Co. (The)  1,321  29,128  ENERGY TRADERS(2)     
SUPERVALU, INC.  353  4,571  Calpine Corp.(1)  185  2,063 
SYSCO Corp.  1,874  42,128  INDUSTRIAL CONGLOMERATES — 0.6%   
Wal-Mart Stores, Inc.  5,175  250,677  3M Co.  1,271  76,387 
    464,092  Carlisle Cos., Inc.  155  3,726 
FOOD PRODUCTS — 1.4%      General Electric Co.  451  5,286 
Archer-Daniels-Midland Co.  1,302  34,855      85,399 
ConAgra Foods, Inc.  2,252  42,923  INSURANCE — 1.4%     
Dean Foods Co.(1)  96  1,842  Aflac, Inc.  351  10,912 
Hershey Co. (The)  2,986  107,496  American Financial     
    187,116  Group, Inc.  2,838  61,244 
HEALTH CARE EQUIPMENT & SUPPLIES — 4.7%  Aspen Insurance     
Alcon, Inc.  576  66,885  Holdings Ltd.  1,499  33,488 
Baxter International, Inc.  3,686  195,211  Prudential Financial, Inc.  2,082  77,492 
C.R. Bard, Inc.  510  37,969      183,136 
Edwards Lifesciences      INTERNET & CATALOG RETAIL — 2.0%   
Corp.(1)  1,104  75,105  Amazon.com, Inc.(1)  2,060  172,340 
Gen-Probe, Inc.(1)  1,298  55,788  Netflix, Inc.(1)  2,382  98,472 
Hill-Rom Holdings, Inc.  1,432  23,227      270,812 
Intuitive Surgical, Inc.(1)  312  51,062  INTERNET SOFTWARE & SERVICES — 3.7%   
Masimo Corp.(1)  1,243  29,969  eBay, Inc.(1)  2,489  42,637 
Medtronic, Inc.  1,026  35,797  Google, Inc., Class A(1)  677  285,417 
St. Jude Medical, Inc.(1)  1,073  44,100  LogMeIn, Inc.(1)  589  9,424 
STERIS Corp.  969  25,272  Sohu.com, Inc.(1)  1,329  83,501 
    640,385  VeriSign, Inc.(1)  138  2,550 
HEALTH CARE PROVIDERS & SERVICES — 1.1%  VistaPrint Ltd.(1)  1,968  83,935 
Express Scripts, Inc.(1)  1,177  80,919      507,464 
Quest Diagnostics, Inc.  1,106  62,411  IT SERVICES — 5.8%     
    143,330  Accenture Ltd., Class A  2,232  74,683 
HOTELS, RESTAURANTS & LEISURE — 2.7%    Alliance Data     
      Systems Corp.(1)  664  27,350 
Bally Technologies, Inc.(1)  51  1,526       
Brinker International, Inc.  2,769  47,156  Global Payments, Inc.  907  33,976 

22

Disciplined Growth         
 
    Shares    Value        Shares    Value 
International Business      PAPER & FOREST PRODUCTS — 0.7%   
Machines Corp.  4,763  $    497,353  International Paper Co.  6,454  $     97,649 
NeuStar, Inc., Class A(1)  1,599  35,434  PERSONAL PRODUCTS — 0.3%   
SAIC, Inc.(1)  882  16,361  Avon Products, Inc.  178  4,589 
Western Union Co. (The)  6,371  104,484  Bare Escentuals, Inc.(1)  1,601  14,201 
    789,641  Mead Johnson Nutrition Co.,     
LIFE SCIENCES TOOLS & SERVICES — 1.0%    Class A  744  23,637 
Bruker Corp.(1)  1,358  12,575      42,427 
Life Technologies Corp.(1)  355  14,811  PHARMACEUTICALS — 7.4%     
Millipore Corp.(1)  1,596  112,055  Abbott Laboratories  5,639  265,259 
    139,441  Allergan, Inc.  415  19,746 
MACHINERY — 2.3%      Bristol-Myers Squibb Co.  2,508  50,937 
Flowserve Corp.  1,714  119,654  Eli Lilly & Co.  4,454  154,286 
Graco, Inc.  1,494  32,898  Johnson & Johnson  3,831  217,601 
Joy Global, Inc.  634  22,647  Schering-Plough Corp.  8,074  202,819 
Navistar International      Sepracor, Inc.(1)  1,430  24,768 
Corp.(1)  2,772  120,859  Valeant Pharmaceuticals     
Oshkosh Corp.  1,280  18,611  International(1)  2,721  69,984 
    314,669      1,005,400 
MEDIA — 2.1%      PROFESSIONAL SERVICES — 0.2%   
Comcast Corp., Class A  988  14,316  IHS, Inc., Class A(1)  596  29,723 
CTC Media, Inc.(1)  3,219  38,049  REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.1% 
DISH Network Corp.,      Macerich Co. (The)  5  88 
Class A(1)  6,292  101,993  Simon Property Group, Inc.  324  16,663 
Marvel Entertainment, Inc.(1)  3,012  107,197      16,751 
Scripps Networks      ROAD & RAIL — 0.6%     
Interactive, Inc., Class A  599  16,670  Union Pacific Corp.  1,641  85,430 
    278,225  SEMICONDUCTORS & SEMICONDUCTOR   
METALS & MINING — 0.1%      EQUIPMENT — 4.4%     
Compass Minerals      Broadcom Corp., Class A(1)  3,100  76,849 
International, Inc.  288  15,814  Intel Corp.  15,716  260,100 
MULTILINE RETAIL — 1.1%      Lam Research Corp.(1)  1,470  38,220 
Dollar Tree, Inc.(1)  2,645  111,355       
      LSI Corp.(1)  15,150  69,084 
Family Dollar Stores, Inc.  1,424  40,299  National     
    151,654  Semiconductor Corp.  1,458  18,298 
OIL, GAS & CONSUMABLE FUELS — 4.5%    Texas Instruments, Inc.  6,192  131,889 
Alpha Natural          594,440 
Resources, Inc.(1)  1,340  35,202  SOFTWARE — 8.2%     
ConocoPhillips  205  8,622  Adobe Systems, Inc.(1)  5,662  160,235 
Devon Energy Corp.  433  23,599  Autodesk, Inc.(1)  3,501  66,449 
Exxon Mobil Corp.  2,142  149,747  FactSet Research     
Murphy Oil Corp.  2,231  121,188  Systems, Inc.  30  1,496 
Occidental Petroleum Corp.  2,053  135,108  Microsoft Corp.  26,126  621,015 
Peabody Energy Corp.  3,661  110,416  Oracle Corp.  12,122  259,653 
W&T Offshore, Inc.  3,303  32,171  salesforce.com, inc.(1)  83  3,168 
    616,053      1,112,016 

23

Disciplined Growth         
 
         Shares    Value      Shares        Value 
SPECIALTY RETAIL — 3.0%      Temporary Cash Investments — 2.0% 
Aeropostale, Inc.(1)  477  $      16,347  JPMorgan U.S. Treasury     
Bed Bath & Beyond, Inc.(1)  2,180  67,035  Plus Money Market Fund     
Gap, Inc. (The)  154  2,525  Agency Shares  70,453  $      70,453 
Rent-A-Center, Inc.(1)  1,600  28,528  Repurchase Agreement, Goldman Sachs   
        Group, Inc., (collateralized by various   
Ross Stores, Inc.  2,798  108,003  U.S. Treasury obligations, 4.75%, 2/15/37,   
TJX Cos., Inc. (The)  4,787  150,599  valued at $204,598), in a joint trading   
Tractor Supply Co.(1)  934  38,593  account at 0.01%, dated 6/30/09,   
      411,630  due 7/1/09 (Delivery value $200,000)  200,000 
TEXTILES, APPAREL & LUXURY GOODS — 0.2%  TOTAL TEMPORARY     
        CASH INVESTMENTS     
Coach, Inc.  466  12,526  (Cost $270,453)    270,453 
Polo Ralph Lauren Corp.  362  19,382  TOTAL INVESTMENT     
      31,908  SECURITIES — 101.3%     
TOBACCO — 1.6%      (Cost $14,080,542)    13,788,971 
Lorillard, Inc.  810  54,894  OTHER ASSETS AND     
Philip Morris      LIABILITIES — (1.3)%    (179,251) 
International, Inc.  3,657  159,518  TOTAL NET ASSETS — 100.0%    $13,609,720 
      214,412       
TOTAL COMMON STOCKS           
(Cost $13,810,089)    13,518,518       
 
Notes to Schedule of Investments           
(1)  Non-income producing.           
(2)  Industry is less than 0.05% of total net assets.         

Industry classifications are unaudited.

See Notes to Financial Statements.

24

Equity Growth           
 
JUNE 30, 2009           
 
     Shares    Value         Shares   Value 
Common Stocks — 99.4%    Federated Investors, Inc.,     
  Class B   158,115 $   3,808,990 
AEROSPACE & DEFENSE — 3.4%    Goldman Sachs     
Alliant Techsystems, Inc.(1)  74,581  $     6,142,491  Group, Inc. (The)  123,865  18,262,656 
General Dynamics Corp.  264,383  14,644,175  Knight Capital Group, Inc.,     
Goodrich Corp.  243,632  12,174,291  Class A(1)  6,104  104,073 
L-3 Communications      Morgan Stanley  305,123  8,699,057 
Holdings, Inc.  30,700  2,129,966      51,499,249 
Northrop Grumman Corp.  240,034  10,964,753  CHEMICALS — 0.8%     
Raytheon Co.  296,307  13,164,920  CF Industries Holdings, Inc.  84,912  6,295,376 
    59,220,596  Monsanto Co.  15,851  1,178,363 
AIR FREIGHT & LOGISTICS — 0.9%    OM Group, Inc.(1)  67,176  1,949,447 
C.H. Robinson      Terra Industries, Inc.  209,499  5,074,066 
Worldwide, Inc.  41,474  2,162,869      14,497,252 
FedEx Corp.  66,591  3,703,791  COMMERCIAL BANKS — 2.4%   
United Parcel Service, Inc.,      Bank of Montreal  69,742  2,939,625 
Class B  212,943  10,645,021  Canadian Imperial     
    16,511,681  Bank of Commerce  39,743  1,989,932 
AIRLINES — 0.1%      PNC Financial     
Copa Holdings SA, Class A  9,556  390,076  Services Group, Inc.  54,574  2,118,017 
Southwest Airlines Co.  189,086  1,272,549  Royal Bank of Canada  13,606  555,805 
    1,662,625  Toronto-Dominion     
AUTO COMPONENTS — 1.1%      Bank (The)  200,795  10,383,109 
Autoliv, Inc.  35,860  1,031,692  U.S. Bancorp.  113,234  2,029,153 
Gentex Corp.  346,381  4,018,020  Valley National Bancorp.  35,814  419,024 
Magna International, Inc.,      Wells Fargo & Co.  894,571  21,702,293 
Class A  95,484  4,033,244      42,136,958 
TRW Automotive      COMMERCIAL SERVICES & SUPPLIES — 0.1% 
Holdings Corp.(1)  410,458  4,638,175       
      Waste Management, Inc.  59,843  1,685,179 
WABCO Holdings, Inc.  274,130  4,852,101  COMMUNICATIONS EQUIPMENT — 3.4%   
    18,573,232  Arris Group, Inc.(1)  46,634  567,069 
BEVERAGES — 2.0%      Cisco Systems, Inc.(1)  1,378,218  25,689,984 
Coca-Cola Co. (The)  408,395  19,598,876       
      Plantronics, Inc.  83,340  1,575,959 
Coca-Cola Enterprises, Inc.  504,140  8,393,931       
      Polycom, Inc.(1)  108,191  2,193,032 
PepsiCo, Inc.  120,023  6,596,464       
    34,589,271  QUALCOMM, Inc.  472,031  21,335,801 
      Research In Motion Ltd.(1)  68,199  4,845,539 
BIOTECHNOLOGY — 2.2%           
      Tellabs, Inc.(1)  459,440  2,632,591 
Amgen, Inc.(1)  473,011  25,041,202       
Biogen Idec, Inc.(1)  2,110  95,267      58,839,975 
      COMPUTERS & PERIPHERALS — 4.0%   
Gilead Sciences, Inc.(1)  249,086  11,667,188       
      Apple, Inc.(1)  206,551  29,419,059 
Isis Pharmaceuticals, Inc.(1)  83,863  1,383,740       
      EMC Corp.(1)  791,599  10,369,947 
    38,187,397       
CAPITAL MARKETS — 3.0%      Hewlett-Packard Co.  421,213  16,279,882 
Bank of New York     NCR Corp.(1)  249,991  2,957,394 
Mellon Corp. (The)  361,514  10,595,975  Seagate Technology  528,170  5,524,658 
BlackRock, Inc.  31,448  5,516,608  Western Digital Corp.(1)  182,978  4,848,917 
Blackstone Group LP (The)  428,073  4,511,890      69,399,857 

25

Equity Growth           
 
  Shares  Value      Shares  Value 
CONSTRUCTION & ENGINEERING — 1.1%    ENERGY EQUIPMENT & SERVICES — 3.3%   
EMCOR Group, Inc.(1)   316,723  $     6,372,467  Baker Hughes, Inc.  93,532  $     3,408,306 
Fluor Corp.  162,467  8,332,932  BJ Services Co.  351,937  4,796,901 
Foster Wheeler AG(1)  106,167  2,521,466  Diamond Offshore     
URS Corp.(1)  28,580  1,415,282  Drilling, Inc.  71,593  5,945,799 
    18,642,147  ENSCO International, Inc.  160,060  5,581,292 
CONSUMER FINANCE(2)      Halliburton Co.  358,049  7,411,614 
      National Oilwell Varco, Inc.(1)  242,849  7,931,448 
Discover Financial Services  54,051  555,104       
CONTAINERS & PACKAGING — 0.7%    Noble Corp.  9,754  295,058 
Pactiv Corp.(1)  358,896  7,788,043  Oil States     
      International, Inc.(1)  106,293  2,573,354 
Rock-Tenn Co., Class A  90,858  3,467,141  Schlumberger Ltd.  257,406  13,928,239 
Sonoco Products Co.  35,527  850,872  Transocean Ltd.(1)  72,795  5,407,941 
    12,106,056      57,279,952 
DIVERSIFIED CONSUMER SERVICES — 0.5%    FOOD & STAPLES RETAILING — 2.3%   
H&R Block, Inc.  502,177  8,652,510  Kroger Co. (The)  80,166  1,767,660 
DIVERSIFIED FINANCIAL SERVICES — 3.0%    SUPERVALU, INC.  178,523  2,311,873 
Bank of America Corp.  1,208,626  15,953,863  SYSCO Corp.  475,879  10,697,760 
Citigroup, Inc.  928,728  2,758,322  Wal-Mart Stores, Inc.  528,034  25,577,967 
JPMorgan Chase & Co.  962,561  32,832,956      40,355,260 
    51,545,141  FOOD PRODUCTS — 2.2%     
DIVERSIFIED TELECOMMUNICATION         
SERVICES — 2.9%      Archer-Daniels-Midland Co.  544,541  14,577,363 
AT&T, Inc.  1,347,046  33,460,623  ConAgra Foods, Inc.  449,076  8,559,389 
      Dean Foods Co.(1)  145,189  2,786,177 
Embarq Corp.  39,125  1,645,597       
Verizon      General Mills, Inc.  602  33,724 
Communications, Inc.  510,871  15,699,066  Hershey Co. (The)  9,977  359,172 
Windstream Corp.  33,382  279,073  J.M. Smucker Co. (The)  126,699  6,165,173 
    51,084,359  Kraft Foods, Inc., Class A  183,653  4,653,767 
ELECTRIC UTILITIES — 1.3%      Lancaster Colony Corp.  9,950  438,496 
Entergy Corp.  125,817  9,753,334      37,573,261 
Exelon Corp.  46,870  2,400,213  GAS UTILITIES — 0.1%     
FPL Group, Inc.  177,692  10,103,567  UGI Corp.  45,370  1,156,481 
Pepco Holdings, Inc.  3,732  50,158  HEALTH CARE EQUIPMENT & SUPPLIES — 2.3% 
    22,307,272  Becton, Dickinson & Co.  54,632  3,895,808 
ELECTRICAL EQUIPMENT — 0.5%    Boston Scientific Corp.(1)  787,541  7,985,666 
Cooper Industries Ltd.,      C.R. Bard, Inc.  127,242  9,473,167 
Class A  118,896  3,691,721  Gen-Probe, Inc.(1)  67,159  2,886,494 
GrafTech International Ltd.(1)  373,331  4,222,373  Hospira, Inc.(1)  16,833  648,407 
    7,914,094  Intuitive Surgical, Inc.(1)  38,641  6,323,986 
ELECTRONIC EQUIPMENT, INSTRUMENTS &    St. Jude Medical, Inc.(1)  121,477  4,992,705 
COMPONENTS — 0.8%           
      STERIS Corp.  135,403  3,531,310 
Arrow Electronics, Inc.(1)  173,721  3,689,834       
          39,737,543 
Celestica, Inc.(1)  1,335,542  9,108,397       
      HEALTH CARE PROVIDERS & SERVICES — 1.3% 
Molex, Inc.  107,691  1,674,595  Coventry Health Care, Inc.(1)  46,582  871,549 
Tech Data Corp.(1)  9,551  312,413       
      Express Scripts, Inc.(1)  52,957  3,640,794 
    14,785,239       

26

Equity Growth           
 
  Shares  Value      Shares  Value 
Henry Schein, Inc.(1)       3,948  $    189,307  CNA Financial Corp.   266,152  $    4,117,371 
Humana, Inc.(1)  268,377  8,657,842  Endurance Specialty     
Magellan Health      Holdings Ltd.  140,147  4,106,307 
Services, Inc.(1)  63,035  2,068,809  MetLife, Inc.  210,154  6,306,722 
Medco Health      Prudential Financial, Inc.  361,013  13,436,904 
Solutions, Inc.(1)  50,813  2,317,581      60,231,549 
Quest Diagnostics, Inc.  55,480  3,130,736  INTERNET & CATALOG RETAIL — 0.5%   
WellCare Health      Amazon.com, Inc.(1)  56,193  4,701,106 
Plans, Inc.(1)  138,999  2,570,091       
      Netflix, Inc.(1)  100,299  4,146,361 
    23,446,709      8,847,467 
HOTELS, RESTAURANTS & LEISURE — 0.8%    INTERNET SOFTWARE & SERVICES — 1.7%   
McDonald’s Corp.  114,221  6,566,565  Google, Inc., Class A(1)  55,755  23,505,751 
Panera Bread Co., Class A(1)  77,750  3,876,615       
      Sohu.com, Inc.(1)  100,011  6,283,691 
WMS Industries, Inc.(1)  105,750  3,332,183       
      VeriSign, Inc.(1)  12,015  222,037 
    13,775,363       
          30,011,479 
HOUSEHOLD DURABLES — 0.7%         
      IT SERVICES — 3.2%     
Harman International           
Industries, Inc.  190,242  3,576,549  Affiliated Computer     
      Services, Inc., Class A(1)  57,314  2,545,888 
NVR, Inc.(1)  18,930  9,510,243       
      Alliance Data     
    13,086,792  Systems Corp.(1)  72,422  2,983,062 
HOUSEHOLD PRODUCTS — 2.3%    Broadridge Financial     
Clorox Co.  46,390  2,589,954  Solutions, Inc.  4,553  75,489 
Colgate-Palmolive Co.  53,890  3,812,179  International Business     
Kimberly-Clark Corp.  62,808  3,293,023  Machines Corp.  383,122  40,005,599 
Procter & Gamble Co. (The)  607,915  31,064,456  SAIC, Inc.(1)  197,713  3,667,576 
    40,759,612  Western Union Co. (The)  400,123  6,562,017 
INDEPENDENT POWER PRODUCERS &        55,839,631 
ENERGY TRADERS — 1.4%      LEISURE EQUIPMENT & PRODUCTS — 0.2%   
Mirant Corp.(1)  577,472  9,089,409  Polaris Industries, Inc.  104,586  3,359,302 
NRG Energy, Inc.(1)  568,039  14,746,293  LIFE SCIENCES TOOLS & SERVICES — 0.8%   
    23,835,702  Bruker Corp.(1)  488,790  4,526,196 
INDUSTRIAL CONGLOMERATES — 1.4%    Millipore Corp.(1)  123,458  8,667,986 
3M Co.  153,400  9,219,340      13,194,182 
General Electric Co.  1,245,744  14,600,120  MACHINERY — 1.8%     
    23,819,460  AGCO Corp.(1)  248,816  7,233,081 
INSURANCE — 3.5%      Cummins, Inc.  119,099  4,193,476 
ACE Ltd.  126,867  5,611,327  Dover Corp.  48,947  1,619,656 
Allied World Assurance Co.      Flowserve Corp.  44,648  3,116,877 
Holdings Ltd.  44,031  1,797,786  Graco, Inc.  175,924  3,873,847 
American Financial      Kennametal, Inc.  142,155  2,726,533 
Group, Inc.  281,586  6,076,626  Lincoln Electric    
Aspen Insurance      Holdings, Inc.  82,522  2,974,093 
Holdings Ltd.  247,370  5,526,246  Navistar International    
Berkshire Hathaway, Inc.,      Corp.(1)  48,692  2,122,971 
Class A(1)  94  8,460,000       
Chubb Corp.  120,167  4,792,260  Timken Co.  160,453  2,740,537 
          30,601,071 

27

Equity Growth           
 
        Shares     Value          Shares    Value 
MEDIA — 2.2%      Murphy Oil Corp.  47,502  $     2,580,308 
CBS Corp., Class B  20,701  $     143,251  Occidental Petroleum Corp.  213,001  14,017,596 
Comcast Corp., Class A  1,115,662  16,165,942  Peabody Energy Corp.  152,858  4,610,197 
Interpublic Group of      Valero Energy Corp.  415,693  7,021,055 
Cos., Inc. (The)(1)  144,837  731,427  World Fuel Services Corp.  46,845  1,931,419 
Marvel Entertainment, Inc.(1)  51,186  1,821,710      166,408,194 
Scripps Networks      PERSONAL PRODUCTS — 0.2%   
Interactive, Inc., Class A  50,865  1,415,573  Mead Johnson Nutrition Co.,     
Time Warner Cable, Inc.  46,256  1,464,927  Class A(1)  126,509  4,019,191 
Time Warner, Inc.  694,911  17,504,808  PHARMACEUTICALS — 7.3%     
    39,247,638  Abbott Laboratories  290,512  13,665,684 
METALS & MINING — 1.0%      Eli Lilly & Co.  562,518  19,485,624 
Allegheny Technologies, Inc.  171,008  5,973,309  Endo Pharmaceuticals     
Cliffs Natural Resources, Inc.  86,282  2,111,321  Holdings, Inc.(1)  135,236  2,423,429 
Reliance Steel &      Forest Laboratories, Inc.(1)  206,090  5,174,920 
Aluminum Co.  72,028  2,765,155  Johnson & Johnson  804,014  45,667,995 
Schnitzer Steel      King Pharmaceuticals, Inc.(1)  675,638  6,506,394 
Industries, Inc., Class A  74,989  3,963,919       
      Pfizer, Inc.  1,128,288  16,924,320 
Worthington Industries, Inc.  184,231  2,356,314       
      Schering-Plough Corp.  330,171  8,293,896 
    17,170,018       
      Sepracor, Inc.(1)  213,994  3,706,376 
MULTILINE RETAIL — 0.7%      Valeant Pharmaceuticals     
Dollar Tree, Inc.(1)  176,054  7,411,874  International(1)  54,081  1,390,963 
Family Dollar Stores, Inc.  130,364  3,689,301  Watson     
Sears Holdings Corp.(1)  9,543  634,800  Pharmaceuticals, Inc.(1)  127,070  4,280,988 
    11,735,975      127,520,589 
MULTI-INDUSTRY — 2.0%      PROFESSIONAL SERVICES — 0.1%   
Consumer Staples Select      Manpower, Inc.  60,246  2,550,816 
Sector SPDR Fund  521,710  11,994,113  REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.2% 
Financial Select      Host Hotels & Resorts, Inc.  199,940  1,677,496 
Sector SPDR Fund  1,485,653  17,783,267  Public Storage  1,864  122,055 
Health Care Select           
Sector SPDR Fund  221,891  5,837,952  Simon Property Group, Inc.  32,616  1,677,441 
    35,615,332      3,476,992 
MULTI-UTILITIES — 0.7%      ROAD & RAIL — 1.0%     
DTE Energy Co.  10,010  320,320  Burlington Northern     
Public Service Enterprise     Santa Fe Corp.  59,535  4,378,204 
Group, Inc.  367,677  11,997,300  CSX Corp.  85,408  2,957,679 
    12,317,620  Norfolk Southern Corp.  78,393  2,953,064 
OIL, GAS & CONSUMABLE FUELS — 9.6%    Union Pacific Corp.  128,693  6,699,758 
Alpha Natural          16,988,705 
Resources, Inc.(1)  131,974  3,466,957  SEMICONDUCTORS & SEMICONDUCTOR   
Anadarko Petroleum Corp.  121,402  5,510,437  EQUIPMENT — 2.7%     
Apache Corp.  106,986  7,719,040  Analog Devices, Inc.  73,300  1,816,374 
Chevron Corp.  337,007  22,326,714  Applied Materials, Inc.  414,276  4,544,608 
ConocoPhillips  314,817  13,241,203  Broadcom Corp., Class A(1)  154,560  3,831,542 
Devon Energy Corp.  109,955  5,992,547  Intel Corp.  899,799  14,891,673 
Exxon Mobil Corp.  1,060,515  74,140,604  Lam Research Corp.(1)  36,255  942,630 
Frontier Oil Corp.  163,473  2,143,131  Linear Technology Corp.  154,899  3,616,892 
McMoRan Exploration Co.(1)  286,407  1,706,986  LSI Corp.(1)  542,993  2,476,048 

28

Equity Growth           
 
     Shares            Value      Shares       Value 
Marvell Technology      TEXTILES, APPAREL & LUXURY GOODS — 0.3% 
Group Ltd.(1)  13,964  $     162,541  Liz Claiborne, Inc.  330,104  $     950,700 
Skyworks Solutions, Inc.(1)  397,761  3,890,102  Polo Ralph Lauren Corp.  84,778  4,539,014 
Texas Instruments, Inc.  462,359  9,848,247      5,489,714 
Xilinx, Inc.  85,217  1,743,540  TOBACCO — 1.5%     
    47,764,197  Altria Group, Inc.  330,498  5,416,862 
SOFTWARE — 4.5%      Philip Morris     
Adobe Systems, Inc.(1)  166,170  4,702,611  International, Inc.  488,686  21,316,484 
Autodesk, Inc.(1)  218,606  4,149,142      26,733,346 
Cerner Corp.(1)  7,772  484,118  TOTAL COMMON STOCKS     
Microsoft Corp.  1,608,746  38,239,893  (Cost $1,784,567,447)    1,731,395,618 
Oracle Corp.  771,770  16,531,313  Temporary Cash Investments — 0.4% 
Quest Software, Inc.(1)  70,903  988,388  JPMorgan U.S. Treasury     
Sybase, Inc.(1)  234,070  7,335,754  Plus Money Market Fund     
      Agency Shares  88,691  88,691 
Symantec Corp.(1)  248,959  3,873,802  Repurchase Agreement, Goldman Sachs  
Synopsys, Inc.(1)  58,887  1,148,885  Group, Inc., (collateralized by various   
Take-Two Interactive      U.S. Treasury obligations, 4.75%, 2/15/37,   
Software, Inc.(1)  142,294  1,347,524  valued at $7,058,648), in a joint trading   
    78,801,430  account at 0.01%, dated 6/30/09,     
      due 7/1/09 (Delivery value $6,900,002)  6,900,000 
SPECIALTY RETAIL — 1.4%      TOTAL TEMPORARY     
AutoZone, Inc.(1)  8,460  1,278,391  CASH INVESTMENTS     
Gap, Inc. (The)  547,018  8,971,095  (Cost $6,988,691)    6,988,691 
Home Depot, Inc. (The)  76,678  1,811,901  TOTAL INVESTMENT     
RadioShack Corp.  146,239  2,041,496  SECURITIES — 99.8%     
      (Cost $1,791,556,138)    1,738,384,309 
Ross Stores, Inc.  153,343  5,919,040  OTHER ASSETS AND    
Sherwin-Williams Co. (The)  62,577  3,363,514  LIABILITIES — 0.2%    3,056,356 
Tractor Supply Co.(1)  20,920  864,414  TOTAL NET ASSETS — 100.0%    $1,741,440,665 
    24,249,851       

Notes to Schedule of Investments 
SPDR = Standard & Poor’s Depositary Receipts 
(1)  Non-income producing. 
(2)  Industry is less than 0.05% of total net assets. 

Industry classifications are unaudited.

See Notes to Financial Statements.

29

Income & Growth         
 
JUNE 30, 2009           
 
      Shares        Value          Shares    Value 
Common Stocks — 99.6%    Minerals Technologies, Inc.  27,179  $       978,987 
      OM Group, Inc.(1)  84,894  2,463,624 
AEROSPACE & DEFENSE — 2.6%         
General Dynamics Corp.  135,155  $    7,486,235  Terra Industries, Inc.  177,521  4,299,559 
Honeywell International, Inc.  96,089  3,017,195      30,300,168 
Lockheed Martin Corp.  139,832  11,277,451  COMMERCIAL BANKS — 2.5%   
Northrop Grumman Corp.  424,269  19,380,608  Bank of Montreal  33,226  1,400,476 
Raytheon Co.  81,912  3,639,350  Canadian Imperial     
      Bank of Commerce  93,478  4,680,444 
    44,800,839  Cullen/Frost Bankers, Inc.  19,193  885,181 
AIR FREIGHT & LOGISTICS — 0.5%    International     
Expeditors International of      Bancshares Corp.  68,640  707,678 
Washington, Inc.  23,816  794,025  Royal Bank of Canada  143,987  5,881,869 
FedEx Corp.  38,880  2,162,506  U.S. Bancorp.  585,560  10,493,235 
United Parcel Service, Inc.,           
Class B  66,497  3,324,185  Wells Fargo & Co.  787,328  19,100,577 
UTi Worldwide, Inc.(1)  182,412  2,079,497      43,149,460 
    8,360,213  COMMERCIAL SERVICES & SUPPLIES — 0.5% 
AUTO COMPONENTS — 0.4%      Herman Miller, Inc.  169,765  2,604,195 
Magna International, Inc.,      R.R. Donnelley & Sons Co.  517,929  6,018,335 
Class A  109,868  4,640,824      8,622,530 
WABCO Holdings, Inc.  154,681  2,737,854  COMMUNICATIONS EQUIPMENT — 1.9%   
    7,378,678  Cisco Systems, Inc.(1)  1,078,971  20,112,019 
BEVERAGES — 0.8%      Motorola, Inc.  1,288,084  8,539,997 
Coca-Cola Co. (The)  112,279  5,388,269  Plantronics, Inc.  30,799  582,409 
Coca-Cola Enterprises, Inc.  145,983  2,430,617  QUALCOMM, Inc.  87,915  3,973,758 
Molson Coors Brewing Co.,          33,208,183 
Class B  39,400  1,667,802  COMPUTERS & PERIPHERALS — 3.9%   
Pepsi Bottling Group, Inc.  72,575  2,455,938  Apple, Inc.(1)  125,089  17,816,426 
PepsiCo, Inc.  24,535  1,348,444  Diebold, Inc.  56,195  1,481,300 
    13,291,070  EMC Corp.(1)  263,001  3,445,313 
BIOTECHNOLOGY — 1.7%      Hewlett-Packard Co.  621,133  24,006,791 
Amgen, Inc.(1)(2)  566,572  29,994,322  Lexmark International, Inc.,     
CAPITAL MARKETS — 2.0%      Class A(1)  381,559  6,047,710 
Bank of New York      Western Digital Corp.(1)  531,513  14,085,095 
Mellon Corp. (The)  396,728  11,628,098      66,882,635 
BlackRock, Inc.  16,264  2,853,031  CONSTRUCTION & ENGINEERING — 1.6%   
Federated Investors, Inc.,      EMCOR Group, Inc.(1)  508,520  10,231,422 
Class B  14,153  340,946  Fluor Corp.  285,284  14,632,216 
Goldman Sachs           
Group, Inc. (The)  44,211  6,518,470  Foster Wheeler AG(1)  56,426  1,340,118 
Janus Capital Group, Inc.  129,813  1,479,868  Tutor Perini Corp.(1)  69,166  1,200,722 
Morgan Stanley  388,646  11,080,297      27,404,478 
    33,900,710  CONSUMER FINANCE(3)     
CHEMICALS — 1.7%      Capital One Financial Corp.  34,520  755,298 
CF Industries Holdings, Inc.  41,945  3,109,802  DIVERSIFIED CONSUMER SERVICES — 0.1%   
Dow Chemical Co. (The)  485,342  7,833,420  Apollo Group, Inc., Class A(1)  21,094  1,500,205 
E.I. du Pont de           
Nemours & Co.  453,348  11,614,776       

30

Income & Growth         
 
     Shares    Value        Shares    Value 
DIVERSIFIED FINANCIAL SERVICES — 3.7%    FOOD PRODUCTS — 2.7%     
Bank of America Corp.  1,359,892  $    17,950,574  Archer-Daniels-Midland Co.  501,350  $     13,421,140 
Citigroup, Inc.  866,145  2,572,451  Bunge Ltd.  261,136  15,733,444 
CME Group, Inc.  34,542  10,746,362  ConAgra Foods, Inc.  15,714  299,509 
JPMorgan Chase & Co.  848,567  28,944,620  General Mills, Inc.  157,346  8,814,523 
NYSE Euronext  168,405  4,589,036  H.J. Heinz Co.  22,575  805,927 
    64,803,043  Kellogg Co.  42,334  1,971,494 
DIVERSIFIED TELECOMMUNICATION    Kraft Foods, Inc., Class A  210,104  5,324,035 
SERVICES — 4.4%      Tyson Foods, Inc., Class A  195  2,459 
AT&T, Inc.  1,458,594  36,231,475      46,372,531 
Embarq Corp.  33,340  1,402,281  GAS UTILITIES — 0.2%     
Qwest Communications      New Jersey Resources Corp.  48,104  1,781,772 
International, Inc.  1,587,659  6,588,785  UGI Corp.  50,414  1,285,053 
Verizon           
Communications, Inc.  1,055,699  32,441,630      3,066,825 
    76,664,171  HEALTH CARE EQUIPMENT & SUPPLIES — 2.1% 
ELECTRIC UTILITIES — 2.8%      Baxter International, Inc.  238,529  12,632,496 
Duke Energy Corp.  49,133  716,851  Becton, Dickinson & Co.  230,978  16,471,041 
Edison International  571,894  17,991,785  Boston Scientific Corp.(1)  393,588  3,990,983 
Entergy Corp.  30,000  2,325,600  Hill-Rom Holdings, Inc.  175,156  2,841,030 
Exelon Corp.  76,100  3,897,081      35,935,550 
FPL Group, Inc.  358,693  20,395,284  HEALTH CARE PROVIDERS & SERVICES — 1.1% 
Progress Energy, Inc.  93,006  3,518,417  AMERIGROUP Corp.(1)  139,976  3,758,355 
    48,845,018  Humana, Inc.(1)  114,403  3,690,641 
ELECTRICAL EQUIPMENT — 0.9%    Magellan Health     
      Services, Inc.(1)  39,533  1,297,473 
Acuity Brands, Inc.  83,374  2,338,641       
Brady Corp., Class A  117,255  2,945,445  McKesson Corp.  97,427  4,286,788 
Emerson Electric Co.  204,722  6,632,993  WellCare Health     
      Plans, Inc.(1)  149,079  2,756,471 
GrafTech International Ltd.(1)  261,400  2,956,434       
      WellPoint, Inc.(1)  50,599  2,574,983 
Rockwell Automation, Inc.  41,261  1,325,303      18,364,711 
    16,198,816  HOTELS, RESTAURANTS & LEISURE — 1.6%   
ELECTRONIC EQUIPMENT, INSTRUMENTS &         
COMPONENTS — 0.6%      McDonald’s Corp.  471,434  27,102,741 
Avnet, Inc.(1)  64,971  1,366,340  HOUSEHOLD DURABLES — 0.8%   
      Blyth, Inc.  22,994  753,973 
Celestica, Inc.(1)  1,239,591  8,454,011  Harman International    
     9,820,351  Industries, Inc.  142,260  2,674,488 
ENERGY EQUIPMENT & SERVICES — 0.6%    NVR, Inc.(1)  19,790  9,942,298 
BJ Services Co.  276,551  3,769,390      13,370,759 
ENSCO International, Inc.  40,512  1,412,653  HOUSEHOLD PRODUCTS — 3.1%   
National Oilwell Varco, Inc.(1)  43,264  1,413,002  Clorox Co.  84,036  4,691,730 
Patterson-UTI Energy, Inc.  256,024  3,292,469  Kimberly-Clark Corp.  379,420  19,892,991 
    9,887,514  Procter & Gamble Co. (The)  564,233  28,832,306 
FOOD & STAPLES RETAILING — 2.2%        53,417,027 
Kroger Co. (The)  315,836  6,964,184  INDEPENDENT POWER PRODUCERS &   
Safeway, Inc.  207,545  4,227,692  ENERGY TRADERS — 0.1%     
SUPERVALU, INC.  647,323  8,382,833  NRG Energy, Inc.(1)  72,506  1,882,256 
Wal-Mart Stores, Inc.  366,962  17,775,639       
    37,350,348       

31

Income & Growth         
 
    Shares    Value        Shares    Value 
INDUSTRIAL CONGLOMERATES — 1.8%    Lincoln Electric     
3M Co.  65,907  $      3,961,011  Holdings, Inc.  33,245  $      1,198,150 
Carlisle Cos., Inc.  106,252  2,554,298  Mueller Industries, Inc.  108,250  2,251,600 
General Electric Co.  2,089,745  24,491,811  Navistar International     
      Corp.(1)  49,111  2,141,240 
    31,007,120       
INSURANCE — 3.6%      Parker-Hannifin Corp.  114,529  4,920,166 
ACE Ltd.  361,386  15,984,103  Timken Co.  84,039  1,435,386 
American Financial          22,322,341 
Group, Inc.  215,685  4,654,482  MEDIA — 3.0%     
Aspen Insurance      CBS Corp., Class B  1,038,101  7,183,659 
Holdings Ltd.  496,327  11,087,945  Comcast Corp., Class A  770,123  11,159,082 
Axis Capital Holdings Ltd.  146,675  3,839,951  Gannett Co., Inc.  294,487  1,051,319 
Endurance Specialty      Harte-Hanks, Inc.  133,901  1,238,584 
Holdings Ltd.  66,709  1,954,574  Time Warner, Inc.  658,173  16,579,378 
MetLife, Inc.  271,349  8,143,183  Walt Disney Co. (The)  601,192  14,025,809 
Principal Financial          51,237,831 
Group, Inc.  320,703  6,042,044  METALS & MINING — 0.5%     
Prudential Financial, Inc.  203,239  7,564,556  Allegheny Technologies, Inc.  72,377  2,528,128 
StanCorp Financial           
Group, Inc.  11,273  323,310  Cliffs Natural Resources, Inc.  65,986  1,614,677 
Travelers Cos., Inc. (The)  64,116  2,631,321  Newmont Mining Corp.  36,431  1,488,935 
    62,225,469  Reliance Steel &     
      Aluminum Co.  68,953  2,647,106 
INTERNET & CATALOG RETAIL — 0.1%    Worthington Industries, Inc.  81,073  1,036,924 
Netflix, Inc.(1)  48,588  2,008,628       
          9,315,770 
INTERNET SOFTWARE & SERVICES — 1.0%    MULTILINE RETAIL — 0.7%     
Google, Inc., Class A(1)  33,129  13,966,855       
      Dollar Tree, Inc.(1)  24,431  1,028,545 
Yahoo!, Inc.(1)  206,641  3,235,998       
      Family Dollar Stores, Inc.  271,149  7,673,517 
    17,202,853  Macy’s, Inc.  305,269  3,589,963 
IT SERVICES — 5.0%          12,292,025 
Accenture Ltd., Class A  515,923  17,262,784  MULTI-UTILITIES — 0.8%     
Broadridge Financial      CenterPoint Energy, Inc.  131,509  1,457,120 
Solutions, Inc.  257,756  4,273,594       
Computer Sciences      DTE Energy Co.  192,064  6,146,048 
Corp.(1)(2)  414,911  18,380,557  PG&E Corp.  52,830  2,030,785 
International Business      Public Service     
Machines Corp.  453,476  47,351,964  Enterprise Group, Inc.  133,333  4,350,656 
    87,268,899      13,984,609 
LEISURE EQUIPMENT & PRODUCTS — 0.9%    OFFICE ELECTRONICS — 0.1%   
Hasbro, Inc.  624,470  15,137,153  Xerox Corp.  307,327  1,991,479 
LIFE SCIENCES TOOLS & SERVICES — 0.1%    OIL, GAS & CONSUMABLE FUELS — 13.3%   
PerkinElmer, Inc.  73,439  1,277,839  Alpha Natural     
      Resources, Inc.(1)  282,553  7,422,667 
Varian, Inc.(1)  35,130  1,385,176       
      Apache Corp.  70,872  5,113,415 
    2,663,015  Chevron Corp.  685,536  45,416,760 
MACHINERY — 1.3%      ConocoPhillips  707,258  29,747,271 
Cummins, Inc.  73,294  2,580,682  Exxon Mobil Corp.  1,307,596  91,414,036 
Dover Corp.  190,010  6,287,431  Hess Corp.  73,674  3,959,978 
Flowserve Corp.  21,597  1,507,686  Murphy Oil Corp.  75,741  4,114,251 

32

Income & Growth         
 
      Shares     Value         Shares           Value 
Occidental Petroleum Corp.  431,023  $      28,365,624  SOFTWARE — 3.5%     
Peabody Energy Corp.  38,343  1,156,425  Autodesk, Inc.(1)  79,075   $       1,500,843 
Sunoco, Inc.  52,809  1,225,169  Microsoft Corp.  1,772,466  42,131,517 
Valero Energy Corp.  629,228  10,627,661  Oracle Corp.  536,355  11,488,724 
W&T Offshore, Inc.  285,469  2,780,468  Parametric Technology     
World Fuel Services Corp.  2,536  104,559  Corp.(1)  126,111  1,474,238 
    231,448,284  Sybase, Inc.(1)  54,004  1,692,485 
PERSONAL PRODUCTS — 0.2%    Symantec Corp.(1)  115,818  1,802,128 
Herbalife Ltd.  110,145  3,473,973  Take-Two Interactive     
PHARMACEUTICALS — 7.4%      Software, Inc.(1)  150,451  1,424,771 
Bristol-Myers Squibb Co.  815,812  16,569,142      61,514,706 
Eli Lilly & Co.  632,740  21,918,113  SPECIALTY RETAIL — 2.1%     
Johnson & Johnson  890,538  50,582,558  AutoNation, Inc.(1)  193,592  3,358,821 
King Pharmaceuticals, Inc.(1)  89,747  864,264  Barnes & Noble, Inc.  150,275  3,100,173 
Pfizer, Inc.(2)  2,272,879  34,093,185  Gap, Inc. (The)  921,576  15,113,846 
Sepracor, Inc.(1)  206,065  3,569,046  Home Depot, Inc. (The)  70,701  1,670,665 
Wyeth  20,020  908,708  RadioShack Corp.  506,296  7,067,892 
      Rent-A-Center, Inc.(1)  288,559  5,145,007 
    128,505,016       
PROFESSIONAL SERVICES — 0.1%    Tractor Supply Co.(1)  32,102  1,326,455 
Manpower, Inc.  23,561  997,573      36,782,859 
REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.7%  TEXTILES, APPAREL & LUXURY GOODS — 0.5% 
Equity Residential  28,584  635,422  Columbia Sportswear Co.  45,582  1,409,395 
Hospitality Properties Trust  222,174  2,641,649  Jones Apparel Group, Inc.  233,660  2,507,172 
HRPT Properties Trust  201,120  816,547  Polo Ralph Lauren Corp.  68,185  3,650,625 
Public Storage  16,090  1,053,573  Timberland Co. (The),     
      Class A(1)  64,624  857,561 
Simon Property Group, Inc.  146,320  7,525,238       
Vornado Realty Trust  196  8,826  VF Corp.  19,060  1,054,971 
    12,681,255      9,479,724 
ROAD & RAIL — 0.9%      THRIFTS & MORTGAGE FINANCE — 0.1%   
      New York Community     
CSX Corp.  161,698  5,599,602  Bancorp., Inc.  157,717  1,685,995 
Norfolk Southern Corp.  143,571  5,408,320  TOBACCO — 1.8%     
Union Pacific Corp.  74,626  3,885,029  Altria Group, Inc.  590,059  9,671,067 
    14,892,951  Lorillard, Inc.  112,140  7,599,728 
SEMICONDUCTORS & SEMICONDUCTOR    Philip Morris     
EQUIPMENT — 3.0%      International, Inc.  97,999  4,274,716 
Amkor Technology, Inc.(1)  1,317,205  6,230,380  Reynolds American, Inc.  247,187  9,546,362 
Analog Devices, Inc.  32,386  802,525      31,091,873 
Broadcom Corp., Class A(1)  145,519  3,607,416  TOTAL COMMON STOCKS     
Intel Corp.  1,337,796  22,140,524  (Cost $1,824,951,421)    1,725,877,411 
Linear Technology Corp.  31,644  738,887       
LSI Corp.(1)  1,934,782  8,822,606       
Maxim Integrated           
Products, Inc.  109,538  1,718,651       
NVIDIA Corp.(1)  149,715  1,690,282       
Xilinx, Inc.  307,150  6,284,289       
    52,035,560       

33

Income & Growth       
 
 
      Shares      Value          Value 
Temporary Cash Investments — 0.3%  Temporary Cash Investments –   
JPMorgan U.S. Treasury      Segregated For Futures Contracts — 0.1% 
Plus Money Market Fund      Repurchase Agreement, Deutsche Bank   
Agency Shares(2)  66,564  $       66,564     
      Securities, Inc., (collateralized by various   
Repurchase Agreement, Deutsche Bank    U.S. Treasury obligations, 4.875%, 7/31/11,   
Securities, Inc., (collateralized by various    valued at $1,121,151), in a joint trading   
U.S. Treasury obligations, 4.875%, 7/31/11,    account at 0.001%, dated 6/30/09,   
valued at $5,713,891), in a joint trading    due 7/1/09 (Delivery value $1,099,000)   
account at 0.001%, dated 6/30/09,    (Cost $1,099,000)  $     1,099,000 
due 7/1/09 (Delivery value $5,601,000)  5,601,000  TOTAL INVESTMENT   
TOTAL TEMPORARY      SECURITIES — 100.0%   
CASH INVESTMENTS      (Cost $1,831,717,985)  1,732,643,975 
(Cost $5,667,564)    5,667,564  OTHER ASSETS AND LIABILITIES(3)  491,128 
      TOTAL NET ASSETS — 100.0%  $1,733,135,103 

Futures Contracts       
        Underlying Face   
       Contracts Purchased  Expiration Date    Amount at Value  Unrealized Gain (Loss) 
  24   S&P 500 E-Mini Futures  September 2009  $1,098,600  $(23,348) 
 
 
Notes to Schedule of Investments     
(1)  Non-income producing.       
(2)  Security, or a portion thereof, has been segregated for futures contracts. At the period end, the aggregate value of securities pledged 
  was $1,099,000.       
(3)  Category is less than 0.05% of total net assets.     

Industry classifications are unaudited.

See Notes to Financial Statements.

34

Statement of Assets and Liabilities 

JUNE 30, 2009       
  Disciplined Growth Equity Growth Income & Growth
Assets     
Investment securities, at value (cost of $14,080,542,       
$1,791,556,138 and $1,831,717,985, respectively)  $13,788,971 $1,738,384,309 $1,732,643,975
Receivable for investments sold  925,080 64,624,979 1,407,722
Receivable for capital shares sold  68,687 955,458 678,494
Dividends and interest receivable  10,955 2,021,765 2,210,527
  14,793,693 1,805,986,511 1,736,940,718

 
Liabilities 
Payable for investments purchased  1,078,491 60,948,381 —
Payable for capital shares redeemed  93,970 2,562,321 2,786,957
Payable for variation margin on futures contracts  — — 6,840
Accrued management fees  11,191 983,568 972,697
Distribution fees payable  49 3,204 537
Service fees (and distribution fees — 
A Class and R Class) payable  272 48,372 38,584
  1,183,973 64,545,846 3,805,615
 
Net Assets  $13,609,720 $1,741,440,665 $1,733,135,103
 
 
See Notes to Financial Statements.       

35

JUNE 30, 2009       
  Disciplined Growth  Equity Growth  Income & Growth 
Net Assets Consist of:       
Capital (par value and paid-in surplus)  $18,725,336 $2,501,583,439 $2,450,433,207
Undistributed net investment income  6,924 39,417 —
Accumulated net realized loss on investment transactions    (4,830,969)   (707,010,362)   (618,200,746)
Net unrealized depreciation on investments    (291,571)   (53,171,829)   (99,097,358)
  $13,609,720 $1,741,440,665 $1,733,135,103
 
Investor Class, $0.01 Par Value 
Net assets  $10,439,583 $1,339,581,926 $1,281,417,980
Shares outstanding  1,303,548 87,446,685 71,076,520
Net asset value per share  $8.01 $15.32 $18.03
 
Institutional Class, $0.01 Par Value 
Net assets  $2,264,519 $168,092,452 $268,346,427
Shares outstanding  281,875 10,967,458 14,873,972
Net asset value per share  $8.03 $15.33 $18.04
 
A Class, $0.01 Par Value 
Net assets  $408,376 $226,830,192 $182,331,050
Shares outstanding  51,191 14,818,240 10,122,965
Net asset value per share  $7.98 $15.31 $18.01
Maximum offering price (net asset value divided by 0.9425)  $8.47 $16.24 $19.11
 
B Class, $0.01 Par Value       
Net assets        $25,925       $64,340       $48,350
Shares outstanding        3,279       4,199       2,682
Net asset value per share        $7.91       $15.32       $18.03
 
C Class, $0.01 Par Value 
Net assets        $54,271       $5,107,668        $815,495
Shares outstanding        6,864      335,591       45,332
Net asset value per share        $7.91        $15.22          $17.99
 
R Class, $0.01 Par Value 
Net assets        $417,046      $1,764,087       $175,801
Shares outstanding        52,653     115,167       9,752 
Net asset value per share           $7.92       $15.32      $18.03
 
 
See Notes to Financial Statements.       

36

Statement of Operations 

YEAR ENDED JUNE 30, 2009       
  Disciplined Growth  Equity Growth  Income & Growth 
Investment Income (Loss)       
Income:       
Dividends (net of foreign taxes withheld of       
$51, $87,128 and $95,870, respectively)  $    216,441 $    47,572,850 $    61,510,273
Interest  805 69,441 86,285
Securities lending, net  321 315,974 194,795
  217,567 47,958,265 61,791,353
 
Expenses: 
Management fees  147,067 13,471,765 13,623,931
Distribution fees: 
 B Class  134 345 275
 C Class  253 41,059 6,185
Service fees: 
 B Class  45 115 92
 C Class  84 13,687 2,062
Distribution and service fees: 
 A Class  982 609,284 571,751
 R Class  2,174 5,223 1,381
Directors’ fees and expenses  607 84,078 85,822
Other expenses  133 7,942 8,135
  151,479 14,233,498 14,299,634
 
Net investment income (loss)  66,088 33,724,767 47,491,719
       
Realized and Unrealized Gain (Loss)       
Net realized gain (loss) on:       
Investment transactions   (4,351,698) (613,556,979)   (515,675,868)
Futures contract transactions  — 152,698   (4,369,268)
   (4,351,698) (613,404,281)   (520,045,136)
 
Change in net unrealized appreciation (depreciation) on: 
Investments   (1,749,087) (204,285,394)   (304,872,655)
Futures contracts  — — 1,170,990
   (1,749,087) (204,285,394)   (303,701,665)
 
Net realized and unrealized gain (loss)   (6,100,785) (817,689,675)   (823,746,801)
 
Net Increase (Decrease) in Net Assets 
Resulting from Operations   $(6,034,697) $(783,964,908)   $(776,255,082)

See Notes to Financial Statements.

37

Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008       
        Disciplined Growth       Equity Growth 
Increase (Decrease) in Net Assets       2009      2008       2009       2008 
Operations         
Net investment income (loss)  $   66,088   $   (14,189) $   33,724,767  $   33,299,460
Net realized gain (loss)    (4,351,698) 16,445   (613,404,281)    (27,701,805)
Change in net unrealized 
appreciation (depreciation)    (1,749,087)   (1,723,217)   (204,285,394)    (431,936,177)
Net increase (decrease) in net assets 
resulting from operations    (6,034,697)   (1,720,961)   (783,964,908)    (426,338,522)
 
Distributions to Shareholders         
From net investment income:         
 Investor Class    (43,563) —   (30,419,338)    (18,117,148)
 Institutional Class    (15,865) —   (7,046,596)    (4,575,117)
 A Class    (641) —   (4,230,042)    (2,458,073)
 B Class  — —   (381)    (23)
 C Class  — —   (42,370)    (3,652)
 R Class  — —   (16,018)    (3,169)
From net realized gains: 
 Investor Class  —   (842,841) —     (168,886,889) 
 Institutional Class  —   (231,230) —    (35,308,932)
 A Class  —   (28,321) —    (31,289,644)
 B Class  —   (928) —    (1,935)
 C Class  —   (929) —    (789,602)
 R Class  —   (24,205) —    (77,406)
Decrease in net assets from distributions    (60,069)   (1,128,454)   (41,754,745)    (261,511,590)
 
Capital Share Transactions         
Net increase (decrease) in net assets         
from capital share transactions    (1,774,539)   (7,230,688)   (267,965,105)    (175,475,327)
 
Net increase (decrease) in net assets        (7,869,305)      (10,080,103)  (1,093,684,758)     (863,325,439)
 
Net Assets         
Beginning of period        21,479,025         31,559,128    2,835,125,423    3,698,450,862 
End of period      $13,609,720       $21,479,025  $ 1,741,440,665    $2,835,125,423 
         
Undistributed net investment income             $6,924                  —             $39,417         $8,032,494 

See Notes to Financial Statements.

38

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008     
  Income & Growth 
Increase (Decrease) in Net Assets  2009         2008 
Operations     
Net investment income (loss)  $ 47,491,719 $ 56,836,326
Net realized gain (loss)    (520,045,136)   (5,341,267)
Change in net unrealized appreciation (depreciation)    (303,701,665)   (800,821,844)
Net increase (decrease) in net assets resulting from operations    (776,255,082)   (749,326,785)
 
Distributions to Shareholders 
From net investment income: 
 Investor Class    (39,834,928)   (32,809,227)
 Institutional Class    (11,724,274)   (6,577,667)
 A Class    (5,403,315)   (5,630,116)
 B Class    (621)   (91)
 C Class    (12,291)   (6,702)
 R Class    (5,646)   (6,676)
From net realized gains: 
 Investor Class  —   (278,102,719)
 Institutional Class  —   (52,837,113)
 A Class  —   (55,266,754)
 B Class  —   (2,900)
 C Class  —   (155,764)
 R Class  —   (85,046)
Decrease in net assets from distributions    (56,981,075)   (431,480,775)
 
Capital Share Transactions     
Net increase (decrease) in net assets from capital share transactions  (413,872,612) (466,136,259)

 
Net increase (decrease) in net assets  (1,247,108,769) (1,646,943,819)
 
Net Assets 
Beginning of period    2,980,243,872   4,627,187,691
End of period         $ 1,733,135,103 $ 2,980,243,872
 
Undistributed net investment income  —     $9,296,178
 
 
See Notes to Financial Statements.     

39

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Disciplined Growth Fund (Disciplined Growth), Equity Growth Fund (Equity Growth) and Income & Growth Fund (Income & Growth) (collectively, the funds) are three funds in a series issued by the corporation. The funds are diversified under the 1940 Act. The funds seek long-term capital growth by investing in common stocks. Income is a secondary objective for Income & Growth. The following is a summary of the funds’ significant accounting policies.

Multiple Class — The funds are authorized to issue the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. All shares of each 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 funds are allocated to each class of shares based on their relative net assets. Sale of Disciplined Growth’s B Class and C Class commenced on September 28, 2007. Sale of Equity Growth and Income & Growth’s B Class commenced on September 28, 2007.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and ov er-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the funds determine that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the funds to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Securities on Loan — The funds may lend portfolio securities through their lending agent to certain approved borrowers in order to earn additional income. The income earned, net of any rebates or fees is included in the Statement of Operations. The funds continue

40

to recognize any gain or loss in the market price of the securities loaned and record any interest earned or dividends declared.

Exchange Traded Funds — The funds may invest in exchange traded funds (ETFs). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Repurchase Agreements — The funds may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Directors. Each repurchase agreement is recorded at cost. Each fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable each 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 each fund under each repurchase agreement.

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

Income Tax Status — It is each 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. Equity Growth and Income & Growth are no longer subject to examination by tax authorities for years prior to 2005. All tax years for Disciplined Growth remain subject to examination by tax authorities. 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penaltie s associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid semiannually for Disciplined Growth. Distributions from net investment income, if any, are declared and paid quarterly for Equity Growth and Income & Growth. Distributions from net realized gains for the funds, 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 funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

41

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The Agreement provides that all expenses of the funds, except brokerage commissions, taxes, interest, fees and expenses of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of each specific class of shares of each fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the funds and certain other accounts managed by the investment advisor that are in the sa me broad investment category as each fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.6880% to 0.8700% for Disciplined Growth and from 0.3380% to 0.5200% for Equity Growth and Income & Growth. The rates for the Complex Fee (Investor Class, A Class, B Class, C Class, and R Class) range from 0.2500% to 0.3100%. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class of the funds for the year ended June 30, 2009 was as follows:

  Investor, A, B, C & R  Institutional 
Disciplined Growth  1.04%  0.84% 
Equity Growth  0.69%  0.49% 
Income & Growth  0.69%  0.49% 

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, B 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 American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution fee of 0.75% and service fee of 0.25%. 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 i ncurred under the plans during the year ended June 30, 2009, are detailed in the Statement of Operations.

Acquired Fund Fees and Expenses — The funds may invest in mutual funds, exchange traded funds, and business development companies (the acquired funds). Each fund will indirectly realize its pro rata share of the fees and expenses of the acquired funds in which it invests. These indirect fees and expenses are not paid out of each fund’s assets but are reflected in the return realized by the fund on its investment in the acquired funds.

Related Parties — Certain officers and directors of the corporation are also officers and/ or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, ACIS, and the corporation’s transfer agent, American Century Services, LLC.

The funds are eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The funds have a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the funds. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

42

3. Investment Transactions

Investment transactions, excluding short-term investments, for the year ended June 30, 2009, were as follows:

     
  Disciplined Growth  Equity Growth  Income & Growth 
Purchases  $14,601,488  $2,214,027,991  $1,034,729,556 
Sales  $16,516,591  $2,460,203,683  $1,422,153,913 

4. Capital Share Transactions         
 
Transactions in shares of the funds were as follows:     
 
  Year ended June 30, 2009  Year ended June 30, 2008(1) 
   Shares  Amount  Shares  Amount 
 
Disciplined Growth         
Investor Class/Shares Authorized  80,000,000 80,000,000
Sold  278,559  $ 2,143,625 273,346  $ 3,310,471
Issued in reinvestment of distributions  6,002  41,955 68,671  830,920
Redeemed    (428,464)    (3,295,292)   (739,371)    (8,613,604)
    (143,903)    (1,109,712)   (397,354)    (4,472,213)
Institutional Class/Shares Authorized  10,000,000 10,000,000
Sold  52,851  403,445 119,528  1,448,691
Issued in reinvestment of distributions  2,263  15,865 19,063  231,230
Redeemed    (149,290)    (1,171,779)   (322,327)    (3,877,341)
    (94,176)    (752,469)   (183,736)    (2,197,420)
A Class/Shares Authorized  10,000,000 10,000,000
Sold  38,955  304,771 22,561  272,265
Issued in reinvestment of distributions  90  630 2,346  28,312
Redeemed    (39,437)    (279,324)   (74,563)    (937,691)
     (392)  26,077   (49,656)    (637,114)
B Class/Shares Authorized  10,000,000 10,000,000
Sold           1,269           9,737          1,933         24,999
Issued in reinvestment of distributions              —          —              77             928
           1,269           9,737         2,010         25,927
C Class/Shares Authorized   10,000,000 10,000,000
Sold           4,854        36,608         1,933         24,998
Issued in reinvestment of distributions              —           —             77             929
          4,854        36,608         2,010        25,927
R Class/Shares Authorized  10,000,000 10,000,000
Sold         3,945       38,118           —           —
Issued in reinvestment of distributions            —          —        2,015       24,205
Redeemed         (3,692)       (22,898)          —           —
            253       15,220        2,015       24,205
Net increase (decrease)      (232,095) $(1,774,539)     (624,711) $(7,230,688)
(1) September 28, 2007 (commencement of sale) through June 30, 2008 for the B Class and C Class.     

43

  Year ended June 30, 2009  Year ended June 30, 2008(1) 
   Shares     Amount   Shares     Amount 
 
Equity Growth         
Investor Class/Shares Authorized    400,000,000  300,000,000
Sold    13,834,287 $ 216,287,346  13,807,508   $ 333,475,659
Issued in reinvestment of distributions    1,486,779 24,209,945  6,334,214   151,246,473
Redeemed      (21,560,263)   (356,914,934)    (25,892,430)     (622,960,730)
      (6,239,197)   (116,417,643)    (5,750,708)     (138,238,598)
Institutional Class/Shares Authorized    90,000,000  90,000,000
Sold    3,577,484 58,678,266  3,692,517   89,588,964
Issued in reinvestment of distributions    399,943 6,598,298  1,580,033   37,752,044
Redeemed      (13,301,187)   (204,327,363)    (4,641,320)     (109,119,117)
      (9,323,760)   (139,050,799)  631,230   18,221,891
A Class/Shares Authorized    80,000,000  50,000,000
Sold    4,755,754 76,867,990  4,092,498   101,844,420
Issued in reinvestment of distributions    207,347 3,356,825  1,247,173   29,737,374
Redeemed      (5,593,868)   (93,689,779)    (7,723,646)     (184,147,754)
      (630,767)   (13,464,964)    (2,383,975)     (52,565,960)
B Class/Shares Authorized    10,000,000  10,000,000
Sold    3,023 46,617  3,009   72,211
Issued in reinvestment of distributions    25 369  83   1,958
Redeemed      (967)   (14,272)   (974)     (22,509)
    2,081 32,714  2,118   51,660
C Class/Shares Authorized    10,000,000  10,000,000
Sold  83,085 1,300,447 63,714 1,555,295
Issued in reinvestment of distributions  2,694 40,500 32,729 773,749
Redeemed    (102,960)   (1,633,457)   (223,998)   (5,249,391)
    (17,181)   (292,510)   (127,555)   (2,920,347)
R Class/Shares Authorized  10,000,000 10,000,000
Sold  90,454 1,365,899 26,397 662,896
Issued in reinvestment of distributions  1,053 16,018 3,380 80,575
Redeemed    (10,815)   (153,820)   (31,043)   (767,444)
  80,692 1,228,097   (1,266)   (23,973)
Net increase (decrease)    (16,128,132)   $(267,965,105)   (7,630,156)   $(175,475,327)
(1) September 28, 2007 (commencement of sale) through June 30, 2008 for the B Class.     

44

  Year ended June 30, 2009  Year ended June 30, 2008(1) 
   Shares  Amount   Shares  Amount 
 
Income & Growth         
Investor Class/Shares Authorized  330,000,000 300,000,000
Sold  5,725,804 $ 107,573,044 6,415,315 $ 194,535,979
Issued in reinvestment of distributions  1,984,000 37,745,971 10,224,009 294,726,443
Redeemed    (18,713,803)   (361,624,767)   (33,404,033)   (1,021,552,458)
    (11,003,999)   (216,305,752)   (16,764,709)   (532,290,036)
Institutional Class/Shares Authorized  100,000,000 50,000,000
Sold  6,516,634 118,653,148 11,749,338 347,201,581
Issued in reinvestment of distributions  590,268 11,276,375 1,989,992 57,370,982
Redeemed    (13,481,166)   (242,902,227)   (5,108,609)   (149,392,874)
    (6,374,264)   (112,972,704) 8,630,721 255,179,689
A Class/Shares Authorized  100,000,000 100,000,000
Sold  1,352,467 25,563,806 2,105,676 64,860,599
Issued in reinvestment of distributions  277,285 5,289,524 2,105,543 60,602,076
Redeemed    (5,806,277)   (115,164,742)   (10,436,043)   (314,186,372)
    (4,176,525)   (84,311,412)   (6,224,824)   (188,723,697)
B Class/Shares Authorized  10,000,000 10,000,000
Sold  1,356 21,381 1,441 45,675
Issued in reinvestment of distributions  36 621 104 2,991
Redeemed  — —   (255)   (6,791)
  1,392 22,002 1,290 41,875
C Class/Shares Authorized  10,000,000 10,000,000
Sold  22,067 398,750 6,606 199,778
Issued in reinvestment of distributions  560 10,076 4,456 127,573
Redeemed    (23,968)   (472,772)   (20,428)   (644,385)
    (1,341)   (63,946)   (9,366)   (317,034)
R Class/Shares Authorized  10,000,000 10,000,000
Sold  6,597 133,954 17,106 501,406
Issued in reinvestment of distributions  189 3,523 758 21,819
Redeemed    (18,621)   (378,277)   (19,656)   (550,281)
    (11,835)   (240,800)   (1,792)   (27,056)
Net increase (decrease)    (21,566,572)   $(413,872,612)   (14,368,680)   $ (466,136,259)
(1) September 28, 2007 (commencement of sale) through June 30, 2008 for the B Class.     

5. Securities Lending

As of June 30, 2009, the funds did not have any securities on loan. JPMCB receives and maintains collateral in the form of cash and/or acceptable securities as approved by ACIM. Cash collateral is invested in authorized investments by the lending agent in a pooled account. Any deficiencies or excess of collateral must be delivered or transferred by the member firms no later than the close of business on the next business day. The funds’ risks in securities lending are that the borrower may not provide additional collateral when required or return the securities when due. If the borrower defaults, receipt of the collateral by the funds may be delayed or limited. Investments made with cash collateral may decline in value.

45

6. Fair Value Measurements

The funds’ securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the funds. 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the funds’ securities and other financial instruments as of June 30, 2009:

Fund  Level 1  Level 2  Level 3 
 
Disciplined Growth       
Investment Securities       
Common Stocks  $13,518,518 — —
Temporary Cash Investments  70,453 $200,000 —
Total Value of Investment Securities  $13,588,971 $200,000 —
 
Equity Growth 
Investment Securities          
Common Stocks  $1,731,395,618 — —
Temporary Cash Investments  88,691 $6,900,000 —
Total Value of Investment Securities  $1,731,484,309 $6,900,000 —
 
Income & Growth       
Investment Securities   
Common Stocks  $1,725,877,411 — —
Temporary Cash Investments  66,564 $6,700,000 —
Total Value of Investment Securities  $1,725,943,975 $6,700,000 —
 
Other Financial Instruments 
Futures Contracts        $(23,348) — —
Total Unrealized Gain (Loss) 
on Other Financial Instruments    $(23,348) — —

46

7. Derivative Instruments

Equity Price Risk — Equity Growth and Income & Growth are subject to equity price risk in the normal course of pursuing their 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 real ized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the year ended June 30, 2009, Equity Growth and Income & Growth purchased futures contracts.

For Equity Growth, for the year ended June 30, 2009, the effect of equity price risk derivatives on the Statement of Operations was $152,698 in net realized gain (loss) on futures contract transactions.

For Income & Growth, the value of equity price risk derivatives as of June 30, 2009, is disclosed on the Statement of Assets and Liabilities as a liability of $6,840 in payable for variation margin on futures contracts. For Income & Growth, for the year ended June 30, 2009, the effect of equity price risk derivatives on the Statement of Operations was $(4,369,268) in net realized gain (loss) on futures contract transactions and $1,170,990 in change in net unrealized appreciation (depreciation) on futures contracts.

For Income & Growth, the value of derivative instruments at period end and the effect of derivatives on the Statement of Operations are indicative of Income & Growth’s typical volume. Equity Growth’s infrequent use of derivative instruments and the effect of derivatives on the Statement of Operations are indicative of Equity Growth’s typical volume.

8. Bank Line of Credit

The funds, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the funds to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The funds did not borrow from the line during the year ended June 30, 2009.

9. Interfund Lending

The funds, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the funds to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the funds did not utilize the program .

47

10. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008, were as follows:

         Disciplined Growth     Equity Growth 
  2009  2008  2009  2008 
Distributions Paid From 
Ordinary income  $60,069 $599,150 $41,588,499   $75,090,643
Long-term capital gains          — $529,304     $166,246 $186,420,947
 
      Income & Growth
         2009    2008
Distributions Paid From 
Ordinary income  $56,981,075 $101,721,419
Long-term capital gains      — $329,759,356

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 June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

   Disciplined Growth  Equity Growth  Income & Growth 
Federal tax cost of investments  $14,140,474 $1,836,186,615 $1,869,359,345
Gross tax appreciation of investments  $ 995,757 $ 131,198,053 $ 218,741,471
Gross tax depreciation of investments    (1,347,260)   (229,000,359)    (355,456,841) 
Net tax appreciation (depreciation) of investments    $ (351,503)   $ (97,802,306)   $(136,715,370)
Net tax appreciation (depreciation) on derivatives  — — —
Net tax appreciation (depreciation)    $ (351,503)   $ (97,802,306)   $(136,715,370)
Undistributed ordinary income  $6,924 $39,417 —
Accumulated capital losses    $(1,666,672)   $(190,964,078)   $(221,057,667)
Capital loss deferrals    $(3,104,365)   $(471,415,807)   $(359,525,067)

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

The accumulated capital losses listed above represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions. The capital loss carryovers expire in 2017.

The capital loss deferrals listed above represent net capital losses incurred in the eight-month period ended June 30, 2009. The funds have elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

48

11. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the funds. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

12. Other Tax Information (Unaudited)

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2009.

For corporate taxpayers, the funds hereby designate the following ordinary income distributions, or up to the maximum amount allowable, as qualified for the corporate dividends received deduction for the fiscal year ended June 30, 2009.

Disciplined Growth  Equity Growth  Income & Growth 
$60,069  $41,588,499  $56,981,075 

The funds hereby designate the following long-term capital gain distributions, or up to the maximum amount allowable, for the fiscal year ended June 30, 2009.

Disciplined Growth  Equity Growth  Income & Growth 
—  $166,246  — 

The funds hereby designate the following distributions as qualified short-term capital gains for purposes of Internal Revenue Code Section 871.

Disciplined Growth  Equity Growth  Income & Growth 
$1,057  —  — 

49

 Financial Highlights           
Disciplined Growth           
 
Investor Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009   2008     2007(1)   2006     2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $11.12 $12.35 $11.59 $10.47 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)  0.04    (0.01)   (0.02)   (0.02) 0.01
 Net Realized and Unrealized Gain (Loss)     (3.12)    (0.74) 0.83 1.20 0.48
 Total From Investment Operations     (3.08)    (0.75) 0.81 1.18 0.49
Distributions 
 From Net Investment Income     (0.03) — — —   (0.02)
 From Net Realized Gains  —    (0.48)   (0.05)    (0.06)  —
 Total Distributions     (0.03)    (0.48)   (0.05)    (0.06)    (0.02)
Net Asset Value, End of Period  $8.01 $11.12 $12.35 $11.59 $10.47
 
Total Return(4)     (27.63)%    (6.38)%     7.00%     11.30%   4.87%
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets  1.05%    1.03% 1.02%(5) 1.02% 1.02%(5)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  0.44%  (0.07)% (0.29)%(5) (0.21)% 0.28%(5)
Portfolio Turnover Rate  98%      134% 78% 124% 37%
Net Assets, End of Period (in thousands)   $10,440  $16,093  $22,775 $16,709  $8,569

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

50

Disciplined Growth           
 
Institutional Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(1)    2006     2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $11.15 $12.36 $11.62 $10.47 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)  0.05 0.01     —(4)     —(4) 0.01
 Net Realized and Unrealized Gain (Loss)     (3.12)    (0.74) 0.81  1.21 0.48
 Total From Investment Operations     (3.07)    (0.73) 0.81  1.21 0.49
Distributions 
 From Net Investment Income     (0.05) — — —   (0.02)
 From Net Realized Gains  —    (0.48)   (0.07)   (0.06) —
 Total Distributions     (0.05)    (0.48)   (0.07)   (0.06)   (0.02)
Net Asset Value, End of Period  $8.03 $11.15 $12.36 $11.62 $10.47
 
Total Return(5)    (27.50)%    (6.22)%      7.02%    11.59%    4.91%
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets  0.85% 0.83% 0.82%(6) 0.82% 0.82%(6)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  0.64% 0.13% (0.09)%(6) (0.01)% 0.48%(6)
Portfolio Turnover Rate  98% 134% 78%    124% 37%
Net Assets, End of Period (in thousands)  $2,265 $4,194    $6,918  $3,940 $524

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Per-share amount was less than $0.005.
(5)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(6)      Annualized.

See Notes to Financial Statements.

51

Disciplined Growth           
 
A Class(1)           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(2)    2006     2005(3) 
Per-Share Data           
Net Asset Value, Beginning of Period  $11.07 $12.33 $11.56 $10.46 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(4)  0.02    (0.04)   (0.03)   (0.05)     —(5)
 Net Realized and Unrealized Gain (Loss)     (3.09)    (0.74) 0.82 1.21 0.47
 Total From Investment Operations     (3.07)    (0.78) 0.79 1.16 0.47
Distributions 
 From Net Investment Income    (0.02) — — —   (0.01)
 From Net Realized Gains  —    (0.48)   (0.02)   (0.06) —
 Total Distributions    (0.02)    (0.48)   (0.02)   (0.06)   (0.01)
Net Asset Value, End of Period  $7.98 $11.07 $12.33 $11.56 $10.46
 
Total Return(6)  (27.76)%  (6.65)%    6.84%  11.12%  4.72%
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets  1.30%      1.28% 1.27%(7) 1.27% 1.27%(7)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  0.19%  (0.32)% (0.54)%(7) (0.46)% 0.03%(7)
Portfolio Turnover Rate  98%      134% 78% 124% 37%
Net Assets, End of Period (in thousands)  $408        $571    $1,248 $701 $531

(1)      Prior to September 4, 2007, the A Class was referred to as the Advisor Class.
(2)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(3)      September 30, 2005 (fund inception) through December 31, 2005.
(4)      Computed using average shares outstanding throughout the period.
(5)      Per-share amount was less than $0.005.
(6)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(7)      Annualized.

See Notes to Financial Statements.

52

Disciplined Growth     
 
B Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
    2009     2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $11.04 $12.93
Income From Investment Operations 
 Net Investment Income (Loss)(2)     (0.04)    (0.09)
 Net Realized and Unrealized Gain (Loss)     (3.09)    (1.32)
 Total From Investment Operations     (3.13)    (1.41)
Distributions 
 From Net Realized Gains  —    (0.48)
Net Asset Value, End of Period   $7.91 $11.04
 
Total Return(3)  (28.35)% (11.22)%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets       2.05%  2.03%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets   (0.56)% (1.02)%(4)
Portfolio Turnover Rate         98%    134%(5)
Net Assets, End of Period (in thousands)           $26          $22

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.
(5)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

53

Disciplined Growth     
 
C Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
     2009      2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $11.04 $12.93
Income From Investment Operations 
 Net Investment Income (Loss)(2)     (0.04)    (0.09)
 Net Realized and Unrealized Gain (Loss)     (3.09)    (1.32)
 Total From Investment Operations     (3.13)    (1.41)
Distributions 
 From Net Realized Gains  —    (0.48)
Net Asset Value, End of Period   $7.91 $11.04
 
Total Return(3)    (28.35)%    (11.22)%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets       2.05%  2.03%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets   (0.56)% (1.01)%(4)
Portfolio Turnover Rate         98%    134%(5)
Net Assets, End of Period (in thousands)           $54          $22

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.
(5)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

54

Disciplined Growth           
 
R Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
     2009     2008      2007(1)     2006     2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $11.00 $12.28 $11.53 $10.46 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)       —(4)    (0.07)   (0.05)    (0.08)       —(4)
 Net Realized and Unrealized Gain (Loss)    (3.08)    (0.73) 0.82 1.21 0.47
 Total From Investment Operations    (3.08)    (0.80) 0.77 1.13 0.47
Distributions 
 From Net Investment Income  — — — —   (0.01)
 From Net Realized Gains  —    (0.48)   (0.02)   (0.06) —
 Total Distributions  —    (0.48)   (0.02)   (0.06)   (0.01)
Net Asset Value, End of Period  $7.92 $11.00 $12.28 $11.53 $10.46
 
Total Return(5)    (28.00)%    (6.84)%      6.68%   10.83%    4.66%
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets       1.55%      1.53% 1.52%(6) 1.52% 1.52%(6)
Ratio of Net Investment Income (Loss) 
to Average Net Assets   (0.06)%  (0.57)% (0.79)%(6) (0.71)% (0.22)%(6)
Portfolio Turnover Rate  98%      134% 78% 124% 37%
Net Assets, End of Period (in thousands)  $417        $576 $619 $580 $523

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Per-share amount was less than $0.005.
(5)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(6)      Annualized.

See Notes to Financial Statements.

55

Equity Growth           
 
Investor Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
      2009      2008       2007(1)     2006     2005     2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $21.84 $26.91 $25.64 $23.37 $22.08 $19.60
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.27 0.25 0.11 0.22      0.22 0.25
 Net Realized and 
 Unrealized Gain (Loss)    (6.45)    (3.36) 1.55 3.07      1.39 2.47
 Total From 
 Investment Operations     (6.18)    (3.11) 1.66 3.29      1.61 2.72
Distributions 
 From Net 
 Investment Income     (0.34)     (0.18)   (0.11)   (0.23)      (0.22)   (0.24)
 From Net 
 Realized Gains  —    (1.78)   (0.28)   (0.79)      (0.10) —
 Total Distributions    (0.34)    (1.96)   (0.39)   (1.02)   (0.32)   (0.24)
Net Asset Value, 
End of Period  $15.32 $21.84 $26.91 $25.64 $23.37 $22.08
 
Total Return(3)    (28.37)%   (12.12)%        6.52%      14.14%        7.30%      13.98%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.70% 0.67% 0.67%(4) 0.67%      0.67%      0.68%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  1.66% 1.01% 0.82%(4) 0.92%      0.98%      1.24%
Portfolio Turnover Rate  107% 105% 52% 102% 106% 97%
Net Assets, End of Period 
(in thousands)  $1,339,582 $2,046,107 $2,675,773 $2,488,267 $1,962,596 $1,547,062

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

56

Equity Growth           
 
Institutional Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(1)   2006  2005  2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $21.86 $26.92 $25.65 $23.38 $22.09 $19.61
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.31 0.29 0.13 0.27 0.27 0.29
 Net Realized and 
 Unrealized Gain (Loss)     (6.46)    (3.35) 1.55 3.07 1.38 2.47
 Total From 
 Investment Operations     (6.15)    (3.06) 1.68 3.34 1.65 2.76
Distributions 
 From Net 
 Investment Income     (0.38)    (0.22)   (0.13)   (0.28)   (0.26)   (0.28)
 From Net 
 Realized Gains  —    (1.78)   (0.28)   (0.79)    (0.10) —
 Total Distributions     (0.38)    (2.00)    (0.41)    (1.07)   (0.36)   (0.28)
Net Asset Value, 
End of Period  $15.33 $21.86 $26.92 $25.65 $23.38 $22.09
 
Total Return(3)    (28.21)%   (11.95)%    6.61%    14.36%   7.51%    14.20%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.50%      0.47% 0.47%(4)    0.47% 0.47%    0.48%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  1.86%      1.21% 1.02%(4)    1.12% 1.18%    1.44%
Portfolio Turnover Rate  107%      105% 52% 102% 106% 97%
Net Assets, End of Period 
(in thousands)  $168,092 $443,647 $529,324 $472,199 $177,805 $107,997

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

57

Equity Growth           
 
A Class(1)             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(2)  2006  2005  2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $21.81 $26.89 $25.62 $23.35 $22.07 $19.59
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(3)  0.23 0.18 0.07 0.16  0.17 0.20
 Net Realized and 
 Unrealized Gain (Loss)    (6.44)    (3.34) 1.56 3.07  1.37 2.47
 Total From 
 Investment Operations    (6.21)    (3.16) 1.63 3.23  1.54 2.67
Distributions 
 From Net 
 Investment Income    (0.29)    (0.14)   (0.08)    (0.17)   (0.16)   (0.19)
 From Net 
 Realized Gains  —    (1.78)   (0.28)    (0.79)   (0.10) —
 Total Distributions    (0.29)    (1.92)   (0.36)    (0.96)    (0.26)   (0.19)
Net Asset Value, 
End of Period  $15.31 $21.81 $26.89 $25.62 $23.35 $22.07
 
Total Return(4)    (28.54)%   (12.33)%    6.40%   13.86%    6.99%    13.71%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.95% 0.92% 0.92%(5) 0.92%    0.92%    0.93%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  1.41% 0.76% 0.57%(5) 0.67%    0.73%    0.99%
Portfolio Turnover Rate  107% 105% 52% 102% 106% 97%
Net Assets, End of Period 
(in thousands)  $226,830 $336,939 $479,540 $417,950 $265,812 $160,427

(1)      Prior to September 4, 2007, the A Class was referred to as the Advisor Class.
(2)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

58

Equity Growth     
 
B Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
    2009     2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $21.78 $27.09
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.11       —(3) 
 Net Realized and Unrealized Gain (Loss)     (6.44)    (3.52) 
 Total From Investment Operations     (6.33)   (3.52)
Distributions 
 From Net Investment Income     (0.13)   (0.01)
 From Net Realized Gains  —   (1.78)
 Total Distributions     (0.13)   (1.79)
Net Asset Value, End of Period  $15.32 $21.78
 
Total Return(4)    (29.05)%   (13.55)%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets  1.70% 1.67%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets  0.66% 0.02%(5)
Portfolio Turnover Rate  107% 105%(6)
Net Assets, End of Period (in thousands)  $64 $46

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.
(6)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

59

Equity Growth           
 
C Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
     2009    2008     2007(1)    2006   2005   2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $21.64 $26.76 $25.51 $23.28 $22.03 $19.55
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.11     —(3)   (0.02)    (0.02)     —(3)  0.05
 Net Realized and 
 Unrealized Gain (Loss)     (6.40)   (3.33) 1.55 3.04  1.37  2.47
 Total From 
 Investment Operations     (6.29)   (3.33) 1.53 3.02  1.37  2.52
Distributions 
 From Net 
 Investment Income     (0.13)   (0.01) —     —(3)    (0.02)    (0.04)
 From Net 
 Realized Gains  —   (1.78)   (0.28)    (0.79)    (0.10) —
 Total Distributions     (0.13)   (1.79)   (0.28)    (0.79)    (0.12)    (0.04)
Net Asset Value, 
End of Period   15.22 $21.64 $26.76 $25.51 $23.28 $22.03
 
Total Return(4)    (29.06)%   (13.01)%      5.99%    13.02%    6.23%    12.89%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  1.70% 1.67% 1.67%(5) 1.67% 1.67%    1.68%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  0.66% 0.01% (0.18)%(5) (0.08)% (0.02)%    0.24%
Portfolio Turnover Rate  107% 105% 52% 102% 106% 97%
Net Assets, End of Period 
(in thousands)  $5,108 $7,634  $12,852  $10,276  $4,536  $2,088

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

60

Equity Growth           
 
R Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(1)    2006     2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $21.81 $26.91 $25.64 $23.37 $23.27
Income From Investment Operations 
 Net Investment Income (Loss)(3)  0.18 0.13 0.04 0.14 0.08
 Net Realized and Unrealized Gain (Loss)    (6.43)    (3.36) 1.56 3.03 0.19
 Total From Investment Operations    (6.25)   (3.23) 1.60 3.17 0.27
Distributions 
 From Net Investment Income    (0.24)    (0.09)   (0.05)    (0.11)   (0.07)
 From Net Realized Gains  —    (1.78)   (0.28)    (0.79)   (0.10)
 Total Distributions    (0.24)    (1.87)   (0.33)    (0.90)   (0.17)
Net Asset Value, End of Period  $15.32 $21.81 $26.91 $25.64 $23.37
 
Total Return(4)    (28.71)%   (12.56)%    6.27%   13.57%   1.15%
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets  1.20% 1.17% 1.17%(5) 1.17% 1.17%(5)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  1.16% 0.51% 0.32%(5) 0.42% 0.78%(5)
Portfolio Turnover Rate  107% 105% 52% 102% 106%(6)
Net Assets, End of Period (in thousands)  $1,764 $752 $962 $741 $25

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      July 29, 2005 (commencement of sale) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.
(6)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended December 31, 2005.

See Notes to Financial Statements.

61

Income & Growth           
 
Investor Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
     2009      2008     2007(1)    2006    2005    2004 
Per-Share Data             
Net Asset Value, 
Beginning of Period  $25.32 $35.04 $33.29 $30.33 $30.67 $27.70
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.44 0.47 0.23 0.57      0.57 0.60
 Net Realized and 
 Unrealized Gain (Loss)    (7.20)   (6.54) 2.27 4.54      0.90 2.96
 Total From 
 Investment Operations    (6.76)    (6.07) 2.50 5.11      1.47 3.56
Distributions 
 From Net 
 Investment Income    (0.53)   (0.36)   (0.22)   (0.59)   (0.59)   (0.59)
 From Net 
 Realized Gains  —   (3.29)   (0.53)   (1.56)   (1.22) —
 Total Distributions    (0.53)   (3.65)    (0.75)       (2.15)   (1.81)   (0.59)
Net Asset Value, 
End of Period  $18.03 $25.32 $35.04 $33.29 $30.33 $30.67
 
Total Return(3)    (26.76)%   (18.48)%        7.67%   17.17%        4.79%      12.98%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.70% 0.68% 0.67%(4) 0.67% 0.67%      0.68%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  2.27% 1.53% 1.37%(4) 1.81%      1.86%        2.10%
Portfolio Turnover Rate  49% 57% 27% 63% 70% 74%
Net Assets, End of Period 
(in thousands)  $1,281,418 $2,078,333 $3,463,508 $3,578,273 $3,616,640 $3,904,689

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

62

Income & Growth           
 
Institutional Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(1)    2006    2005    2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $25.35 $35.06 $33.31 $30.34 $30.68 $27.71
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.48 0.52 0.26 0.64 0.64 0.66
 Net Realized and 
 Unrealized Gain (Loss)    (7.21)    (6.53) 2.28 4.54 0.89 2.95
 Total From 
 Investment Operations     (6.73)    (6.01) 2.54 5.18 1.53 3.61
Distributions 
 From Net 
 Investment Income    (0.58)    (0.41)   (0.26)   (0.65)    (0.65)   (0.64)
 From Net 
 Realized Gains  —    (3.29)   (0.53)   (1.56)    (1.22)  —
 Total Distributions    (0.58)    (3.70)   (0.79)   (2.21)   (1.87)   (0.64)
Net Asset Value, 
End of Period  $18.04 $25.35 $35.06 $33.31 $30.34 $30.68
 
Total Return(3)    (26.63)%   (18.32)%      7.80%    17.40%    5.00%    13.20%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.50% 0.48% 0.47%(4) 0.47% 0.47%    0.48%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  2.47% 1.73% 1.57%(4) 2.01%    2.06%    2.30%
Portfolio Turnover Rate  49% 57% 27% 63% 70% 74%
Net Assets, End of Period 
(in thousands)  $268,346 $538,656 $442,367 $487,888 $477,395 $400,048

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

63

Income & Growth           
 
A Class(1)             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(2)    2006    2005    2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $25.28 $35.01 $33.27 $30.31 $30.65 $27.68
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(3)  0.40 0.39 0.19 0.49 0.49 0.52
 Net Realized and 
 Unrealized Gain (Loss)    (7.20)    (6.53) 2.27 4.54 0.90 2.96
 Total From 
 Investment Operations     (6.80)    (6.14) 2.46 5.03 1.39 3.48
Distributions 
 From Net 
 Investment Income    (0.47)    (0.30)   (0.19)  (0.51)   (0.51)   (0.51)
 From Net 
 Realized Gains  —    (3.29)   (0.53)   (1.56)   (1.22) —
 Total Distributions    (0.47)    (3.59)   (0.72)   (2.07)   (1.73)   (0.51)
Net Asset Value, 
End of Period  $18.01 $25.28 $35.01 $33.27 $30.31 $30.65
 
Total Return(4)    (26.95)%   (18.68)%       7.55%    16.86%    4.53%    12.71%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.95% 0.93% 0.92%(5)    0.92%    0.92%    0.93%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  2.02% 1.28% 1.12%(5)    1.56%    1.61%    1.85%
Portfolio Turnover Rate  49% 57% 27% 63% 70% 74%
Net Assets, End of Period 
(in thousands)  $182,331 $361,500 $718,533 $700,335 $690,379 $925,472

(1)      Prior to September 4, 2007, the A Class was referred to as the Advisor Class.
(2)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

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Income & Growth     
 
B Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
    2009     2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $25.26 $34.36
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.24 0.12
 Net Realized and Unrealized Gain (Loss)    (7.19)    (5.84)
 Total From Investment Operations    (6.95)    (5.72)
Distributions 
 From Net Investment Income    (0.28)    (0.09)
 From Net Realized Gains  —    (3.29)
 Total Distributions    (0.28)    (3.38)
Net Asset Value, End of Period  $18.03 $25.26
 
Total Return(3)    (27.49)%   (17.78)%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets  1.70%  1.68%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  1.27%  0.58%(4)
Portfolio Turnover Rate  49% 57%(5)
Net Assets, End of Period (in thousands)  $48 $33

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.
(5)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

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Income & Growth           
 
C Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005  2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $25.20 $34.98 $33.25 $30.29 $30.64 $27.67
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.24 0.16 0.06 0.26 0.27    0.32
 Net Realized and 
 Unrealized Gain (Loss)    (7.17)    (6.51) 2.27 4.54 0.88    2.95
 Total From 
 Investment Operations    (6.93)    (6.35) 2.33 4.80 1.15    3.27
Distributions 
 From Net 
 Investment Income    (0.28)    (0.14)   (0.07)   (0.28)   (0.28)    (0.30)
 From Net 
 Realized Gains  —    (3.29)   (0.53)   (1.56)   (1.22) —
 Total Distributions    (0.28)    (3.43)   (0.60)   (1.84)   (1.50)   (0.30)
Net Asset Value, 
End of Period  $17.99 $25.20 $34.98 $33.25 $30.29 $30.64
 
Total Return(3)    (27.48)%   (19.31)%      7.16%   16.02%   3.73%    11.88%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  1.70% 1.68% 1.67%(4) 1.67% 1.67%    1.68%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  1.27% 0.53% 0.37%(4) 0.81% 0.86%    1.10%
Portfolio Turnover Rate  49% 57% 27% 63% 70% 74%
Net Assets, End of Period 
(in thousands)  $815 $1,176  $1,960 $1,956 $2,358  $2,966

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

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Income & Growth           
 
R Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008    2007(1)    2006    2005    2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $25.29 $35.04 $33.30 $30.34 $30.67 $27.70
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.36 0.32 0.15 0.41 0.50 0.48
 Net Realized and 
 Unrealized Gain (Loss)    (7.21)   (6.53) 2.27 4.55 0.83 2.93
 Total From 
 Investment Operations    (6.85)   (6.21) 2.42 4.96 1.33 3.41
Distributions 
 From Net 
 Investment Income    (0.41)   (0.25)   (0.15)   (0.44)   (0.44)   (0.44)
 From Net 
 Realized Gains  —   (3.29)   (0.53)   (1.56)   (1.22) —
 Total Distributions    (0.41)   (3.54)   (0.68)   (2.00)   (1.66)   (0.44)
Net Asset Value, 
End of Period  $18.03 $25.29 $35.04 $33.30 $30.34 $30.67
 
Total Return(3)    (27.13)%   (18.88)%      7.42%   16.56%    4.31%    12.42%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  1.20% 1.18% 1.17%(4) 1.17% 1.15%(5)    1.18%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  1.77% 1.03% 0.87%(4) 1.31% 1.38%(5)    1.60%
Portfolio Turnover Rate  49% 57% 27% 63% 70% 74%
Net Assets, End of Period 
(in thousands)  $176 $546 $819 $660 $423 $70

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.
(5)      During the year ended December 31, 2005, the class received a partial reimbursement of its distribution and service fee. Had fees not been reimbursed, the annualized ratio of operating expenses to average net assets and annualized ratio of net investment income (loss) to average net assets would have been 1.17% and 1.36%, respectively.

See Notes to Financial Statements.

67

Report of Independent Registered Public Accounting Firm 

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Disciplined Growth Fund, Equity Growth Fund and Income & Growth Fund (three of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Funds”) at June 30, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are th e responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

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Management 

The individuals listed below serve as directors or officers of the funds. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the funds’ investment advisor, American Century Investment Management, Inc. (ACIM or the advisor); the funds’ principal underwriter, American Century Investment Services, Inc. (ACIS); and the funds’ transfer agent, American Century Services, LLC (ACS ).

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the funds also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, unless otherwise noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Funds: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007).
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Funds: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

69

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Funds: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Funds: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors (asset
manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Funds: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Funds: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Funds: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Funds: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

70

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Funds: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS, ACIS
and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Funds: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM and ACS
(August 2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006);
and Treasurer and Chief Financial Officer, various American Century Investments
funds (July 2000 to August 2006). Also serves as: Senior Vice President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Funds: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Funds: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to present);
and Controller, various American Century Investments funds (1997 to
September 2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Funds: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to present);
Vice President, certain ACC subsidiaries (October 2001 to August 2006); Vice
President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as: Chief
Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and
Senior Vice President, ACIS

The SAI has additional information about the funds’ directors and is available without charge, upon request, by calling 1-800-345-2021.

71

Approval of Management Agreements 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/ trustees, including a majority of a fund’s independent directors/trustees (the “Directors”). At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to renew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the Disciplined Growth Fund, the Equity Growth Fund and the Income & Growth Fund (the “funds”) and the services provided to the funds under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the funds;

• the wide range of programs and services the advisor provides to the funds and their shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning each fund to the cost of owning a similar fund;

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

• financial data showing the profitability of each fund to the advisor and the overall profitability of the advisor;

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• data comparing services provided and charges to other non-fund investment management clients of the advisor; and

• collateral or “fall-out” benefits derived by the advisor from the management of the funds, and potential sharing of economies of scale in connection with the management of the funds.

In keeping with its practice, the Directors at a special meeting and at a regularly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew each fund’s management agreement under the terms ultimately determined by the board to be appropriate, the Directors based their decision on a number of factors, including the following.

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

• fund construction and design

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of fund portfolios

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

73

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage each fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agr eement, the Directors, directly and through its Portfolio Committee, review investment performance information for each fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. Disciplined Growth’s performance was slightly above its benchmark for the three year period and below its benchmark one year period. The board discussed Disciplined Growth’s performance with the advisor and was satisfied with the efforts being undertaken by the advisor. The board will continue to monitor these efforts and the performance of the fund. Equity Growth’s and Income & Growth’s performance for both t he one- and three-year periods were above their benchmark.

Shareholder and Other Services. The advisor provides the funds with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio v aluation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

74

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the funds, its profitability in managing each fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed with the advisor its methodology for compensating the investment professionals that provide services to the funds. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the funds. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of each fund specifically, and the expenses incurred by the advisor in providing various functions to the funds. The Directors believe the advisor is appropriately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increase in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of each fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. Each fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their investment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and, since the unified fee

75

cannot be increased without a vote of fund shareholders, it shifts to the advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of Disciplined Growth was below the median of the total expense ratios of its peer group. The unified fee charged to shareholders of Equity Growth and Income & Growth were in the lowest quartile of the to tal expense ratios of their respective peer groups.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the funds. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the funds, at least in part, due to its existing infr astructure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of each fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between each fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the funds.

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Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the funds’ investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the funds. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The funds also make their complete schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.

77

Index Definitions 

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Russell 1000® Index is a market-capitalization weighted, large-cap index created by Frank Russell Company to measure the performance of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 1000® Growth Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000® Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000® Index is a market-capitalization weighted index created by Frank Russell Company to measure the performance of the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 2000® Growth Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000® Value Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap® Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap® Value Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index is a market value-weighted index of the stocks of 500 publicly traded U.S. companies chosen for market size, liquidity, and industry group representation that are considered to be leading firms in dominant industries. Each stock’s weight in the index is proportionate to its market value. Created by Standard & Poor’s, it is considered to be a broad measure of U.S. stock market performance.

78

Notes 

79

Notes 

80


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Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66122N

Annual Report 
June 30, 2009 

American Century Investments 

Small Company Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting.

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify and stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     U.S. Stock Index Returns  2 
 
Small Company   
 
           Performance  3 
           Portfolio Commentary  5 
                     Top Ten Holdings  7 
                     Five Largest Overweights  7 
                     Five Largest Underweights.  7 
 
           Shareholder Fee Example  8 
 
Financial Statements   
 
           Schedule of Investments  10 
           Statement of Assets and Liabilities  17 
           Statement of Operations  18 
           Statement of Changes in Net Assets  19 
           Notes to Financial Statements  20 
           Financial Highlights  27 
           Report of Independent Registered Public Accounting Firm  31 
 
Other Information   
 
           Management  32 
           Approval of Management Agreement  35 
           Additional Information  39 
           Index Definitions  40 

The opinions expressed in the Market Perspective and the Portfolio Commentary reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative i ndices 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.

Market Perspective 


By John Schniedwind, Chief Investment Officer, Quantitative Equity

A Historic Market Decline Sank Stocks

U.S. stocks fell sharply for the 12 months ended June 30, 2009, in an environment of extreme volatility and dramatic shifts in market sentiment. The major stock indices remained on a downward trajectory for much of the 12-month period as a deepening economic downturn, a worsening credit crunch, and a near collapse in the financial sector weighed on investor confidence.

The U.S. economy, already in recession since the end of 2007, contracted in the last two quarters of 2008 and the first quarter of 2009. The slumping economy was characterized by substantial job losses (leading to the highest unemployment rate since 1983), a drop-off in consumer spending, and further deterioration in the housing market.

At the same time, a lack of liquidity in the credit markets put enormous pressure on the balance sheets and profitability of financial companies worldwide. After a series of bankruptcies and takeovers swept through the financial sector in late 2008, the federal government moved swiftly to provide financial assistance and other support to prevent a full-scale breakdown in the financial system.

The economic and financial difficulties led to a steep market decline throughout the last half of 2008 and into early 2009. From the beginning of the reporting period through March 9, 2009, the broad stock indices plummeted by more than 45%.

Early Signs of Recovery

Market conditions changed dramatically in the last few months of the period. The stock market hit a multi-year low on March 9 and then staged a powerful rally as signs of economic stabilization generated optimism about a possible recovery. Investors also grew more confident about the federal government’s actions to stimulate economic activity and restore liquidity in the credit markets.

Despite the recent rebound, the broad equity indices declined by more than 25% for the 12-month period (see the table below). Much of the rally late in the period was driven by changing perceptions, but a truly sustainable long-term advance requires substantial improvements in economic and company fundamentals, which have yet to materialize.

U.S. Stock Index Returns         
For the 12 months ended June 30, 2009         
Russell 1000 Index (Large-Cap)  –26.69%  Russell 2000 Index (Small-Cap)  –25.01% 
Russell 1000 Growth Index  –24.50%  Russell 2000 Growth Index  –24.85% 
Russell 1000 Value Index  –29.03%  Russell 2000 Value Index  –25.24% 
Russell Midcap Index  –30.36%     
Russell Midcap Growth Index  –30.33%     
Russell Midcap Value Index  –30.52%     

2

Performance 
Small Company 

Total Returns as of June 30, 2009         
    Average Annual Returns   
        Since  Inception 
  1 year  5 years  10 years  Inception  Date 
Investor Class  -35.51%  -5.61%  4.16%   3.94%  7/31/98 
S&P SmallCap 600 Index(1)  -25.31%  -0.90%  4.74%   4.87%  — 
Institutional Class  -35.38%  -5.44%  —   5.10%  10/1/99 
Advisor Class  -35.82%  -5.87%  —   1.85%    9/7/00 
R Class  -35.91%  -6.09%  —  -0.76%  8/29/03 
(1) Data provided by Lipper Inc. – A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper 
     content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be 
     liable for any errors or delays in the content, or for any actions taken in reliance thereon.       
     The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to be 
     reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or 
     sell any of the securities herein is being made by Lipper.         

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower
than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original
cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.
Historically, small company stocks have been more volatile than the stocks of larger, more established companies.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences
in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of
dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or
the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses
(such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

3

  Small Company 

 
One-Year Returns Over 10 Years               
Periods ended June 30                   
    2000  2001  2002  2003  2004  2005  2006  2007  2008  2009 
Investor Class  18.69% 0.02% 13.55% 3.04% 44.46% 18.16% 8.70% 11.85% -19.13% -35.51%
S&P SmallCap 
600 Index  14.39% 11.12%  0.27% -3.58% 35.25% 13.45% 13.92% 16.04% -14.67% -25.31%
                       
Total Annual Fund Operating Expenses               
   Investor Class  Institutional Class  Advisor Class    R Class   
  0.87%      0.67%      1.12%      1.37%   

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. Historically, small company stocks have been more vo latile than the stocks of larger, more established companies.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

4

Portfolio Commentary 

Small Company

Portfolio Managers: Matti Von Türk, Tom Vaiana, Brian Ertley, and Melissa Fong

Performance Summary

Small Company returned –35.51%* for the fiscal year ended June 30, 2009, trailing the –25.31% return of its benchmark, the S&P SmallCap 600 Index.

The substantial decline for both Small Company and the S&P SmallCap 600 Index during the 12-month period reflected the challenging environment for stocks amid a deteriorating economy and a crisis in the financial sector. Small Company also underperformed the index during the period, with the bulk of the underperformance occurring in the last half of 2008. A series of dramatic shifts in market sentiment during the period had a negative impact on price momentum—a component of the fund’s stock selection process—creating a headwind for our investment approach.

Industrials Lagged

Stock selection detracted from performance versus the S&P SmallCap 600 Index in seven of ten market sectors, most notably in the industrials sector. Stock choices among machinery manufacturers and electrical equipment makers had the biggest negative impact on relative results in this sector.

The worst contributor in the industrials sector was machinery maker Robbins & Myers, which reduced future earnings guidance amid a slowdown in orders and losses in its pharmaceutical unit. GrafTech International, which provides graphite electrodes to the steel industry, was negatively impacted by weaker demand for steel and a drop in industrial production. A slump in the commercial airplane industry weighed on Woodward Governor, which makes electrical equipment for aircraft.

Consumer Discretionary and Technology Also Detracted

The portfolio’s consumer discretionary and information technology holdings also contributed significantly to the fund’s overall underperformance of the benchmark index. Specialty retailers and auto components producers detracted the most in the consumer discretionary sector. Auto parts maker TRW Automotive Holdings plummeted as the domestic auto industry faced bankruptcy and restructuring, while apparel maker Warnaco Group tumbled as consumers curtailed their retail spending.

In the information technology sector, stock selection among semiconductor manufacturers and software makers generated the lion’s share of the under-performance. Declining demand for semiconductors weighed on several fund holdings, including semiconductor testing firm Amkor Technology, which struggled amid a broad-based slowdown across the semiconductor industry, and chip-design software firm Mentor Graphics.

Other notable decliners included food industry waste recycler Darling International, which felt the impact of plunging commodity prices in the last half of 2008, and oil and gas producer Stone Energy, which was hit hard by declining fuel prices and an ill-timed acquisition.

*All fund returns referenced in this commentary are for Investor Class shares.

5

Small Company

Financials and Telecom Added Value

Stock selection was most successful in the financials and telecommunication services sectors, which were among the worst-performing sectors in the index during the 12-month period. Stock selection in the insurance industry and an underweight position in commercial banks contributed virtually all of the outperformance in the financials sector. Property and casualty insurers Allied World Assurance Company Holdings and Aspen Insurance Holdings were top contributors, benefiting from their relatively strong balance sheets and firmer pricing in their end markets. Real estate investment trust Equity LifeStyle Properties, which owns resort communities, also fared well during the period, exceeding earnings expectations and increasing its dividend.

In the telecom services sector, regional telecom provider CenturyTel was the top contributor as the company reported robust earnings and completed an important acquisition. Wireless services provider Syniverse Holdings, which receives transaction fees for linking up roaming phone calls and data (such as text messaging) between wireless networks, advanced as increased transaction volumes helped lift earnings for the company.

Other top contributors included paper products manufacturer Rock-Tenn, which benefited from a timely acquisition and lower input costs as energy prices declined; home health care services provider Apria Healthcare, which was acquired by a private equity firm in late 2008; and discount retailer Dollar Tree, which benefited from increased demand for discounted goods as a result of the economic downturn.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

We are placing additional emphasis on our valuation factors—valuations remain attractive, and a valuation-based investment strategy has historically outperformed when the economy emerges from recession. In addition, we are also emphasizing quality, seeking companies with strong balance sheets and healthy cash flow. We believe this positioning will help the fund capitalize on an eventual but uneven economic recovery.

6

Small Company     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Rock-Tenn Co., Class A  1.4%  1.2% 
SPDR KBW Regional Banking ETF  1.2%  1.3% 
Skyworks Solutions, Inc.  1.0%  0.7% 
EMCOR Group, Inc.  1.0%  1.1% 
Kirby Corp.  1.0%  0.7% 
Oil States International, Inc.  0.9%  0.7% 
Taubman Centers, Inc.  0.9%  0.7% 
Equity LifeStyle Properties, Inc.  0.8%  1.0% 
CEC Entertainment, Inc.  0.8%  0.6% 
Celestica, Inc.  0.8%  0.5% 
 
Small Company’s Five Largest Overweights as of June 30, 2009   
  % of  % of S&P 
  net assets  SmallCap 600 Index 
SPDR KBW Regional Banking ETF  1.16%  — 
Rock-Tenn Co., Class A  1.45%               0.45% 
Taubman Centers, Inc.  0.86%  — 
Equity LifeStyle Properties, Inc.  0.85%  — 
Celestica, Inc.  0.82%  — 
 
Small Company’s Five Largest Underweights as of June 30, 2009   
  % of  % of S&P 
  net assets  SmallCap 600 Index 
MEDNAX, Inc.  —               0.60% 
Piedmont Natural Gas Co., Inc.  —               0.55% 
ProAssurance Corp.  —               0.47% 
SEACOR Holdings, Inc.  —               0.47% 
CLARCOR, Inc.  —               0.46% 

7

Shareholder Fee Example (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

8

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     Ending  Expenses Paid   
  Account Value     Account Value  During Period*  Annualized 
  1/1/09     6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Actual         
Investor Class  $1,000  $974.70 $4.41  0.90% 
Institutional Class  $1,000  $974.80 $3.43  0.70% 
Advisor Class  $1,000  $972.30 $5.62  1.15% 
R Class  $1,000  $970.20 $6.84  1.40% 
Hypothetical       
Investor Class  $1,000  $1,020.33 $4.51  0.90% 
Institutional Class  $1,000  $1,021.32 $3.51  0.70% 
Advisor Class  $1,000  $1,019.09 $5.76  1.15% 
R Class  $1,000  $1,017.85 $7.00  1.40% 
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
 multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 

9

 Schedule of Investments 
Small Company 

JUNE 30, 2009           
 
    Shares       Value          Shares       Value 
Common Stocks — 99.3%    CAPITAL MARKETS — 2.0%     
      Calamos Asset     
AEROSPACE & DEFENSE — 2.5%    Management, Inc., Class A  173,673  $   2,450,526 
American Science &      Evercore Partners, Inc.,     
Engineering, Inc.  13,785  $    952,819  Class A  12,114  237,919 
Applied Signal      Investment Technology     
Technology, Inc.  20,051  511,501  Group, Inc.(1)  67,715  1,380,709 
Ceradyne, Inc.(1)  37,814  667,795  Knight Capital Group, Inc.,    
Cubic Corp.  24,358  871,773  Class A(1)  52,718  898,842 
Esterline Technologies      LaBranche & Co., Inc.(1)  17,601  75,684 
Corp.(1)  45,215  1,223,970       
      optionsXpress Holdings, Inc.  67,964  1,055,481 
Moog, Inc., Class A(1)  58,231  1,502,942       
      Stifel Financial Corp.(1)  9,756  469,166 
Orbital Sciences Corp.(1)  85,784  1,301,344       
      SWS Group, Inc.  42,884  599,090 
Teledyne Technologies, Inc.(1)  48,203  1,578,648  TD Ameritrade     
TransDigm Group, Inc.(1)  28,479  1,030,940  Holding Corp.(1)  3,804  66,722 
Triumph Group, Inc.  25,987  1,039,480  TradeStation Group, Inc.(1)  137,046  1,159,409 
    10,681,212      8,393,548 
AIR FREIGHT & LOGISTICS — 0.2%    CHEMICALS — 1.9%     
Hub Group, Inc., Class A(1)  50,867  1,049,895  A. Schulman, Inc.  41,324  624,406 
AIRLINES — 0.2%      CF Industries Holdings, Inc.  14,775  1,095,419 
SkyWest, Inc.  76,892  784,298  Innophos Holdings, Inc.  23,061  389,500 
AUTO COMPONENTS — 0.6%      Koppers Holdings, Inc.  122,647  3,234,201 
Autoliv, Inc.  7,401  212,927  Minerals Technologies, Inc.  3,907  140,730 
Hawk Corp., Class A(1)  76,794  1,063,597  OM Group, Inc.(1)  42,491  1,233,089 
Superior Industries      Scotts Miracle-Gro Co. (The),     
International, Inc.  29,294  413,045  Class A  7,181  251,694 
TRW Automotive      Solutia, Inc.(1)  170,038  979,419 
Holdings Corp.(1)  41,499  468,939      7,948,458 
WABCO Holdings, Inc.  24,639  436,110  COMMERCIAL BANKS — 4.6%     
    2,594,618  Bank of Hawaii Corp.  40,288  1,443,519 
BIOTECHNOLOGY — 1.1%      Central Pacific     
Alkermes, Inc.(1)  6,858  74,204  Financial Corp.  46,491  174,341 
Cubist Pharmaceuticals, Inc.(1)  113,444  2,079,428  City National Corp.  13,928  512,968 
Emergent Biosolutions, Inc.(1)  23,543  337,371  Commerce Bancshares, Inc.  42,620  1,356,595 
Enzon Pharmaceuticals, Inc.(1)  48,353  380,538  Community Bank     
Martek Biosciences Corp.(1)  91,154  1,927,907  System, Inc.  52,701  767,327 
    4,799,448  CVB Financial Corp.  72,715  434,109 
BUILDING PRODUCTS — 0.7%      FirstMerit Corp.  29,652  503,491 
Apogee Enterprises, Inc.  42,808  526,538  Glacier Bancorp., Inc.  94,620  1,397,538 
Gibraltar Industries, Inc.  71,346  490,147  NBT Bancorp., Inc.  54,731  1,188,210 
Lennox International, Inc.  19,995  642,040  PacWest Bancorp.  16,894  222,325 
      Prosperity Bancshares, Inc.  64,969  1,938,025 
NCI Building Systems, Inc.(1)  33,208  87,669       
Simpson Manufacturing     Signature Bank(1)  47,359  1,284,376 
Co., Inc.  58,163  1,257,484  Sterling Bancshares, Inc.  115,870  733,457 
    3,003,878  SVB Financial Group(1)  53,078  1,444,783 
      TCF Financial Corp.  35,847  479,274 

10

Small Company           
 
        Shares        Value          Shares     Value 
Tompkins Financial Corp.  8,997  $     431,406  Insituform Technologies, Inc.,     
Trustmark Corp.  25,255  487,927  Class A(1)  53,809  $     913,139 
UMB Financial Corp.  60,531  2,300,783  Michael Baker Corp.(1)  38,261  1,620,736 
United Bankshares, Inc.  25,080  490,063      6,867,203 
Valley National Bancorp.  83,616  978,307  CONSUMER FINANCE — 0.5%     
Westamerica Bancorp.  10,753  533,456  Cash America     
Wilshire Bancorp., Inc.  31,317  180,073  International, Inc.  44,613  1,043,498 
    19,282,353  First Cash Financial     
      Services, Inc.(1)  39,445  691,076 
COMMERCIAL SERVICES & SUPPLIES — 1.5%  World Acceptance Corp.(1)  25,778  513,240 
ABM Industries, Inc.  67,427  1,218,406      2,247,814 
ATC Technology Corp.(1)  33,328  483,256       
      CONTAINERS & PACKAGING — 1.8%   
Comfort Systems USA, Inc.  59,111  605,888  Crown Holdings, Inc.(1)  6,276  151,503 
Knoll, Inc.  233,781  1,772,060  Rock-Tenn Co., Class A  160,265  6,115,712 
PRG-Schultz           
International, Inc.(1)  43,479  117,393  Silgan Holdings, Inc.  31,191  1,529,295 
Tetra Tech, Inc.(1)  79,917  2,289,622      7,796,510 
    6,486,625  DIVERSIFIED CONSUMER SERVICES — 1.0%   
      Capella Education Co.(1)  27,665  1,658,517 
COMMUNICATIONS EQUIPMENT — 2.5%         
Arris Group, Inc.(1)  215,604  2,621,745  Hillenbrand, Inc.  93,927  1,562,945 
Avocent Corp.(1)  38,205  533,342  Pre-Paid Legal     
      Services, Inc.(1)  11,622  506,603 
Blue Coat Systems, Inc.(1)  59,360  981,814  Universal Technical     
Comtech Telecommunications      Institute, Inc.(1)  29,514  440,644 
Corp.(1)  38,902  1,240,196      4,168,709 
Harmonic, Inc.(1)  149,777  882,186  DIVERSIFIED FINANCIAL SERVICES — 0.4%   
InterDigital, Inc.(1)  35,509  867,840  Financial Federal Corp.  39,086  803,217 

PC-Tel, Inc.(1) 

 27,488  147,061  Interactive Brokers     
Riverbed Technology, Inc.(1)  49,736  1,153,378  Group, Inc., Class A(1)  62,172  965,531 
Sierra Wireless, Inc.(1)  59,612  340,981      1,768,748 
Symmetricom, Inc.(1)  68,848  397,253  DIVERSIFIED TELECOMMUNICATION   
      SERVICES — 0.6%     
Tekelec(1)  88,606  1,491,239       
Tollgrade     CenturyTel, Inc.  60,234  1,849,184 
Communications, Inc.(1)  1,885  9,877  Neutral Tandem, Inc.(1)  26,968  796,095 
    10,666,912      2,645,279 
COMPUTERS & PERIPHERALS — 1.3%    ELECTRIC UTILITIES — 0.9%     
Adaptec, Inc.(1)  134,202  355,635  Central Vermont Public     
      Service Corp.  15,182  274,794 
Hutchinson Technology, Inc.(1)  34,022  66,343       
      Cleco Corp.  90,726  2,034,077 
Lexmark International, Inc.,      Maine & Maritimes Corp.  6,541  227,300 
Class A(1)  47,169  747,629       
Novatel Wireless, Inc.(1)  58,697  529,447  UniSource Energy Corp.  55,780  1,480,401 
Seagate Technology  46,315  484,455      4,016,572 
      ELECTRICAL EQUIPMENT — 2.0%   
Synaptics, Inc.(1)  85,130  3,290,274       
      Acuity Brands, Inc.  63,250  1,774,162 
    5,473,783       
      Brady Corp., Class A  97,099  2,439,127 
CONSTRUCTION & ENGINEERING — 1.6%         
      GrafTech International Ltd.(1)  109,289  1,236,059 
EMCOR Group, Inc.(1)  210,544  4,236,145       
      Hubbell, Inc., Class B  33,459  1,072,696 
Furmanite Corp.(1)  21,790  97,183       
      Thomas & Betts Corp.(1)  62,276  1,797,285 
          8,319,329 

11

Small Company           
 
 
     Shares     Value         Shares         Value 
ELECTRONIC EQUIPMENT, INSTRUMENTS &    J&J Snack Foods Corp.  16,664  $     598,237 
COMPONENTS — 3.5%      Lancaster Colony Corp.  20,670  910,927 
Benchmark      Overhill Farms, Inc.(1)  126,457  666,428 
Electronics, Inc.(1)  105,736  $    1,522,599       
      Sanderson Farms, Inc.  23,658  1,064,610 
Brightpoint, Inc.(1)  79,294  497,173       
      TreeHouse Foods, Inc.(1)  89,275  2,568,442 
Celestica, Inc.(1)  508,213  3,466,013       
      Zhongpin, Inc.(1)  27,513  285,035 
Cognex Corp.  53,803  760,236       
          10,092,754 
CTS Corp.  51,321  336,153       
Dolby Laboratories, Inc.,     GAS UTILITIES — 3.0%     
Class A(1)  27,665  1,031,351  Atmos Energy Corp.  124,445  3,116,103 
Electro Scientific      Laclede Group, Inc. (The)  60,516  2,004,895 
Industries, Inc.(1)  53,602  599,270  New Jersey Resources Corp.  62,610  2,319,074 
Gerber Scientific, Inc.(1)  37,028  92,570  Northwest Natural Gas Co.  15,822  701,231 
Insight Enterprises, Inc.(1)  52,067  502,967  South Jersey Industries, Inc.  40,023  1,396,403 
Itron, Inc.(1)  23,022  1,267,822  Southwest Gas Corp.  19,545  434,094 
Keithley Instruments, Inc.  21,889  87,556  UGI Corp.  101,092  2,576,835 
LoJack Corp.(1)  20,379  85,388      12,548,635 
Mercury Computer      HEALTH CARE EQUIPMENT & SUPPLIES — 3.4% 
Systems, Inc.(1)  24,329  225,043  American Medical Systems     
      Holdings, Inc.(1)  123,671  1,954,002 
Methode Electronics, Inc.  365,569  2,566,294       
      CONMED Corp.(1)  60,124  933,124 
Newport Corp.(1)  56,138  325,039       
Radisys Corp.(1)  35,372  318,702  Cooper Cos., Inc. (The)  68,504  1,694,104 
      Cyberonics, Inc.(1)  52,238  868,718 
SYNNEX Corp.(1)  28,706  717,363       
      Edwards Lifesciences Corp.(1)  6,313  429,473 
TTM Technologies, Inc.(1)  64,584  514,089       
      Greatbatch, Inc.(1)  35,817  809,822 
    14,915,628       
ENERGY EQUIPMENT & SERVICES — 2.8%    Haemonetics Corp.(1)  31,635  1,803,195 
Atwood Oceanics, Inc.(1)  56,822  1,415,436  ICU Medical, Inc.(1)  19,552  804,565 
Basic Energy Services, Inc.(1)  165,235  1,128,555  Invacare Corp.  149,721  2,642,576 
CARBO Ceramics, Inc.  26,276  898,639  Kensey Nash Corp.(1)  41,768  1,094,739 
Dril-Quip, Inc.(1)  40,167  1,530,363  STERIS Corp.  13,389  349,185 
      Thoratec Corp.(1)  41,838  1,120,422 
ENGlobal Corp.(1)  18,587  91,448       
Lufkin Industries, Inc.  7,551  317,519      14,503,925 
Matrix Service Co.(1)  40,748  467,787  HEALTH CARE PROVIDERS & SERVICES — 4.4% 
      AMERIGROUP Corp.(1)  83,750  2,248,688 
Oil States International, Inc.(1)  150,695  3,648,326       
      Amsurg Corp.(1)  12,828  275,032 
T-3 Energy Services, Inc.(1)  20,078  239,129       
Unit Corp.(1)  71,468  1,970,373  Catalyst Health     
      Solutions, Inc.(1)  51,951  1,295,658 
    11,707,575  Centene Corp.(1)  159,434  3,185,491 
FOOD & STAPLES RETAILING — 0.7%    Emergency Medical Services     
Nash Finch Co.  21,806  590,070  Corp., Class A(1)  45,190  1,663,896 
Spartan Stores, Inc.  36,672  455,100  Gentiva Health     
United Natural Foods, Inc.(1)  67,352  1,767,990  Services, Inc.(1)  42,278  695,896 
    2,813,160  Healthspring, Inc.(1)  79,777  866,378 
FOOD PRODUCTS — 2.4%      HMS Holdings Corp.(1)  26,434  1,076,392 
Darling International, Inc.(1)  181,037  1,194,844  LHC Group, Inc.(1)  49,698  1,103,793 
Diamond Foods, Inc.  25,861  721,522  Magellan Health     
Green Mountain Coffee      Services, Inc.(1)  49,608  1,628,135 
Roasters, Inc.(1)  35,229  2,082,709  Molina Healthcare, Inc.(1)  21,969  525,498 

12

Small Company           
 
                                                            Shares Value        Shares  Value 
MWI Veterinary Supply, Inc.(1)  12,692  $     442,443  INTERNET & CATALOG RETAIL — 0.3%   
Nighthawk Radiology      NutriSystem, Inc.  45,843  $     664,724 
Holdings, Inc.(1)  21,944  81,193  PetMed Express, Inc.(1)  19,725  296,467 
PharMerica Corp.(1)  50,365  988,665  Ticketmaster     
PSS World Medical, Inc.(1)  99,150  1,835,266  Entertainment, Inc.(1)  62,015  398,136 
RehabCare Group, Inc.(1)  25,957  621,151      1,359,327 
    18,533,575  INTERNET SOFTWARE & SERVICES — 1.6%   
HOTELS, RESTAURANTS & LEISURE — 3.6%    Dice Holdings, Inc.(1)  15,927  74,060 
AFC Enterprises, Inc.(1)  158,957  1,072,960  EarthLink, Inc.(1)  303,068  2,245,734 
Bally Technologies, Inc.(1)  51,682  1,546,325  j2 Global     
      Communications, Inc.(1)  88,725  2,001,636 
CEC Entertainment, Inc.(1)  119,468  3,521,917       
Choice Hotels     LogMeIn, Inc.(1)  18,444  295,104 
International, Inc.  66,219  1,762,087  Open Text Corp.(1)  36,942  1,345,428 
Cracker Barrel Old      United Online, Inc.  124,440  810,104 
Country Store, Inc.  34,073  950,637      6,772,066 
Einstein Noah Restaurant      IT SERVICES — 3.9%     
Group, Inc.(1)  12,573  108,756       
      Acxiom Corp.  198,013  1,748,455 
Isle of Capri Casinos, Inc.(1)  18,625  248,085  Broadridge Financial     
Panera Bread Co., Class A(1)  42,267  2,107,433  Solutions, Inc.  74,370  1,233,055 
PF Chang’s China      CACI International, Inc.,     
Bistro, Inc.(1)  40,518  1,299,007  Class A(1)  47,193  2,015,613 
Ruth’s Hospitality      CIBER, Inc.(1)  132,325  410,207 
Group, Inc.(1)  27,599  101,288  CSG Systems     
WMS Industries, Inc.(1)  79,513  2,505,455  International, Inc.(1)  221,317  2,930,237 
    15,223,950  Cybersource Corp.(1)  73,782  1,128,865 
HOUSEHOLD DURABLES — 0.5%      Global Cash Access     
Harman International      Holdings, Inc.(1)  182,850  1,455,486 
Industries, Inc.  47,145  886,326  Heartland Payment     
Meritage Homes Corp.(1)  47,437  894,662  Systems, Inc.  36,593  350,195 
Universal Electronics, Inc.(1)  9,151  184,576  Hewitt Associates, Inc.,     
      Class A(1)  54,809  1,632,212 
    1,965,564       
      SAIC, Inc.(1)  64,524  1,196,920 
HOUSEHOLD PRODUCTS — 0.3%           
Central Garden and      Wright Express Corp.(1)  101,036  2,573,387 
Pet Co., Class A(1)  110,527  1,088,691      16,674,632 
INSURANCE — 3.4%      LEISURE EQUIPMENT & PRODUCTS — 0.6%   
Allied World Assurance Co.      JAKKS Pacific, Inc.(1)  42,371  543,620 
Holdings Ltd.  67,588  2,759,618  Polaris Industries, Inc.  62,588  2,010,327 
American Financial      Sport Supply Group, Inc.  21,209  182,185 
Group, Inc.  102,335  2,208,389      2,736,132 
AMERISAFE, Inc.(1)  56,623  881,054  LIFE SCIENCES TOOLS & SERVICES — 0.9%   
Aspen Insurance      Bio-Rad Laboratories, Inc.,     
Holdings Ltd.  154,915  3,460,801  Class A(1)  12,992  980,636 
Delphi Financial Group, Inc.,      Dionex Corp.(1)  28,468  1,737,402 
Class A  64,819  1,259,433       
      Life Technologies Corp.(1)  23,818  993,687 
Navigators Group, Inc. (The)(1)  19,404  862,120       
Platinum Underwriters          3,711,725 
Holdings Ltd.  49,645  1,419,351       
Tower Group, Inc.  56,857  1,408,916       
    14,259,682       

13

Small Company           
 
  Shares  Value      Shares  Value 
MACHINERY — 3.9%      Stone Energy Corp.(1)  50,436  $     374,235 
Altra Holdings, Inc.(1)  28,945  $      216,798  World Fuel Services Corp.  46,293  1,908,660 
Blount International, Inc.(1)  58,460  503,341      8,677,962 
Chart Industries, Inc.(1)  124,776  2,268,428  PAPER & FOREST PRODUCTS — 0.4%   
CIRCOR International, Inc.  25,968  613,104  Buckeye Technologies, Inc.(1)  158,765  712,855 
EnPro Industries, Inc.(1)  81,488  1,467,599  Clearwater Paper Corp.(1)  23,460  593,303 
ESCO Technologies, Inc.(1)  22,876  1,024,845  KapStone Paper and     
      Packaging Corp.(1)  73,411  344,298 
Gardner Denver, Inc.(1)  121,365  3,054,757       
Hardinge, Inc.  24,942  106,004      1,650,456 
Lydall, Inc.(1)  25,294  86,000  PERSONAL PRODUCTS — 0.3%     
      Chattem, Inc.(1)  21,745  1,480,835 
Robbins & Myers, Inc.  157,777  3,037,207       
Timken Co.  107,253  1,831,881  PHARMACEUTICALS — 1.3%     
      King Pharmaceuticals, Inc.(1)  192,907  1,857,695 
Toro Co.  41,297  1,234,780       
Watts Water      Matrixx Initiatives, Inc.(1)  8,309  46,447 
Technologies, Inc., Class A  45,689  984,141  Medicis Pharmaceutical     
    16,428,885  Corp., Class A  124,486  2,031,612 
MARINE — 1.0%      Questcor     
      Pharmaceuticals, Inc.(1)  27,758  138,790 
Kirby Corp.(1)  129,565  4,118,871  Sucampo Pharmaceuticals,     
MEDIA — 0.2%      Inc., Class A(1)  8,907  54,956 
CTC Media, Inc.(1)  26,625  314,708  ViroPharma, Inc.(1)  197,898  1,173,535 
DreamWorks Animation SKG,          5,303,035 
Inc., Class A(1)  6,354  175,307       
Mediacom Communications     PROFESSIONAL SERVICES — 0.5%   
Corp., Class A(1)  40,395  206,418  COMSYS IT Partners, Inc.(1)  158,723  928,529 
    696,433  Heidrick & Struggles     
      International, Inc.  25,503  465,430 
METALS & MINING — 0.7%           
Brush Engineered     On Assignment, Inc.(1)  20,583  80,479 
Materials, Inc.(1)  31,296  524,208  Spherion Corp.(1)  24,155  99,519 
Cliffs Natural Resources, Inc.  14,609  357,482  Watson Wyatt Worldwide,     
Compass Minerals      Inc., Class A  18,126  680,269 
International, Inc.  35,049  1,924,541      2,254,226 
    2,806,231  REAL ESTATE INVESTMENT TRUSTS (REITs) — 5.7% 
MULTILINE RETAIL — 0.7%      Colonial Properties Trust  101,148  748,495 
Dollar Tree, Inc.(1)  49,351  2,077,677  Corporate Office     
Fred’s, Inc., Class A  62,141  782,977  Properties Trust  28,163  826,021 
      Equity Lifestyle     
    2,860,654  Properties, Inc.  96,460  3,586,383 
MULTI-INDUSTRY — 1.2%      Extra Space Storage, Inc.  53,539  447,051 
SPDR KBW Regional      Home Properties, Inc.  49,182  1,677,106 
Banking ETF  266,620  4,887,145       
MULTI-UTILITIES — 0.2%      Kilroy Realty Corp.  52,120  1,070,545 
CH Energy Group, Inc.  14,428  673,788  Mack-Cali Realty Corp.  15,999  364,777 
      Mid-America Apartment     
OIL, GAS & CONSUMABLE FUELS — 2.1%    Communities, Inc.  44,961  1,650,518 
Alpha Natural      National Retail     
Resources, Inc.(1)  128,273  3,369,732       
      Properties, Inc.  119,147  2,067,200 
Penn Virginia Corp.  55,996  916,655  PS Business Parks, Inc.  35,580  1,723,495 
Petroleum Development      Realty Income Corp.  41,492  909,505 
Corp.(1)  23,280  365,263  Senior Housing    
St. Mary Land &      Properties Trust  174,336  2,845,164 
Exploration Co.  83,537  1,743,417       

14

Small Company           
 
  Shares          Value      Shares       Value 
Sovran Self Storage, Inc.  34,531  $     849,463  JDA Software Group, Inc.(1)  45,770  $     684,719 
Tanger Factory Outlet Centers  50,001  1,621,532  Manhattan Associates, Inc.(1)  17,080  311,198 
Taubman Centers, Inc.  135,778  3,646,997  Mentor Graphics Corp.(1)  107,289  586,871 
    24,034,252  NetScout Systems, Inc.(1)  44,133  413,968 
ROAD & RAIL — 1.3%       Progress Software Corp.(1)  62,530  1,323,760 
Arkansas Best Corp.  34,082  898,061  Quest Software, Inc.(1)  31,908  444,798 
Dollar Thrifty Automotive      Soapstone Networks, Inc.(1)  82,937  346,677 
Group, Inc.(1)  69,493  969,427       
      SPSS, Inc.(1)  66,225  2,209,928 
Heartland Express, Inc.  72,129  1,061,739       
Knight Transportation, Inc.  76,224  1,261,507  Sybase, Inc.(1)  87,171  2,731,939 
Old Dominion Freight      Synopsys, Inc.(1)  146,721  2,862,527 
Line, Inc.(1)  37,123  1,246,219  Take-Two Interactive     
    5,436,953  Software, Inc.(1)  127,405  1,206,525 
SEMICONDUCTORS & SEMICONDUCTOR    Taleo Corp., Class A(1)  47,346  865,011 
EQUIPMENT — 5.1%      Tyler Technologies, Inc.(1)  44,647  697,386 
Actel Corp.(1)  19,674  211,102      17,792,956 
Advanced Energy      SPECIALTY RETAIL — 4.2%     
Industries, Inc.(1)  30,156  271,102  Aaron, Inc.  77,134  2,300,136 
ASM International NV(1)  101,051  1,486,460  Aeropostale, Inc.(1)  46,239  1,584,611 
Cirrus Logic, Inc.(1)  13,617  61,277  Cabela’s, Inc.(1)  60,092  739,132 
Cohu, Inc.  14,698  131,988  Cato Corp. (The), Class A  45,882  800,182 
Cypress Semiconductor      Children’s Place Retail     
Corp.(1)  376,739  3,465,999  Stores, Inc. (The)(1)  38,287  1,011,925 
Exar Corp.(1)  88,216  634,273  Dress Barn, Inc. (The)(1)  70,498  1,008,121 
FEI Co.(1)  58,367  1,336,604  Finish Line, Inc. (The),     
Integrated Device      Class A  84,482  626,856 
Technology, Inc.(1)  118,067  713,125  Genesco, Inc.(1)  87,492  1,642,225 
Micrel, Inc.  35,447  259,472  Hibbett Sports, Inc.(1)  43,527  783,486 
MKS Instruments, Inc.(1)  67,085  884,851       
      Hot Topic, Inc.(1)  143,978  1,052,479 
Pericom Semiconductor      Jo-Ann Stores, Inc.(1)  135,599  2,802,831 
Corp.(1)  37,843  318,638       
      Midas, Inc.(1)  8,716  91,344 
Rudolph Technologies, Inc.(1)  46,607  257,271       
Silicon Image, Inc.(1)  285,891  657,549  Stage Stores, Inc.  62,403  692,673 
      Tractor Supply Co.(1)  60,224  2,488,456 
Silicon Laboratories, Inc.(1)  21,957  833,049       
Skyworks Solutions, Inc.(1)  438,161  4,285,215      17,624,457 
      TEXTILES, APPAREL & LUXURY GOODS — 2.0% 
Standard Microsystems           
Corp.(1)  99,416  2,033,057  Carter’s, Inc.(1)  87,817  2,161,176 
Ultratech, Inc.(1)  19,219  236,586  Fossil, Inc.(1)  69,101  1,663,952 
Varian Semiconductor      Liz Claiborne, Inc.  88,533  254,975 
Equipment Associates, Inc.(1)  98,962  2,374,098  Maidenform Brands, Inc.(1)  28,952  332,079 
Volterra Semiconductor      Steven Madden Ltd.(1)  23,618  601,078 
Corp.(1)  75,844  996,590       
      True Religion Apparel, Inc.(1)  28,955  645,697 
     21,448,306  Unifirst Corp.  24,884  924,938 
SOFTWARE — 4.2%      Volcom, Inc.(1)  26,050  325,625 
Blackboard, Inc.(1)  26,148  754,631       
      Wolverine World Wide, Inc.  77,460  1,708,768 
Epicor Software Corp.(1)  70,680  374,604       
          8,618,288 
Informatica Corp.(1)  115,091  1,978,414       

15

Small Company           
 
  Shares  Value      Shares                    Value 
THRIFTS & MORTGAGE FINANCE — 0.5%    Temporary Cash Investments — 0.9% 
Charter Financial Corp.  6,942  $      81,569  JPMorgan U.S. Treasury     
First Niagara Financial      Plus Money Market Fund     
Group, Inc.  77,536  885,461  Agency Shares  90,255  $      90,255 
Provident Financial      Repurchase Agreement, Credit Suisse First   
Services, Inc.  61,084  555,864  Boston, Inc., (collateralized by various U.S.   
TrustCo Bank Corp. NY  127,237  751,971  Treasury obligations, 4.25%, 5/15/39, value   
    2,274,865  at $3,583,454), in a joint trading account   
      at 0.001%, dated 6/30/09, due 7/1/09   
TRADING COMPANIES & DISTRIBUTORS — 0.5%  (Delivery value $3,500,000)    3,500,000 
WESCO International, Inc.(1)  77,465  1,939,724  TOTAL TEMPORARY     
WIRELESS TELECOMMUNICATION SERVICES — 0.1%  CASH INVESTMENTS     
Syniverse Holdings, Inc.(1)  22,423  359,441  (Cost $3,590,255)    3,590,255 
TOTAL COMMON STOCKS      TOTAL INVESTMENT     
(Cost $474,880,902)    419,269,976  SECURITIES — 100.2%     
      (Cost $478,471,157)    422,860,231 
      OTHER ASSETS AND     
      LIABILITIES — (0.2)%    (689,441) 
      TOTAL NET ASSETS — 100.0%    $422,170,790 
 
Notes to Schedule of Investments           
ETF = Exchange Traded Fund           
SPDR = Standard & Poor’s Depositary Receipts         
(1) Non-income producing.           
 
Industry classifications are unaudited.           

See Notes to Financial Statements.

16

 Statement of Assets and Liabilities   
 
 
 
JUNE 30, 2009   
Assets   
Investment securities, at value (cost of $478,471,157)  $ 422,860,231
Receivable for capital shares sold  269,849
Dividends and interest receivable  383,809
  423,513,889
 
Liabilities 
Payable for investments purchased  295,104
Payable for capital shares redeemed  742,072
Accrued management fees  295,322
Distribution and service fees payable  10,601
  1,343,099
   
Net Assets  $ 422,170,790
 
Net Assets Consist of: 
Capital (par value and paid-in surplus)  $ 744,653,450
Undistributed net investment income  1,312,449
Accumulated net realized loss on investment transactions     (268,184,183) 
Net unrealized depreciation on investments    (55,610,926)
  $ 422,170,790
   
Investor Class, $0.01 Par Value 
Net assets  $229,568,370
Shares outstanding  45,957,536
Net asset value per share  $5.00
 
Institutional Class, $0.01 Par Value 
Net assets  $143,028,445
Shares outstanding  28,509,340
Net asset value per share  $5.02
 
Advisor Class, $0.01 Par Value 
Net assets  $49,253,206
Shares outstanding  10,025,412
Net asset value per share  $4.91
 
R Class, $0.01 Par Value   
Net assets         $320,769
Shares outstanding         65,598
Net asset value per share           $4.89  
 
 
See Notes to Financial Statements.   

17

Statement of Operations 

YEAR ENDED JUNE 30, 2009   
Investment Income (Loss)   
Income:   
Dividends (net of foreign taxes withheld of $3,341)  $    6,323,492
Interest  46,104
Securities lending, net  452,032
  6,821,628
 
Expenses: 
Management fees  4,631,387
Distribution and service fees: 
 Advisor Class  272,858
 R Class  1,093
Directors’ fees and expenses  23,965
Other expenses  2,463
  4,931,766
 
Net investment income (loss)  1,889,862
 
Realized and Unrealized Gain (Loss) 
Net realized gain (loss) on: 
Investment transactions    (211,526,608)
Futures contract transactions  1,447,865
    (210,078,743)
 
Change in net unrealized appreciation (depreciation) on investments  (83,665,788)
 
Net realized and unrealized gain (loss)  (293,744,531)
 
Net Increase (Decrease) in Net Assets Resulting from Operations  $(291,854,669)
 
 
See Notes to Financial Statements.   

18

Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008     
Increase (Decrease) in Net Assets    2009    2008 
Operations     
Net investment income (loss)  $   1,889,862 $    631,702
Net realized gain (loss)    (210,078,743)   (40,369,887)
Change in net unrealized appreciation (depreciation)    (83,665,788)   (250,781,851)
Net increase (decrease) in net assets resulting from operations    (291,854,669)   (290,520,036)
 
Distributions to Shareholders 
From net investment income: 
 Investor Class    (194,651)   (1,745,381)
 Institutional Class    (382,762)    (1,212,876) 
 Advisor Class  —   (346,198)
From net realized gains: 
 Investor Class  —   (65,256,314)
 Institutional Class  —   (37,020,860)
 Advisor Class  —   (30,652,955)
 R Class  —   (36,270)
Decrease in net assets from distributions    (577,413)    (136,270,854) 
 
Capital Share Transactions 
Net increase (decrease) in net assets from capital share transactions    (195,840,928)    (317,839,913) 
 
Net increase (decrease) in net assets    (488,273,010)   (744,630,803)
 
Net Assets     
Beginning of period  910,443,800 1,655,074,603
End of period  $ 422,170,790 $ 910,443,800
 
Undistributed net investment income  $1,312,449 —
 
 
See Notes to Financial Statements.     

19

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Small Company Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified under the 1940 Act. The fund seeks long-term capital growth by investing primarily in common stocks of small companies. The following is a summary of the fund’s significant accounting policies.

Multiple Class — The fund is authorized to issue the Investor Class, the Institutional Class, the Advisor Class and the R Class. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. 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.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and ov er-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has b een declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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 capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered nontaxable distributions or 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 on Loan — The fund may lend portfolio securities through its lending agent to certain approved borrowers in order to earn additional income. The income earned, net of any rebates or fees, is included in the Statement of Operations. The fund continues to recognize any gain or loss in the market price of the securities loaned and records any interest earned or dividends declared.

20

Exchange Traded Funds — The fund may invest in exchange traded funds (ETFs). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

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

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

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. The fund is no longer subject to examination by tax authorities for years prior to 2005. 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penalties associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. 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 fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

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2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The Agreement provides that all expenses of the fund, except brokerage commissions, taxes, interest, fees and expenses of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares 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 sa me broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.5380% to 0.7200% and the rates for the Complex Fee (Investor Class, Advisor Class and R Class) range from 0.2500% to 0.3100%. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class of the fund for the year ended June 30, 2009 was 0.89% for all classes except Institutional Class, which was 0.69%.

Distribution and Service Fees — The Board of Directors has adopted a Master Distribution and Individual Shareholder Services Plan for each of the Advisor Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the Advisor Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. 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 year ended June 30, 2009, are detailed in the Statement of Operations.

Acquired Fund Fees and Expenses — The fund may invest in mutual funds, exchange traded funds, and business development companies (the acquired funds). The fund will indirectly realize its pro rata share of the fees and expenses of the acquired funds in which it invests. These indirect fees and expenses are not paid out of the fund’s assets but are reflected in the return realized by the fund on its investment in the acquired funds.

Related Parties — Certain officers and directors of the corporation are also officers and/ or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, ACIS, and the corporation’s transfer agent, American Century Services, LLC.

The fund is eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the fund. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2009, were $516,421,133 and $650,164,630 respectively.

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4. Capital Share Transactions         
 
Transactions in shares of the fund were as follows:     
 
  Year ended June 30, 2009  Year ended June 30, 2008 
  Shares  Amount    Shares    Amount 
Investor Class/Shares Authorized  300,000,000 300,000,000
Sold  8,140,614 $    43,124,091 9,359,092 $    81,556,579
Issued in reinvestment of distributions  36,272 174,470 7,629,427 62,503,906
Redeemed      (20,775,835)   (116,216,721)   (42,937,803)   (380,366,981)
    (12,598,949)   (72,918,160)   (25,949,284)   (236,306,496)
Institutional Class/Shares Authorized  150,000,000 150,000,000
Sold  6,172,373 33,468,783 13,371,532 121,914,948
Issued in reinvestment of distributions  76,048 366,551 4,383,383 36,044,677
Redeemed    (5,812,005)   (31,896,958)   (25,439,375)    (215,124,447) 
  436,416 1,938,376   (7,684,460)   (57,164,822)
Advisor Class/Shares Authorized  150,000,000 150,000,000
Sold  3,156,340 16,418,219 5,558,594 46,869,786
Issued in reinvestment of distributions  — — 3,203,543 25,854,048
Redeemed    (24,106,346)   (141,417,268)   (11,464,175)   (97,062,000)
    (20,950,006)   (124,999,049)   (2,702,038)   (24,338,166)
R Class/Shares Authorized  10,000,000 10,000,000
Sold  40,629 187,307 5,710 50,323
Issued in reinvestment of distributions  — — 4,506 36,270
Redeemed    (8,292)   (49,402)   (14,081)   (117,022)
  32,337 137,905   (3,865)   (30,429)
Net increase (decrease)    (33,080,202)   $(195,840,928)   (36,339,647)   $(317,839,913)

5. Securities Lending

As of June 30, 2009, the fund did not have any securities on loan. JPMCB receives and maintains collateral in the form of cash and/or acceptable securities as approved by ACIM. Cash collateral is invested in authorized investments by the lending agent in a pooled account. Any deficiencies or excess of collateral must be delivered or transferred by the member firms no later than the close of business on the next business day. The fund’s risks in securities lending are that the borrower may not provide additional collateral when required or return the securities when due. If the borrower defaults, receipt of the collateral by the fund may be delayed or limited. Investments made with cash collateral may decline in value.

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6. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of June 30, 2009:

  Level 1  Level 2  Level 3 
Investment Securities       
Common Stocks  $419,269,976 —            —
Temporary Cash Investments  90,255 $3,500,000            —
Total Value of Investment Securities  $419,360,231 $3,500,000            —

7. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the year ended June 30, 2009, the fund purchased futures contracts.

For the year ended June 30, 2009, the effect of equity price risk derivatives on the Statement of Operations was $1,447,865 in net realized gain (loss) on futures contract transactions.

The infrequent use of derivative instruments and the effect of derivatives on the Statement of Operations are indicative of the fund’s typical volume.

24

8. Bank Line of Credit

The fund, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the fund to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The fund did not borrow from the line during the year ended June 30, 2009.

9. Interfund Lending

The fund, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the fund to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the fund did not utilize the program.

10. Risk Factors

The fund concentrates its investments 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.

11. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008 were as follows:

  2009  2008 
Distributions Paid From     
Ordinary income  $577,413 $10,798,801
Long-term capital gains  — $125,472,053

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.

25

As of June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

   
Federal tax cost of investments  $481,056,512
Gross tax appreciation of investments  $ 37,992,641
Gross tax depreciation of investments    (96,188,922)
Net tax appreciation (depreciation) of investments    $(58,196,281)
Net tax appreciation (depreciation) on derivatives and 
translation of assets and liabilities in foreign currencies  —
Net tax appreciation (depreciation)    $(58,196,281)
Undistributed ordinary income  $1,312,449
Accumulated capital losses    $(83,736,640)
Capital loss deferral    $(181,862,188)

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

The accumulated capital losses listed above represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions and contributions. The capital loss carryovers expire in 2017.

The capital loss deferral listed above represents net capital losses incurred in the eight-month period ended June 30, 2009. The fund has elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

12. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the fund. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

13. Other Tax Information (Unaudited)

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2009.

For corporate taxpayers, the fund hereby designates $577,413, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2009 as qualified for the corporate dividends received deduction.

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 Financial Highlights           
Small Company           
 
Investor Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005  2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $7.76 $10.77 $9.88 $9.77 $10.19 $8.35
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.02      —(3) 0.01   —(3) 0.01 0.02
 Net Realized and 
 Unrealized Gain (Loss)     (2.78)    (2.01) 0.88  0.61 0.71 2.31
 Total From 
 Investment Operations     (2.76)    (2.01) 0.89  0.61 0.72 2.33
Distributions 
 From Net 
 Investment Income    —(3)    (0.02) —    (0.01)   —(3)    (0.02)
 From Net 
 Realized Gains  —    (0.98) —    (0.49)   (1.14)    (0.47)
 Total Distributions  —    (1.00) —    (0.50)   (1.14)    (0.49)
Net Asset Value, 
End of Period  $5.00  $7.76 $10.77 $9.88 $9.77 $10.19
 
Total Return(4)    (35.51)%   (19.13)%    9.01%    6.15%   7.13%    28.28% 
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets       0.90%      0.87% 0.87%(5) 0.87% 0.87%    0.88%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets       0.33%    0.06% 0.23%(5)    0.05% 0.14%    0.25%
Portfolio Turnover Rate  92%      105% 61% 122% 132% 123%
Net Assets, End of Period 
(in thousands)  $229,568 $454,464 $910,093 $924,133 $1,040,036 $996,103

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

27

Small Company           
 
Institutional Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008      2007(1)    2006    2005    2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period   $7.79 $10.80 $9.90 $9.80 $10.21  $8.36
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.03 0.02 0.02  0.02    0.04 0.03
 Net Realized and 
 Unrealized Gain (Loss)     (2.79)    (2.02) 0.88  0.61    0.71 2.33
 Total From 
 Investment Operations     (2.76)    (2.00) 0.90  0.63    0.75 2.36
Distributions 
 From Net 
 Investment Income     (0.01)    (0.03) —    (0.04)    (0.02)    (0.04)
 From Net 
 Realized Gains  —    (0.98) —    (0.49)    (1.14)    (0.47)
 Total Distributions     (0.01)    (1.01) —    (0.53)    (1.16)    (0.51)
Net Asset Value, 
End of Period  $5.02  $7.79 $10.80 $9.90  $9.80 $10.21
 
Total Return(3)    (35.38)%   (18.99)%      9.09%    6.44%      7.26%   28.60%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.70%      0.67% 0.67%(4) 0.67%    0.67%    0.68%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  0.53%      0.26% 0.43%(4) 0.25%    0.34%    0.45%
Portfolio Turnover Rate  92%      105% 61% 122% 132% 123%
Net Assets, End of Period 
(in thousands)  $143,028 $218,820 $386,240 $383,412 $426,545 $284,352

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

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Small Company           
 
Advisor Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009   2008        2007(1)    2006   2005  2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $7.65 $10.64 $9.78  $9.69 $10.12 $8.30
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)       —(3)    (0.02)   —(3)     (0.02)      (0.01)   (0.01)
 Net Realized and 
 Unrealized Gain (Loss)     (2.74)    (1.98) 0.86 0.60 0.70 2.30
 Total From 
 Investment Operations     (2.74)    (2.00) 0.86 0.58 0.69 2.29
Distributions 
 From Net 
 Investment Income  —    (0.01) — — — —
 From Net 
 Realized Gains  —    (0.98) —   (0.49)    (1.12)    (0.47)
 Total Distributions  —    (0.99) —   (0.49)    (1.12)    (0.47)
Net Asset Value, 
End of Period  $4.91  $7.65 $10.64 $9.78  $9.69 $10.12
 
Total Return(4)    (35.82)%   (19.30)%   8.79%    6.02%      6.74%   28.00%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets       1.15%      1.12% 1.12%(5) 1.12% 1.12% 1.13%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets       0.08%  (0.19)% (0.02)%(5) (0.20)%  (0.11)% (0.00)%
Portfolio Turnover Rate  92%      105%        61% 122% 132% 123%
Net Assets, End of Period 
(in thousands)   $49,253 $236,906 $358,347 $355,778 $364,400 $287,673

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

29

Small Company           
 
R Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
     2009     2008        2007(1)    2006     2005     2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period   $7.63 $10.63  $9.78 $9.72 $10.15  $8.34
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)     (0.01)    (0.04)   (0.01)   (0.05)      (0.03)    (0.03)
 Net Realized and 
 Unrealized Gain (Loss)     (2.73)    (1.98) 0.86  0.60 0.71 2.31
 Total From 
 Investment Operations     (2.74)    (2.02) 0.85  0.55 0.68 2.28
Distributions 
 From Net 
 Realized Gains  —    (0.98) —   (0.49)      (1.11)    (0.47)
Net Asset Value, 
End of Period  $4.89  $7.63 $10.63 $9.78  $9.72 $10.15
 
Total Return(3)    (35.91)%   (19.51)%      8.69%    5.70%      6.54%    27.72%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  1.40%      1.37% 1.37%(4)  1.37% 1.34%(5) 1.30%(6)
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets   (0.17)%  (0.44)% (0.27)%(4) (0.45)% (0.33)%(5) (0.17)%(6)
Portfolio Turnover Rate  92%      105% 61%    122% 132% 123%
Net Assets, End of Period 
(in thousands)  $321        $254 $395    $353    $6,175    $4,247

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.
(5)      During the year ended December 31, 2005, the class received a partial reimbursement of its distribution and service fees. Had fees not been reimbursed, the annualized ratio of operating expenses to average net assets and annualized ratio of net investment income (loss) to average net assets would have been 1.37% and (0.36)%, respectively.
(6)      During the year ended December 31, 2004, the class received a partial reimbursement of its distribution and service fees. Had fees not been reimbursed, the annualized ratio of operating expenses to average net assets and annualized ratio of net investment income (loss) to average net assets would have been 1.38% and (0.25)%, respectively.

See Notes to Financial Statements.

30

Report of Independent Registered Public Accounting Firm 

To the Directors of the American Century Quantitative Equity Funds, Inc. and Shareholders of the Small Company Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Small Company Fund (one of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to expres s an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

31

Management 

The individuals listed below serve as directors or officers of the fund. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the fund’s investment advisor, American Century Investment Management, Inc. (ACIM or the advisor); the fund’s principal underwriter, American Century Investment Services, Inc. (ACIS); and the fund’s transfer agent, American Century Services, LLC (A CS).

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the fund also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, unless otherwise noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the fund. The listed officers are interested persons of the fund and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Fund: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007).
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Fund: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

32

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors (asset
manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Fund: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Fund: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

33

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Fund: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS,
ACIS and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Fund: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM and ACS
(August 2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006);
and Treasurer and Chief Financial Officer, various American Century Investments
funds (July 2000 to August 2006). Also serves as: Senior Vice President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Fund: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Fund: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to present);
and Controller, various American Century Investments funds (1997 to September 2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Fund: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to present);
Vice President, certain ACC subsidiaries (October 2001 to August 2006); Vice
President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as: Chief
Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and
Senior Vice President, ACIS

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

34

Approval of Management Agreement 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/ trustees, including a majority of a fund’s independent directors/trustees (the “Directors”). At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to renew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the Small Company Fund (the “fund”) and the services provided to the fund under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the fund;

• the wide range of programs and services the advisor provides to the fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning the fund to the cost of owning a similar fund;

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

• financial data showing the profitability of the fund to the advisor and the overall profitability of the advisor;

35

• data comparing services provided and charges to other non-fund investment management clients of the advisor; and

• collateral or “fall-out” benefits derived by the advisor from the management of the fund, and potential sharing of economies of scale in connection with the management of the fund.

In keeping with its practice, the Directors at a special meeting and at a regularly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the agreement under the terms ultimately determined by the board to be appropriate, the Directors’ decision was based on a number of factors, including the following.

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

• fund construction and design

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of the fund’s portfolio

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

36

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage the fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agre ement, the Directors, directly and through its Portfolio Committee, review investment performance information for the fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. The fund’s quarter end performance fell below its benchmark for both the one- and three-year periods during the past year. The board discussed the fund’s performance with the advisor and was satisfied with the efforts being undertaken by the advisor. The board will continue to monitor these efforts and the performance of the fund.

Shareholder and Other Services. The advisor provides the fund with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio va luation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

37

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the fund, its profitability in managing the fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed with the advisor its methodology for compensating the investment professionals that provide services to the fund. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the fund. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of the fund specifically, and the expenses incurred by the advisor in providing various functions to the fund. The Directors believe the advisor is ap propriately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increases in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of the fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. The fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their i nvestment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to

38

shareholders the cost of owning fund shares, and, since the unified fee cannot be increased without a vote of fund shareholders, it shifts to the advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of the fund was in the lowest quartile of the total expense ratios of its peer group.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the fund. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the fund, at least in part, due to its existing infras tructure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of the fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between the fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the fund.

39

Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. 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 on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

40

Index Definitions

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Russell 1000® Index is a market-capitalization weighted, large-cap index created by Frank Russell Company to measure the performance of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 1000® Growth Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000® Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000® Index is a market-capitalization weighted index created by Frank Russell Company to measure the performance of the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 2000® Growth Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000® Value Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap® Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap® Value Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The S&P SmallCap 600 Index, a capitalization-weighted index consisting of 600 domestic stocks, measures the small company segment of the U.S. market.

41

Notes 

42

Notes 

43

Notes 

44


Contact Us   
americancentury.com   
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Investor Services Representative  1-800-345-2021 or 
  816-531-5575 
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American Century Quantitative Equity Funds, Inc.   

Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66125N

Annual Report 
June 30, 2009 

American Century Investments 

Global Gold Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting.

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify and stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     12-Month Total Returns  2 
 
Global Gold   
 
           Performance  3 
           Portfolio Commentary  5 
                     Market Returns  7 
                     Top Ten Holdings  7 
                     Geographic Composition  7 
 
           Shareholder Fee Example  8 
 
Financial Statements   
 
           Schedule of Investments  10 
           Statement of Assets and Liabilities  12 
           Statement of Operations  14 
           Statement of Changes in Net Assets  15 
           Notes to Financial Statements  16 
           Financial Highlights  23 
           Report of Independent Registered Public Accounting Firm  29 
 
Other Information   
 
           Management  30 
           Approval of Management Agreement  33 
           Additional Information  38 
           Index Definitions  39 

The opinions expressed in the Market Perspective and the Portfolio Commentary reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative i ndices 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.

Market Perspective 


By John Schniedwind, Chief Investment Officer, Quantitative Equity

Economic Downturn Pushed Inflation, Rates Lower

Widespread credit and liquidity problems, along with unprecedented failures and takeovers of several major financial institutions, plagued the financial markets and triggered a severe global recession during the 12-month period ended June 30, 2009. Despite massive government intervention in the financial system, credit remained scarce, and global economic activity, including housing, employment and spending, dropped sharply.

Sagging worldwide demand triggered sharp declines for oil, raw materials, and other commodity prices, which sent inflation tumbling. After climbing to 5.5% in July 2008 (as oil climbed to a record high $145 a barrel), headline inflation, as measured by the year-to-year change in the U.S. Consumer Price Index (CPI), sank to -1.4% at the end of June. The sharp decline was primarily due to a 25.5% plunge in the CPI’s energy component.

Prominent central banks, including those in the United States, United Kingdom, and Japan, helped steady investor confidence by cutting their key lending rates and launching debt-purchase programs aimed at taming market interest rates. Additionally, easy monetary and fiscal policies contributed to improved investor sentiment in the final few months of the reporting period.

Gold Prices Unchanged as Dollar Showed Mixed Results

The price of an ounce of gold bullion increased slightly during the 12-month period. The U.S. dollar showed mixed results, advancing 12.27% compared with the euro and declining 9.27% relative to the Japanese yen.

Given the unparalleled global economic backdrop, gold prices remained volatile. After starting the period at $930.25 an ounce, gold tumbled to a period low $712.50 in late-October. By late-February, the price climbed to a period high $989.00 before finishing the 12-month period at $934.50.

The extraordinary actions of global governments and central banks aimed at avoiding a financial meltdown and restore economic growth eventually may lead to significantly higher inflation and a weaker U.S. dollar than is currently priced into the market. Ultimately, a weaker dollar should lend support to higher gold prices.

12-Month Total Returns   
As of June 30, 2009   
Gold Bullion (London Gold PM Fix, in U.S. dollars)  0.46% 
U.S. Dollar vs. Euro  12.27% 
Rogers International Commodities Index  -40.21% 

2

 Performance 
Global Gold 

Total Returns as of June 30, 2009         
    Average Annual Returns   
         Since  Inception 
  1 year  5 years  10 years  Inception  Date 
Investor Class  -21.19% 12.36% 14.62% 4.01% 8/17/88
NYSE Arca Gold Miners Index(1)  -22.05% N/A(2) N/A(2) N/A(2) —
Custom benchmark(3)  -16.24% 13.46% 15.07% 4.71%(4) —
MSCI World Index  -29.50% 0.03% -0.84% 5.72%(4) —
Institutional Class  -21.04% — — -8.01% 9/28/07
A Class(5)  5/6/98
 No sales charge*  -21.40% 12.09% 14.35% 9.24%
 With sales charge*  -25.92% 10.78% 13.67% 8.66%
B Class  9/28/07
 No sales charge*  -21.98% — — -9.10%
 With sales charge*  -25.98% — — -11.57%
C Class  -21.98% — — -9.10% 9/28/07
R Class  -21.62% — — -8.66% 9/28/07
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% 
 maximum initial sales charge for equity funds and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six 
 years of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year after 
 purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that 
 mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied. 

(1)      Effective January 2009, the fund’s benchmark changed to the NYSE Arca Gold Miners Index. The fund’s investment advisor believes this index better represents the fund’s portfolio composition.
(2)      Benchmark data first available 2/1/05.
(3)      See Index Definitions Page.
(4)      Since 8/31/88, the date nearest the Investor Class’s inception for which data are available.
(5)      Prior to September 4, 2007, the A Class was referred to as the Advisor Class. Performance, with sales charge, prior to that date has been adjusted to reflect the A Class’s current sales charge.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

3

  Global Gold

   Growth of $10,000 Over 10 Years


One-Year Returns Over 10 Years               
Periods ended June 30                   
     2000    2001   2002   2003   2004   2005   2006   2007   2008   2009 
Investor Class  -10.91% 9.14% 72.74% 11.24% 17.05% 6.85% 66.31% -1.28% 29.61% -21.19%
NYSE Arca Gold 
Miners Index(1)  — — — — — 1.71%(2) 61.19% -2.07% 29.78% -22.05%
Custom benchmark  -11.57%    7.42% 77.26% 8.29% 18.66% 7.52% 66.93% -1.69% 27.23% -16.24%
MSCI World Index  12.19% -20.30% -15.22% -2.37% 24.00% 10.05% 16.93% 23.59% -10.68% -29.50%

(1) 

 Since benchmark data is only available from 2/1/05, it is not included in the line chart. One year data is listed for all periods available. 
(2)  Benchmark return from 2/1/05 to 6/30/05. Not annualized.             
                     

Total Annual Fund Operating Expenses       
  Institutional         
Investor Class  Class  A Class  B Class  C Class  R Class 
0.68%   0.48%  0.93%  1.68%  1.68% 1.18% 

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

4

 Portfolio Commentary 
Global Gold 

Portfolio Managers: Bill Martin and Joe Sterling

Performance Summary

Global Gold declined 21.19%* for the 12 months ended June 30, 2009. The portfolio’s benchmark, the NYSE Arca Gold Miners Index, declined 22.05% for the same period. The portfolio’s return reflects operating expenses, while the benchmark’s does not.

Gold-related stocks declined significantly during the 12-month period, as stocks throughout the world plunged in the first half of the period. In addition, at the height of the credit crisis, forced selling by hedge funds caught in the liquidity squeeze pulled down the price of gold stocks. In the second half of the period, signs the global economic recession may be easing generated optimism among stock investors. This sentiment drove a sharp global stock market rally, and gold mining stocks rebounded strongly—but not enough to offset the first-half declines.

After falling to their reporting-period low in October, gold bullion prices trended upward for the remainder of the period, as the U.S. dollar weakened. For the 12 months overall, the price of an ounce of gold bullion increased from $930.25 to $934.50.

U.K., South Africa Were Top Contributors

From a country perspective, the United Kingdom and South Africa made the greatest contributions to the portfolio’s performance. The United Kingdom’s Randgold Resources, one of the portfolio’s largest holdings, was the largest contributor, advancing on a sharp increase in first-quarter 2009 earnings. AngloGold Ashanti, also among the portfolio’s largest holdings, drove performance in South Africa. The company’s stock price increased on a strong earnings report for the first quarter of 2009.

U.S.-based Royal Gold also was among the top contributors to the portfolio’s absolute performance. The company, which acquires royalty rights to precious metals mined by other companies, and therefore didn’t experience the increased operating costs facing mining companies, reported a large jump in net income and revenues. It also announced a large royalty purchase from Canada’s gold mining giant Barrick Gold, one of the portfolio’s largest holdings.

Australia, Canada Led Detractors

From a geographic perspective, Australia represented the largest detractor to portfolio performance. Our position in the nation’s leading gold miner, Newcrest Mining, finished the period as the portfolio’s weakest contributor to performance. The company’s stock fell victim to the sagging demand for raw materials and an overall decline in Australian mining production.

*All fund returns referenced in this commentary are for Investor Class shares.

5

Global Gold

In Canada, which ended the 12-month period as the portfolio’s largest country weighting, strong performance from fund heavyweights IAMGOLD and Eldorado Gold was not enough to offset the negative contributions from Yamana Gold and Agnico-Eagle Mines. In the first half of the reporting period, Yamana Gold cut its full-year production forecast and reported a sharp decline in profits due largely to a dramatic appreciation in the Brazilian real. Agnico-Eagle Mines announced it was short nearly half of the projected $1.4 billion it needs for a sizeable production expansion. And although management completed an equity sale during the reporting period, it also acknowledged headwinds from the challenging capital markets.

Outlook

The reporting period ended with the weakening U.S. dollar and rising oil and other commodity prices potentially lending support to higher gold prices. Furthermore, despite the recent global stock market rally, valuations among mining stocks appear attractive relative to current gold bullion prices.

We will continue to invest in securities of companies engaged in the mining, processing, fabricating, or distributing of gold or other precious metals throughout the world. Regardless of macro developments, including the direction of gold prices and the strength of the U.S. dollar, we follow a disciplined investment approach. Shunning momentum-driven areas of the market, we strive to add value through tactical allocations in specific mining companies we believe are well-positioned to generate above-average returns.

6

Global Gold     
 
Market Returns     
For the year ended June 30, 2009     
Background Influences     
South African Rand vs. U.S. Dollar    1.37%
Australian Dollar vs. U.S. Dollar    -15.86%
Broad Gold Stock Market   
Lipper Gold Fund Index    -24.21%
FT-SE® Gold Mines Index    -17.60%
Regional Components of FT-SE® Gold Mines Index   
FT-SE® Gold Mines Americas Index    -23.23%
FT-SE® Gold Mines Asia Pacific Index    -12.97%
FT-SE® Gold Mines Europe Middle East Africa Index    -0.51%
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Goldcorp, Inc.(1)  10.5% 10.5%
Barrick Gold Corp.  10.0% 10.3%
Newmont Mining Corp.  7.1% 7.8%
AngloGold Ashanti Ltd.(1)  6.2% 4.7%
Randgold Resources Ltd. ADR  5.9% 4.5%
Kinross Gold Corp.(1)  5.8% 8.2%
IAMGOLD Corp.  4.7% 2.9%
Lihir Gold Ltd.  4.5% 4.6%
Eldorado Gold Corp.  4.5% 4.4%
Gold Fields Ltd.(1)  4.5% 4.1%
(1) Includes shares traded on all exchanges.     
 
Geographic Composition as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Canada  59.2% 57.9%
South Africa  15.0% 13.9%
United States  9.4% 10.7%
United Kingdom  6.8% 4.6%
Australia  5.7% 10.9%
Peru  3.2% 1.0%
Sweden  —(1) —(1)
Cash and Equivalents(2)  0.7% 1.0%

(1)      Category is less than 0.05% of total net assets.
(2)      Includes temporary cash investments and other assets and liabilities.

7

Shareholder Fee Example (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

8

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  Ending  Expenses Paid   
  Account Value  Account Value  During Period*  Annualized 
  1/1/09  6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Actual         
Investor Class  $1,000  $1,141.30  $3.72  0.70% 
Institutional Class  $1,000  $1,142.00  $2.66  0.50% 
A Class  $1,000  $1,139.10  $5.04  0.95% 
B Class  $1,000  $1,135.40  $9.00  1.70% 
C Class  $1,000  $1,135.40  $9.00  1.70% 
R Class  $1,000  $1,137.50  $6.36  1.20% 
Hypothetical         
Investor Class  $1,000  $1,021.32  $3.51  0.70% 
Institutional Class  $1,000  $1,022.32  $2.51  0.50% 
A Class  $1,000  $1,020.08  $4.76  0.95% 
B Class  $1,000  $1,016.36  $8.50  1.70% 
C Class  $1,000  $1,016.36  $8.50  1.70% 
R Class  $1,000  $1,018.84  $6.01  1.20% 
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
 multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 

9

 Schedule of Investments 
Global Gold 

JUNE 30, 2009           
 
  Shares  Value      Shares       Value 
Common Stocks & Warrants — 99.3%  Red Back Mining, Inc.(1)  624,400  $     5,443,336 
AUSTRALIA — 5.7%      San Gold Corp.(1)  503,200  986,370 
Andean Resources Ltd.(1)  1,234,700  $     1,730,268  Seabridge Gold, Inc.(1)  107,400  2,785,956 
Croesus Mining NL(1)  166,666  2,150  SEMAFO, Inc.(1)  2,608,700  4,732,285 
Lihir Gold Ltd.(1)  15,990,997  37,252,264  Silver Standard     
      Resources, Inc.(1)  569,000  10,668,750 
Newcrest Mining Ltd.  323,475  7,926,495  Silver Wheaton Corp.(1)  2,717,700  22,393,848 
    46,911,177       
      Wesdome Gold Mines Ltd.  1,554,400  2,512,378 
CANADA — 59.2%           
      Yamana Gold, Inc.  3,632,242  32,289,371 
Agnico-Eagle Mines Ltd.  171,127  9,014,273  Yamana Gold, Inc.    
Agnico-Eagle Mines Ltd.      New York Shares  424,781  3,755,064 
New York Shares  493,400  25,893,632       
          486,062,861 
Alamos Gold, Inc.(1)  519,400  4,268,980       
      PERU — 3.2%     
Aurizon Mines Ltd.(1)  2,250,800  8,108,027  Compania de Minas     
Barrick Gold Corp.  2,449,812  82,191,193  Buenaventura SA ADR  1,105,200  26,557,956 
Crystallex      SOUTH AFRICA — 15.0%     
International Corp.(1)  1,307,400  292,244       
      AngloGold Ashanti Ltd.  550,102  20,173,248 
Detour Gold Corp.(1)  428,800  3,811,883       
      AngloGold Ashanti Ltd. ADR  845,276  30,962,460 
Eldorado Gold Corp.(1)  4,113,400  37,061,799  DRDGOLD Ltd. ADR  365,415  2,773,500 
Franco-Nevada Corp.  375,100  9,016,718  Gold Fields Ltd.  2,632,510  31,776,778 
Gammon Gold, Inc.(1)  436,800  2,891,596  Gold Fields Ltd. ADR  421,500  5,079,075 
GBS Gold      Harmony Gold     
International, Inc.(1)  347,300  1,493  Mining Co. Ltd.(1)  2,006,750  20,758,870 
Goldcorp, Inc.  2,458,076  85,440,410  Harmony Gold     
Goldcorp, Inc.      Mining Co. Ltd. ADR(1)  1,098,200  11,333,424 
New York Shares  30,000  1,042,500      122,857,355 
Golden Star      SWEDEN(2)     
Resources Ltd.(1)  1,116,500  2,303,744       
      ScanMining AB(1)  325,900  — 
Great Basin Gold Ltd.(1)  1,173,200  1,603,738       
      UNITED KINGDOM — 6.8%     
IAMGOLD Corp.  3,808,619  38,572,438  Fresnillo plc  802,503  6,922,051 
Ivanhoe Mines Ltd.(1)  240,000  1,330,869  Randgold Resources Ltd.    
Jaguar Mining, Inc.(1)  362,000  2,744,994  ADR  759,600  48,743,532 
Kinross Gold Corp.  2,238,806  40,805,302      55,665,583 
Kinross Gold Corp.      UNITED STATES — 9.4%     
New York Shares  375,957  6,823,620  Coeur d’Alene Mines Corp.(1)  98,259  1,208,586 
Minefinders Corp. Ltd.(1)  741,900  5,140,966       
      Hecla Mining Co.(1)  149,100  399,588 
Nevsun Resources Ltd.(1)  1,200,000  1,423,720       
      Newmont Mining Corp.  1,421,714  58,105,451 
New Gold, Inc.(1)  415,000  1,098,912  Royal Gold, Inc.  416,300  17,359,710 
Northgate Minerals Corp.(1)  1,395,400  2,963,193      77,073,335 
Orezone Gold Corp.(1)  156,662  76,772  TOTAL INVESTMENT     
Osisko Mining Corp.(1)  2,311,500  13,016,657  SECURITIES — 99.3%     
Osisko Mining Corp.      (Cost $385,184,735)    815,128,267 
Warrants(1)  1,250,000  1,612,002  OTHER ASSETS     
Pan American Silver Corp.(1)  651,600  11,943,828  AND LIABILITIES — 0.7%    5,856,298 
      TOTAL NET ASSETS — 100.0%    $820,984,565 

10

Global Gold 
 
Notes to Schedule of Investments 
ADR = American Depositary Receipt 
(1)  Non-income producing. 
(2)  Category is less than 0.05% of total net assets. 

Geographic classifications are unaudited.

See Notes to Financial Statements.

11

Statement of Assets and Liabilities 

JUNE 30, 2009   
Assets   
Investment securities, at value (cost of $385,184,735)  $815,128,267
Foreign currency holdings, at value (cost of $47,103)  47,103
Receivable for investments sold  6,744,884
Receivable for capital shares sold  257,852
Dividends and interest receivable  67,791
  822,245,897
 
Liabilities 
Disbursements in excess of demand deposit cash  147,446
Payable for capital shares redeemed  611,701
Accrued management fees  496,649
Distribution fees payable  1,354
Service fees (and distribution fees — A Class and R Class) payable  4,182
  1,261,332
 
Net Assets  $820,984,565
 
 
See Notes to Financial Statements.   

12

JUNE 30, 2009   
Net Assets Consist of:   
Capital (par value and paid-in surplus)  $ 519,452,005
Accumulated net investment loss    (11,700,112)
Accumulated net realized loss on investment and foreign currency transactions    (116,667,803)
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies  429,900,475
  $ 820,984,565
 
Investor Class, $0.01 Par Value 
Net assets  $792,813,782
Shares outstanding  48,823,369
Net asset value per share  $16.24
 
Institutional Class, $0.01 Par Value 
Net assets  $9,076,489
Shares outstanding  558,521
Net asset value per share  $16.25
 
A Class, $0.01 Par Value 
Net assets  $16,866,328
Shares outstanding  1,045,784
Net asset value per share  $16.13
Maximum offering price (net asset value divided by 0.9425)  $17.11
   
B Class, $0.01 Par Value   
Net assets      $908,979
Shares outstanding       56,753 
Net asset value per share      $16.02
 
C Class, $0.01 Par Value 
Net assets      $1,005,963
Shares outstanding      62,778
Net asset value per share      $16.02
 
R Class, $0.01 Par Value 
Net assets      $313,024
Shares outstanding      19,402
Net asset value per share      $16.13
 
 
See Notes to Financial Statements.   

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Statement of Operations 

YEAR ENDED JUNE 30, 2009   
Investment Income (Loss)   
Income:   
Dividends (net of foreign taxes withheld of $410,802)       $     4,285,887
Interest     27,192
Securities lending, net     331,660
     4,644,739
 
Expenses: 
Management fees     5,278,889
Distribution fees: 
 B Class     2,191
 C Class     4,596
Service fees: 
 B Class     730
 C Class     1,532
Distribution and service fees: 
 A Class     25,105
 R Class     446
Directors’ fees and expenses     30,833
Other expenses     3,687
     5,348,009
 
Net investment income (loss)       (703,270)
 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment transactions  (75,214,951)
Foreign currency transactions  (24,605,010)
  (99,819,961)
 
Change in net unrealized appreciation (depreciation) on: 
Investments  (121,845,944)
Translation of assets and liabilities in foreign currencies  (38,696,282)
  (160,542,226)
 
Net realized and unrealized gain (loss)  (260,362,187)
 
Net Increase (Decrease) in Net Assets Resulting from Operations  $(261,065,457)
 
 
See Notes to Financial Statements.   

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Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008     
Increase (Decrease) in Net Assets     2009     2008 
Operations     
Net investment income (loss)  $   (703,270) $   (1,944,823)
Net realized gain (loss)  (99,819,961) 125,109,966
Change in net unrealized appreciation (depreciation)  (160,542,226) 147,449,657
Net increase (decrease) in net assets resulting from operations  (261,065,457) 270,614,800
 
Distributions to Shareholders 
From net investment income: 
 Investor Class  (46,658)   (5,413,403)
 Institutional Class  (17,375)   (47,976)
 A Class  —   (23,023)
 R Class  —   (59)
From net realized gains: 
 Investor Class  (87,357,840) —
 Institutional Class  (949,464) —
 A Class  (1,115,065) —
 B Class  (8,055) —
 C Class  (52,311) —
 R Class  (7,776) —
Decrease in net assets from distributions  (89,554,544)   (5,484,461)
 
Capital Share Transactions     
Net increase (decrease) in net assets from capital share transactions     15,485,709      (64,388,134)
 
Redemption Fees 
Increase in net assets from redemption fees          216,838          290,839
 
Net increase (decrease) in net assets   (334,917,454)    201,033,044
 
Net Assets 
Beginning of period     1,155,902,019    954,868,975
End of period     $ 820,984,565    $1,155,902,019
 
Accumulated net investment loss   $(11,700,112)   $(16,245,403)
 
 
See Notes to Financial Statements.     

15

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Global Gold Fund (the fund) is one fund in a series issued by the corporation. The fund is nondiversified under the 1940 Act. 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 invests primarily in equity securities. The following is a summary of the fund’s significant accounting policies.

Multiple Class — The fund is authorized to issue the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. 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.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and ov er-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has b een declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

16

Securities on Loan — The fund may lend portfolio securities through its lending agent to certain approved borrowers in order to earn additional income. The income earned, net of any rebates or fees, is included in the Statement of Operations. The fund continues to recognize any gain or loss in the market price of the securities loaned and records any interest earned or dividends declared.

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 certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Realized and unrealized gains and losses from foreign currency translations arise from changes in currency exchange rates.

Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of realized gain (loss) on foreign currency transactions and unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. Certain countries may impose taxes on the contract amount of purchases and sales of foreign currency contracts in their currency. The fund records the foreign tax expense, if any, as a reduction to the net realized gain (loss) on foreign currency transactions.

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

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

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. The fund is no longer subject to examination by tax authorities for years prior to 2005. 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penalties associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

17

Redemption — The fund may impose a 1.00% redemption fee on shares held less than 60 days. The fee may not be applicable to all classes. The redemption fee is retained by the fund and helps cover transaction costs that long-term investors may bear when a fund sells securities to meet investor redemptions.

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 fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The Agreement provides that all expenses of the fund, except brokerage commissions, taxes, interest, fees and expenses of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares 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 sa me broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.3380% to 0.5200% and the rates for the Complex Fee (Investor Class, A Class, B Class, C Class and R Class) range from 0.2500% to 0.3100%. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class of the fund for the year ended June 30, 2009 was 0.69% for the Investor Class, A Class, B Class, C Class and R Class, and 0.49% for the Institutional Class.

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, B 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 American Century Investment Services, Inc. (ACIS) an annual distribution and service fee equal to 0.25%. The plans provide that the B Class and the C Class will each pay ACIS an annual distribution fee of 0.75% and service fee of 0.25%. 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 s ervices. Fees incurred under the plan during the year ended June 30, 2009, are detailed in the Statement of Operations.

Related Parties — Certain officers and directors of the corporation are also officers and/ or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, ACIS, and the corporation’s transfer agent, American Century Services, LLC.

18

The fund is eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the fund. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2009, were $162,046,606 and $224,806,485, respectively.

4. Capital Share Transactions         
 
Transactions in shares of the fund were as follows:     
 
  Year ended June 30, 2009  Year ended June 30, 2008(1) 
  Shares  Amount  Shares  Amount 
Investor Class/Shares Authorized  200,000,000 200,000,000
Sold  11,247,965 $  170,093,349 11,349,106 $  255,520,413
Issued in reinvestment of distributions  6,035,699 82,207,513 225,152 5,061,420
Redeemed    (16,748,609)   (249,396,470)   (15,276,931)   (337,348,891)
  535,055 2,904,392   (3,702,673)   (76,767,058)
Institutional Class/Shares Authorized  10,000,000 10,000,000
Sold  350,512 5,232,382 524,672 12,298,269
Issued in reinvestment of distributions  70,847 966,839 2,135 47,976
Redeemed    (302,414)   (4,644,348)   (87,231)   (1,975,140)
  118,945 1,554,873 439,576 10,371,105
A Class/Shares Authorized  20,000,000 20,000,000
Sold  1,129,242 15,886,305 353,877 8,181,335
Issued in reinvestment of distributions  69,762 944,580 928 20,809
Redeemed    (515,828)   (7,667,307)   (290,948)   (6,492,158)
  683,176 9,163,578 63,857 1,709,986
B Class/Shares Authorized  10,000,000 10,000,000
Sold  67,759 1,039,513 5,261 117,732
Issued in reinvestment of distributions  432 5,829 — —
Redeemed    (16,699)   (255,945) — —
  51,492 789,397 5,261 117,732
C Class/Shares Authorized  10,000,000 10,000,000
Sold  84,609 1,251,358 9,157 219,137
Issued in reinvestment of distributions  2,486 33,590 — —
Redeemed      (30,749)     (482,244)     (2,725)      (64,116)
  56,346 802,704 6,432 155,021
R Class/Shares Authorized  10,000,000 10,000,000
Sold  19,043 283,180 1,154 25,021
Issued in reinvestment of distributions  573 7,776 3 59
Redeemed    (1,371)   (20,191) — —
  18,245 270,765 1,157 25,080
Net increase (decrease)  1,463,259 $ 15,485,709   (3,186,390)   $ (64,388,134)

(1) September 28, 2007 (commencement of sale) through June 30, 2008 for the Institutional Class, B Class, C Class and R Class.

19

5. Securities Lending

As of June 30, 2009, the fund did not have any securities on loan. JPMCB receives and maintains collateral in the form of cash and/or acceptable securities as approved by ACIM. Cash collateral is invested in authorized investments by the lending agent in a pooled account. Any deficiencies or excess of collateral must be delivered or transferred by the member firms no later than the close of business on the next business day. The fund’s risks in securities lending are that the borrower may not provide additional collateral when required or return the securities when due. If the borrower defaults, receipt of the collateral by the fund may be delayed or limited. Investments made with cash collateral may decline in value.

6. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of June 30, 2009:

  Level 1  Level 2  Level 3 
Investment Securities       
Foreign Common Stocks & Warrants    $292,948,338  $445,106,594  — 
Domestic Common Stocks  77,073,335  —  — 
Total Value of Investment Securities    $370,021,673  $445,106,594  — 

7. Bank Line of Credit

The fund, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the fund to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The fund did not borrow from the line during the year ended June 30, 2009.

20

8. Interfund Lending

The fund, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the fund to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the fund did not utilize the program.

9. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets 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.

10. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008 were as follows:

      2009  2008 
Distributions Paid From     
Ordinary income  $68,427 $5,484,461
Long-term capital gains  $89,486,117 —

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 June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

Federal tax cost of investments  $415,378,105
Gross tax appreciation of investments  $419,354,215
Gross tax depreciation of investments    (19,604,053)
Net tax appreciation (depreciation) of investments  $399,750,162
Net tax appreciation (depreciation) on derivatives and translation of assets 
and liabilities in foreign currencies    $ (43,057)
Net tax appreciation (depreciation)  $399,707,105
Undistributed ordinary income  $5,980,684
Accumulated capital losses    $(23,071,876)
Capital loss deferral    $(81,083,353)

21

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

The accumulated capital losses listed on the previous page represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions and contributions. The capital loss carryovers expire in 2017.

The capital loss deferral listed on the previous page represents net capital losses incurred in the eight-month period ended June 30, 2009. The fund has elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

11. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the fund. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

12. Other Tax Information (Unaudited)

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2009.

For corporate taxpayers, the fund hereby designates $14,019, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2009 as qualified for the corporate dividends received deduction.

The fund hereby designates $89,486,117, or up to the maximum amount allowable of long-term capital gains distributions for the fiscal year ended June 30, 2009.

As of June 30, 2009, the fund hereby designates $410,802, or up to the maximum amount allowable, as a foreign tax credit, which represents taxes paid on income derived from sources within foreign countries or possessions of the United States. During the fiscal year ended June 30, 2009, the fund earned $2,964,833 from income derived from foreign sources. Foreign source income and foreign tax expense per outstanding share on June 30, 2009 are $0.0586 and $0.0081, respectively.

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 Financial Highlights 
Global Gold 

Investor Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
    2009    2008     2007(1)    2006   2005   2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $23.54 $18.26 $19.63 $15.50 $12.00 $13.17
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)    (0.01)   (0.04)   (0.01)   (0.01) 0.01        —(3)
 Net Realized and 
 Unrealized Gain (Loss)    (5.35) 5.42   (1.24) 4.18 3.49    (1.09)
 Total From 
 Investment Operations    (5.36) 5.38   (1.25) 4.17 3.50    (1.09)
Distributions 
 From Net 
 Investment Income     —(3)   (0.11)   (0.12)   (0.05) —    (0.08)
 From Net Realized Gains    (1.94) — — — —    —
 Total Distributions    (1.94)   (0.11)   (0.12)   (0.05) —    (0.08)
Redemption Fees(2)     —(3) 0.01     —(3) 0.01     —(3)        —(3)
Net Asset Value, 
End of Period  $16.24 $23.54 $18.26 $19.63 $15.50 $12.00

 

            
Total Return(4)  (21.19)%  29.61% (6.36)%  27.03% 29.17%  (8.17)%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.70% 0.68% 0.67%(5) 0.67%      0.67%      0.68%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets  (0.09)%    (0.17)% (0.12)%(5)    (0.03)%      0.11%  (0.03)%
Portfolio Turnover Rate  20% 17% 3% 18% 5%        14%
Net Assets, End of Period 
(in thousands)  $792,814 $1,136,741 $949,426 $1,071,545 $775,971 $693,197

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.

See Notes to Financial Statements.

23

Global Gold     
 
Institutional Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
        2009         2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $23.55 $21.67
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.01  0.01
 Net Realized and Unrealized Gain (Loss)    (5.34)  1.99
 Total From Investment Operations    (5.33)  2.00
Distributions 
 From Net Investment Income    (0.03)   (0.13)
 From Net Realized Gains    (1.94) —
 Total Distributions    (1.97)   (0.13)
Redemption Fees(2)      —(3)  0.01
Net Asset Value, End of Period  $16.25 $23.55

 
Total Return(4)       (21.04)%     9.37%

 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets      0.50%       0.48%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets       0.11%        0.05%(5)
Portfolio Turnover Rate      20%      17%(6)
Net Assets, End of Period (in thousands)      $9,076      $10,353

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.
(6)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

24

Global Gold             
 
A Class(1)             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
     2008     2008     2007(2)    2006   2005   2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $23.46 $18.22 $19.59 $15.46 $12.00 $13.19
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(3)     (0.06)   (0.09)   (0.04)   (0.05)   (0.02)    (0.03)
 Net Realized and 
 Unrealized Gain (Loss)     (5.33) 5.40   (1.23) 4.18 3.48    (1.09)
 Total From 
 Investment Operations     (5.39) 5.31   (1.27) 4.13 3.46    (1.12)
Distributions 
 From Net 
 Investment Income  —   (0.08)   (0.10)   (0.01) —    (0.07)
 From Net Realized Gains     (1.94) — — — —    —
 Total Distributions     (1.94)   (0.08)   (0.10)   (0.01) —    (0.07)
Redemption Fees(3)    —(4) 0.01   —(4) 0.01   —(4)      —(4)
Net Asset Value, 
End of Period  $16.13 $23.46 $18.22 $19.59 $15.46 $12.00
 
Total Return(5)  (21.40)% 29.28% (6.48)% 26.77% 28.94%  (8.49)%
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to             
Average Net Assets  0.95% 0.93% 0.92%(6) 0.92%      0.92%      0.93%
Ratio of Net Investment 
Income (Loss) to 
Average Net Assets   (0.34)%  (0.42)% (0.37)%(6)  (0.28)%  (0.14)%  (0.28)%
Portfolio Turnover Rate  20% 17% 3% 18% 5%        14%
Net Assets, End of Period 
(in thousands)   $16,866    $8,506 $5,442    $6,206    $5,311    $4,740

(1)      Prior to September 4, 2007, the A Class was referred to as the Advisor Class.
(2)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(3)      Computed using average shares outstanding throughout the period.
(4)      Per-share amount was less than $0.005.
(5)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(6)      Annualized.

See Notes to Financial Statements.

25

Global Gold     
 
B Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
  2009  2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $23.48 $21.67
Income From Investment Operations 
 Net Investment Income (Loss)(2)    (0.18)   (0.20)
 Net Realized and Unrealized Gain (Loss)    (5.34) 2.00
 Total From Investment Operations    (5.52) 1.80
Distributions 
 From Net Realized Gains    (1.94) —
Redemption Fees(2)    —(3) 0.01
Net Asset Value, End of Period  $16.02 $23.48
 
Total Return(4)  (21.98)%  8.40%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets  1.70%  1.68%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets  (1.09)% (1.16)%(5)
Portfolio Turnover Rate  20% 17%(6)
Net Assets, End of Period (in thousands)  $909 $124

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.
(6)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

26

Global Gold     
 
C Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
  2009  2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $23.48 $21.67
Income From Investment Operations 
 Net Investment Income (Loss)(2)    (0.18)   (0.20)
 Net Realized and Unrealized Gain (Loss)    (5.34) 2.00
 Total From Investment Operations    (5.52) 1.80
Distributions 
 From Net Realized Gains    (1.94) —
Redemption Fees(2)    —(3) 0.01
Net Asset Value, End of Period  $16.02 $23.48
 
Total Return(4)  (21.98)%  8.40%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets  1.70%  1.68%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets  (1.09)% (1.17)%(5)
Portfolio Turnover Rate  20% 17%(6)
Net Assets, End of Period (in thousands)  $1,006 $151

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.
(6)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

27

Global Gold     
 
R Class     
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)   
  2009  2008(1) 
Per-Share Data     
Net Asset Value, Beginning of Period  $23.52 $21.67
Income From Investment Operations 
 Net Investment Income (Loss)(2)     (0.11)   (0.12)
 Net Realized and Unrealized Gain (Loss)     (5.34) 2.01
 Total From Investment Operations     (5.45) 1.89
Distributions 
 From Net Investment Income  —   (0.05)
 From Net Realized Gains     (1.94) —
 Total Distributions     (1.94)   (0.05)
Redemption Fees(2)    —(3) 0.01
Net Asset Value, End of Period  $16.13 $23.52
 
Total Return(4)  (21.62)%  8.83%
 
Ratios/Supplemental Data     
Ratio of Operating Expenses to Average Net Assets  1.20%  1.18%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets   (0.59)% (0.71)%(5)
Portfolio Turnover Rate  20% 17%(6)
Net Assets, End of Period (in thousands)  $313 $27

(1)      September 28, 2007 (commencement of sale) through June 30, 2008.
(2)      Computed using average shares outstanding throughout the period.
(3)      Per-share amount was less than $0.005.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Annualized.
(6)      Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2008.

See Notes to Financial Statements.

28

Report of Independent Registered Public Accounting Firm 

To the Directors of the American Century Quantitative Equity Funds, Inc. and Shareholders of the Global Gold Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Global Gold Fund (one of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

29

Management 

The individuals listed below serve as directors or officers of the fund. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the fund’s investment advisor, American Century Investment Management, Inc. (ACIM or the advisor); the fund’s principal underwriter, American Century Investment Services, Inc. (ACIS); and the fund’s transfer agent, American Century Services, LLC (ACS) .

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the fund also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, unless otherwise noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the fund. The listed officers are interested persons of the fund and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Fund: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007).
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

30

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Fund: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors
(asset manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Fund: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

31

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Fund: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Fund: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS, ACIS
and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Fund: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM
and ACS (August 2006 to present); Assistant Treasurer, ACC (January 1995 to
August 2006); and Treasurer and Chief Financial Officer, various American
Century Investments funds (July 2000 to August 2006). Also serves as: Senior Vice
President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Fund: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Fund: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to present);
and Controller, various American Century Investments funds (1997 to September 2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Fund: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to
present); Vice President, certain ACC subsidiaries (October 2001 to August 2006);
Vice President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as:
Chief Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and Senior
Vice President, ACIS

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

32

Approval of Management Agreement 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/ trustees, including a majority of a fund’s independent directors/trustees (the “Directors”). At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to renew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the Global Gold Fund (the “fund”) and the services provided to the fund under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the fund;

• the wide range of programs and services the advisor provides to the fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning the fund to the cost of owning a similar fund;

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

• financial data showing the profitability of the fund to the advisor and the overall profitability of the advisor;

• data comparing services provided and charges to other non-fund invest-ment management clients of the advisor; and

33

• collateral or “fall-out” benefits derived by the advisor from the manage-ment of the fund, and potential sharing of economies of scale in connection with the management of the fund.

In keeping with its practice, the Directors at a special meeting and at a regu larly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the agreement under the terms ultimately determined by the board to be appropriate, the Directors’ decision was based on a number of factors, including the following.

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

• fund construction and design

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of the fund’s portfolio

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

34

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage the fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agre ement, the Directors, directly and through its Portfolio Committee, review investment performance information for the fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. The fund’s performance was slightly above its benchmark for the three-year period and slightly below its benchmark for the one-year period.

Shareholder and Other Services. The advisor provides the fund with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio va luation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

35

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the fund, its profitability in managing the fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed with the advisor its methodology for compensating the investment professionals that provide services to the fund. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the fund. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of the fund specifically, and the expenses incurred by the advisor in providing various functions to the fund. The Directors believe the advisor is ap propriately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increases in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of the fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. The fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their i nvestment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and, since the unified fee cannot be increased without a vote of fund shareholders, it shifts to the

36

advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of the fund was the lowest of the total expense ratios of its peer group.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the fund. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the fund, at least in part, due to its existing infras tructure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of the fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between the fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the fund.

37

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. 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 on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

38

Index Definitions

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The FT-SE® Gold Mines Index(1) is designed to reflect the performance of the worldwide market in shares of companies whose principal activity is the mining of gold.

The custom benchmark was the Benham North American Gold Equities Index from inception through February 1996. From March 1996 through December 1997, the benchmark was the FT-SE Gold Mines Index. From January 1998 through December 2008, the benchmark was a proprietary index developed and monitored by American Century Investments which was intended to reflect the entire gold market. The Global Gold fund custom benchmark is approximately two-thirds North American, 20% African, and 10% Australian gold company stocks.

The Lipper Gold Fund Index tracks total return performance of the largest funds within the Lipper Gold Fund category. These funds invest primarily in shares of gold mines, gold-oriented mining finance houses, gold coins, or gold bullion.

The Morgan Stanley Capital International (MSCI) World Index is a market-capitalization-weighted index designed to measure global developed-market equity performance.

The New York Stock Exchange (NYSE) Arca Gold Miners Index is a modified market capitalization-weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver.

The Rogers International Commodities Index (RICI) was developed by Jim Rogers in 1998. It represents the value of a basket of 35 commodities used in the global economy, including agricultural and energy products, metals, and minerals.

(1)      The FT-SE Gold Mines Index is calculated by FT-SE International Limited in conjunction with the Institute of Actuaries. The FT-SE Gold Mines Index is a trademark of the London Stock Exchange Limited and the Financial Times Ltd. and is used by FT-SE International Limited under license. FT-SE International Limited does not sponsor, endorse, or promote the fund.

39

Notes 

40


Contact Us   
americancentury.com   
Automated Information Line  1-800-345-8765 
Investor Services Representative  1-800-345-2021 or 
  816-531-5575 
Investors Using Advisors  1-800-378-9878 
Business, Not-For-Profit, Employer-Sponsored   
Retirement Plans  1-800-345-3533 
Banks and Trust Companies, Broker-Dealers,   
Financial Professionals, Insurance Companies  1-800-345-6488 
Telecommunications Device for the Deaf  1-800-634-4113 
American Century Quantitative Equity Funds, Inc.   

Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66121N

Annual Report 
June 30, 2009 

American Century Investments 

Utilities Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting.

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify and stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     U.S. Stock Index Returns  2 
 
Utilities   
 
           Performance  3 
           Portfolio Commentary  5 
                     Utilities Market Returns  7 
                     Top Ten Holdings  7 
                     Industry Breakdown  7 
                     Types of Investments in Portfolio  7 
 
           Shareholder Fee Example  8 
 
Financial Statements   
 
           Schedule of Investments  10 
           Statement of Assets and Liabilities  12 
           Statement of Operations  13 
           Statement of Changes in Net Assets  14 
           Notes to Financial Statements  15 
           Financial Highlights  21 
           Report of Independent Registered Public Accounting Firm  22 
 
Other Information   
 
           Management  23 
           Approval of Management Agreement  26 
           Additional Information  31 
           Index Definitions  32 

The opinions expressed in the Market Perspective and the Portfolio Commentary reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative i ndices 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.

Market Perspective 


By John Schniedwind, Chief Investment Officer, Quantitative Equity

A Historic Market Decline Sank Stocks

U.S. stocks fell sharply for the 12 months ended June 30, 2009, in an environment of extreme volatility and dramatic shifts in market sentiment. The major stock indices remained on a downward trajectory for much of the 12-month period as a deepening economic downturn, a worsening credit crunch, and a near collapse in the financial sector weighed on investor confidence.

The U.S. economy, already in recession since the end of 2007, contracted in the last two quarters of 2008 and the first quarter of 2009. The slumping economy was characterized by substantial job losses (leading to the highest unemployment rate since 1983), a drop-off in consumer spending, and further deterioration in the housing market.

At the same time, a lack of liquidity in the credit markets put enormous pressure on the balance sheets and profitability of financial companies worldwide. After a series of bankruptcies and takeovers swept through the financial sector in late 2008, the federal government moved swiftly to provide financial assistance and other support to prevent a full-scale breakdown in the financial system.

The economic and financial difficulties led to a steep market decline throughout the last half of 2008 and into early 2009. From the beginning of the reporting period through March 9, 2009, the broad stock indices plummeted by more than 45%.

Early Signs of Recovery

Market conditions changed dramatically in the last few months of the period. The stock market hit a multi-year low on March 9 and then staged a powerful rally as signs of economic stabilization generated optimism about a possible recovery. Investors also grew more confident about the federal government’s actions to stimulate economic activity and restore liquidity in the credit markets.

Despite the recent rebound, the broad equity indices declined by more than 25% for the 12-month period (see the table below). Much of the rally late in the period was driven by changing perceptions, but a truly sustainable long-term advance requires substantial improvements in economic and company fundamentals, which have yet to materialize.

U.S. Stock Index Returns         
For the 12 months ended June 30, 2009         
Russell 1000 Index (Large-Cap)  –26.69%  Russell 2000 Index (Small-Cap)  –25.01% 
Russell 1000 Growth Index  –24.50%  Russell 2000 Growth Index  –24.85% 
Russell 1000 Value Index  –29.03%  Russell 2000 Value Index  –25.24% 
Russell Midcap Index  –30.36%     
Russell Midcap Growth Index  –30.33%     
Russell Midcap Value Index  –30.52%     

2

 Performance 
Utilities 

Total Returns as of June 30, 2009         
    Average Annual Returns   
         Since  Inception 
  1 year  5 years  10 years  Inception  Date 
Investor Class  -25.89%   6.90%  1.09%    6.53% 3/1/93 
Russell 3000 Utilities Index  -23.20%   4.06% -3.51%       4.52%(1) — 
S&P 500 Index(2)  -26.21%  -2.24% -2.22%       6.60%(1) — 

(1)      Since 2/28/93, the date nearest the Investor Class’s inception for which data are available.
(2)      Data provided by Lipper Inc. — A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
  The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to be reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or sell any of the securities herein is being made by Lipper.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations.

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

3

Utilities


   One-Year Returns Over 10 Years               
   Periods ended June 30                   
   2000  2001  2002  2003  2004  2005  2006  2007   2008  2009 
   Investor Class  3.06% -4.69% -31.41% 4.93% 12.99% 33.06% 8.84% 31.72% -1.26% -25.89%
   Russell 3000 
   Utilities Index  -10.28% -16.89% -31.12% 3.60% 7.75% 23.22% 9.72% 30.15% -9.69% -23.20%
   S&P 500 Index  7.25% -14.83% -17.99% 0.25% 19.11% 6.32% 8.63% 20.59% -13.12% -26.21%
   Total Annual Fund Operating Expenses               
   Investor Class  0.68%                   

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund concentrates its investments in a narrow segment of the total market and is therefore subject to greater risks and market fluctuations than a portfolio representing a broader range of industries. International investing involves special risks, such as political instability and currency fluctuations.

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the indices do not.

4

Portfolio Commentary 

Utilities

Portfolio Managers: John Schniedwind and Joe Sterling

Performance Summary

The Utilities Fund declined -25.89% for the 12 months ended June 30, 2009, lagging the -23.20% decline of its benchmark, the Russell 3000 Utilities Index. The S&P 500 Index, a broad market measure, declined -26.21%.

As described on page 2, equity indices declined during the reporting period amid extreme levels of market volatility, as economic conditions continued to deteriorate. Amid this volatility, the Utilities Fund’s management team remained focused on the fundamental business prospects of its portfolio investments.

From a broad sector perspective, an overweight allocation to the traditional utilities sector represented the majority of the portfolio’s underperformance relative to its benchmark. Stock selection within the utilities sector further weighed on relative returns. Within the sector, the independent power producers industry accounted for the bulk of underperformance. An overweight stake in the gas utilities industry, as well as stock selection in the electric utilities industry, were significant detractors from relative performance. An overweight allocation to, and stock selection in, the multi-utilities industry trimmed losses generated in the utilities sector. Underweight allocations to the consumer discretionary and telecommunication services sectors, particularly an underweight stake to the diversified telecommunication industry, also dragged down relative returns.

We allocated a portion of the portfolio’s assets to holdings of companies outside of the United States. This allocation detracted from portfolio returns, as our international holdings generated lower returns than our domestic stocks, particularly in dollar terms as the U.S. dollar strengthened during the reporting period.

Traditional Utilities Lagged

The traditional utilities group, which represented 75% of the portfolio, was the most substantial sector source of negative absolute returns. Within the group, overweight stakes in select independent power producers hurt absolute and relative performance. Constellation Energy Group, in particular, was a key detractor as the company’s share price fell 66% during the reporting period.

Stock selection in the electric utilities industry curbed relative performance. Holdings in the group declined amid shrinking demand for electricity during the period. In particular, an overweight stake in electric power provider Edison International weighed on absolute and relative performance.

An overweight allocation to gas utilities also detracted from absolute and relative performance. Holdings within the industry collectively declined as oil and natural gas prices fell during the period.

5

Utilities

The portfolio avoided the water utilities group altogether. This detracted from relative performance modestly, as water utilities delivered the strongest industry returns in the utilities sector within the benchmark.

An overweight allocation and effective stock selection in the multi-utilities group helped relative performance, although the portfolio derived negative performance from the group on an absolute basis. Within the group, an overweight stake in Puget Energy, in particular, benefited both absolute and relative performance as the Washington-based company completed a merger with Puget Holdings during the period.

Consumer Discretionary Detracted

Within the consumer discretionary sector, the portfolio maintained an underweight allocation to the media group, trimming relative returns. The portfolio avoided several benchmark constituents in the industry that contributed positively to benchmark returns. Its one holding in the sector, Comcast, hurt performance, as its share price fell 23% during the period.

Telecommunications Delivered Poor Results

The telecommunication services sector also detracted from performance relative to the benchmark. An underweight allocation to the diversified telecommunication services industry detracted meaningfully from relative returns. In particular, significant underweight positions in relatively strong-performing AT&T and Verizon Communications hurt relative performance.

An underweight allocation to the wireless telecommunication services industry benefited relative performance, as these stocks collectively declined 45% in the benchmark during the reporting period.

Outlook

The Utilities Fund employs a structured, disciplined investment approach. The management team incorporates both growth and value measures into its stock selection process and attempts to balance the portfolio’s risk and expected return.

The team has continued to avoid water utilities in the portfolio. The portfolio has maintained overweight positions in independent power producers, multi-utilities, and gas utilities, as our quantitative process has identified opportunities in these areas.

6

Utilities       
 
Utilities Market Returns         
For the 12 months ended June 30, 2009         
Broad U.S. Stock Market    Primary Utilities Industries in Fund Benchmark 
S&P 500 Index  -26.21%  Diversified Telecommunication Services  -17.42% 
Nasdaq Composite Index  -19.13%  Gas Utilities  -29.50% 
Broad Utilities Market    Electric Utilities  -26.77% 
Lipper Utility Fund Index  -29.11%  Wireless Telecommunication Services  -44.30% 
Russell 1000 Utilities Index  -23.68%  Multi-Utilities  -17.12% 
 
Top Ten Holdings as of June 30, 2009       
      % of net assets  % of net assets 
      as of 6/30/09  as of 12/31/08 
Verizon Communications, Inc.    4.4%  4.9% 
AT&T, Inc.    4.2%  4.7% 
Exelon Corp.    3.7%  3.8% 
Public Service Enterprise Group, Inc.    3.7%  3.1% 
FPL Group, Inc.    3.6%  3.1% 
Southern Co. (The)    3.4%  3.4% 
Sempra Energy    3.4%  3.2% 
Edison International    3.2%  3.1% 
PPL Corp.    2.7%  2.4% 
PG&E Corp.      2.7%  2.3% 
         
Industry Breakdown as of June 30, 2009       
    % of net assets  % of net assets 
      as of 6/30/09  as of 12/31/08 
Electric Utilities    29.3%  30.1% 
Multi-Utilities    26.2%  26.5% 
Gas Utilities    16.8%  16.8% 
Integrated Telecommunication Services    16.3%  18.1% 
Wireless Telecommunication Services      3.2%    1.0% 
Independent Power Producers & Energy Traders    2.9%    2.5% 
Oil & Gas Storage & Transportation      1.4%    1.0% 
Communications Equipment      1.3%    1.4% 
Other Industries      1.7%    2.0% 
Cash and Equivalents(1)        0.9%    0.6% 
(1) Includes temporary cash investments and other assets and liabilities.     
         
Types of Investments in Portfolio         
    % of net assets  % of net assets 
      as of 6/30/09  as of 12/31/08 
Domestic Common Stocks    92.3%  90.3% 
Foreign Common Stocks & Rights(2)      6.8%    8.6% 
Total Common Stocks & Rights    99.1%  98.9% 
Temporary Cash Investments      0.6%    0.8% 
Other Assets and Liabilities        0.3%    0.3% 
(2) Includes depositary shares, dual listed securities and foreign ordinary shares.   

7

Shareholder Fee Example (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

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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  Ending  Expenses Paid   
  Account Value  Account Value  During Period*  Annualized 
  1/1/09  6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Actual  $1,000       $1,007.40  $3.48  0.70% 
Hypothetical  $1,000       $1,021.32  $3.51  0.70% 
* Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
   multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 

9

Schedule of Investments 

Utilities           
 
JUNE 30, 2009           
 
  Shares  Value      Shares       Value 
Common Stocks & Rights — 99.1%  INTEGRATED TELECOMMUNICATION   
      SERVICES — 16.3%     
ALTERNATIVE CARRIERS — 0.7%    AT&T, Inc.  400,116  $    9,938,881 
Premiere Global Services, Inc.(1)  149,400  $     1,619,496  CenturyTel, Inc.  115,800  3,555,060 
CABLE & SATELLITE — 0.6%      Embarq Corp.  69,967  2,942,812 
Comcast Corp., Class A  96,300  1,395,387  France Telecom SA ADR  91,000  2,075,710 
COMMUNICATIONS EQUIPMENT — 1.3%    Koninklijke KPN NV  112,700  1,552,534 
QUALCOMM, Inc.  65,900  2,978,680  Qwest Communications     
ELECTRIC UTILITIES — 29.3%      International, Inc.  726,100  3,013,315 
American Electric Power Co., Inc.  184,040  5,316,915  Telefonica SA ADR  21,300  1,446,057 
Duke Energy Corp.  222,304  3,243,415  Verizon Communications, Inc.  342,099  10,512,702 
E.ON AG ADR  51,900  1,838,345  Windstream Corp.  438,700  3,667,532 
Edison International  243,800  7,669,948      38,704,603 
EDP- Energias de Portugal SA  637,700  2,502,109  MULTI-UTILITIES — 26.2%     
EDP- Energias de Portugal SA      Alliant Energy Corp.  70,300  1,836,939 
ADR  3,300  128,997  CenterPoint Energy, Inc.  422,400  4,680,192 
Entergy Corp.  66,300  5,139,576  CMS Energy Corp.  168,700  2,037,896 
Exelon Corp.  171,200  8,767,152  Consolidated Edison, Inc.  117,700  4,404,334 
FirstEnergy Corp.  112,300  4,351,625  Dominion Resources, Inc.  152,212  5,086,925 
FPL Group, Inc.  151,900  8,637,034  DTE Energy Co.  70,700  2,262,400 
Iberdrola SA  351,488  2,858,544  MDU Resources Group, Inc.  165,100  3,131,947 
Iberdrola SA ADR  1,410  44,443  NorthWestern Corp.  87,900  2,000,604 
PPL Corp.  195,300  6,437,088  NSTAR  172,142  5,527,480 
Progress Energy, Inc.  71,700  2,712,411  PG&E Corp.  165,000  6,342,600 
Southern Co. (The)  259,300  8,079,788  Public Service     
Westar Energy, Inc.  82,000  1,539,140  Enterprise Group, Inc.  267,200  8,718,736 
    69,266,530  SCANA Corp.  50,200  1,629,994 
ELECTRICAL COMPONENTS & EQUIPMENT — 0.4%  Sempra Energy  161,300  8,005,319 
Renewable Energy Corp. AS(1)  104,000  813,164  Wisconsin Energy Corp.  75,900  3,089,889 
Renewable Energy Corp. AS      Xcel Energy, Inc.  180,400  3,321,164 
Rights(1)  35,862  128,275      62,076,419 
    941,439  OIL & GAS STORAGE & TRANSPORTATION — 1.4% 
GAS UTILITIES — 16.8%      El Paso Corp.  214,500  1,979,835 
AGL Resources, Inc.  151,100  4,804,980  Williams Cos., Inc. (The)  92,500  1,443,925 
Atmos Energy Corp.  72,600  1,817,904      3,423,760 
Energen Corp.  99,900  3,986,010  WIRELESS TELECOMMUNICATION SERVICES — 3.2% 
Laclede Group, Inc. (The)  85,600  2,835,928  America Movil SAB de CV ADR,     
National Fuel Gas Co.  120,000  4,329,600  Series L  68,100  2,636,832 
Nicor, Inc.  137,800  4,770,636  MetroPCS     
Northwest Natural Gas Co.  94,400  4,183,808  Communications, Inc.(1)  108,100  1,438,811 
ONEOK, Inc.  165,900  4,892,391  Sprint Nextel Corp.(1)  741,342  3,565,855 
Questar Corp.  69,500  2,158,670      7,641,498 
UGI Corp.  231,100  5,890,739  TOTAL COMMON STOCKS & RIGHTS   
    39,670,666  (Cost $236,782,158)     234,572,912 
INDEPENDENT POWER PRODUCERS         
& ENERGY TRADERS — 2.9%           
Constellation Energy Group, Inc.  35,100  932,958       
NRG Energy, Inc.(1)  228,100  5,921,476       
    6,854,434       

10

Utilities       
 
 
  Shares  Value    Notes to Schedule of Investments 
Temporary Cash Investments — 0.6%  ADR = American Depositary Receipt 
JPMorgan U.S. Treasury      (1) Non-income producing. 
Plus Money Market Fund       
Agency Shares  65,996  $        65,996  Industry classifications are unaudited. 
Repurchase Agreement, Credit Suisse     
First Boston, Inc., (collateralized by various     
U.S. Treasury obligations, 4.25%, 5/15/39,     
valued at $1,330,997), in a joint trading    See Notes to Financial Statements. 
account at 0.001%, dated 6/30/09, due     
7/1/09 (Delivery value $1,300,000)  1,300,000   
TOTAL TEMPORARY       
CASH INVESTMENTS       
(Cost $1,365,996)    1,365,996   
TOTAL INVESTMENT       
SECURITIES — 99.7%       
(Cost $238,148,154)    235,938,908   
OTHER ASSETS       
AND LIABILITIES — 0.3%    795,240   
TOTAL NET ASSETS — 100.0%    $236,734,148   

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Statement of Assets and Liabilities 

JUNE 30, 2009   
Assets   
Investment securities, at value (cost of $238,148,154)  $235,938,908
Foreign currency holdings, at value (cost of $1,920)  2,022
Receivable for capital shares sold  85,505
Dividends and interest receivable  879,956
  236,906,391
 
Liabilities 
Payable for capital shares redeemed  38,174
Accrued management fees  134,069
  172,243
 
Net Assets  $236,734,148
 
Investor Class Capital Shares, $0.01 Par Value 
Authorized  110,000,000
Outstanding  19,056,597
 
Net Asset Value Per Share  $12.42
 
Net Assets Consist of: 
Capital (par value and paid-in surplus)  $249,887,263
Undistributed net investment income  453,735
Accumulated net realized loss on investment and foreign currency transactions    (11,397,887)
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies    (2,208,963)
  $236,734,148
 
 
See Notes to Financial Statements.   

12

Statement of Operations 

YEAR ENDED JUNE 30, 2009   
Investment Income (Loss)   
Income:   
Dividends (net of foreign taxes withheld of $75,585)  $ 11,062,381
Interest  9,459
Securities lending, net  47,360
  11,119,200
 
Expenses: 
Management fees  1,818,285
Directors’ fees and expenses  10,902
Other expenses  854
  1,830,041
 
Net investment income (loss)  9,289,159
 
Realized and Unrealized Gain (Loss) 
Net realized gain (loss) on investment and foreign currency transactions    (10,136,166)
Change in net unrealized appreciation (depreciation) on investments and translation of assets 
and liabilities in foreign currencies    (96,933,284)
 
Net realized and unrealized gain (loss)    (107,069,450)
 
Net Increase (Decrease) in Net Assets Resulting from Operations    $ (97,780,291)
 
 
See Notes to Financial Statements.   

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Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008     
Increase (Decrease) in Net Assets       2009            2008 
Operations     
Net investment income (loss)  $ 9,289,159 $ 9,708,255
Net realized gain (loss)    (10,136,166) 13,615,778
Change in net unrealized appreciation (depreciation)    (96,933,284)   (31,770,866)
Net increase (decrease) in net assets resulting from operations    (97,780,291)   (8,446,833)
 
Distributions to Shareholders 
From net investment income: 
 Investor Class    (10,297,789)   (8,813,433)
 Advisor Class  —   (28,082)
Decrease in net assets from distributions    (10,297,789)   (8,841,515)
 
Capital Share Transactions 
Net increase (decrease) in net assets from capital share transactions    (42,257,534)   (105,206,335)
 
Net increase (decrease) in net assets    (150,335,614)   (122,494,683)
 
Net Assets 
Beginning of period  387,069,762 509,564,445
End of period  $ 236,734,148 $ 387,069,762
 
Undistributed net investment income  $453,735 $1,454,959
 
 
See Notes to Financial Statements.     

14

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Utilities Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified under the 1940 Act. The fund’s investment objective is 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 following is a summary of the fund’s significant accounting policies.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and ov er-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has b een declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Securities on Loan — The fund may lend portfolio securities through its lending agent to certain approved borrowers in order to earn additional income. The income earned, net of any rebates or fees, is included in the Statement of Operations. The fund continues to recognize any gain or loss in the market price of the securities loaned and records any interest earned or dividends declared.

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 certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. For assets and liabilities, other than investments in securities, net realized and unrealized gains and losses from foreign currency translations arise from changes in currency exchange rates.

15

Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of realized gain (loss) on investment transactions and unrealized appreciation (depreciation) on investments, respectively. Certain countries may impose taxes on the contract amount of purchases and sales of foreign currency contracts in their currency. The fund records the foreign tax expense, if any, as a reduction to the net realized gain (loss) on foreign currency transactions.

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

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

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. The fund is no longer subject to examination by tax authorities for years prior to 2005. 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penalties associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. 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 fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

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2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The Agreement provides that all expenses of the fund, except brokerage commissions, taxes, interest, fees and expenses of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares 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 invest ment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The 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 Investor Class for the year ended June 30, 2009 was 0.69%.

Related Parties — Certain officers and directors of the corporation are also officers and/ or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, American Century Investment Services, Inc., and the corporation’s transfer agent, American Century Services, LLC.

The fund is eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the fund. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2009, were $38,686,846 and $81,937,112, respectively.

4. Capital Share Transactions

Transactions in shares of the fund were as follows:

  Year ended June 30, 2009  Year ended June 30, 2008 
    Shares   Amount    Shares        Amount 
Investor Class/Shares Authorized  110,000,000 110,000,000
Sold  2,073,571 $ 26,237,168 5,339,247 $ 97,205,003
Issued in connection with reclassification 
(Note 11)  — — 354,995 6,715,085
Issued in reinvestment of distributions  766,908 9,704,306 462,703 8,277,019
Redeemed    (5,951,923)   (78,199,008)   (11,820,503)   (209,652,155)
    (3,111,444)   (42,257,534)   (5,663,558)   (97,455,048)
Advisor Class/Shares Authorized  N/A N/A
Sold  44,532 818,547
Issued in reinvestment of distributions  1,578 27,833
Redeemed in connection with 
reclassification (Note 11)    (354,995)   (6,715,085)
Redeemed    (105,424)   (1,882,582)
    (414,309)   (7,751,287)
Net increase (decrease)    (3,111,444)   $(42,257,534)   (6,077,867)   $(105,206,335)

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5. Securities Lending

As of June 30, 2009, the fund did not have any securities on loan. JPMCB receives and maintains collateral in the form of cash and/or acceptable securities as approved by ACIM. Cash collateral is invested in authorized investments by the lending agent in a pooled account. Any deficiencies or excess of collateral must be delivered or transferred by the member firms no later than the close of business on the next business day. The fund’s risks in securities lending are that the borrower may not provide additional collateral when required or return the securities when due. If the borrower defaults, receipt of the collateral by the fund may be delayed or limited. Investments made with cash collateral may decline in value.

6. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of June 30, 2009:

  Level 1  Level 2  Level 3 
Investment Securities       
Domestic Common Stocks  $218,547,902 — — 
Foreign Common Stocks & Rights  8,170,384 $7,854,626 — 
Temporary Cash Investments  65,996 1,300,000 — 
Total Value of Investment Securities  $226,784,282 $9,154,626 — 

7. Bank Line of Credit

The fund, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the fund to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The fund did not borrow from the line during the year ended June 30, 2009.

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8. Interfund Lending

The fund, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the fund to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the fund did not utilize the program.

9. Risk Factors

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.

There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions.

10. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008 were as follows:

  2009  2008 
Distributions Paid From     
Ordinary income  $10,297,789  $8,841,515 
Long-term capital gains  —  — 

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 June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

Federal tax cost of investments  $238,560,184
Gross tax appreciation of investments  $ 27,195,226
Gross tax depreciation of investments    (29,816,502)
Net tax appreciation (depreciation) of investments    $ (2,621,276)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities 
in foreign currencies  $ 283
Net tax appreciation (depreciation)    $(2,620,993)
Undistributed ordinary income  $453,963
Accumulated capital losses    $(3,073,649)
Capital loss deferral    $(7,912,208)
Currency loss deferral    $(228)

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

The accumulated capital losses listed on the previous page represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions and contributions. Capital loss carryovers of $(492,967) and $(2,580,682) expire in 2011 and 2017, respectively.

The capital and currency loss deferrals listed on the previous page represent net capital and foreign currency losses incurred in the eight-month period ended June 30, 2009. The fund has elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

11. Corporate Event

On July 27, 2007, the Advisor Class shareholders of the fund approved a reclassification of Advisor Class shares into Investor Class shares. The change was approved by the Board of Directors on December 8, 2006. The reclassification was effective on December 3, 2007.

12. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the fund. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

13. Other Tax Information (Unaudited)

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2009.

For corporate taxpayers, the fund hereby designates $10,297,789, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2009 as qualified for the corporate dividends received deduction.

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 Financial Highlights         
 
Utilities             
 
Investor Class             
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005  2004 
Per-Share Data             
Net Asset Value,             
Beginning of Period  $17.46 $18.04 $16.30 $13.40 $12.08 $10.02
Income From 
Investment Operations 
 Net Investment 
 Income (Loss)(2)  0.46 0.39 0.20 0.38 0.40 0.30
 Net Realized and 
 Unrealized Gain (Loss)    (4.98)    (0.61) 1.70 2.92 1.32 2.05
 Total From 
 Investment Operations    (4.52)    (0.22) 1.90 3.30 1.72 2.35
Distributions 
 From Net 
 Investment Income    (0.52)    (0.36)   (0.16)    (0.40)    (0.40)    (0.29)
Net Asset Value, 
End of Period  $12.42 $17.46 $18.04 $16.30 $13.40 $12.08
 
Total Return(3)  (25.89)%   (1.26)%  11.71%  24.99%  14.30%  23.81% 
 
Ratios/Supplemental Data             
Ratio of Operating             
Expenses to Average             
Net Assets  0.70%    0.68% 0.67%(4) 0.68% 0.67% 0.68%
Ratio of Net Investment 
Income (Loss) to Average 
Net Assets  3.54%      2.16% 2.30%(4) 2.62% 3.09% 2.79%
Portfolio Turnover Rate  14%        19% 20% 45% 21% 31%
Net Assets, End of Period 
(in thousands)  $236,734  $387,070 $502,099 $336,672 $292,575 $194,505

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized.
(4)      Annualized.

See Notes to Financial Statements.

21

Report of Independent Registered Public Accounting Firm 

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Utilities Fund (one of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

22

Management 

The individuals listed below serve as directors or officers of the fund. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the fund’s investment advisor, American Century Investment Management, Inc. (ACIM or the advisor); the fund’s principal underwriter, American Century Investment Services, Inc. (ACIS); and the fund’s transfer agent, American Century Services, LLC (ACS) .

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the fund also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, unless otherwise noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the fund. The listed officers are interested persons of the fund and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Fund: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007).
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Fund: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

23

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors (asset
manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Fund: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Fund: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

24

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Fund: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS, ACIS
and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Fund: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM and
ACS (August 2006 to present); Assistant Treasurer, ACC (January 1995 to August
2006); and Treasurer and Chief Financial Officer, various American Century
Investments funds (July 2000 to August 2006). Also serves as: Senior Vice
President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Fund: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Fund: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to
present); and Controller, various American Century Investments funds (1997 to
September 2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Fund: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to
present); Vice President, certain ACC subsidiaries (October 2001 to August 2006);
Vice President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as:
Chief Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and Senior
Vice President, ACIS

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

25

Approval of Management Agreement 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/trustees, including a majority of a fund’s independent directors/trustees (the “Directors”). At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to renew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the Utilities Fund (the “fund”) and the services provided to the fund under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the fund;

• the wide range of programs and services the advisor provides to the fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning the fund to the cost of owning a similar fund;

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

• financial data showing the profitability of the fund to the advisor and the overall profitability of the advisor;

• data comparing services provided and charges to other non-fund investment management clients of the advisor; and

26

• collateral or “fall-out” benefits derived by the advisor from the manage-ment of the fund, and potential sharing of economies of scale in connection with the management of the fund.

In keeping with its practice, the Directors at a special meeting and at a regularly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the agreement under the terms ultimately determined by the board to be appropriate, the Directors’ decision was based on a number of factors, including the following.

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

• fund construction and design

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of the fund’s portfolio

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

27

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage the fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agre ement, the Directors, directly and through its Portfolio Committee, review investment performance information for the fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. The fund’s performance for both the one- and three-year periods was above the median for its peer group.

Shareholder and Other Services. The advisor provides the fund with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio va luation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the fund, its profitability in managing the fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed

28

with the advisor its methodology for compensating the investment professionals that provide services to the fund. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the fund. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of the fund specifically, and the expenses incurred by the advisor in providing various functions to the fund. The Directors believe the advisor is ap propriately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increases in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of the fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. The fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their i nvestment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and, since the unified fee cannot be increased without a vote of fund shareholders, it shifts to the advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The

29

Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of the fund was lowest of the total expense ratios of its peer group.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the fund. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the fund, at least in part, due to its existing infras tructure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of the fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between the fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the fund.

30

Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. 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 on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

31

Index Definitions 

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Lipper Utility Fund Index tracks the performance of the 10 largest funds in Lipper Inc.’s utilities fund category. Each fund in the category is at least 65% invested in utilities stocks.

The Nasdaq Composite Index is a market value-weighted index of all domestic and international common stocks listed on the Nasdaq stock market.

The Russell 1000® Index is a market-capitalization weighted, large-cap index created by Frank Russell Company to measure the performance of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 1000® Growth Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000® Utilities Index, a sub-index of the Russell 1000 Index, is a capitalization-weighted index of companies in industries heavily affected by government regulation, including among others, basic public service providers (electricity, gas and water), telecommunication services, and oil and gas companies.

The Russell 1000® Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000® Index is a market-capitalization weighted index created by Frank Russell Company to measure the performance of the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 2000® Growth Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000® Value Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

32

The Russell 3000® Utilities Index, a sub-index of the Russell 3000 Index, is a capitalization weighted index of companies in industries heavily affected by government regulation, including among others, basic public service providers (electricity, gas and water), telecommunication services, and oil and gas companies.

The Russell Midcap® Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap® Value Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index is a market value-weighted index of the stocks of 500 publicly traded U.S. companies chosen for market size, liquidity, and industry group representation that are considered to be leading firms in dominant industries. Each stock’s weight in the index is proportionate to its market value. Created by Standard & Poor’s, it is considered to be a broad measure of U.S. stock market performance.

33

Notes 

34

Notes 

35

Notes 

36


Contact Us   
americancentury.com   
Automated Information Line  1-800-345-8765 
Investor Services Representative  1-800-345-2021 or 
  816-531-5575 
Business, Not-For-Profit, Employer-Sponsored   
Retirement Plans  1-800-345-3533 
Banks and Trust Companies, Broker-Dealers,   
Financial Professionals, Insurance Companies  1-800-345-6488 
Telecommunications Device for the Deaf  1-800-634-4113 
American Century Quantitative Equity Funds, Inc.   
Investment Advisor:   
American Century Investment Management, Inc.   
Kansas City, Missouri   

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66119N

Annual Report 
June 30, 2009 

American Century Investments 

Long-Short Market Neutral Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting.

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify and stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     U.S. Stock Index Returns  2 
 
Long-Short Market Neutral   
 
           Performance  3 
           Portfolio Commentary  5 
                     Top Ten Long Holdings  7 
                     Top Ten Short Holdings.  7 
                     Types of Investments in Portfolio  7 
 
           Shareholder Fee Example  8 
 
Financial Statements   
 
           Schedule of Investments  10 
           Statement of Assets and Liabilities  22 
           Statement of Operations  24 
           Statement of Changes in Net Assets  25 
           Notes to Financial Statements  26 
           Financial Highlights  33 
           Report of Independent Registered Public Accounting Firm  39 
 
Other Information   
 
           Management  40 
           Approval of Management Agreement  43 
           Additional Information  48 
           Index Definitions  49 

The opinions expressed in the Market Perspective and the Portfolio Commentary reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative i ndices 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.

Market Perspective 


By John Schniedwind, Chief Investment Officer, Quantitative Equity

A Historic Market Decline Sank Stocks

U.S. stocks fell sharply for the 12 months ended June 30, 2009, in an environment of extreme volatility and dramatic shifts in market sentiment. The major stock indices remained on a downward trajectory for much of the 12-month period as a deepening economic downturn, a worsening credit crunch, and a near collapse in the financial sector weighed on investor confidence.

The U.S. economy, already in recession since the end of 2007, contracted in the last two quarters of 2008 and the first quarter of 2009. The slumping economy was characterized by substantial job losses (leading to the highest unemployment rate since 1983), a drop-off in consumer spending, and further deterioration in the housing market.

At the same time, a lack of liquidity in the credit markets put enormous pressure on the balance sheets and profitability of financial companies worldwide. After a series of bankruptcies and takeovers swept through the financial sector in late 2008, the federal government moved swiftly to provide financial assistance and other support to prevent a full-scale breakdown in the financial system.

The economic and financial difficulties led to a steep market decline throughout the last half of 2008 and into early 2009. From the beginning of the reporting period through March 9, 2009, the broad stock indices plummeted by more than 45%.

Early Signs of Recovery

Market conditions changed dramatically in the last few months of the period. The stock market hit a multi-year low on March 9 and then staged a powerful rally as signs of economic stabilization generated optimism about a possible recovery. Investors also grew more confident about the federal government’s actions to stimulate economic activity and restore liquidity in the credit markets.

Despite the recent rebound, the broad equity indices declined by more than 25% for the 12-month period (see the table below). Much of the rally late in the period was driven by changing perceptions, but a truly sustainable long-term advance requires substantial improvements in economic and company fundamentals, which have yet to materialize.

U.S. Stock Index Returns         
For the 12 months ended June 30, 2009       
Russell 1000 Index (Large-Cap)  -26.69% Russell 2000 Index (Small-Cap)  -25.01%
Russell 1000 Growth Index  -24.50% Russell 2000 Growth Index  -24.85%
Russell 1000 Value Index  –29.03% Russell 2000 Value Index  –25.24%
Russell Midcap Index  -30.36%  
Russell Midcap Growth Index  -30.33%    
Russell Midcap Value Index  -30.52%    

2

Performance 

Long-Short Market Neutral       
 
Total Returns as of June 30, 2009       
    Average Annual   
    Returns   
      Since  Inception 
  1 year  Inception  Date 
Investor Class    -8.33%   0.77%  9/30/05 
Citigroup 3-Month Treasury Bill Index     0.78%   3.27%  — 
Institutional Class    -8.13%   0.98%  9/30/05 
A Class      9/30/05 
 No sales charge*    -8.54%   0.54%   
 With sales charge*  -13.77%  -1.04%   
B Class      9/30/05 
 No sales charge*    -9.29%  -0.23%   
 With sales charge*  -13.29%  -1.05%   
C Class    -9.21%  -0.23%  9/30/05 
R Class    -8.85%   0.25%  9/30/05 
*Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 
  5.75% maximum initial sales charge for equity funds and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed 
  within six years of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the 
  sixth year after purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The 
  SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could 
  be applied.       

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund’s investment process may produce high portfolio turnover and high short-term capital gains distributions. In addition, its investment approach may involve higher volatility, short sales risk and overweighting risk.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

3

Long-Short Market Neutral


One-Year Returns Over Life of Class       
Periods ended June 30         
    2006*   2007   2008   2009 
Investor Class    10.40%   2.38%  -0.67%  -8.33% 
Citigroup 3-Month Treasury Bill Index    3.13%   5.07%   3.32%   0.78% 
*From 9/30/05, the Investor Class’s inception date. Not annualized.     
           
Total Annual Fund Operating Expenses       
  Institutional         
Investor Class  Class  A Class  B Class  C Class  R Class 
2.97%  2.77%  3.22%  3.97%  3.97%  3.47% 

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund’s investment process may produce high portfolio turnover and high short-term capital gains distributions. In addition, its investment approach may involve higher volatility, short sales risk and overweighting risk.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

4

Portfolio Commentary   
Long-Short Market Neutral 

Portfolio Managers: Kurt Borgwardt, Claudia Musat, and Zili Zhang

Performance Summary

Long-Short Market Neutral returned –8.33%* for the fiscal year ended June 30, 2009, compared with the 0.78% return of its benchmark, the Citigroup Three-Month Treasury Bill Index, and the –26.69%** return of the Russell 1000 Index, a large-cap stock index used as a performance measure for the portfolio’s long component.

Long-Short Market Neutral is designed to generate positive returns in all market environments, regardless of general stock market performance, so the fund uses a riskless asset—the three-month Treasury bill—as its benchmark. In a challenging environment for stocks characterized by a deteriorating economy and a crisis in the financial sector, the fund held up considerably better than the broad stock indexes, which fell by more than 25%. Nonetheless, the portfolio posted a negative overall return, trailing the modest advance of its benchmark. Lagging performance in the fund’s short positions more than offset favorable results in the long portion of the portfolio.

Long Positions Outperformed

The fund’s long positions declined sharply on an absolute basis for the 12-month period but performed slightly better than the broad stock indexes. The key factor behind this outperformance was favorable stock selection and an underweight position in the financials sector, which was one of the worst-performing sectors in the market.

Within the financials sector, avoiding or minimizing exposure to several of the biggest decliners contributed significantly to relative results. In particular, the portfolio avoided financial services company Citigroup and insurer American International Group, both of which declined by more than 80% for the 12-month period. Modest positions in diversified financial services provider Bank of America and brokerage firm Merrill Lynch also added value.

Other notable contributors on the long side of the portfolio included auto dealer AutoNation, which stood to gain market share as the bankruptcies and restructuring in the domestic auto industry led to the closure of many smaller independent dealers, and construction and engineering firm URS, which benefited from growth in infrastructure and nuclear power projects.

On the downside, the portfolio’s long positions in the information technology sector had the biggest negative impact on relative performance. Declining demand for semiconductors weighed on several holdings in this sector, including semiconductor testing firm Amkor Technology and semiconductor equipment manufacturer ASM International. Two of

* All fund returns referenced in this commentary are for Investor Class shares.

**The Russell 1000 Index returned —5.40% for the period from the fund’s inception on September 30, 2005 through June 30, 2009.

5

Long-Short Market Neutral

the fund’s energy holdings were the worst individual contributors on the long side—Stone Energy was hit hard by declining fuel prices and an ill-timed acquisition, while W&T Offshore tumbled as offshore drilling activity declined.

Short Positions Lagged

The fund’s short positions generated strong absolute returns during the 12-month period as the broad stock market tumbled sharply, but they underperformed the equivalent of shorting the broad stock market. The main culprits in the short portion of the portfolio were stock selection in the industrials sector and an underweight position in financials stocks.

Missed opportunities in both sectors had a significant negative impact. Limited short exposure to General Electric, which slumped by more than 50% for the period amid losses at its finance arm, detracted the most in the industrials sector. Although we benefited from avoiding Citigroup on the long side, we were hurt by taking only a minimal short position in the stock.

Short positions in car rental company Hertz Global Holdings and packaging products producer Temple-Inland were also noteworthy detractors. Hertz rebounded as consumer demand stabilized and the company raised capital, while Temple-Inland reported improving earnings and stronger order volumes.

On the positive side, short positions added the most value in the information technology sector. Video game maker Electronic Arts struggled with new product delays and the downturn in consumer spending, while semiconductor maker Texas Instruments fell as demand for chips weakened. Other favorable short positions included property manager Forest City Enterprises, which was weighed down by a declining property market and a substantial debt load, and oil and gas producer Ultra Petroleum, which suffered as natural gas prices plummeted during the period.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

We are placing additional emphasis on our valuation factors, focusing on attractively valued companies on the long side and overvalued stocks in our short positions. In addition, we are emphasizing quality, seeking companies with strong balance sheets and healthy cash flow in our long positions.

6

Long-Short Market Neutral     
 
Top Ten Long Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
NRG Energy, Inc.  1.0%  0.8% 
Mirant Corp.  0.8%  0.7% 
Occidental Petroleum Corp.  0.8%  0.8% 
Sybase, Inc.  0.8%  0.6% 
American Financial Group, Inc.  0.8%  0.8% 
Anadarko Petroleum Corp.  0.8%  0.8% 
Murphy Oil Corp.  0.8%  0.7% 
Alpha Natural Resources, Inc.  0.8%  — 
Aspen Insurance Holdings Ltd.  0.8%  0.7% 
Talisman Energy, Inc.  0.8%  0.8% 
 
Top Ten Short Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Covance, Inc.  (0.7)%  (0.7)% 
NuVasive, Inc.  (0.7)%  (0.3)% 
Stericycle, Inc.  (0.7)%  (0.5)% 
Great Plains Energy, Inc.  (0.7)%  (0.5)% 
Equinix, Inc.  (0.7)%  (0.4)% 
ONEOK, Inc.  (0.7)%  (0.1)% 
Fiserv, Inc.  (0.7)%  (0.6)% 
Diodes, Inc.  (0.7)%  (0.1)% 
Sigma-Aldrich Corp.  (0.7)%  (0.6)% 
Loews Corp.  (0.7)%  (0.6)% 
 
Types of Investments in Portfolio     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Common Stocks  95.4%     97.5% 
Securities Sold Short  (94.3)%  (98.5)% 
Temporary Cash Investments  4.4%  8.2% 

7

Shareholder Fee Example (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

8

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  Ending  Expenses Paid   
  Account Value  Account Value  During Period*  Annualized 
  1/1/09  6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Actual         
Investor Class  $1,000  $934.60 $15.35  3.20% 
Institutional Class  $1,000  $934.90 $14.39  3.00% 
A Class  $1,000  $933.50 $16.54  3.45% 
B Class  $1,000  $929.50 $20.09  4.20% 
C Class  $1,000  $929.50 $20.09  4.20% 
R Class  $1,000  $931.30 $17.72  3.70% 
Hypothetical       
Investor Class  $1,000  $1,008.83 $15.94  3.20% 
Institutional Class  $1,000  $1,009.92 $14.95  3.00% 
A Class  $1,000  $1,007.69 $17.17  3.45% 
B Class  $1,000  $1,003.97 $20.87  4.20% 
C Class  $1,000  $1,003.97 $20.87  4.20% 
R Class  $1,000  $1,006.45 $18.41  3.70% 
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
  multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. The class’s annualized 
  expense ratio does not include any acquired fund fees and expenses.     

9

Schedule of Investments 

Long-Short Market Neutral       
 
JUNE 30, 2009           
 
  Shares  Value      Shares  Value 
Common Stocks(1) — 95.4%    TD Ameritrade     
       Holding Corp.(2)  6,541  $   114,729 
AEROSPACE & DEFENSE — 2.0%         2,794,830 
General Dynamics Corp.     16,408  $    908,839  CHEMICALS — 1.9%     
Goodrich Corp.  24,976  1,248,050  CF Industries Holdings, Inc.  9,772  724,496 
L-3 Communications      Lubrizol Corp.  10,088  477,263 
Holdings, Inc.  1,418  98,381       
Northrop Grumman Corp.  21,870  999,022  Minerals Technologies, Inc.  7,429  267,593 
      OM Group, Inc.(2)  16,823  488,203 
Raytheon Co.  5,533  245,831       
    3,500,123  Scotts Miracle-Gro Co.     
       (The), Class A  12,247  429,257 
AIR FREIGHT & LOGISTICS — 0.1%     Valspar Corp.  38,870  875,742 
UTi Worldwide, Inc.(2)  13,920  158,688       
           3,262,554 
AUTO COMPONENTS — 1.0%        COMMERCIAL BANKS — 1.2%     
Gentex Corp.  35,394  410,570  Bank of Montreal  8,757  369,108 
Magna International, Inc.,      M&T Bank Corp.  4,122  209,933 
Class A  5,219  220,451       
TRW Automotive      Old National Bancorp.  8,453  83,008 
Holdings Corp.(2)  36,868  416,608  Royal Bank of Canada  14,334  585,544 
WABCO Holdings, Inc.  40,687  720,160  SVB Financial Group(2)  1,936  52,698 
    1,767,789  Toronto-Dominion Bank     
BIOTECHNOLOGY — 2.0%      (The)  14,647  757,397 
Alkermes, Inc.(2)  42,228  456,907        2,057,688 
Amgen, Inc.(2)  8,823  467,089  COMMERCIAL SERVICES & SUPPLIES — 1.5% 
      Brink’s Co. (The)  18,963  550,496 
Biogen Idec, Inc.(2)  8,590  387,839       
      Covanta Holding Corp.(2)  51,290  869,879 
Celgene Corp.(2)  4,800  229,632       
      Herman Miller, Inc.  12,351  189,464 
Cubist           
Pharmaceuticals, Inc.(2)  19,208  352,083  M&F Worldwide Corp.(2)  8,226  164,520 
Isis Pharmaceuticals, Inc.(2)  28,729  474,028  Waste Management, Inc.  29,475  830,016 
Martek Biosciences Corp.(2)  19,459  411,558        2,604,375 
Myriad Genetics, Inc.(2)  4,187  149,267  COMMUNICATIONS EQUIPMENT — 2.5%    
      3Com Corp.(2)  173,757  818,395 
Myriad           
Pharmaceuticals, Inc.(2)  1,047  4,867  Arris Group, Inc.(2)  97,772  1,188,909 
PDL BioPharma, Inc.  58,133  459,251  InterDigital, Inc.(2)  4,364  106,656 
    3,392,521  Juniper Networks, Inc.(2)  5,532  130,555 
BUILDING PRODUCTS — 0.3%      Polycom, Inc.(2)  34,394  697,166 
Lennox International, Inc.  14,590  468,485  Research In Motion Ltd.(2)  6,185  439,444 
CAPITAL MARKETS — 1.6%      Tellabs, Inc.(2)  169,490  971,178 
Allied Capital Corp.  28,923  100,652      4,352,303 
Federated Investors, Inc.,      COMPUTERS & PERIPHERALS — 2.4%   
Class B  21,744  523,813  Apple, Inc.(2)  4,896  697,337 
GFI Group, Inc.  47,260  318,532       
      EMC Corp.(2)  19,442  254,690 
Investment Technology           
Group, Inc.(2)  20,306  414,039  Lexmark International, Inc.,     
      Class A(2)  33,697  534,097 
Morgan Stanley  20,028  570,999       
      QLogic Corp.(2)  21,284  269,881 
optionsXpress Holdings, Inc.  33,771  524,464       
Riskmetrics Group, Inc.(2)  12,888  227,602  Seagate Technology  52,276  546,807 

10

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
Teradata Corp.(2)     54,120  $   1,268,033  ELECTRICAL EQUIPMENT — 2.1%   
Western Digital Corp.(2)  22,620  599,430  Acuity Brands, Inc.     29,253  $    820,548 
    4,170,275  Belden, Inc.  16,927  282,681 
CONSTRUCTION & ENGINEERING — 1.7%    Brady Corp., Class A  27,877  700,270 
EMCOR Group, Inc.(2)  23,195  466,683  Emerson Electric Co.  9,883  320,209 
Fluor Corp.  16,841  863,775  First Solar, Inc.(2)  2,537  411,298 
Foster Wheeler AG(2)  7,279  172,876  GrafTech International Ltd.(2)  58,978  667,041 
Granite Construction, Inc.  9,858  328,074  Hubbell, Inc., Class B  5,281  169,309 
URS Corp.(2)  20,627  1,021,450  Thomas & Betts Corp.(2)  5,314  153,362 
    2,852,858      3,524,718 
CONSUMER FINANCE — 0.5%   ELECTRONIC EQUIPMENT,      
Capital One Financial Corp.  9,301  203,506  INSTRUMENTS & COMPONENTS — 0.6%     
Cash America      Benchmark     
      Electronics, Inc.(2)  4,328  62,323 
International, Inc.  24,453  571,956       
    775,462  Celestica, Inc.(2)  104,254  711,012 
CONTAINERS & PACKAGING — 1.5%    Ingram Micro, Inc., Class A(2)  9,181  160,668 
Owens-Illinois, Inc.(2)  16,480  461,605  Trimble Navigation Ltd.(2)  4,707  92,398 
Packaging Corp of America  35,724  578,729      1,026,401 
Rock-Tenn Co., Class A  12,091  461,393  ENERGY EQUIPMENT & SERVICES — 3.2%   
Sealed Air Corp.  16,553  305,403  Basic Energy     
      Services, Inc.(2)  32,065  219,004 
Silgan Holdings, Inc.  1,922  94,236       
Sonoco Products Co.  31,751  760,435  BJ Services Co.  43,620  594,541 
        Cameron     
      2,661,801  International Corp.(2)  14,801  418,868 
DIVERSIFIED CONSUMER SERVICES — 0.1%     Dresser-Rand Group, Inc.(2)  14,818  386,750 
Weight Watchers           
International, Inc.  6,996  180,287  ENSCO International, Inc.  3,524  122,882 
DIVERSIFIED FINANCIAL SERVICES — 0.6%    Halliburton Co.  21,300  440,910 
      Key Energy Services, Inc.(2)  8,598  49,524 
Bank of America Corp.  21,154  279,233       
CME Group, Inc.  846  263,199  National Oilwell Varco, Inc.(2)  31,252  1,020,690 
McGraw-Hill Cos., Inc. (The)  16,604  499,946  Noble Corp.  6,142  185,796 
    1,042,378  Patterson-UTI Energy, Inc.  76,684  986,156 
DIVERSIFIED TELECOMMUNICATION    Unit Corp.(2)  3,523  97,129 
SERVICES — 0.8%      Willbros Group, Inc.(2)  73,715  922,175 
CenturyTel, Inc.  25,914  795,560      5,444,425 
Embarq Corp.  4,741  199,406  FOOD & STAPLES RETAILING — 1.5%   
NTELOS Holdings Corp.  4,336  79,869  BJ’s Wholesale Club, Inc.(2)  23,725  764,657 
Qwest Communications      Kroger Co. (The)  17,612  388,345 
International, Inc.  80,625  334,594  Safeway, Inc.  42,975  875,400 
     1,409,429  SUPERVALU, INC.  32,493  420,784 
ELECTRIC UTILITIES — 1.0%        Wal-Mart Stores, Inc.  1,811  87,725 
DPL, Inc.  25,106  581,706      2,536,911 
Entergy Corp.  1,628  126,203  FOOD PRODUCTS — 3.1%     
Exelon Corp.  8,074  413,470  Archer-Daniels-Midland Co.  39,530  1,058,218 
FirstEnergy Corp.  2,378  92,148  Bunge Ltd.  20,594  1,240,789 
FPL Group, Inc.  3,048  173,309  Darling International, Inc.(2)  50,090  330,594 
Pepco Holdings, Inc.  15,317  205,860  Dean Foods Co.(2)  4,672  89,656 
Progress Energy, Inc.  2,733  103,389  Del Monte Foods Co.  119,624  1,122,073 
    1,696,085       

11

Long-Short Market Neutral       
 
  Shares  Value       Shares   Value 
Fresh Del Monte      Darden Restaurants, Inc.   6,398  $     211,006 
Produce, Inc.(2)  5,755  $       93,576  Panera Bread Co., Class A(2)  1,753  87,405 
H.J. Heinz Co.  3,902  139,301  Starwood Hotels & Resorts     
Hershey Co. (The)  25,842  930,312  Worldwide, Inc.  26,763  594,138 
TreeHouse Foods, Inc.(2)  12,262  352,778  Vail Resorts, Inc.(2)  10,199  273,537 
    5,357,297  WMS Industries, Inc.(2)  14,968  471,642 
GAS UTILITIES — 0.9%          2,037,330 
National Fuel Gas Co.  5,199  187,580  HOUSEHOLD DURABLES — 1.2%     
New Jersey Resources Corp.  23,351  864,921  American Greetings Corp.,     
UGI Corp.  21,556  549,462  Class A  29,770  347,714 
    1,601,963  Centex Corp.  34,690  293,477 
HEALTH CARE EQUIPMENT & SUPPLIES — 3.6%  D.R. Horton, Inc.  9,730  91,073 
American Medical Systems      Garmin Ltd.  36,249  863,451 
Holdings, Inc.(2)  28,252  446,382  Harman International     
Beckman Coulter, Inc.  11,151  637,168  Industries, Inc.  17,500  329,000 
Becton, Dickinson & Co.  2,730  194,676  NVR, Inc.(2)  305  153,229 
Boston Scientific Corp.(2)  111,327  1,128,855      2,077,944 
C.R. Bard, Inc.  1,003  74,673  HOUSEHOLD PRODUCTS — 0.3%     
Gen-Probe, Inc.(2)  10,732  461,261  Clorox Co.  8,790  490,746 
Hill-Rom Holdings, Inc.  14,236  230,908  INDEPENDENT POWER PRODUCERS     
Hospira, Inc.(2)  3,459  133,241  & ENERGY TRADERS — 2.3%       
      AES Corp. (The)(2)  17,309  200,957 
Intuitive Surgical, Inc.(2)  3,092  506,037       
      Calpine Corp.(2)  35,096  391,320 
Kinetic Concepts, Inc.(2)  26,360  718,310       
      Mirant Corp.(2)  87,005  1,369,459 
Sirona Dental           
Systems, Inc.(2)  7,735  154,623  NRG Energy, Inc.(2)  63,105  1,638,207 
St. Jude Medical, Inc.(2)  7,163  294,399  RRI Energy, Inc.(2)  83,730  419,487 
STERIS Corp.  38,148  994,900      4,019,430 
Stryker Corp.  4,236  168,339  INDUSTRIAL CONGLOMERATES — 0.8%   
    6,143,772  3M Co.  4,716  283,432 
HEALTH CARE PROVIDERS & SERVICES — 2.7%  Carlisle Cos., Inc.  45,185  1,086,247 
AMERIGROUP Corp.(2)  16,428  441,092      1,369,679 
Centene Corp.(2)  38,454  768,311  INSURANCE — 4.9%     
Coventry Health Care, Inc.(2)  7,619  142,551  ACE Ltd.  7,587  335,573 
Hologic, Inc.(2)  21,267  302,629  Allied World Assurance Co.     
      Holdings Ltd.  31,257  1,276,223 
Humana, Inc.(2)  2,810  90,651       
      American Financial     
LHC Group, Inc.(2)  11,193  248,597  Group, Inc.  62,088  1,339,859 
Magellan Health      Arch Capital Group Ltd.(2)  1,393  81,602 
Services, Inc.(2)  38,262  1,255,759       
      Aspen Insurance     
Omnicare, Inc.  18,773  483,592  Holdings Ltd.  58,001  1,295,742 
Quest Diagnostics, Inc.  10,662  601,657  Axis Capital Holdings Ltd.  26,638  697,383 
WellCare Health      Endurance Specialty     
Plans, Inc.(2)  16,808  310,780  Holdings Ltd.  34,032  997,138 
    4,645,619  MetLife, Inc.  31,206  936,492 
HEALTH CARE TECHNOLOGY — 0.1%    Navigators Group, Inc.     
IMS Health, Inc.  19,576  248,615  (The)(2)  1,849  82,151 
HOTELS, RESTAURANTS & LEISURE — 1.2%    Platinum Underwriters     
Choice Hotels      Holdings Ltd.  18,640  532,918 
International, Inc.  15,017  399,602       

12

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
Principal Financial      Gardner Denver, Inc.(2)     36,499  $     918,680 
Group, Inc.       11,618  $      218,883  Mueller Industries, Inc.  40,041  832,853 
Travelers Cos., Inc. (The)  14,180  581,947  Navistar     
WR Berkley Corp.  8,317  178,566  International Corp.(2)  24,938  1,087,296 
    8,554,477  Parker-Hannifin Corp.  15,710  674,902 
INTERNET & CATALOG RETAIL — 1.0%    Wabtec Corp.  30,498  981,121 
HSN, Inc.(2)  13,580  143,541  Watts Water     
Netflix, Inc.(2)  31,128  1,286,831  Technologies, Inc., Class A  24,751  533,137 
Ticketmaster            8,514,515 
Entertainment, Inc.(2)  32,385  207,912  MARINE — 0.3%     
    1,638,284  Kirby Corp.(2)  17,635  560,617 
INTERNET SOFTWARE & SERVICES — 0.4%    MEDIA — 2.6%     
LogMeIn, Inc.(2)  7,487  119,792  CBS Corp., Class B  57,215  395,928 
Open Text Corp.(2)  7,080  257,853  Cinemark Holdings, Inc.  15,752  178,313 
United Online, Inc.  36,905  240,252  Comcast Corp., Class A  37,387  541,738 
    617,897  DISH Network Corp.,     
      Class A(2)  42,884  695,150 
IT SERVICES — 2.0%           
Acxiom Corp.  72,543  640,555  Gannett Co., Inc.  18,334  65,452 
Affiliated Computer      Harte-Hanks, Inc.  23,814  220,280 
Services, Inc., Class A(2)  2,863  127,174  Interpublic Group     
      of Cos., Inc. (The)(2)  58,908  297,485 
Broadridge Financial           
Solutions, Inc.  45,181  749,101  Marvel Entertainment, Inc.(2)  2,682  95,452 
Computer Sciences Corp.(2)  19,146  848,168  Scripps Networks     
International Business      Interactive, Inc., Class A  4,399  122,424 
Machines Corp.  7,559  789,311  Time Warner Cable, Inc.  9,689  306,851 
SAIC, Inc.(2)  8,418  156,154  Time Warner, Inc.  40,461  1,019,212 
Wright Express Corp.(2)  2,005  51,067  Virgin Media, Inc.  47,557  444,658 
    3,361,530  Warner Music Group Corp.(2)  24,697  144,477 
LEISURE EQUIPMENT & PRODUCTS — 0.4%        4,527,420 
Hasbro, Inc.  10,095  244,703  METALS & MINING — 1.0%     
Polaris Industries, Inc.  14,855  477,142  Allegheny Technologies, Inc.  5,800  202,594 
    721,845  Cliffs Natural Resources, Inc.  8,651  211,690 
LIFE SCIENCES TOOLS & SERVICES — 1.8%    Compass Minerals     
Affymetrix, Inc.(2)  168,883  1,001,476  International, Inc.  5,865  322,047 
      Reliance Steel &     
Bruker Corp.(2)  71,918  665,961  Aluminum Co.  19,044  731,099 
Dionex Corp.(2)  6,313  385,282  Schnitzer Steel     
Life Technologies Corp.(2)  13,521  564,096  Industries, Inc., Class A  4,206  222,329 
PerkinElmer, Inc.  13,061  227,261  Thompson Creek     
      Metals Co., Inc.(2)  9,209  94,116 
Varian, Inc.(2)  6,248  246,359         
    3,090,435       1,783,875 
MACHINERY — 5.0%      MULTILINE RETAIL — 0.9%       
      Big Lots, Inc.(2)  10,309  216,798 
AGCO Corp.(2)  17,117  497,591       
      Dollar Tree, Inc.(2)  6,714  282,659 
Chart Industries, Inc.(2)  20,145  366,236       
CIRCOR International, Inc.  31,131  735,003  Family Dollar Stores, Inc.  19,356  547,775 
Cummins, Inc.  19,521  687,334  Macy’s, Inc.  25,785  303,232 
Dover Corp.  25,147  832,114  Sears Holdings Corp.(2)  1,759  117,009 
Flowserve Corp.  5,275  368,248        1,467,473 

13

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
MULTI-UTILITIES — 1.0%      Mead Johnson Nutrition Co.,     
DTE Energy Co.  3,613  $      115,616  Class A(2)       16,751  $        532,179 
NorthWestern Corp.  27,335  622,145  Nu Skin Enterprises, Inc.,     
NSTAR  18,738  601,677  Class A  13,190  201,807 
Public Service Enterprise            954,443 
Group, Inc.  8,259  269,491  PHARMACEUTICALS — 1.8%     
Xcel Energy, Inc.  7,305  134,485  Abbott Laboratories  2,518  118,447 
    1,743,414  Eli Lilly & Co.  13,269  459,638 
OIL, GAS & CONSUMABLE FUELS — 9.5%    Endo Pharmaceuticals     
      Holdings, Inc.(2)  7,928  142,070 
Alpha Natural           
Resources, Inc.(2)  50,209  1,318,990  Forest Laboratories, Inc.(2)  15,636  392,620 
Anadarko Petroleum Corp.  29,320  1,330,835  Johnson & Johnson  3,167  179,886 
Apache Corp.  17,105  1,234,126  King Pharmaceuticals, Inc.(2)  39,596  381,309 
Atlas Energy Resources LLC  15,717  321,098  Schering-Plough Corp.  19,090  479,541 
Bill Barrett Corp.(2)  10,358  284,431  Sepracor, Inc.(2)  28,334  490,745 
Chevron Corp.  11,697  774,926  Watson     
      Pharmaceuticals, Inc.(2)  14,670  494,232 
Clayton Williams           
Energy, Inc.(2)  11,098  209,419      3,138,488 
ConocoPhillips  30,238  1,271,810  PROFESSIONAL SERVICES — 0.4%   
Devon Energy Corp.  3,356  182,902  MPS Group, Inc.(2)  28,317  216,342 
El Paso Corp.  55,970  516,603  Watson Wyatt     
Encore Acquisition Co.(2)  12,763  393,739  Worldwide, Inc., Class A  10,591  397,480 
Exxon Mobil Corp.  6,141  429,317        613,822 
Hess Corp.  8,815  473,806  REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.1% 
Hugoton Royalty Trust  7,463  107,766  Hospitality Properties Trust  39,782  473,008 
McMoRan Exploration Co.(2)  90,250  537,890  Host Hotels & Resorts, Inc.  85,433  716,783 
Murphy Oil Corp.  24,305  1,320,248  Mack-Cali Realty Corp.  27,355  623,694 
Noble Energy, Inc.  3,986  235,054  Simon Property Group, Inc.  154  7,920 
Nordic American      Taubman Centers, Inc.  3,833  102,954 
Tanker Shipping  9,665  307,540      1,924,359 
Occidental Petroleum Corp.  20,641  1,358,385  ROAD & RAIL — 0.7%     
Peabody Energy Corp.  6,819  205,661  Arkansas Best Corp.  2,901  76,441 
Talisman Energy, Inc.  90,252  1,289,701  Norfolk Southern Corp.  2,091  78,768 
Tesoro Corp.  17,221  219,223  Union Pacific Corp.  3,073  159,980 
Valero Energy Corp.  13,113  221,479  Werner Enterprises, Inc.  52,508  951,446 
W&T Offshore, Inc.  6,468  62,998      1,266,635 
Williams Cos., Inc. (The)  33,830  528,086  SEMICONDUCTORS &      
World Fuel Services Corp.  31,087  1,281,717  SEMICONDUCTOR EQUIPMENT — 2.6%    
      Amkor Technology, Inc.(2)  81,054  383,385 
    16,417,750       
PAPER & FOREST PRODUCTS — 0.4%    Broadcom Corp., Class A(2)  44,295  1,098,074 
Clearwater Paper Corp.(2)  9,924  250,978  Integrated Device     
      Technology, Inc.(2)  61,490  371,400 
International Paper Co.  18,124  274,216  Intel Corp.  10,255  169,720 
MeadWestvaco Corp.  7,646  125,471       
      Lam Research Corp.(2)  17,077  444,002 
    650,665       
      LSI Corp.(2)  232,977  1,062,375 
PERSONAL PRODUCTS — 0.6%         
Estee Lauder Cos., Inc.      Marvell Technology     
      Group Ltd.(2)  19,474  226,677 
(The), Class A  6,748  220,457       

14

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
National      Vector Group Ltd.  6,928  $      99,001 
Semiconductor Corp.     38,187  $      479,247      215,904 
Texas Instruments, Inc.  13,733  292,513  TRADING COMPANIES & DISTRIBUTORS — 0.1% 
      4,527,393  WESCO International, Inc.(2)  3,448  86,338 
SOFTWARE — 4.1%        WIRELESS TELECOMMUNICATION SERVICES — 1.9% 
Adobe Systems, Inc.(2)  40,156  1,136,415  Sprint Nextel Corp.(2)  150,035  721,668 
Advent Software, Inc.(2)  3,859  126,537  Syniverse Holdings, Inc.(2)  76,898  1,232,675 
Autodesk, Inc.(2)  39,993  759,067  United States     
CA, Inc.  22,099  385,186  Cellular Corp.(2)  33,166  1,275,233 
Cerner Corp.(2)  3,800  236,702      3,229,576 
Novell, Inc.(2)  237,607  1,076,360  TOTAL COMMON STOCKS      
Parametric      (Cost $146,001,978)     163,959,085 
Technology Corp.(2)  25,629  299,603  Temporary Cash Investments — 4.4% 
Quest Software, Inc.(2)  50,561  704,820  JPMorgan U.S. Treasury     
SolarWinds, Inc.(2)  7,748  127,765  Plus Money Market Fund     
Sybase, Inc.(2)  42,942  1,345,801  Agency Shares  155,873  155,873 
Synopsys, Inc.(2)  43,624  851,104  Repurchase Agreement, Credit Suisse   
      First Boston, Inc., (collateralized by various   
    7,049,360  U.S. Treasury obligations, 4.25%, 5/15/39,   
SPECIALTY RETAIL — 2.9%      value at $7,576,445), in a joint trading   
AutoNation, Inc.(2)  32,138  557,594  account at 0.001%, dated 6/30/09,   
      due 7/1/09 (Delivery value $7,400,000)  7,400,000 
AutoZone, Inc.(2)  1,086  164,105       
      TOTAL TEMPORARY     
Barnes & Noble, Inc.  23,522  485,259  CASH INVESTMENTS     
Children’s Place Retail      (Cost $7,555,873)    7,555,873 
Stores, Inc. (The)(2)  3,616  95,571  TOTAL INVESTMENT     
Foot Locker, Inc.  17,202  180,105  SECURITIES — 99.8%     
Gap, Inc. (The)  49,821  817,063  (Cost $153,557,851)    171,514,958 
RadioShack Corp.  38,307  534,766  TOTAL SECURITIES      
Rent-A-Center, Inc.(2)  42,531  758,328  SOLD SHORT — (94.3)%     (162,096,023) 
      OTHER ASSETS     
Ross Stores, Inc.  5,551  214,269  AND LIABILITIES — 94.5%    162,419,106 
Sherwin-Williams Co. (The)  6,113  328,574  TOTAL NET ASSETS — 100.0%  $ 171,838,041 
Tractor Supply Co.(2)  18,943  782,725       
    4,918,359  Securities Sold Short — (94.3)% 
TEXTILES, APPAREL & LUXURY GOODS — 1.4%  AEROSPACE & DEFENSE — (1.6)%    
Carter’s, Inc.(2)  3,763  92,607  Axsys Technologies, Inc.  (4,312)  (231,296) 
Columbia Sportswear Co.  35,505  1,097,815  Boeing Co. (The)  (22,347)  (949,747) 
Polo Ralph Lauren Corp.  11,693  626,043  CAE, Inc.  (29,739)  (175,460) 
Timberland Co. (The),      Curtiss-Wright Corp.  (4,633)  (137,739) 
Class A(2)  33,051  438,587  Rockwell Collins, Inc.  (6,315)  (263,525) 
Warnaco Group, Inc. (The)(2)  2,785  90,234  Spirit Aerosystems     
Wolverine World Wide, Inc.  4,727  104,278  Holdings, Inc., Class A  (60,727)  (834,389) 
    2,449,564  Teledyne Technologies, Inc.  (5,974)  (195,649) 
THRIFTS & MORTGAGE FINANCE — 0.2%          (2,787,805) 
MGIC Investment Corp.  38,499  169,395  AIR FREIGHT & LOGISTICS — (0.5)%    
      C.H. Robinson     
Northwest Bancorp, Inc.  4,903  92,471  Worldwide, Inc.  (12,628)  (658,550) 
      261,866  Expeditors International     
TOBACCO — 0.1%      of Washington, Inc.  (4,141)  (138,061) 
Reynolds American, Inc.  3,027  116,903      (796,611) 

15

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
AIRLINES — (0.2)%      Methanex Corp.   (31,940)  $    (390,946) 
Continental Airlines, Inc.,      NL Industries, Inc.  (7,255)  (53,542) 
Class B   (15,552)  $     (137,791)  Olin Corp.  (52,778)  (627,530) 
JetBlue Airways Corp.  (32,380)  (138,262)  Potash Corp. of     
    (276,053)  Saskatchewan, Inc.  (10,125)  (942,131) 
AUTO COMPONENTS — (0.7)%      Praxair, Inc.  (7,128)  (506,587) 
Goodyear Tire &      Sigma-Aldrich Corp.  (23,272)  (1,153,361) 
Rubber Co. (The)  (86,656)  (975,747)  Valhi, Inc.  (41,128)  (305,581) 
Johnson Controls, Inc.  (10,103)  (219,437)  Westlake Chemical Corp.  (19,274)  (392,997) 
    (1,195,184)      (6,529,070) 
AUTOMOBILES — (0.5)%      COMMERCIAL BANKS — (0.3)%   
Harley-Davidson, Inc.  (53,995)  (875,259)  BB&T Corp.  (7,585)  (166,719) 
BEVERAGES — (0.6)%      Glacier Bancorp., Inc.  (9,544)  (140,965) 
Coca-Cola Co. (The)  (8,390)  (402,636)  Susquehanna     
PepsiCo, Inc.  (12,737)  (700,026)  Bancshares, Inc.  (31,914)  (156,059) 
    (1,102,662)      (463,743) 
BIOTECHNOLOGY — (2.7)%      COMMERCIAL SERVICES & SUPPLIES — (3.8)% 
Abraxis Bioscience, Inc.  (7,013)  (258,499)  Clean Harbors, Inc.  (3,735)  (201,653) 
Acorda Therapeutics, Inc.  (17,549)  (494,706)  Corrections Corp. of America  (51,888)  (881,577) 
Alexion      HNI Corp.  (12,299)  (222,120) 
Pharmaceuticals, Inc.  (11,875)  (488,300)  Iron Mountain, Inc.  (39,405)  (1,132,894) 
Amylin Pharmaceuticals, Inc.  (39,536)  (533,737)  Mine Safety Appliances Co.  (18,008)  (433,993) 
BioMarin      Ritchie Bros.     
Pharmaceutical, Inc.  (31,956)  (498,833)  Auctioneers, Inc.  (29,649)  (695,269) 
Cougar Biotechnology, Inc.  (5,552)  (238,514)  Stericycle, Inc.  (23,458)  (1,208,790) 
Genzyme Corp.  (7,295)  (406,113)  Tetra Tech, Inc.  (30,183)  (864,743) 
Onyx Pharmaceuticals, Inc.  (14,031)  (396,516)  United Stationers, Inc.  (24,714)  (862,024) 
Theravance, Inc.  (28,160)  (412,262)  Waste Connections, Inc.  (5,886)  (152,506) 
United Therapeutics Corp  (5,421)  (451,732)      (6,655,569) 
Vertex Pharmaceuticals, Inc.  (14,728)  (524,906)  COMMUNICATIONS EQUIPMENT — (1.0)%   
    (4,704,118)  Cisco Systems, Inc.  (35,779)  (666,920) 
CAPITAL MARKETS — (1.2)%      Comverse Technology, Inc.  (24,168)  (206,636) 
Charles Schwab Corp. (The)  (10,733)  (188,257)  EchoStar Corp., Class A  (27,154)  (432,835) 
Goldman Sachs Group, Inc.      Palm, Inc.  (19,838)  (328,716) 
(The)  (3,269)  (481,981)      (1,635,107) 
Greenhill & Co., Inc.  (6,685)  (482,724)  COMPUTERS & PERIPHERALS — (1.1)%   
Legg Mason, Inc.  (16,536)  (403,148)  Dell, Inc.  (50,715)  (696,317) 
State Street Corp.  (9,776)  (461,427)  Diebold, Inc.  (8,165)  (215,229) 
Teton Advisors, Inc.  (144)  (57)  NetApp, Inc.  (16,501)  (325,400) 
     (2,017,594)  SanDisk Corp.  (35,133)  (516,104) 
CHEMICALS — (3.8)%        STEC, Inc.  (2,581)  (59,853) 
Agrium, Inc.  (2,457)  (98,010)      (1,812,903) 
Air Products &             
Chemicals, Inc.  (15,933)  (1,029,112)  CONSTRUCTION & ENGINEERING — (0.8)%    
Albemarle Corp.  (5,321)  (136,058)  AECOM Technology Corp  (3,621)  (115,872) 
Celanese Corp., Class A  (13,693)  (325,209)  Chicago Bridge & Iron Co.     
      New York Shares  (8,509)  (105,512) 
Ecolab, Inc.  (14,568)  (568,006)  Jacobs Engineering     
      Group, Inc.  (3,420)  (143,948) 

16

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
KBR, Inc.  (8,117)  $    (149,677)  ELECTRICAL EQUIPMENT — (0.8)%   
Quanta Services, Inc.  (39,052)  (903,273)  American     
    (1,418,282)  Superconductor Corp.  (8,167)  $   (214,384) 
CONSTRUCTION MATERIALS — (0.2)%    Baldor Electric Co.  (9,531)  (226,742) 
Eagle Materials, Inc.  (14,766)  (372,694)  General Cable Corp.  (18,128)  (681,251) 
CONSUMER FINANCE — (0.6)%    Regal-Beloit Corp.  (5,259)  (208,887) 
SLM Corp.  (85,128)  (874,264)      (1,331,264) 
Student Loan Corp. (The)  (3,989)  (148,391)  ELECTRONIC EQUIPMENT,      
    (1,022,655)  INSTRUMENTS & COMPONENTS — (2.0)%   
CONTAINERS & PACKAGING — (0.2)%    Amphenol Corp., Class A  (12,908)  (408,409) 
AptarGroup, Inc.  (3,481)  (117,553)  AVX Corp.  (54,756)  (543,727) 
Temple-Inland, Inc.  (11,933)  (156,561)  Corning, Inc.  (45,311)  (727,695) 
    (274,114)  Echelon Corp.  (17,684)  (149,960) 
DISTRIBUTORS — (0.1)%      FLIR Systems, Inc.  (6,402)  (144,429) 
Genuine Parts Co.  (5,326)  (178,741)  Itron, Inc.  (2,817)  (155,132) 
DIVERSIFIED CONSUMER SERVICES — (2.9)%  National Instruments Corp.  (34,562)  (779,719) 
American Public      Tyco Electronics Ltd.  (25,188)  (468,245) 
Education, Inc.  (12,543)  (496,828)      (3,377,316) 
Coinstar, Inc.  (14,960)  (399,432)  ENERGY EQUIPMENT & SERVICES — (3.1)%   
Corinthian Colleges, Inc.  (29,690)  (502,652)  Atwood Oceanics, Inc.  (43,947)  (1,094,720) 
Matthews International      Dril-Quip, Inc.  (6,435)  (245,174) 
Corp., Class A  (17,206)  (535,451)  Global Industries Ltd.  (85,966)  (486,568) 
Service Corp. International  (204,164)  (1,118,819)  Helmerich & Payne, Inc.  (7,705)  (237,853) 
Sotheby’s  (67,264)  (949,095)  Nabors Industries Ltd.  (16,112)  (251,025) 
Strayer Education, Inc.  (4,838)  (1,055,216)  Oceaneering     
    (5,057,493)  International, Inc.  (1,776)  (80,275) 
DIVERSIFIED FINANCIAL SERVICES — (0.5)%  Pride International, Inc.  (11,939)  (299,191) 
CIT Group, Inc.  (37,845)  (81,367)  Rowan Cos., Inc.  (35,188)  (679,832) 
Leucadia National Corp.  (34,772)  (733,341)  SEACOR Holdings, Inc.  (6,051)  (455,277) 
    (814,708)  Transocean Ltd.  (5,522)  (410,229) 
DIVERSIFIED TELECOMMUNICATION    Weatherford     
SERVICES — (0.9)%      International Ltd.  (54,871)  (1,073,277) 
AT&T, Inc.  (17,619)  (437,656)      (5,313,421) 
Cbeyond, Inc.  (32,413)  (465,127)  FOOD & STAPLES RETAILING — (1.3)%   
Shenandoah      Costco Wholesale Corp.  (21,301)  (973,456) 
Telecommunications Co.  (4,685)  (95,059)  Ruddick Corp.  (18,077)  (423,544) 
tw telecom, inc.  (33,645)  (345,534)  Walgreen Co.  (24,393)  (717,154) 
Verizon      Winn-Dixie Stores, Inc.  (7,115)  (89,222) 
Communications, Inc.  (6,695)  (205,737)      (2,203,376) 
    (1,549,113)  FOOD PRODUCTS — (1.9)%     
ELECTRIC UTILITIES — (2.1)%   Flowers Foods, Inc.  (22,365)  (488,452) 
Allete, Inc.  (15,490)  (445,338)  Hain Celestial Group, Inc.     
Cleco Corp.  (10,026)  (224,783)  (The)  (4,701)  (73,383) 
Great Plains Energy, Inc.  (76,163)  (1,184,334)  Kraft Foods, Inc., Class A  (16,522)  (418,667) 
PPL Corp.  (24,997)  (823,901)  Sanderson Farms, Inc.  (22,815)  (1,026,674) 
Westar Energy, Inc.  (48,921)  (918,247)  Sara Lee Corp.  (46,713)  (455,919) 
    (3,596,603)       

17

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
Smithfield Foods, Inc.   (38,912)  $     (543,601)  Jack in the Box, Inc.   (41,985)  $     (942,563) 
Tyson Foods, Inc., Class A  (14,797)  (186,590)  Royal Caribbean Cruises Ltd.  (25,740)  (348,520) 
    (3,193,286)  Scientific Games Corp.,     
GAS UTILITIES — (1.4)%      Class A  (28,942)  (456,415) 
Nicor, Inc.  (2,046)  (70,833)  Tim Hortons, Inc.  (6,999)  (171,755) 
Northwest Natural Gas Co.  (19,242)  (852,805)      (4,029,237) 
ONEOK, Inc.  (39,509)  (1,165,120)  HOUSEHOLD DURABLES — (0.7)%   
Piedmont Natural      Black & Decker Corp.  (5,285)  (151,468) 
Gas Co., Inc.  (3,305)  (79,684)  Fortune Brands, Inc.  (12,597)  (437,620) 
Questar Corp.  (7,281)  (226,148)  KB Home  (13,666)  (186,951) 
    (2,394,590)  Lennar Corp., Class A  (18,948)  (183,606) 
HEALTH CARE EQUIPMENT & SUPPLIES — (2.5)%  Mohawk Industries, Inc.  (2,063)  (73,608) 
Cooper Cos., Inc. (The)  (8,705)  (215,275)  Tupperware Brands Corp.  (4,770)  (124,115) 
Inverness Medical      Whirlpool Corp.  (2,705)  (115,125) 
Innovations, Inc.  (5,050)  (179,679)      (1,272,493) 
Meridian Bioscience, Inc.  (16,977)  (383,341)  INDEPENDENT POWER PRODUCERS   
NuVasive, Inc.  (27,788)  (1,239,345)  & ENERGY TRADERS — (0.7)%     
Resmed, Inc.  (8,438)  (343,680)  Ormat Technologies, Inc.  (28,329)  (1,141,942) 
West Pharmaceutical      INDUSTRIAL CONGLOMERATES — (2.5)%   
Services, Inc.  (32,671)  (1,138,584)  General Electric Co.  (53,237)  (623,938) 
Wright Medical Group, Inc.  (31,301)  (508,954)  McDermott     
Zimmer Holdings, Inc.  (6,597)  (281,032)  International, Inc.  (52,839)  (1,073,160) 
    (4,289,890)  Otter Tail Corp.  (45,045)  (983,783) 
HEALTH CARE PROVIDERS & SERVICES — (2.3)%  Seaboard Corp.  (711)  (797,742) 
Cardinal Health, Inc.  (17,952)  (548,434)  Textron, Inc.  (36,686)  (354,387) 
DaVita, Inc.  (3,214)  (158,964)  Tyco International Ltd.  (19,079)  (495,672) 
Emeritus Corp.  (26,164)  (345,626)      (4,328,682) 
Health Net, Inc.  (51,343)  (798,383)  INSURANCE — (5.2)%     
Landauer, Inc.  (1,314)  (80,601)  Argo Group International     
Mednax, Inc.  (2,883)  (121,461)  Holdings Ltd.  (4,681)  (132,098) 
Psychiatric Solutions, Inc.  (26,530)  (603,292)  Everest Re Group Ltd.  (4,439)  (317,699) 
Tenet Healthcare Corp.  (80,496)  (226,999)  Fidelity National     
Universal Health      Financial, Inc., Class A  (54,075)  (731,635) 
Services, Inc., Class B  (6,123)  (299,109)  First American Corp.  (20,497)  (531,077) 
VCA Antech, Inc.  (26,285)  (701,810)  Hanover Insurance     
    (3,884,679)  Group, Inc. (The)  (15,398)  (586,818) 
HEALTH CARE TECHNOLOGY — (1.2)%    Loews Corp.  (41,706)  (1,142,743) 
      Marsh &     
Allscripts-Misys Healthcare      McLennan Cos., Inc.  (45,499)  (915,895) 
Solutions, Inc.  (60,586)  (960,894)       
athenahealth, Inc.  (10,292)  (380,907)  Max Capital Group Ltd.  (6,917)  (127,688) 
Quality Systems, Inc.  (12,859)  (732,449)  Mercury General Corp.  (32,595)  (1,089,650) 
    (2,074,250)  Montpelier Re Holdings Ltd.  (69,030)  (917,409) 
HOTELS, RESTAURANTS & LEISURE — (2.3)%  Progressive Corp. (The)  (8,051)  (121,651) 
      Reinsurance Group of     
Burger King Holdings, Inc.  (45,926)  (793,142)  America, Inc.  (3,135)  (109,443) 
Carnival Corp.  (32,818)  (845,720)  Unitrin, Inc.  (17,972)  (216,023) 
International Speedway      Wesco Financial Corp.  (1,814)  (527,874) 
Corp., Class A  (18,396)  (471,122)       

18

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
Willis Group Holdings Ltd.   (33,920)  $    (872,762)  Terex Corp.     (5,616)  $     (67,785) 
Zenith National      Trinity Industries, Inc.  (43,374)  (590,754) 
Insurance Corp.  (34,455)  (749,052)      (5,290,446) 
    (9,089,517)  MEDIA — (1.6)%     
INTERNET SOFTWARE & SERVICES — (1.6)%  Liberty Media Corp. —     
Akamai Technologies, Inc.  (43,735)  (838,837)  Capital, Series A  (36,391)  (493,462) 
AsiaInfo Holdings, Inc.  (12,071)  (207,742)  News Corp., Class A  (70,168)  (639,230) 
Equinix, Inc.  (16,079)  (1,169,587)  Regal Entertainment Group,     
IAC/InterActiveCorp  (9,264)  (148,687)  Class A  (14,207)  (188,811) 
WebMD Health Corp.,      Scholastic Corp.  (35,801)  (708,503) 
Class A  (5,801)  (173,566)  Shaw Communications, Inc.,     
Yahoo!, Inc.  (17,526)  (274,457)  Class B  (10,356)  (174,602) 
    (2,812,876)  Walt Disney Co. (The)  (20,171)  (470,589) 
IT SERVICES — (2.9)%      Washington Post Co. (The),     
Amdocs Ltd.  (30,205)  (647,897)  Class B  (423)  (148,972) 
CACI International, Inc.,          (2,824,169) 
Class A  (3,144)  (134,280)  METALS & MINING — (1.8)%     
Cognizant Technology      Alcoa, Inc.  (74,853)  (773,231) 
Solutions Corp., Class A  (42,571)  (1,136,646)  AMCOL International Corp.  (37,420)  (807,524) 
DST Systems, Inc.  (14,680)  (542,426)  Commercial Metals Co.  (64,455)  (1,033,213) 
Fiserv, Inc.  (25,393)  (1,160,460)  Kaiser Aluminum Corp.  (6,523)  (234,241) 
SRA International, Inc.,      RTI International Metals, Inc.  (6,853)  (121,093) 
Class A  (63,683)  (1,118,273)  Steel Dynamics, Inc.  (6,072)  (89,441) 
Visa, Inc., Class A  (2,829)  (176,134)      (3,058,743) 
    (4,916,116)  MULTILINE RETAIL — (0.7)%     
LEISURE EQUIPMENT & PRODUCTS — (0.3)%  J.C. Penney Co., Inc.  (2,920)  (83,833) 
Callaway Golf Co.  (25,229)  (127,911)  Kohl’s Corp.  (1,922)  (82,166) 
Mattel, Inc.  (22,454)  (360,387)  Target Corp.  (28,115)  (1,109,699) 
    (488,298)      (1,275,698) 
LIFE SCIENCES TOOLS & SERVICES — (1.6)%  MULTI-UTILITIES — (1.4)%     
Covance, Inc.  (26,072)  (1,282,743)  Alliant Energy Corp.  (12,852)  (335,823) 
Illumina, Inc.  (22,998)  (895,542)  Ameren Corp.  (4,954)  (123,305) 
Luminex Corp.  (27,960)  (518,378)  Black Hills Corp.  (11,192)  (257,304) 
Pharmaceutical Product      Dominion Resources, Inc.  (11,138)  (372,232) 
Development, Inc.  (3,117)  (72,377)  Integrys Energy Group, Inc.  (24,033)  (720,750) 
     (2,769,040)  OGE Energy Corp.  (7,763)  (219,848) 
MACHINERY — (3.1)%        TECO Energy, Inc.  (32,145)  (383,490) 
Caterpillar, Inc.  (13,544)  (447,494)      (2,412,752) 
CLARCOR, Inc.  (24,322)  (709,959)  OFFICE ELECTRONICS — (0.1)%   
Danaher Corp.  (5,071)  (313,084)  Xerox Corp.  (19,643)  (127,287) 
ESCO Technologies, Inc.  (4,911)  (220,013)  OIL, GAS & CONSUMABLE FUELS — (8.6)%   
Federal Signal Corp.  (25,425)  (194,501)  Boardwalk Pipeline     
Ingersoll-Rand Co. Ltd.,      Partners LP  (36,730)  (829,363) 
Class A  (2,692)  (56,263)  Cabot Oil & Gas Corp.  (18,034)  (552,562) 
Kaydon Corp.  (22,375)  (728,530)  Chesapeake Energy Corp.  (51,130)  (1,013,908) 
Kennametal, Inc.  (9,457)  (181,385)  CNX Gas Corp.  (37,909)  (995,869) 
Nordson Corp.  (11,680)  (451,549)  CONSOL Energy, Inc.  (27,907)  (947,722) 
PACCAR, Inc.  (33,401)  (1,085,866)  Continental Resources, Inc.  (12,321)  (341,908) 
Pall Corp.  (9,159)  (243,263)       

19

Long-Short Market Neutral       
 
  Shares  Value      Shares  Value 
Enbridge Energy      Potlatch Corp.   (39,256)  $    (953,527) 
Partners LP   (29,203)  $  (1,126,651)  Rayonier, Inc.  (22,456)  (816,276) 
Enbridge, Inc.  (14,946)  (519,075)  UDR, Inc.  (77,493)  (800,503) 
EOG Resources, Inc.  (1,867)  (126,807)      (3,646,673) 
EQT Corp.  (31,972)  (1,116,142)  REAL ESTATE MANAGEMENT     
Forest Oil Corp.  (47,859)  (714,056)  & DEVELOPMENT — (1.1)%     
Frontline Ltd.  (11,150)  (271,614)  Brookfield Asset     
Goodrich Petroleum Corp.  (14,307)  (351,809)  Management, Inc., Class A  (65,502)  (1,118,119) 
Holly Corp.  (4,272)  (76,811)  Brookfield Properties Corp.  (22,422)  (178,703) 
Linn Energy LLC  (6,157)  (120,492)  St. Joe Co. (The)  (19,953)  (528,555) 
Newfield Exploration Co.  (20,502)  (669,800)      (1,825,377) 
Petrohawk Energy Corp.  (46,390)  (1,034,497)  ROAD & RAIL — (0.6)%     
Pioneer Natural      AMERCO, Inc.  (2,788)  (103,574) 
Resources Co.  (10,125)  (258,188)  Kansas City Southern  (38,268)  (616,498) 
Plains All American      Landstar System, Inc.  (10,695)  (384,057) 
Pipeline LP  (7,152)  (304,318)      (1,104,129) 
Plains Exploration &      SEMICONDUCTORS &     
Production Co.  (26,454)  (723,781)  SEMICONDUCTOR EQUIPMENT — (2.1)%   
Quicksilver Resources, Inc.  (11,317)  (105,135)  Applied Materials, Inc.  (33,206)  (364,270) 
Range Resources Corp.  (16,939)  (701,444)  Diodes, Inc.  (73,929)  (1,156,250) 
Suncor Energy, Inc.  (27,812)  (843,816)  International Rectifier Corp.  (14,569)  (215,767) 
Ultra Petroleum Corp.  (7,718)  (301,002)  MEMC Electronic     
USEC, Inc.  (47,100)  (250,572)  Materials, Inc.  (24,883)  (443,166) 
XTO Energy, Inc.  (16,258)  (620,080)  Micron Technology, Inc.  (128,073)  (648,049) 
    (14,917,422)  Microsemi Corp.  (44,661)  (616,322) 
PAPER & FOREST PRODUCTS — (0.6)%    PMC – Sierra, Inc.  (17,119)  (136,267) 
Weyerhaeuser Co.  (32,391)  (985,658)      (3,580,091) 
PERSONAL PRODUCTS — (0.5)%    SOFTWARE — (1.4)%     
Avon Products, Inc.  (19,332)  (498,379)  Activision Blizzard, Inc.  (54,840)  (692,629) 
NBTY, Inc.  (10,742)  (302,065)  Compuware Corp.  (48,367)  (331,798) 
    (800,444)  Concur Technologies, Inc.  (7,310)  (227,195) 
PHARMACEUTICALS — (1.0)%      Electronic Arts, Inc.  (18,306)  (397,606) 
Allergan, Inc.  (9,775)  (465,095)  NetSuite, Inc.  (37,084)  (437,962) 
Auxilium      salesforce.com, inc.  (2,492)  (95,120) 
Pharmaceuticals, Inc.  (16,741)  (525,332)  THQ, Inc.  (38,982)  (279,111) 
Perrigo Co.  (17,128)  (475,816)      (2,461,421) 
Wyeth  (6,061)  (275,109)  SPECIALTY RETAIL — (2.8)%     
    (1,741,352)  American Eagle     
PROFESSIONAL SERVICES — (0.2)%    Outfitters, Inc.  (55,465)  (785,940) 
IHS, Inc., Class A  (6,443)  (321,312)  Bed Bath & Beyond, Inc.  (12,499)  (384,344) 
REAL ESTATE INVESTMENT TRUSTS (REITs) — (2.1)%  Best Buy Co., Inc.  (17,009)  (569,631) 
BioMed Realty Trust, Inc.  (11,440)  (117,031)  Chico’s FAS, Inc.  (72,793)  (708,276) 
Boston Properties, Inc.  (3,483)  (166,139)  Dick’s Sporting Goods, Inc.  (11,218)  (192,950) 
Digital Realty Trust, Inc.  (12,563)  (450,384)  Lowe’s Cos., Inc.  (33,729)  (654,680) 
HCP, Inc.  (2,753)  (58,336)  O’Reilly Automotive, Inc.  (6,761)  (257,459) 
Healthcare Realty Trust, Inc.  (6,423)  (108,099)  Penske Automotive     
Kimco Realty Corp.  (17,550)  (176,378)  Group, Inc.  (12,482)  (207,700) 

20

Long-Short Market Neutral         
 
  Shares  Value        Shares  Value 
Sally Beauty Holdings, Inc.   (30,215)  $       (192,167)  WIRELESS TELECOMMUNICATION   
Tiffany & Co.  (21,359)  (541,664)  SERVICES — (1.6)%     
Urban Outfitters, Inc.  (16,738)  (349,322)  Centennial     
    (4,844,133)  Communications Corp.   (28,507)  $       (238,319) 
      Crown Castle     
TEXTILES, APPAREL & LUXURY GOODS — (0.8)%  International Corp.   (29,668)  (712,625) 
Deckers Outdoor Corp.  (1,198)  (84,183)  Leap Wireless     
Gildan Activewear, Inc.  (19,941)  (295,127)  International, Inc.   (26,586)  (875,476) 
Hanesbrands, Inc.  (64,431)  (967,110)  MetroPCS     
    (1,346,420)  Communications, Inc.   (46,128)  (613,964) 
TOBACCO — (0.7)%      SBA Communications Corp.,     
Philip Morris      Class A   (10,785)  (264,664) 
International, Inc.  (16,128)  (703,503)        (2,705,048) 
Universal Corp.  (17,171)  (568,532)  TOTAL SECURITIES     
    (1,272,035)  SOLD SHORT — (94.3)%     
      (Proceeds $172,680,000)  $(162,096,023) 
TRADING COMPANIES & DISTRIBUTORS — (0.5)%         
Fastenal Co.  (3,050)  (101,169)         
GATX Corp.  (30,911)  (795,030)  Notes to Schedule of Investments   
    (896,199)  (1)  Securities are pledged with brokers as collateral for securities sold 
WATER UTILITIES — (0.4)%        short. At the period end, the aggregate value of securities pledged 
Aqua America, Inc.  (34,238)  (612,860)    was $163,959,085.     
      (2)  Non-income producing.     
 
      Industry classifications are unaudited.     
 
 
      See Notes to Financial Statements.     

21

Statement of Assets and Liabilities 

JUNE 30, 2009   
Assets   
Investment securities, at value (cost of $153,557,851)  $171,514,958
Cash on deposit with broker for securities sold short  163,130,883
Cash  42,791
Receivable for capital shares sold  388,279
Dividends and interest receivable  67,547
  335,144,458
 
Liabilities 
Securities sold short, at value (proceeds of $172,680,000)  162,096,023
Payable for investments purchased  119,792
Payable for capital shares redeemed  707,921
Accrued management fees  200,966
Distribution fees payable  12,983
Service fees (and distribution fees — A Class and R Class) payable  27,137
Dividend expense payable on securities sold short  141,595
  163,306,417
 
Net Assets  $171,838,041
 
 
See Notes to Financial Statements.   

22

JUNE 30, 2009   
Net Assets Consist of:   
Capital (par value and paid-in surplus)  $188,223,038
Accumulated net realized loss on investment and securities sold short transactions    (44,926,081)
Net unrealized appreciation on investments and securities sold short  28,541,084
  $171,838,041
 
Investor Class, $0.01 Par Value 
Net assets  $22,955,576
Shares outstanding  2,293,633
Net asset value per share  $10.01
 
Institutional Class, $0.01 Par Value 
Net assets  $22,353,911
Shares outstanding  2,222,582
Net asset value per share  $10.06
 
A Class, $0.01 Par Value 
Net assets  $104,634,424
Shares outstanding  10,509,213
Net asset value per share  $9.96
Maximum offering price (net asset value divided by 0.9425)  $10.57
 
B Class, $0.01 Par Value 
Net assets  $3,068,920
Shares outstanding  314,475
Net asset value per share  $9.76
 
C Class, $0.01 Par Value 
Net assets  $17,821,026
Shares outstanding  1,826,353
Net asset value per share  $9.76
 
R Class, $0.01 Par Value 
Net assets  $1,004,184
Shares outstanding  101,486
Net asset value per share  $9.89
 
 
See Notes to Financial Statements.   

23

Statement of Operations 

YEAR ENDED JUNE 30, 2009   
Investment Income (Loss)   
Income:   
Dividends (net of foreign taxes withheld of $88,716)  $ 2,961,587
Interest  622,735
  3,584,322
 
Expenses: 
Dividend expense on securities sold short  3,857,488
Management fees  2,793,532
Distribution fees: 
 B Class  23,738
 C Class  142,070
Service fees: 
 B Class  7,913
 C Class  47,357
Distribution and service fees: 
 A Class  334,414
 R Class  3,915
Directors’ fees and expenses  7,998
Other expenses  1,580
  7,220,005
 
Net investment income (loss)    (3,635,683)
 
Realized and Unrealized Gain (Loss) 
Net realized gain (loss) on: 
Investment transactions    (55,420,692)
Securities sold short transactions  40,873,146
    (14,547,546)
 
Change in net unrealized appreciation (depreciation) on: 
Investments  17,582,077
Securities sold short    (18,639,619)
    (1,057,542)
 
Net realized and unrealized gain (loss)    (15,605,088)
 
Net Increase (Decrease) in Net Assets Resulting from Operations    $(19,240,771)
 
 
See Notes to Financial Statements.   

24

Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008     
Increase (Decrease) in Net Assets        2009        2008 
Operations     
Net investment income (loss)    $ (3,635,683) $ 1,164,677
Net realized gain (loss)    (14,547,546)   (15,802,269)
Change in net unrealized appreciation (depreciation)    (1,057,542) 10,752,046
Net increase (decrease) in net assets resulting from operations    (19,240,771)   (3,885,546)
 
Distributions to Shareholders 
From net investment income: 
 Investor Class  —   (357,014)
 Institutional Class  —   (187,233)
 A Class  —   (2,313,079)
 B Class  —   (44,308)
 C Class  —   (292,689)
 R Class  —   (10,057)
Decrease in net assets from distributions  —   (3,204,380)
 
Capital Share Transactions 
Net increase (decrease) in net assets from capital share transactions    (20,550,832) 45,093,719
 
Net increase (decrease) in net assets    (39,791,603) 38,003,793
 
Net Assets 
Beginning of period  211,629,644 173,625,851
End of period  $171,838,041 $211,629,644
 
 
See Notes to Financial Statements.     

25

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. Long-Short Market Neutral Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified under the 1940 Act. The fund’s investment objective is to seek capital appreciation independent of equity market conditions. The fund buys, or takes long positions in, equity securities that have been identified as undervalued. The fund takes short positions in equity securities that have been identified as overvalued. The fund’s investment process is designed to maintain approximately equal dollar amounts invested in long and short positions at all times. The following is a summary of the fund’s significant account ing policies.

Multiple Class — The fund is authorized to issue the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. 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.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and ov er-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has b een declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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 capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions for income tax purposes.

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Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Interest earned on segregated cash for securities sold short is reflected as interest income.

Securities Sold Short — The fund may enter into a short sale, which is selling a security it does not own, as part of its normal investment activities. Upon selling a security short, the fund will segregate cash, cash equivalents or other appropriate liquid securities in an amount equal to the current market value of the securities sold short until the fund replaces the borrowed security. The fund is required to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense. Liabilities for securities sold short are valued daily and changes in value are recorded as unrealized appreciation (depreciation) on securities sold short. The fund records realized gain (loss) on a security sold short when it is terminated by the fund and includes as a component of realized gain (loss) on secur ities sold short transactions. The fund’s risks in selling securities short include the possibility that the future increases in market value may exceed the liability recorded or that the lender of the security may terminate the loan at a disadvantageous price or time to the fund. In addition, while the realized gains on securities sold short are limited to the price at which it sold the security short, the losses may be unlimited.

Business Development Companies — The fund may invest in securities of closed-end investment companies that have elected to be treated as a business development company under the 1940 Act. A business development company operates similar to an exchange traded fund and represents a portfolio of securities. The fund may purchase a business development company to gain exposure to the securities in the underlying portfolio. The risks of owning a business development company generally reflect the risks of owning the underlying securities. Business development companies have expenses, which reduce their value.

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

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

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. All tax returns for the fund remain subject to examination by tax authorities. At this time, management believes there are no uncertain tax positions which, based on 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penalties associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.

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

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with American Century Investment Management, Inc. (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 all expenses of the fund, except brokerage commissions, taxes, interest, fees and expenses of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares 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 funds and certain other accounts mana ged by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 1.0480% to 1.2300% and the rates for the Complex Fee (Investor Class, A Class, B Class, C Class and R Class) range from 0.2500% to 0.3100%. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class of the fund for the year ended June 30, 2009 was 1.40% for all classes except Institutional Class, which was 1.20%.

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, B 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 and the R Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25% for the A Class and 0.50% for the R Class. The plans provide that the B Class and C Class will each pay ACIS an annual distribution fee of 0.75% and service fee of 0.25%. 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 year ended June 30, 2009, are detailed in the Statement of Operations.

Acquired Fund Fees and Expenses — The fund may invest in mutual funds, exchange traded funds, and business development companies (the acquired funds). The fund will indirectly realize its pro rata share of the fees and expenses of the acquired funds in which it invests. These indirect fees and expenses are not paid out of the fund’s assets but are reflected in the return realized by the fund on its investment in the acquired funds.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, ACIS, and the corporation’s transfer agent, American Century Services, LLC.

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The fund is eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS). Effective September 6, 2008, JPMorgan Chase Bank (JPMCB) is a custodian of the fund. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities and securities sold short, excluding short-term investments, for the year ended June 30, 2009, were $641,871,013 and $629,533,417, respectively.

4. Capital Share Transactions         
 
Transactions in shares of the fund were as follows:     
 
  Year ended June 30, 2009  Year ended June 30, 2008 
  Shares     Amount  Shares        Amount 
Investor Class/Shares Authorized  50,000,000 50,000,000
Sold  1,911,327 $ 19,949,664 2,436,671 $ 26,660,141
Issued in reinvestment of distributions  — — 18,408 202,673
Redeemed    (2,267,677)   (23,248,663)   (1,652,250)   (17,832,227)
     (356,350)   (3,298,999) 802,829 9,030,587
Institutional Class/Shares Authorized  50,000,000 50,000,000
Sold  1,777,964 18,605,876 1,009,991 11,110,432
Issued in reinvestment of distributions  — — 16,975 187,233
Redeemed    (741,402)   (7,697,274)   (1,581,296)   (17,463,963)
  1,036,562 10,908,602   (554,330)   (6,166,298)
A Class/Shares Authorized  70,000,000 70,000,000
Sold  4,329,302 45,040,978 8,357,761 92,122,848
Issued in reinvestment of distributions  — — 202,222 2,226,467
Redeemed    (7,158,059)   (72,955,762)   (5,044,119)   (54,371,327)
    (2,828,757)   (27,914,784) 3,515,864 39,977,988
B Class/Shares Authorized  10,000,000 10,000,000
Sold  110,857 1,141,819 131,975 1,493,383
Issued in reinvestment of distributions  — — 2,186 23,822
Redeemed    (81,914)   (826,016)   (120,379)   (1,346,799)
   28,943 315,803 13,782 170,406
C Class/Shares Authorized  10,000,000 10,000,000
Sold  584,193 5,930,556 1,010,157 11,024,091
Issued in reinvestment of distributions  — — 12,549 136,661
Redeemed    (680,115)   (6,872,873)   (872,518)   (9,230,341)
    (95,922)   (942,317) 150,188 1,930,411
R Class/Shares Authorized  10,000,000 10,000,000
Sold  40,865 414,082 13,623 148,710
Issued in reinvestment of distributions  — — 918 10,057
Redeemed    (3,323)   (33,219)   (752)   (8,142)
   37,542 380,863 13,789 150,625
Net increase (decrease)    (2,177,982)   $(20,550,832) 3,942,122 $ 45,093,719

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5. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of June 30, 2009:

  Level 1  Level 2  Level 3 
Investment Securities       
Common Stocks  $163,959,085 —            —
Temporary Cash Investments  155,873 $7,400,000            —
Total Value of Investment Securities  $164,114,958 $7,400,000            —

 
Securities Sold Short 
Common Stocks    $(162,096,023) —            —
Total Value of Securities Sold Short    $(162,096,023) —            —

6. Bank Line of Credit

The fund, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the fund to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The fund did not borrow from the line during the year ended June 30, 2009.

7. Interfund Lending

The fund, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the fund to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the fund did not utilize the program.

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8. Risk Factors

The fund’s investment process may produce high portfolio turnover and high short-term capital gains distributions. In addition, its investment approach may involve higher volatility, short sales risk and overweighting risk. The fund may suffer losses when taking long positions in market sectors or industries that are not offset by corresponding short positions, resulting in an over- or underweighted sector or industry.

9. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008 were as follows:

  2009 2008 
Distributions Paid From   
Ordinary income  — $3,204,380
Long-term capital gains  — —

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 June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

Federal tax cost of investments  $157,462,233
Gross tax appreciation of investments  $ 25,859,698
Gross tax depreciation of investments    (11,806,973)
Net tax appreciation (depreciation) of investments  $ 14,052,725
Net tax appreciation (depreciation) on securities sold short  $10,583,977
Net tax appreciation (depreciation)  $24,636,702
Undistributed ordinary income  —
Accumulated capital losses    $(27,398,918)
Capital loss deferral    $(13,622,781)

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

The accumulated capital losses listed above represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions and contributions. The capital loss carryovers of $(726,363), $(11,723,614), $(7,547,465) and $(7,401,476) expire in 2014, 2015, 2016 and 2017, respectively.

The capital loss deferral listed above represents net capital losses incurred in the eight-month period ended June 30, 2009. The fund has elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

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10. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the fund. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

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Financial Highlights 

Long-Short Market Neutral         
 
Investor Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $10.92 $11.22 $10.40 $9.97 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)    (0.16) 0.08  0.14 0.24 0.06
 Net Realized and Unrealized Gain (Loss)    (0.75)   (0.15)  0.68 0.27   (0.09)
 Total From Investment Operations    (0.91)   (0.07)  0.82 0.51   (0.03)
Distributions 
 From Net Investment Income  —   (0.23) —    (0.08) —
Net Asset Value, End of Period  $10.01 $10.92 $11.22 $10.40 $9.97
 
Total Return(4)  (8.33)%  (0.67)%     7.88%  5.08%  (0.30)% 
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets(5)  3.34% 2.89%  2.71%(6) 3.45% 2.76%(6)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  (1.56)% 0.90%  2.61%(6) 2.17% 2.23%(6)
Portfolio Turnover Rate  330% 356%      181% 428% 171%
Portfolio Turnover Rate 
Excluding Short Sales  151% 137%        38% 50% 36%
Net Assets, End of Period (in thousands)  $22,956 $28,939  $20,732 $12,781 $498
Ratio of Operating Expenses (excluding 
dividend expense on securities sold short) 
to Average Net Assets(5)  1.41% 1.39%  1.39%(6) 1.38% 1.37%(6)

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(6)      Annualized.

See Notes to Financial Statements.

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Long-Short Market Neutral         
 
Institutional Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $10.95 $11.24 $10.40 $9.97 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)    (0.15) 0.17  0.15 0.25 0.06
 Net Realized and Unrealized Gain (Loss)    (0.74)   (0.22)  0.69 0.28   (0.09)
 Total From Investment Operations    (0.89)   (0.05)  0.84 0.53   (0.03)
Distributions 
 From Net Investment Income  —   (0.24) —    (0.10) —
Net Asset Value, End of Period  $10.06 $10.95 $11.24 $10.40 $9.97
 
Total Return(4)  (8.13)%  (0.48)%   8.08%  5.30%  (0.30)% 
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets(5)  3.14% 2.69%  2.51%(6) 3.25% 2.56%(6)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  (1.36)% 1.10%  2.81%(6) 2.37% 2.43%(6)
Portfolio Turnover Rate  330% 356%      181% 428% 171%
Portfolio Turnover Rate 
Excluding Short Sales  151% 137%        38% 50% 36%
Net Assets, End of Period (in thousands)  $22,354 $12,989  $19,559 $14,412 $499
Ratio of Operating Expenses (excluding 
dividend expense on securities sold short) 
to Average Net Assets(5)  1.21% 1.19%  1.19%(6) 1.18% 1.17%(6)

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(6)      Annualized.

See Notes to Financial Statements.

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Long-Short Market Neutral         
 
A Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $10.89 $11.21 $10.40 $9.96 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)    (0.18) 0.07 0.13 0.20 0.05
 Net Realized and Unrealized Gain (Loss)    (0.75)   (0.18) 0.68 0.29   (0.09)
 Total From Investment Operations    (0.93)   (0.11) 0.81 0.49   (0.04)
Distributions 
 From Net Investment Income  —   (0.21) —    (0.05) —
Net Asset Value, End of Period  $9.96 $10.89 $11.21 $10.40 $9.96
 
Total Return(4)  (8.54)%  (0.98)%     7.79%  4.93%  (0.40)% 
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets(5)  3.59% 3.14% 2.96%(6) 3.70% 3.01%(6)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  (1.81)% 0.65% 2.36%(6) 1.92% 1.98%(6)
Portfolio Turnover Rate  330% 356% 181% 428% 171%
Portfolio Turnover Rate 
Excluding Short Sales  151% 137% 38% 50% 36%
Net Assets, End of Period (in thousands)  $104,634 $145,265 $110,065 $56,219 $498
Ratio of Operating Expenses (excluding 
dividend expense on securities sold short) 
to Average Net Assets(5)  1.66% 1.64% 1.64%(6) 1.63% 1.62%(6)

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(6)      Annualized.

See Notes to Financial Statements.

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Long-Short Market Neutral         
 
B Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $10.76 $11.11 $10.35 $9.94 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)    (0.26)    —(4) 0.09 0.12 0.03
 Net Realized and Unrealized Gain (Loss)    (0.74)   (0.18) 0.67 0.29   (0.09)
 Total From Investment Operations    (1.00)   (0.18) 0.76 0.41   (0.06)
Distributions 
 From Net Investment Income  —   (0.17) — — —
Net Asset Value, End of Period  $9.76 $10.76 $11.11 $10.35 $9.94
 
Total Return(5)  (9.29)%  (1.63)%     7.34%  4.12%  (0.60)% 
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets(6)  4.34% 3.89% 3.71%(7) 4.45% 3.76%(7)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  (2.56)% (0.10)% 1.61%(7) 1.17% 1.23%(7)
Portfolio Turnover Rate  330% 356% 181% 428% 171%
Portfolio Turnover Rate 
Excluding Short Sales  151% 137% 38% 50% 36%
Net Assets, End of Period (in thousands)  $3,069 $3,071 $3,020 $1,505 $497
Ratio of Operating Expenses (excluding 
dividend expense on securities sold short) 
to Average Net Assets(6)  2.41% 2.39% 2.39%(7) 2.38% 2.37%(7)

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Per-share amount was less than $0.005.
(5)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(6)      Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(7)      Annualized.

See Notes to Financial Statements.

36

Long-Short Market Neutral         
 
C Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $10.75 $11.11 $10.35 $9.94 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)    (0.26)    —(4)  0.09 0.12 0.03
 Net Realized and Unrealized Gain (Loss)    (0.73)   (0.19)  0.67 0.29   (0.09)
 Total From Investment Operations    (0.99)   (0.19)  0.76 0.41   (0.06)
Distributions 
 From Net Investment Income  —   (0.17) — — —
Net Asset Value, End of Period  $9.76 $10.75 $11.11 $10.35 $9.94
 
Total Return(5)  (9.21)%  (1.72)%     7.34%  4.12%  (0.60)% 
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets(6)  4.34% 3.89%  3.71%(7) 4.45% 3.76%(7)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  (2.56)% (0.10)%  1.61%(7) 1.17% 1.23%(7)
Portfolio Turnover Rate  330% 356%      181% 428% 171%
Portfolio Turnover Rate 
Excluding Short Sales  151% 137%        38% 50% 36%
Net Assets, End of Period (in thousands)  $17,821 $20,673  $19,690 $8,393 $497
Ratio of Operating Expenses (excluding 
dividend expense on securities sold short) 
to Average Net Assets(6)  2.41% 2.39%  2.39%(7) 2.38% 2.37%(7)

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Per-share amount was less than $0.005.
(5)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(6)      Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(7)      Annualized.

See Notes to Financial Statements.

37

Long-Short Market Neutral         
 
R Class           
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006  2005(2) 
Per-Share Data           
Net Asset Value, Beginning of Period  $10.85 $11.18 $10.39 $9.96 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(3)    (0.22) 0.04 0.11 0.17 0.04
 Net Realized and Unrealized Gain (Loss)    (0.74)   (0.17) 0.68 0.29   (0.08)
 Total From Investment Operations    (0.96)   (0.13) 0.79 0.46   (0.04)
Distributions 
 From Net Investment Income  —   (0.20) —    (0.03) —
Net Asset Value, End of Period  $9.89 $10.85 $11.18 $10.39 $9.96
 
Total Return(4)  (8.85)%  (1.19)%  7.60%  4.57%  (0.40)% 
 
Ratios/Supplemental Data           
Ratio of Operating Expenses           
to Average Net Assets(5)  3.84% 3.39% 3.21%(6) 3.95% 3.26%(6)
Ratio of Net Investment Income (Loss) 
to Average Net Assets  (2.06)% 0.40% 2.11%(6) 1.67% 1.73%(6)
Portfolio Turnover Rate  330% 356% 181% 428% 171%
Portfolio Turnover Rate 
Excluding Short Sales  151% 137% 38% 50% 36%
Net Assets, End of Period (in thousands)  $1,004 $694 $561 $521 $498
Ratio of Operating Expenses (excluding 
dividend expense on securities sold short) 
to Average Net Assets(5)  1.91% 1.89% 1.89%(6) 1.88% 1.87%(6)

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period. For the years before June 30, 2007, the fund’s fiscal year end was December 31.
(2)      September 30, 2005 (fund inception) through December 31, 2005.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(5)      Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(6)      Annualized.

See Notes to Financial Statements.

38

Report of Independent Registered Public Accounting Firm 

To the Directors of the American Century Quantitative Equity Funds, Inc. and Shareholders of the Long-Short Market Neutral Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Long-Short Market Neutral Fund (one of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

39

Management 

The individuals listed below serve as directors or officers of the funds. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the fund’s investment advisor, American Century Investment Management, Inc. (ACIM); the fund’s principal underwriter, American Century Investment Services, Inc. (ACIS); and the fund’s transfer agent, American Century Services, LLC (ACS).

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the funds also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, except as noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Fund: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007).
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

40

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Fund: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors
(asset manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Fund: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

41

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Fund: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Fund: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS, ACIS
and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Fund: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM
and ACS (August 2006 to present); Assistant Treasurer, ACC (January 1995 to
August 2006); and Treasurer and Chief Financial Officer, various American
Century Investments funds (July 2000 to August 2006). Also serves as: Senior Vice
President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Fund: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Fund: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to present); and
Controller, various American Century Investments funds (1997 to September 2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Fund: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to
present); Vice President, certain ACC subsidiaries (October 2001 to August 2006);
Vice President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as:
Chief Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and Senior
Vice President, ACIS

The SAI has additional information about the funds’ directors and is available without charge, upon request, by calling 1-800-345-2021.

42

Approval of Management Agreement 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/ trustees, including a majority of a fund’s independent directors/trustees (the “Directors”). At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to renew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the Long-Short Market Neutral Fund (the “fund”) and the services provided to the fund under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the fund;

• the wide range of programs and services the advisor provides to the fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning the fund to the cost of owning a similar fund;

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

• financial data showing the profitability of the fund to the advisor and the overall profitability of the advisor;

• data comparing services provided and charges to other non-fund investment management clients of the advisor; and

43

• collateral or “fall-out” benefits derived by the advisor from the manage-ment of the fund, and potential sharing of economies of scale in connection with the management of the fund.

In keeping with its practice, the Directors at a special meeting and at a regularly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the agreement under the terms ultimately determined by the board to be appropriate, the Directors’ decision was based on a number of factors, including the following.

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

• fund construction and design 

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of the fund’s portfolio

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

44

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage the fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agreement , the Directors, directly and through its Portfolio Committee, review investment performance information for the fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. The fund’s performance was above its benchmark for the three-year period and below its benchmark for the one-year period. The board discussed the fund’s performance with the advisor and was satisfied with the efforts being undertaken by the advisor. The board will continue to monitor these efforts and the performance of the fund.

Shareholder and Other Services. The advisor provides the fund with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio valuati on services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

45

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the fund, its profitability in managing the fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed with the advisor its methodology for compensating the investment professionals that provide services to the fund. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the fund. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of the fund specifically, and the expenses incurred by the advisor in providing various functions to the fund. The Directors believe the advisor is appropr iately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increases in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of the fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. The fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their invest ment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and, since the unified fee

46

cannot be increased without a vote of fund shareholders, it shifts to the advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of the fund was in the lowest quartile of the total expense ratios of its peer group.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the fund. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the fund, at least in part, due to its existing infrastruct ure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of the fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between the fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the fund.

47

Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. 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 on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

48

Index Definitions 

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Citigroup 3-Month Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. This index is an average of the last three 3-month Treasury bill issues.

The Russell 1000® Index is a market-capitalization weighted, large-cap index created by Frank Russell Company to measure the performance of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 1000® Growth Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000® Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000® Index is a market-capitalization weighted index created by Frank Russell Company to measure the performance of the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 2000® Growth Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000® Value Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap® Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap® Value Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

49

Notes 

50

Notes 

51

Notes 

52


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information of our shareholders. The report is not authorized for distribution to
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American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66120N

Annual Report 
June 30, 2009 

American Century Investments 

International Core Equity Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     Foreign Stock Index Returns  2 
 
International Core Equity   
 
           Performance  3 
           Portfolio Commentary  5 
                     Top Ten Holdings  7 
                     Investments by Country  7 
                     Types of Investments in Portfolio  7 
 
           Shareholder Fee Example  8 
 
Financial Statements   
 
           Schedule of Investments  10 
           Statement of Assets and Liabilities  15 
           Statement of Operations  17 
           Statement of Changes in Net Assets  18 
           Notes to Financial Statements  19 
           Financial Highlights  26 
           Report of Independent Registered Public Accounting Firm  32 
 
Other Information   
 
           Management  33 
           Approval of Management Agreement  36 
           Additional Information  41 
           Index Definitions  42 

The opinions expressed in the Market Perspective and the Portfolio Commentary reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative i ndices 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.

Market Perspective 


By John Schniedwind, Chief Investment Officer, Quantitative Equity

International Equity Markets Tumbled

Stock markets worldwide experienced sharp declines for the 12 months ended June 30, 2009. In an increasingly volatile investment environment, stocks fell throughout much of the period amid a global economic downturn, deteriorating credit conditions, and a near collapse in the financial sector.

The 12-month period marked the first time since World War II that the U.S., Europe, and Japan were all in recession simultaneously. The impact of the global economic slowdown even spread to many emerging economies as exports to developed countries waned. The economic malaise was exacerbated by liquidity problems in the credit markets, which led to tighter credit conditions and a capital crisis in the financial sector, ultimately driving several major financial institutions into insolvency.

Despite coordinated efforts from the world’s central banks to stimulate economic activity and shore up the financial sector, the economic and financial difficulties led to a steep drop in the global equity markets throughout the last half of 2008 and into early 2009. From the beginning of the reporting period through the end of February 2009, the MSCI EAFE Index (a broad measure of international stock performance) plummeted by 50%.

Market conditions changed dramatically in the last few months of the period. Signs of economic stabilization, primarily in the U.S., generated optimism about a possible recovery, and improving liquidity in the credit markets also lifted investor sentiment. As a result, equity markets worldwide finished the period with a powerful rally—the MSCI EAFE Index gained more than 25% during the last three months of the period.

Emerging Markets Held Up Best

Despite the recent rally, international stocks declined by approximately 30% overall for the 12-month period (see the table below). Emerging markets were more volatile but held up slightly better than their developed counterparts. Among developed markets, Japan and its neighbors along the Pacific Rim posted the best returns, while European bourses lagged. From a sector perspective, financials and materials stocks suffered the largest declines, while the more defensive consumer staples and health care sectors posted the smallest losses.

Foreign Stock Index Returns   
For the 12 months ended June 30, 2009   
MSCI EAFE Index  –31.35% 
MSCI EAFE Value Index  –28.93% 
MSCI EAFE Growth Index  –33.66% 
MSCI World Free Index  –29.50% 
MSCI Japan Index  –23.12% 
MSCI Pacific Free ex-Japan Index  –27.66% 
MSCI EM Index (emerging markets)  –28.07% 
MSCI Europe Index  –34.53% 

2

Performance 

International Core Equity       
 
Total Returns as of June 30, 2009       
    Average   
    Annual Returns   
  1 year  Since Inception  Inception Date 
Investor Class  -37.81%  -15.46%  11/30/06 
MSCI EAFE Index  -31.35%  -12.86%  — 
Institutional Class  -37.65%  -15.28%  11/30/06 
A Class      11/30/06 
 No sales charge*  -38.00%  -15.68%   
 With sales charge*  -41.55%  -17.59%   
B Class      11/30/06 
 No sales charge*  -38.34%  -16.26%   
 With sales charge*  -42.34%  -17.83%   
C Class  -38.34%  -16.26%  11/30/06 
R Class  -38.13%  -15.89%  11/30/06 

*

 

 Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge for equity funds and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year after purchase to 0.00% the sixth year after purchase. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

3

International Core Equity


One-Year Returns Over Life of Class       
Periods ended June 30       
  2007*  2008  2009 
Investor Class  18.80%  -12.30%  -37.81% 
MSCI EAFE Index  14.22%  -10.61%  -31.35% 
* From 11/30/06, the Investor Class’s inception date. Not annualized.       
     

Total Annual Fund Operating Expenses       
  Institutional         
Investor Class  Class  A Class  B Class  C Class  R Class 
1.16%  0.96%  1.41%  2.16%  2.16%  1.66% 

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. International investing involves special risks, such as political instability and currency fluctuations. Investing in < FONT size=2 face=AkzidenzGroteskStd-LightCn,Arial,Helvetica,sans-serif>emerging markets may accentuate these risks.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

4

Portfolio Commentary 
International Core Equity 

Portfolio Managers: John Schniedwind and Zili Zhang

Performance Summary

International Core Equity returned –37.81%* for the fiscal year ended June 30, 2009, trailing the –31.35% return of the fund’s benchmark, the MSCI EAFE Index.

The substantial decline for International Core Equity and the MSCI EAFE Index during the 12-month period reflected the challenging environment for stocks worldwide amid a deteriorating global economy and a crisis in the financial sector. International Core Equity also underperformed the index during the period, with the bulk of the underperformance occurring in the last six months. The primary contributing factor to the fund’s underperformance of its benchmark was individual stock selection, which detracted in eight of ten market sectors. From a regional perspective, the portfolio’s two largest country weightings, the U.K. and Japan, had the biggest negative impact on relative results.

Materials and Industrials Underperformed

Stock selection in the economically sensitive materials and industrials sectors contributed the most to International Core Equity’s underperformance versus the MSCI EAFE Index. Stock choices among metals and mining companies and chemicals producers were responsible for virtually all of the underper-formance in this sector. Australian steelmaker BlueScope Steel was one of the most significant individual detractors, falling sharply as the company reduced output, cut its dividend, and raised capital to pay down debt amid a substantial decline in demand for steel. Other notable detractors included Swiss mining company Xstrata and Norwegian agricultural chemicals producer Yara International, both of which tumbled as commodity prices fell.

In the industrials sector, machinery manufacturers and electrical equipment makers had the biggest negative impact on relative results. Many of the worst contributors in this sector were severely impacted by the global economic downturn. Examples included Bobst, a Swiss company that makes machinery for the containers and packaging industry; FLSmidth, a Danish firm that provides equipment and services to the cement industry; and Dutch dredging company Boskalis Westminster.

Financials Detracted

The portfolio’s financials holdings also lagged their counterparts in the benchmark index. Security selection among insurance firms and real estate management companies contributed the lion’s share of the underperfor-mance in this sector. The weakest performer was German commercial bank Deutsche Bank, which reported its first calendar-year loss in 50 years amid the liquidity crisis in the credit markets.

*All fund returns referenced in this commentary are for Investor Class shares.

5

International Core Equity

Life insurer Aegon and financial services provider ING, both of which are headquartered in the Netherlands, also declined significantly during the 12-month period. Aegon posted larger-than-expected losses and had its credit rating downgraded, while ING received financial aid from the Dutch government and shed assets to raise capital.

Technology and Health Care Added Value

Stock selection was most successful in the information technology and health care sectors of the portfolio. Stock choices among internet software and services providers and semiconductor manufacturers contributed the most to outperformance in the information technology sector. Internet companies Tencent Holdings and Baidu both benefited from their leading positions in online advertising and search, respectively, in China. Other top contributors among the portfolio’s technology holdings included Japanese chipmaker Shinko Electric Industries and Japanese electronics maker Mitsumi Electric.

In the health care sector, outperformance was driven almost entirely by stock selection in the pharmaceutical industry. British drug maker AstraZeneca was the top contributor, advancing as earnings exceeded expectations thanks to cost management and strong sales of its cholesterol drug. Danish pharmaceutical firm Novo Nordisk, which is the world’s largest maker of insulin for diabetes, also fared well, reporting solid profit growth.

The best relative performance contributor in the portfolio was German auto maker Volkswagen, which remained profitable despite the economic downturn and entered merger talks with German sports car manufacturer Porsche. Australian mining company BHP Billiton was another top contributor, benefiting from its strong balance sheet and a joint venture with competitor Rio Tinto.

A Look Ahead

In the wake of the recent rally in the global equity markets, the question now is whether economic conditions worldwide are improving enough to support a broader advance. The U.S. was the first to tip into recession, so we would expect the domestic economy to recover first, but we will need to see housing market stability, a rebound in consumer spending, and a peak in the unemployment rate before that happens. Consequently, it may be some time before we see a sustained recovery in many international economies.

We are placing additional emphasis on our valuation factors—valuations remain attractive in many markets, and a valuation-based investment strategy has historically outperformed when the global economy emerges from recession. In addition, we are emphasizing quality, seeking companies with strong balance sheets and healthy cash flow. We believe this positioning will help International Core Equity capitalize on an eventual but uneven economic recovery.

6

International Core Equity     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Nestle SA  2.1%  2.8% 
Royal Dutch Shell plc B Shares  1.7%  2.6% 
BHP Billiton Ltd.  1.7%  1.1% 
BP plc  1.6%  2.5% 
GlaxoSmithKline plc  1.5%  1.4% 
Telefonica SA  1.4%  1.1% 
iShares S&P Global Financials Sector Index Fund  1.4%  — 
Vodafone Group plc  1.3%  1.4% 
Novartis AG  1.3%  1.8% 
HSBC Holdings plc  1.2%  1.4% 
 
Investments by Country as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Japan  20.4% 23.6%
United Kingdom  18.2% 16.4%
France    8.2%   9.3%
Germany    7.8% 11.7%
Switzerland    7.4%   9.7%
Australia    6.0%   5.4%
Netherlands    5.2%   5.4%
Spain    4.6%   3.8%
People’s Republic of China    3.2%   3.4%
Italy    2.9%   3.0%
Hong Kong    2.2%   1.7%
Multi-National    2.1%   2.1%
Singapore    2.0%   0.4%
Other Countries    7.1%   3.7%
Cash and Equivalents(1)    2.7%   0.4%
(1) Includes temporary cash investments and other assets and liabilities.     
 
Types of Investments in Portfolio     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Common Stocks, Rights & Warrants  97.3%  99.6% 
Temporary Cash Investments   1.8%  — 
Other Assets and Liabilities   0.9%   0.4% 

7

Shareholder Fee Example (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

8

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  Ending  Expenses Paid   
  Account Value  Account Value  During Period*  Annualized 
  1/1/09  6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
Actual         
Investor Class  $1,000  $1,003.50   $5.86 1.18% 
Institutional Class  $1,000  $1,005.20   $4.87 0.98% 
A Class  $1,000  $1,001.70   $7.10 1.43% 
B Class  $1,000  $1,000.00  $10.81 2.18% 
C Class  $1,000  $1,000.00  $10.81 2.18% 
R Class  $1,000  $1,000.00    $8.33 1.68% 
Hypothetical       
Investor Class  $1,000  $1,018.94   $5.91 1.18% 
Institutional Class  $1,000  $1,019.93   $4.91 0.98% 
A Class  $1,000  $1,017.70   $7.15 1.43% 
B Class  $1,000  $1,013.98  $10.89 2.18% 
C Class  $1,000  $1,013.98  $10.89 2.18% 
R Class  $1,000  $1,016.46   $8.40 1.68% 

*  Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

9

 Schedule of Investments 
International Core Equity 

JUNE 30, 2009           
 
  Shares  Value      Shares  Value 
Common Stocks, Rights,      Casino Guichard Perrachon     
& Warrants — 97.3%      SA Rights(1)  291  $    1,123 
    Cie Generale d’Optique     
AUSTRALIA — 6.0%      Essilor International SA  238  11,362 
Australia & New Zealand      Credit Agricole SA  1,764  22,094 
Banking Group Ltd.  424  $    5,605  France Telecom SA  1,124  25,537 
BHP Billiton Ltd.  3,348  91,760  GDF Suez  496  18,529 
Coca-Cola Amatil Ltd.  486  3,367  Natixis(1)  1,961  3,795 
Commonwealth Bank of Australia  1,736  54,280  Nexans SA  351  18,711 
Computershare Ltd.  1,976  14,319  Sanofi-Aventis  724  42,579 
Energy Resources of Australia Ltd.  632  11,861  SCOR SE  1,245  25,569 
Incitec Pivot Ltd.  760  1,446  Societe Generale  592  32,299 
National Australia Bank Ltd.  1,282  23,081  Sodexo  219  11,264 
Newcrest Mining Ltd.  1,631  39,966  Suez Environnement SA  129  2,262 
Rio Tinto Ltd.  651  27,246  Technip SA  171  8,405 
Sino Gold Mining Ltd.(1)  3,655  15,165  Total SA  1,232  66,728 
Telstra Corp. Ltd.  5,873  16,025  Valeo SA(1)  260  4,798 
Westpac Banking Corp.  1,629  26,387  Vilmorin & Cie  40  3,911 
    330,508  Vinci SA  495  22,216 
AUSTRIA — 0.1%      Vivendi  1,638  39,237 
Voestalpine AG  114  3,128  Wendel  183  5,929 
BELGIUM — 0.3%          450,405 
Delhaize Group  209  14,715  GERMANY — 7.8%     
Umicore  169  3,849  Aareal Bank AG(1)  1,002  11,100 
    18,564  adidas AG  131  4,992 
BRAZIL — 0.4%      Allianz SE  167  15,443 
iShares MSCI Brazil Index Fund  424  22,459  Aurubis AG  820  23,798 
CHANNEL ISLANDS — 0.6%      BASF SE  1,312  52,331 
Randgold Resources Ltd.  513  32,984  Bayer AG  350  18,794 
DENMARK — 0.8%      Bayerische Motoren Werke AG  274  10,348 
Carlsberg A/S B Shares  83  5,335  Commerzbank AG(1)  738  4,589 
Dampskibsselskabet Norden A/S  100  3,438  Deutsche Bank AG  424  25,802 
Novo Nordisk A/S B Shares  612  33,263  Deutsche Lufthansa AG  1,290  16,216 
    42,036       
      Deutsche Postbank AG(1)  254  6,476 
FINLAND — 0.6%           
      Deutsche Telekom AG  1,913  22,609 
Nokia Oyj  648  9,457       
      E.ON AG  1,245  44,190 
Outokumpu Oyj  475  8,227       
      Gildemeister AG  712  6,889 
Pohjola Bank plc  680  5,438       
      Hannover Rueckversicherung AG(1)  444  16,425 
Rautaruukki Oyj  267  5,340       
Stora Enso Oyj A Shares(1)  1,012  6,715  HeidelbergCement AG  120  4,945 
      Metro AG  271  12,954 
    35,177       
      MTU Aero Engines Holding AG  468  17,087 
FRANCE — 8.2%           
      Muenchener Rueckversicherungs-     
BNP Paribas  851  55,225  Gesellschaft AG  44  5,951 
Bouygues SA  244  9,176  RWE AG  341  26,920 
Casino Guichard Perrachon SA  291  19,656  Siemens AG  529  36,623 

10

International Core Equity

  Shares  Value      Shares  Value 
Volkswagen AG  54  $    18,280  Denso Corp.  400  $    10,197 
Wacker Chemie AG  174  20,042  Eisai Co. Ltd.  500  17,791 
Wacker Neuson SE  526  4,920  FamilyMart Co. Ltd.  700  21,940 
    427,724  FAST RETAILING CO. LTD.  100  13,024 
GREECE — 0.5%      Fuji Fire & Marine     
National Bank of Greece SA(1)  252  6,904  Insurance Co. Ltd. (The)(1)  12,000  15,193 
OPAP SA  910  24,168  FUJIFILM Holdings Corp.  200  6,310 
    31,072  Futaba Corp.  200  3,657 
HONG KONG — 2.2%      Hino Motors Ltd.  2,000  6,199 
BOC Hong Kong Holdings Ltd.  2,500  4,425  Hokuriku Electric Power Co.  500  11,429 
China Mengniu Dairy Co. Ltd.(1)  4,000  9,279  Honda Motor Co. Ltd.  1,200  32,857 
Chinese Estates Holdings Ltd.  13,000  23,797  House Foods Corp.  700  10,172 
Great Eagle Holdings Ltd.  5,000  10,573  Idemitsu Kosan Co. Ltd.  200  17,100 
Hang Lung Group Ltd.  1,000  4,701  INPEX Corp.  2  15,931 
Hang Seng Bank Ltd.  800  11,358  iShares MSCI Japan Index Fund  2,343  22,094 
Hongkong Electric Holdings Ltd.  1,500  8,344  ITOCHU Corp.  2,000  13,814 
Hopewell Highway      Japan Tobacco, Inc.  8  24,936 
Infrastructure Ltd.  200  112  Jupiter Telecommunications     
Hopewell Holdings Ltd.  2,000  6,242  Co. Ltd.  22  16,679 
Johnson Electric Holdings Ltd.  57,000  15,534  KDDI Corp.  2  10,604 
Noble Group Ltd.  17,000  21,284  Konami Corp.  600  11,487 
VTech Holdings Ltd.  1,000  6,854  Konica Minolta Holdings, Inc.  3,000  31,172 
    122,503  Kyocera Corp.  200  15,003 
ITALY — 2.9%      Kyushu Electric Power Co., Inc.  300  6,457 
Banca Popolare di Milano Scarl  1,238  7,409  Leopalace21 Corp.  1,200  10,661 
Cementir Holding SpA  1,270  4,854  Mabuchi Motor Co. Ltd.  100  4,808 
Enel SpA  2,706  13,183  Marubeni Corp.  4,000  17,672 
ENI SpA  2,205  52,309  Minebea Co. Ltd.  5,000  21,154 
Fondiaria-Sai SpA  362  5,877  Mitsubishi Materials Corp.  1,000  3,108 
Mediaset SpA  673  3,784  Mitsubishi Tanabe Pharma Corp.  1,000  11,492 
Milano Assicurazioni SPA  886  2,941  Mitsubishi UFJ     
      Financial Group, Inc.  7,100  43,645 
Pirelli & C SpA(1)  14,341  5,071       
      Mitsubishi UFJ Lease     
Prysmian SpA  803  12,097  & Finance Co. Ltd.  190  6,144 
Telecom Italia SpA  11,483  15,904  Mitsumi Electric Co. Ltd.  1,800  38,233 
UniCredit SpA(1)  12,627  32,350  Mizuho Financial Group, Inc.  1,700  3,954 
Unipol Gruppo Finanziario SpA(1)  5,646  6,613  Nichicon Corp.  500  7,208 
    162,392  Nihon Unisys Ltd.  1,200  10,402 
JAPAN — 20.4%      Nintendo Co. Ltd.  100  27,520 
Asahi Breweries Ltd.  600  8,616  Nippon Meat Packers, Inc.  1,000  12,612 
Astellas Pharma, Inc.  500  17,662  Nippon Sheet Glass Co. Ltd.  1,000  2,896 
Bank of Yokohama Ltd. (The)  2,000  10,652  Nippon Telegraph     
Brother Industries Ltd.  2,400  21,186  & Telephone Corp.  400  16,275 
Canon, Inc.  600  19,528  Nisshinbo Holdings, Inc.  1,000  11,266 
Central Japan Railway Co.  2  12,288  NOK Corp.  400  4,636 
Chiba Bank Ltd. (The)  1,000  6,506  Nomura Real Estate Holdings, Inc.  400  6,876 
Chubu Electric Power Co., Inc.  900  20,804  Nomura Real Estate     
Daito Trust Construction Co. Ltd.  300  14,082  Office Fund, Inc.  1  6,351 

11

International Core Equity

  Shares     Value    Shares  Value 
NTT Data Corp.  5  $    16,124    QIAGEN NV(1)  1,491  $    27,674 
NTT DoCoMo, Inc.  19  27,750  Royal Dutch Shell plc B Shares  3,790  95,684 
Osaka Gas Co. Ltd.  3,000  9,575  Unilever NV CVA  993  23,965 
Rohm Co., Ltd.  200  14,527      285,697 
Sankyo Co. Ltd.  200  10,691  NORWAY — 1.1%     
Seven & I Holdings Co. Ltd.  1,000  23,461  StatoilHydro ASA  2,999  59,242 
Shikoku Electric Power Co., Inc.  400  11,941  PAPUA NEW GUINEA — 0.2%     
Shinko Electric Industries Co. Ltd.  2,500  30,744  Lihir Gold Ltd.(1)  4,460  10,390 
Sojitz Corp.  6,000  13,097  PEOPLE’S REPUBLIC OF CHINA — 3.2%   
Sompo Japan Insurance, Inc.  2,000  13,278  Aluminum Corp of China Ltd.     
Stanley Electric Co. Ltd.  200  4,028  H Shares  8,000  7,482 
Sumitomo Heavy Industries Ltd.  1,000  4,424  China Construction Bank Corp.     
Sumitomo Metal Mining Co. Ltd.  1,000  14,062  H Shares  42,000  32,471 
Suruga Bank Ltd.  1,000  9,531  China Dongxiang Group Co.  17,000  11,397 
Takata Corp.  600  9,434  China Petroleum & Chemical     
      Corp. ADR  144  10,924 
Takeda Pharmaceutical Co. Ltd.  400  15,543  China Shenhua Energy Co. Ltd.     
Tohoku Electric Power Co., Inc.  200  4,180  H Shares  2,000  7,339 
Tokai Rika Co. Ltd.  1,100  17,426  Ctrip.com International Ltd. ADR(1)  379  17,548 
Tokuyama Corp.  1,000  7,306  Foxconn International     
Tokyo Electron Ltd.  500  24,015  Holdings Ltd.(1)  25,000  16,659 
Tokyo Gas Co. Ltd.  2,000  7,150  Industrial & Commercial Bank     
Tokyo Seimitsu Co. Ltd.  300  4,238  of China Ltd. H Shares  31,000  21,529 
Tokyo Tatemono Co. Ltd.  2,000  11,069  Morgan Stanley China     
TonenGeneral Sekiyu KK  1,000  10,163  A Share Fund, Inc.  606  19,186 
Tosoh Corp.  3,000  8,465  Zhaojin Mining Industry Co., Ltd.     
      H Shares  11,000  17,806 
Toyota Motor Corp.  1,300  49,146  Zijin Mining Group Co., Ltd.     
Toyota Tsusho Corp.  500  7,372  H Shares  14,000  12,609 
West Japan Railway Co.  4  13,217      174,950 
    1,124,240  PORTUGAL(2)     
LUXEMBOURG — 0.2%      Banco Espirito Santo SA  400  2,159 
Regus plc  8,199  8,782  SINGAPORE — 2.0%     
MEXICO — 0.3%      DBS Group Holdings Ltd.  1,500  12,173 
Fresnillo plc  1,921  16,570  Golden Agri-Resources Ltd.  18,000  4,709 
MULTI-NATIONAL — 2.1%      Golden Agri-Resources Ltd.     
iShares MSCI Emerging      Rights(1)  3,060  420 
Markets Index Fund  496  15,986  Golden Agri-Resources Ltd.     
iShares S&P Global Financials      Warrants(1)  1,224  — 
Sector Index Fund  2,046  75,784  Jardine Cycle & Carriage Ltd.  2,000  26,473 
Market Vectors - Gold      SembCorp Industries Ltd.  13,000  27,027 
Miners ETF(1)  692  26,130       
      Venture Corp. Ltd.  5,000  23,997 
    117,900       
      Wilmar International Ltd.  5,000  17,280 
NETHERLANDS — 5.2%           
          112,079 
European Aeronautic           
Defence & Space Co. NV  1,633  26,464  SOUTH AFRICA — 0.4%     
Heineken Holding NV  1,046  33,278  AngloGold Ashanti Ltd. ADR  387  14,176 
ING Groep NV CVA  1,769  17,805  Harmony Gold Mining     
      Co. Ltd. ADR(1)  1,063  10,970 
Koninklijke Ahold NV  2,804  32,221       
          25,146 
Koninklijke DSM NV  913  28,606       

12

International Core Equity

  Shares  Value      Shares  Value 
SPAIN — 4.6%      Barclays plc  8,556  $   39,852 
Acerinox SA  612  $    11,327  BG Group plc  2,175  36,544 
Banco Bilbao Vizcaya      BHP Billiton plc  1,528  34,515 
Argentaria SA  1,013  12,765  BP plc  10,827  85,676 
Banco Santander SA  3,184  38,424  British American Tobacco plc  1,393  38,482 
Gamesa Corp Tecnologica SA  1,352  25,667  British Sky Broadcasting Group plc  4,476  33,578 
Mapfre SA  4,373  14,234  BT Group plc  11,168  18,696 
Repsol YPF SA  2,100  47,092  Close Brothers Group plc  779  8,450 
Sociedad General de Aguas de      Diageo plc  2,665  38,272 
Barcelona SA, Class A  996  22,651  Drax Group plc  2,995  21,678 
Telefonica SA  3,494  79,226  DSG international plc  20,221  7,679 
    251,386  GlaxoSmithKline plc  4,796  84,456 
SWEDEN — 1.3%      Go-Ahead Group plc  633  12,441 
Alfa Laval AB  1,993  19,076  HSBC Holdings plc (Hong Kong)  2,400  20,111 
Electrolux AB B Shares(1)  840  11,775       
      HSBC Holdings plc  8,107  67,301 
JM AB(1)  619  4,274       
      Jardine Lloyd Thompson Group plc  2,955  19,649 
Nordea Bank AB  1,150  9,125  Kazakhmys plc  656  6,838 
Svenska Handelsbanken AB      Lloyds Banking Group plc  7,336  8,443 
A Shares  413  7,804       
Telefonaktiebolaget LM Ericsson      Man Group plc  4,625  21,228 
B Shares  1,978  19,347  Marks & Spencer Group plc  3,621  18,276 
    71,401  Mitchells & Butlers plc(1)  1,442  5,904 
SWITZERLAND — 7.4%      National Express Group plc  1,875  9,575 
Actelion Ltd.(1)  514  26,954  Old Mutual plc  12,202  16,248 
Bobst Group AG(1)  260  7,328  Pearson plc  1,547  15,539 
Credit Suisse Group AG  1,032  47,110  Prudential plc  1,289  8,771 
Kuehne + Nagel International AG  347  27,240  Punch Taverns plc(1)  4,902  8,210 
Lonza Group AG  29  2,880  Reckitt Benckiser Group plc  412  18,777 
Nestle SA  3,058  115,412  Reed Elsevier plc  1,511  11,266 
Novartis AG  1,753  71,222  Rio Tinto plc  518  18,033 
OC Oerlikon Corp. AG(1)  127  7,134  Smith & Nephew plc  884  6,554 
Roche Holding AG  331  45,032  Standard Chartered plc  1,154  21,735 
Swiss Reinsurance  208  6,882  Tesco plc  2,401  13,995 
Syngenta AG  68  15,791  Thomson Reuters plc  841  23,996 
UBS AG(1)  906  11,085  Tomkins plc  2,773  6,776 
Verwaltungs- und Privat-Bank AG  65  6,394  Unilever plc  302  7,087 
Zurich Financial Services AG  94  16,639  Vedanta Resources plc  428  9,110 
    407,103  Vodafone Group plc  38,411  74,247 
TAIWAN (REPUBLIC OF CHINA) — 0.2%    Wm Morrison Supermarkets plc  4,005  15,606 
iShares MSCI Taiwan Index Fund  933  9,414      1,005,081 
UNITED KINGDOM — 18.2%      UNITED STATES — 0.1%     
Admiral Group plc  319  4,580  Freeport-McMoRan     
      Copper & Gold, Inc.  102  5,111 
Anglo American plc  566  16,516  TOTAL COMMON STOCKS,     
Antofagasta plc  1,744  16,935  RIGHTS, & WARRANTS     
AstraZeneca plc  1,115  49,102  (Cost $6,107,287)    5,365,603 
BAE Systems plc  780  4,354       

13

International Core Equity     
 
  Value    Notes to Schedule of Investments 
Temporary Cash Investments — 1.8%  ADR = American Depositary Receipt 
Repurchase Agreement, Deutsche Bank    CVA = Certificaten Van Aandelen 
Securities, Inc., (collateralized by various    ETF = Exchange Traded Fund 
U.S. Treasury obligations, 4.875%, 7/31/11,    MSCI = Morgan Stanley Capital International 
valued at $102,016), in a joint trading account    (1) Non-income producing. 
at 0.001%, dated 6/30/09, due 7/1/09       
(Delivery value $100,000)    (2)  Category is less than 0.05% of total net assets. 
(Cost $100,000)  $    100,000     
TOTAL INVESTMENT    Geographic classifications and market sector diversification 
SECURITIES — 99.1%    are unaudited. 
(Cost $6,207,287)  5,465,603     
OTHER ASSETS       
AND LIABILITIES — 0.9%  48,701  See Notes to Financial Statements. 
TOTAL NET ASSETS — 100.0%  $5,514,304     
 
Market Sector Diversification       
(as a % of net assets)       
Financials  20.5%     
Materials  11.4%     
Consumer Staples  9.6%     
Energy  9.5%     
Consumer Discretionary  9.0%     
Industrials  8.9%     
Health Care  8.7%     
Information Technology  6.8%     
Telecommunication Services  5.6%     
Utilities  4.2%     
Diversified  3.1%     
Cash and Equivalents*  2.7%     
*Includes temporary cash investments and other assets and liabilities.     

14

Statement of Assets and Liabilities 

JUNE 30, 2009   
Assets   
Investment securities, at value (cost of $6,207,287)  $5,465,603 
Cash  88,071 
Foreign currency holdings, at value (cost of $16,054)  16,802 
Receivable for capital shares sold  2,608 
Dividends and interest receivable  18,395 
  5,591,479 
 
Liabilities   
Payable for investments purchased  70,365 
Accrued management fees  5,198 
Distribution fees payable  867 
Service fees (and distribution fees — A Class and R Class) payable  745 
  77,175 
 
Net Assets  $5,514,304 
 
 
See Notes to Financial Statements.   

15

JUNE 30, 2009   
Net Assets Consist of:   
Capital (par value and paid-in surplus)  $ 9,550,947  
Undistributed net investment income  95,103  
Accumulated net realized loss on investment and foreign currency transactions  (3,391,240) 
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies  (740,506) 
  $ 5,514,304  
 
Investor Class, $0.01 Par Value   
Net assets  $1,704,020  
Shares outstanding  293,682  
Net asset value per share  $5.80  
 
Institutional Class, $0.01 Par Value   
Net assets  $861,863  
Shares outstanding  148,312  
Net asset value per share  $5.81  
 
A Class, $0.01 Par Value   
Net assets  $903,147  
Shares outstanding  155,870  
Net asset value per share  $5.79  
Maximum offering price (net asset value divided by 0.9425)  $6.14  
 
B Class, $0.01 Par Value   
Net assets  $651,100  
Shares outstanding  112,903  
Net asset value per share  $5.77  
 
C Class, $0.01 Par Value   
Net assets  $742,428  
Shares outstanding  128,748  
Net asset value per share  $5.77  
 
R Class, $0.01 Par Value   
Net assets  $651,746  
Shares outstanding  112,672  
Net asset value per share  $5.78  
 
 
See Notes to Financial Statements.   

16

Statement of Operations 

YEAR ENDED JUNE 30, 2009   
Investment Income (Loss)   
Income:   
Dividends (net of foreign taxes withheld of $17,465)  $ 240,141  
Interest  426  
Securities lending, net  2,783  
  243,350  
 
Expenses:   
Management fees  65,159  
Distribution fees:   
 B Class  5,448  
 C Class  5,804  
Service fees:   
 B Class  1,816  
 C Class  1,934  
Distribution and service fees:   
 A Class  2,532  
 R Class  3,450  
Directors’ fees and expenses  236  
Other expenses  11  
  86,390  
 
Net investment income (loss)  156,960  
 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment transactions  (2,680,785) 
Foreign currency transactions  (269,938) 
  (2,950,723) 
 
Change in net unrealized appreciation (depreciation) on:   
Investments  18,630  
Translation of assets and liabilities in foreign currencies  (534,715) 
  (516,085) 
 
Net realized and unrealized gain (loss)  (3,466,808) 
 
Net Increase (Decrease) in Net Assets Resulting from Operations  $(3,309,848) 
 
 
See Notes to Financial Statements.   

17

 
Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008     
Increase (Decrease) in Net Assets  2009  2008 
Operations     
Net investment income (loss)  $ 156,960 $ 174,994
Net realized gain (loss)    (2,950,723)   (385,219)
Change in net unrealized appreciation (depreciation)    (516,085)   (948,348)
Net increase (decrease) in net assets resulting from operations    (3,309,848)   (1,158,573)
 
Distributions to Shareholders 
From net investment income: 
 Investor Class    (57,258)   (39,620)
 Institutional Class    (36,330)   (25,247)
 A Class    (39,459)   (23,047)
 B Class    (22,215)   (9,938)
 C Class    (23,521)   (10,018)
 R Class    (23,733)   (15,423)
From net realized gains: 
 Investor Class  —   (103,169)
 Institutional Class  —   (59,422)
 A Class  —   (69,181)
 B Class  —   (55,228)
 C Class  —   (55,672)
 R Class  —   (54,677)
Decrease in net assets from distributions    (202,516)   (520,642)
 
Capital Share Transactions 
Net increase (decrease) in net assets from capital share transactions  247,737 2,887,254
 
Redemption Fees 
Increase in net assets from redemption fees  1,686 236
 
Net increase (decrease) in net assets    (3,262,941) 1,208,275
 
Net Assets 
Beginning of period  8,777,245 7,568,970
End of period  $ 5,514,304 $ 8,777,245
 
Undistributed net investment income  $95,103 $137,856
 
 
See Notes to Financial Statements.     

18

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. International Core Equity Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified under the 1940 Act. The fund’s investment objective is to seek long-term capital growth. The fund pursues its objective by investing primarily in equity securities of companies located in developed countries, excluding the United States and Canada. The following is a summary of the fund’s significant accounting policies.

Multiple Class — The fund is authorized to issue the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. 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.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The fund records the foreign tax expense, if any, on an accrual basis. The realized and unrealized tax provision reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

19

Securities on Loan — The fund may lend portfolio securities through its lending agent to certain approved borrowers in order to earn additional income. The income earned, net of any rebates or fees, is included in the Statement of Operations. The fund continues to recognize any gain or loss in the market price of the securities loaned and records any interest earned or dividends declared.

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 certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Realized and unrealized gains and losses from foreign currency translations arise from changes in currency exchange rates.

Net realized and unrealized foreign currency exchange gains or losses occurring during the holding period of investment securities are a component of realized gain (loss) on foreign currency transactions and unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. Certain countries may impose taxes on the contract amount of purchases and sales of foreign currency contracts in their currency. The fund records the foreign tax expense, if any, as a reduction to the net realized gain (loss) on foreign currency transactions.

Exchange Traded Funds — The fund may invest in exchange traded funds (ETFs). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

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

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

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. All tax years for the fund remain subject to examination by tax authorities. 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penalties associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

20

Redemption — The fund may impose a 2.00% redemption fee on shares held less than 60 days. The fee may not be applicable to all classes. The redemption fee is retained by the fund and helps cover transaction costs that long-term investors may bear when a fund sells securities to meet investor redemptions.

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 fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The Agreement provides that all expenses of the fund, except brokerage commissions, taxes, interest, fees and expenses of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the specific class of shares 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 br oad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.8180% to 1.0000% and the rates for the Complex Fee (Investor Class, A Class, B Class, C Class and R Class) range from 0.2500% to 0.3100%. The Institutional Class is 0.2000% less at each point within the Complex Fee range. The effective annual management fee for each class of the fund for the year ended June 30, 2009 was 1.17% for all classes except Institutional Class, which was 0.97%.

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, B 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 and the R Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25% for the A Class and 0.50% for the R Class. The plans provide that the B Class and C Class will each pay ACIS an annual distribution fee of 0.75% and service fee of 0.25%. 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 plan during the year e nded June 30, 2009, are detailed in the Statement of Operations.

Acquired Fund Fees and Expenses — The fund may invest in mutual funds, exchange traded funds, and business development companies (the acquired funds). The fund will indirectly realize its pro rata share of the fees and expenses of the acquired funds in which it invests. These indirect fees and expenses are not paid out of the fund’s assets but are reflected in the return realized by the fund on its investment in the acquired funds.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, ACIS, and the corporation’s transfer agent, American Century Services, LLC. ACIM owns 69% of the outstanding shares of the fund.

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The fund has a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the fund. JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the year ended June 30, 2009, were $7,817,610 and $7,598,555, respectively.

4. Capital Share Transactions         
 
Transactions in shares of the fund were as follows:     
 
  Year ended June 30, 2009  Year ended June 30, 2008 
   Shares  Amount   Shares  Amount 
Investor Class/Shares Authorized  100,000,000 100,000,000
Sold  157,815 $905,189 158,216 $1,738,571
Issued in reinvestment of distributions  9,754 57,258 13,770 142,789
Redeemed    (139,613)   (919,168)   (31,917)   (325,078)
  27,956 43,279 140,069 1,556,282
Institutional Class/Shares Authorized  50,000,000 50,000,000
Sold  24,102 150,081 39,265 408,830
Issued in reinvestment of distributions  6,189 36,330 8,165 84,669
Redeemed    (23,146)   (131,344)   (7,763)   (80,455)
  7,145 55,067 39,667 413,044
A Class/Shares Authorized  10,000,000 10,000,000
Sold    41,302   274,950   63,200       682,523   
Issued in reinvestment of distributions    6,722   39,459   7,671    79,550
Redeemed      (45,138)     (234,179)    (21,212)     (215,582)
    2,886   80,230   49,659    546,491
B Class/Shares Authorized    10,000,000   10,000,000 
Sold    847   6,249  8,720   81,080
Issued in reinvestment of distributions    3,785   22,215  6,290   65,166
Redeemed      (8,477)     (39,164)    (546)     (5,597)
      (3,845)     (10,700)  14,464   140,649
C Class/Shares Authorized    10,000,000  10,000,000
Sold    5,154   31,543  10,886   112,483
Issued in reinvestment of distributions    4,007   23,521  6,341   65,690
Redeemed    —   —    (1,822)     (19,575)
    9,161   55,064  15,405   158,598
R Class/Shares Authorized    10,000,000  10,000,000
Sold    165   1,064  198   2,090
Issued in reinvestment of distributions    4,043   23,733  6,766   70,100
    4,208   24,797  6,964   72,190
Net increase (decrease)    47,511   $247,737  266,228   $2,887,254
 

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5. Securities Lending

As of June 30, 2009, the fund did not have any securities on loan. JPMCB receives and maintains collateral in the form of cash and/or acceptable securities as approved by ACIM. Cash collateral is invested in authorized investments by the lending agent in a pooled account. Any deficiencies or excess of collateral must be delivered or transferred by the member firms no later than the close of business on the next business day. The fund’s risks in securities lending are that the borrower may not provide additional collateral when required or return the securities when due. If the borrower defaults, receipt of the collateral by the fund may be delayed or limited. Investments made with cash collateral may decline in value.

6. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data  (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of June 30, 2009:

  Level 1  Level 2  Level 3 
Investment Securities       
Common Stocks, Rights, & Warrants  $249,782 $5,115,821 — 
Temporary Cash Investments  — 100,000 — 
Total Value of Investment Securities  $249,782 $5,215,821 — 

7. Bank Line of Credit

The fund, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the fund to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The fund did not borrow from the line during the year ended June 30, 2009.

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8. Interfund Lending

The fund, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the fund to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the fund did not utilize the program.

9. Risk Factors

There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets may accentuate these risks.

10. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008 were as follows:

  2009  2008 
Distributions Paid From     
Ordinary income  $202,516  $520,642 
Long-term capital gains  —  — 

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 June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

Federal tax cost of investments  $6,277,112
Gross tax appreciation of investments  $ 358,051
Gross tax depreciation of investments    (1,169,560)
Net tax appreciation (depreciation) of investments    $ (811,509)
Net tax appreciation (depreciation) on derivatives and translation 
of assets and liabilities in foreign currencies  $ 1,143
Net tax appreciation (depreciation)    $(810,366)
Undistributed ordinary income  $106,270
Accumulated capital losses    $(1,139,974)
Capital loss deferral    $(2,192,573)

The difference between book-basis and tax-basis cost and unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, and the realization for tax purposes of unrealized gains (losses) on certain forward foreign currency exchange contracts and on passive foreign investment companies.

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The accumulated capital losses listed on the previous page represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions and contributions. The capital loss carryovers expire in 2017.

The capital loss deferral listed on the previous page represents net capital losses incurred in the eight-month period ended June 30, 2009. The fund has elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

11. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the fund. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

12. Other Tax Information (Unaudited)

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2009.

As of June 30, 2009, the fund hereby designates $17,465 as a foreign tax credit, which represents taxes paid on income derived from sources within foreign countries or possessions of the United States. During the fiscal year ended June 30, 2009, the fund earned $256,608 from income derived from foreign sources. Foreign source income and foreign tax expense per outstanding share on June 30, 2009 are $0.2695 and $0.0183, respectively.

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Financial Highlights 
International Core Equity 

Investor Class       
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1) 
Per-Share Data       
Net Asset Value, Beginning of Period  $9.72 $11.88 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.20 0.28  0.15
 Net Realized and Unrealized Gain (Loss)    (3.87)    (1.69)  1.73
 Total From Investment Operations    (3.67)    (1.41)  1.88
Distributions 
 From Net Investment Income    (0.25)    (0.21) —
 From Net Realized Gains  —    (0.54) —
 Total Distributions    (0.25)    (0.75) —
Net Asset Value, End of Period  $5.80 $9.72 $11.88
       
Total Return(3)  (37.81)% (12.30)% 18.80%
 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets  1.17% 1.16%  1.18%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  3.09% 2.50%  2.30%(4)
Portfolio Turnover Rate  131% 108% 51%
Net Assets, End of Period (in thousands)  $1,704 $2,583    $1,493

(1) November 30, 2006 (fund inception) through June 30, 2007.
(2) Computed using average shares outstanding throughout the period.
(3) Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

26

International Core Equity       
 
Institutional Class       
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1) 
Per-Share Data       
Net Asset Value, Beginning of Period  $9.73 $11.90 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.20 0.29 0.16
 Net Realized and Unrealized Gain (Loss)    (3.86)    (1.69) 1.74
 Total From Investment Operations    (3.66)    (1.40)  1.90
Distributions 
 From Net Investment Income    (0.26)    (0.23) —
 From Net Realized Gains  —    (0.54) —
 Total Distributions    (0.26)    (0.77) —
Net Asset Value, End of Period  $5.81 $9.73 $11.90
 
Total Return(3)  (37.65)% (12.19)% 19.00%
 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets  0.97% 0.96%  0.98%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  3.29% 2.70%  2.50%(4)
Portfolio Turnover Rate  131% 108% 51%
Net Assets, End of Period (in thousands)  $862 $1,374    $1,208

(1)     November 30, 2006 (fund inception) through June 30, 2007.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

27

International Core Equity       
 
A Class       
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1) 
Per-Share Data       
Net Asset Value, Beginning of Period  $9.71 $11.87 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.17 0.24 0.13
 Net Realized and Unrealized Gain (Loss)     (3.86)    (1.68)  1.74
 Total From Investment Operations     (3.69)    (1.44)  1.87
Distributions 
 From Net Investment Income     (0.23)    (0.18) —
 From Net Realized Gains  —    (0.54) —
 Total Distributions     (0.23)    (0.72) —
Net Asset Value, End of Period  $5.79 $9.71 $11.87
 
Total Return(3)  (38.00)% (12.53)% 18.70%
 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets  1.42% 1.41%  1.43%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  2.84% 2.25%  2.05%(4)
Portfolio Turnover Rate  131% 108% 51%
Net Assets, End of Period (in thousands)  $903 $1,485    $1,226

(1)      November 30, 2006 (fund inception) through June 30, 2007.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

28

International Core Equity       
 
B Class       
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1) 
Per-Share Data       
Net Asset Value, Beginning of Period  $9.66 $11.81 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.13 0.15  0.08
 Net Realized and Unrealized Gain (Loss)     (3.83)    (1.66)  1.73
 Total From Investment Operations     (3.70)    (1.51) 1.81
Distributions 
 From Net Investment Income     (0.19)    (0.10) —
 From Net Realized Gains  —    (0.54) —
 Total Distributions     (0.19)    (0.64) —
Net Asset Value, End of Period  $5.77 $9.66 $11.81
 
Total Return(3)  (38.34)% (13.26)% 18.20%
 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets  2.17%      2.16%  2.18%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  2.09%    1.50%  1.30%(4)
Portfolio Turnover Rate  131%      108% 51%
Net Assets, End of Period (in thousands)  $651    $1,128    $1,208

(1)      November 30, 2006 (fund inception) through June 30, 2007.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

29

International Core Equity       
 
C Class       
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1) 
Per-Share Data       
Net Asset Value, Beginning of Period  $9.66 $11.82 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.13 0.15  0.08
 Net Realized and Unrealized Gain (Loss)     (3.83)    (1.67)  1.74
 Total From Investment Operations     (3.70)    (1.52)  1.82
Distributions 
 From Net Investment Income     (0.19)    (0.10) —
 From Net Realized Gains  —    (0.54) —
 Total Distributions     (0.19)    (0.64) —
Net Asset Value, End of Period  $5.77 $9.66 $11.82
 
Total Return(3)  (38.34)% (13.26)% 18.20%
 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets  2.17%      2.16%  2.18%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  2.09%    1.50%  1.30%(4)
Portfolio Turnover Rate  131%      108% 51%
Net Assets, End of Period (in thousands)  $742    $1,156    $1,231

(1)      November 30, 2006 (fund inception) through June 30, 2007.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any, and does not reflect applicable sales charges. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

30

International Core Equity       
 
R Class       
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1) 
Per-Share Data       
Net Asset Value, Beginning of Period  $9.69 $11.85 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)(2)  0.16 0.20 0.11
 Net Realized and Unrealized Gain (Loss)     (3.85)    (1.67) 1.74
 Total From Investment Operations     (3.69)    (1.47)  1.85
Distributions 
 From Net Investment Income     (0.22)    (0.15) —
 From Net Realized Gains  —    (0.54) —
 Total Distributions     (0.22)    (0.69) —
Net Asset Value, End of Period  $5.78 $9.69 $11.85
 
Total Return(3)  (38.13)% (12.78)% 18.50%
 
Ratios/Supplemental Data 
Ratio of Operating Expenses to Average Net Assets  1.67% 1.66%  1.68%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets  2.59% 2.00%  1.80%(4)
Portfolio Turnover Rate  131% 108% 51%
Net Assets, End of Period (in thousands)  $652 $1,051    $1,203

(1)      November 30, 2006 (fund inception) through June 30, 2007.
(2)      Computed using average shares outstanding throughout the period.
(3)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized. The total return of the classes may not precisely reflect the class expense differences because of the impact of calculating the net asset values to two decimal places. If net asset values were calculated to three decimal places, the total return differences would more closely reflect the class expense differences. The calculation of net asset values to two decimal places is made in accordance with SEC guidelines and does not result in any gain or loss of value between one class and another.
(4)      Annualized.

See Notes to Financial Statements.

31

Report of Independent Registered Public Accounting Firm 

To the Directors of the American Century Quantitative Equity Funds, Inc. and Shareholders of the International Core Equity Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the International Core Equity Fund (one of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Fund”) at June 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

32

Management 

The individuals listed below serve as directors or officers of the fund. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the fund’s investment advisor, American Century Investment Management, Inc. (ACIM or the advisor); the fund’s principal underwriter, American Century Investment Services, Inc. (ACIS); and the fund’s transfer agent, American Century Services, LLC (ACS) .

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the fund also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, unless otherwise noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the fund. The listed officers are interested persons of the fund and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Fund: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007).
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Fund: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

33

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Fund: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors (asset
manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Fund: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Fund: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Fund: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

34

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Fund: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS, ACIS
and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Fund: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM and ACS
(August 2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006); and
Treasurer and Chief Financial Officer, various American Century Investments funds
(July 2000 to August 2006). Also serves as: Senior Vice President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Fund: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Fund: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to
present); and Controller, various American Century Investments funds (1997
to September 2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Fund: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to
present); Vice President, certain ACC subsidiaries (October 2001 to August 2006);
Vice President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as:
Chief Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and Senior
Vice President, ACIS

The SAI has additional information about the fund’s directors and is available without charge, upon request, by calling 1-800-345-2021.

35

Approval of Management Agreement 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/trustees, including a majority of a fund’s independent directors/trustees (the “Directors”).  At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to ren ew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the International Core Equity Fund (the “fund”) and the services provided to the fund under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the fund;

• the wide range of programs and services the advisor provides to the fund and its shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning the fund to the cost of owning a similar fund;

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

• financial data showing the profitability of the fund to the advisor and the overall profitability of the advisor;

• data comparing services provided and charges to other non-fund investment management clients of the advisor; and

36

• collateral or “fall-out” benefits derived by the advisor from the manage-ment of the fund, and potential sharing of economies of scale in connection with the management of the fund.

In keeping with its practice, the Directors at a special meeting and at a regularly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the agreement under the terms ultimately determined by the board to be appropriate, the Directors’ decision was based on a number of factors, including the following.

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

• fund construction and design

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of the fund’s portfolio

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

37

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage the fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agre ement, the Directors, directly and through its Portfolio Committee, review investment performance information for the fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. The fund’s performance for the one-year period was above its benchmark.

Shareholder and Other Services. The advisor provides the fund with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio va luation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

38

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the fund, its profitability in managing the fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed with the advisor its methodology for compensating the investment professionals that provide services to the fund. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the fund. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of the fund specifically, and the expenses incurred by the advisor in providing various functions to the fund. The Directors believe the advisor is ap propriately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increases in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of the fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. The fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their i nvestment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and, since the unified fee cannot be increased without a vote of fund shareholders, it shifts to the

39

advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of the fund was below the median of the total expense ratios of its peer group.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the fund. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the fund, at least in part, due to its existing infras tructure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of the fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between the fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the fund.

40

Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. 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 on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The fund also makes its complete schedule of portfolio holdings for the most recent quarter of its fiscal year available on its website at americancentury.com and, upon request, by calling 1-800-345-2021.

41

Index Definitions 

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

Morgan Stanley Capital International (MSCI) has developed several indices that measure the performance of foreign stock markets.

The MSCI EAFE (Europe, Australasia, Far East) Index is designed to measure developed market equity performance, excluding the U.S. and Canada.

The MSCI EAFE Growth Index is a capitalization-weighted index that monitors the performance of growth stocks from Europe, Australasia, and the Far East.

The MSCI EAFE Value Index is a capitalization-weighted index that monitors the performance of value stocks from Europe, Australasia, and the Far East.

The MSCI EM (Emerging Markets) Index represents the performance of stocks in global emerging market countries.

The MSCI Europe Index is designed to measure equity market performance in Europe.

The MSCI Japan Index is designed to measure equity market performance in Japan.

The MSCI Pacific Free ex-Japan Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the Pacific region, excluding Japan.

The MSCI World Free Index represents the performance of stocks in developed countries (including the United States) that are available for purchase by global investors.

42

Notes 

43

Notes 

44


Contact Us   
americancentury.com   
Automated Information Line  1-800-345-8765 
Investor Services Representative  1-800-345-2021 or 
  816-531-5575 
Investors Using Advisors  1-800-378-9878 
Business, Not-For-Profit, Employer-Sponsored   
Retirement Plans  1-800-345-3533 
Banks and Trust Companies, Broker-Dealers,   
Financial Professionals, Insurance Companies  1-800-345-6488 
Telecommunications Device for the Deaf  1-800-634-4113 
American Century Quantitative Equity Funds, Inc.   

Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66118N

Annual Report 
June 30, 2009 

American Century Investments 

NT Equity Growth Fund

NT Small Company Fund

President’s Letter 

Dear Investor:

Thank you for investing with us during the financial reporting period ended June 30, 2009. We appreciate your trust in American Century Investments® during these challenging times.

The U.S. economy continued to struggle at the close of the reporting period, part of the lingering fallout from the subprime-initiated credit and financial crises and global recession that shook the capital markets during the past two years. The recession has affected everyone—from first-time individual investors to hundred-year-old financial institutions.

However, as we mark the second anniversary of the start of the subprime mortgage meltdown, the worst of the economic and financial market obstacles appear to be behind us. The rate of U.S. economic decline has slowed, as have the drop-offs in housing prices and jobs. Risk appetites returned to the markets in recent months, evidenced by the strong stock rebound since early March.

Risk was a predominant theme during the reporting period, as the investment pendulum swung from risk avoidance to risk acceptance. We believe, however, that caution and risk management are still advisable. We don’t think we’re out of the economic woods yet, not with mortgage and corporate default rates on the rise, housing prices continuing to decline in some regions, and job losses still mounting.

Effective risk management requires a commitment to disciplined investment approaches that balance risk and reward, with the goal of setting and maintaining risk levels that are appropriate for portfolio objectives. At American Century Investments, we’ve stayed true to the principles that have guided us for over 50 years, including our commitment to delivering superior investment performance and helping investors reach their financial goals. Risk management is part of that commitment—we offer portfolios that can help diversify and stabilize investment returns.

The coming months will likely present additional challenges, but I’m certain that we have the investment professionals and processes in place to provide competitive and compelling long-term results for you. Thank you for your continued confidence in us.

Sincerely,


Jonathan S. Thomas
President and Chief Executive Officer
American Century Investments

Table of Contents 

           Market Perspective  2 
                     U.S. Stock Index Returns  2 
 
NT Equity Growth   
 
           Performance  3 
           Portfolio Commentary  5 
                     Top Ten Holdings  7 
                     Five Largest Overweights  7 
                     Five Largest Underweights.  7 
 
NT Small Company   
 
           Performance  8 
           Portfolio Commentary  10 
                     Top Ten Holdings  12 
                     Five Largest Overweights  12 
                     Five Largest Underweights.  12 
 
           Shareholder Fee Examples  13 
 
Financial Statements   
 
           Schedule of Investments  15 
           Statement of Assets and Liabilities  27 
           Statement of Operations  28 
           Statement of Changes in Net Assets  29 
           Notes to Financial Statements  30 
           Financial Highlights  36 
           Report of Independent Registered Public Accounting Firm  38 
 
Other Information   
 
           Management  39 
           Approval of Management Agreements  42 
           Additional Information  46 
           Index Definitions  47 

The opinions expressed in the Market Perspective and each of the Portfolio Commentaries reflect those of the portfolio management team as of the date of the report, and do not necessarily represent the opinions of American Century Investments or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for com parative 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.

Market Perspective 


By John Schniedwind, Chief Investment Officer, Quantitative Equity

A Historic Market Decline Sank Stocks

U.S. stocks fell sharply for the 12 months ended June 30, 2009, in an environment of extreme volatility and dramatic shifts in market sentiment. The major stock indices remained on a downward trajectory for much of the 12-month period as a deepening economic downturn, a worsening credit crunch, and a near collapse in the financial sector weighed on investor confidence.

The U.S. economy, already in recession since the end of 2007, contracted in the last two quarters of 2008 and the first quarter of 2009. The slumping economy was characterized by substantial job losses (leading to the highest unemployment rate since 1983), a drop-off in consumer spending, and further deterioration in the housing market.

At the same time, a lack of liquidity in the credit markets put enormous pressure on the balance sheets and profitability of financial companies worldwide. After a series of bankruptcies and takeovers swept through the financial sector in late 2008, the federal government moved swiftly to provide financial assistance and other support to prevent a full-scale breakdown in the financial system.

The economic and financial difficulties led to a steep market decline throughout the last half of 2008 and into early 2009. From the beginning of the reporting period through March 9, 2009, the broad stock indices plummeted by more than 45%.

Early Signs of Recovery

Market conditions changed dramatically in the last few months of the period. The stock market hit a multi-year low on March 9 and then staged a powerful rally as signs of economic stabilization generated optimism about a possible recovery. Investors also grew more confident about the federal government’s actions to stimulate economic activity and restore liquidity in the credit markets.

Despite the recent rebound, the broad equity indices declined by more than 25% for the 12-month period (see the table below). Much of the rally late in the period was driven by changing perceptions, but a truly sustainable long-term advance requires substantial improvements in economic and company fundamentals, which have yet to materialize.

U.S. Stock Index Returns         
For the 12 months ended June 30, 2009         
Russell 1000 Index (Large-Cap)  –26.69%  Russell 2000 Index (Small-Cap)  –25.01% 
Russell 1000 Growth Index  –24.50%  Russell 2000 Growth Index  –24.85% 
Russell 1000 Value Index  –29.03%  Russell 2000 Value Index  –25.24% 
Russell Midcap Index  –30.36%     
Russell Midcap Growth Index  –30.33%     
Russell Midcap Value Index  –30.52%     

2

Performance 

NT Equity Growth       
 
Total Returns as of June 30, 2009       
    Average Annual   
    Returns   
    Since  Inception 
  1 year  Inception  Date 
Institutional Class  -27.73%  -9.02%  5/12/06 
S&P 500 Index(1)  -26.21%  -8.29%  — 

(1)      Data provided by Lipper Inc. – A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
  The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to be reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or sell any of the securities herein is being made by Lipper.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

3

NT Equity Growth


One-Year Returns Over Life of Class       
Periods ended June 30       
  2006*  2007  2008  2009 
Institutional Class  -1.18%  18.08%  -11.84%  -27.73% 
S&P 500 Index  -1.39%  20.59%  -13.12%  -26.21% 
*From 5/12/06, the Institutional Class’s inception date. Not annualized.       
       
Total Annual Fund Operating Expenses       
Institutional Class  0.47%       

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com.

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

4

Portfolio Commentary 

NT Equity Growth

Portfolio Managers: Bill Martin and Tom Vaiana

Performance Summary

NT Equity Growth returned –27.73% for the fiscal year ended June 30, 2009, trailing the –26.21% return of its benchmark, the S&P 500 Index.

The substantial decline for both NT Equity Growth and the S&P 500 during the 12-month period reflected the challenging environment for stocks amid a deteriorating economy and a crisis in the financial sector. NT Equity Growth also underperformed the S&P 500 during the period, with the bulk of the underperformance occurring in the last six months. The primary contributing factor to the fund’s underperformance of its benchmark was individual stock selection, which detracted in eight of ten market sectors.

Technology Lagged

The fund’s information technology holdings had the biggest negative impact on performance versus the S&P 500. Stock selection among semiconductor manufacturers and communications equipment makers contributed much of the underperformance in this sector. The most significant individual detractors included semiconductor testing firm Amkor Technology, which struggled amid a broad-based slowdown across all of its end markets, and printer maker Lexmark International, which tumbled sharply as a decline in business spending on technology dampened sales.

Underweight positions in several of the better performers in the technology sector also weighed on relative results. Examples included wireless technology firm QUALCOMM and database software company Oracle, both of which posted positive returns for the 12-month period.

Energy and Consumer Staples Also Detracted

The portfolio’s energy and consumer staples holdings underperformed their counterparts in the index. Underperformance in the energy sector resulted almost entirely from stock selection among energy producers; in fact, three of the five biggest individual detractors from relative performance were oil and gas production companies. The culprits included Stone Energy, which was hit hard by declining fuel prices and an ill-timed acquisition; W&T Offshore, which tumbled as offshore drilling activity declined; and Conoco-Phillips, which struggled as weak demand and falling energy prices led to tighter refining profit margins.

In the consumer staples sector, stock choices among beverage companies and food products makers generated much of the underperformance. Beverage maker Dr Pepper Snapple Group faced declining sales and a considerable debt load, while agricultural producer Archer-Daniels-Midland reported disappointing earnings as sales slumped.

5

NT Equity Growth

The portfolio’s worst individual contributor was independent power producer RRI Energy, formerly known as Reliant Energy. As demand for electricity waned, putting downward pressure on energy prices, RRI faced shrinking profit margins and higher financing costs.

Financials and Industrials Outperformed

On the positive side, stock selection was most successful in the beaten-down financials sector. Security selection contributed positively in nearly every segment within the financials sector, most notably among insurance firms and commercial banks. Avoiding insurance giant American International Group (AIG) was the biggest positive factor—AIG plunged by more than 90% during the 12-month period as the company’s severe credit-related losses led to the largest federal government bailout ever.

Overweight positions in property and casualty insurers ACE and Arch Capital added value during the period. Both companies benefited from their relatively strong balance sheets and firmer pricing in their end markets. Commercial banks Regions Financial and Toronto-Dominion Bank were also significant positive contributors.

Stock selection in the industrials sector contributed favorably to performance versus the S&P 500. The keys in this sector were an underweight position in industrial conglomerates and stock choices among aerospace and defense companies. Top contributors included aerospace company Goodrich, which reported healthy earnings amid strength in its defense business, and construction and engineering firm Shaw Group, which benefited from its exposure to nuclear projects in China.

Other notable contributors included biotechnology firm Amgen and fast-food chain McDonald’s. Amgen advanced thanks to successful clinical trials for the company’s new osteoporosis medication, while McDonald’s benefited as the economic downturn caused budget-conscious consumers to seek out less expensive dining options.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

We are placing additional emphasis on our valuation factors—valuations remain attractive, and a valuation-based investment strategy has historically outperformed when the economy emerges from recession. In addition, we are emphasizing quality, seeking companies with strong balance sheets and healthy cash flow. We believe this positioning will help the fund capitalize on an eventual but uneven economic recovery.

6

NT Equity Growth     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Exxon Mobil Corp.  4.3%           6.0% 
Johnson & Johnson  2.6%           3.1% 
International Business Machines Corp.  2.3%           1.6% 
Microsoft Corp.  2.3%           2.6% 
AT&T, Inc.  1.9%           2.0% 
Procter & Gamble Co. (The)  1.9%           3.1% 
JPMorgan Chase & Co.  1.9%           1.6% 
Apple, Inc.  1.7%           0.9% 
Wal-Mart Stores, Inc.  1.5%           1.8% 
Cisco Systems, Inc.  1.5%           1.0% 
 
NT Equity Growth’s Five Largest Overweights as of June 30, 2009   
  % of  % of 
  net assets  S&P 500 Index 
Financial Select Sector SPDR Fund  0.90%  — 
NRG Energy, Inc.  0.84%  — 
Amgen, Inc.  1.44%  0.67% 
Eli Lilly & Co.  1.12%  0.44% 
Johnson & Johnson  2.62%  1.95% 
 
NT Equity Growth’s Five Largest Underweights as of June 30, 2009   
  % of  % of 
  net assets  S&P 500 Index 
Philip Morris International, Inc.  —  1.06% 
Wyeth  —  0.75% 
Merck & Co., Inc.  —  0.73% 
General Electric Co.  0.87%  1.54% 
United Technologies Corp.  —  0.61% 

7

Performance 

NT Small Company       
 
Total Returns as of June 30, 2009       
    Average Annual   
    Returns   
    Since  Inception 
  1 year  Inception  Date 
Institutional Class  -35.83%  -17.09%  5/12/06 
S&P SmallCap 600 Index(1)  -25.31%  -9.94%  — 
(1) Data provided by Lipper Inc. – A Reuters Company. © 2009 Reuters. All rights reserved. Any copying, republication or redistribution of Lipper 
      content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be 
      liable for any errors or delays in the content, or for any actions taken in reliance thereon.     
      The data contained herein has been obtained from company reports, financial reporting services, periodicals and other resources believed to be 
      reliable. Although carefully verified, data on compilations is not guaranteed by Lipper and may be incomplete. No offer or solicitations to buy or 
      sell any of the securities herein is being made by Lipper.       

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. Historically, small company stocks have been more volatile than the stocks of larger, more established companies.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

8

NT Small Company


One-Year Returns Over Life of Class       
Periods ended June 30       
  2006*  2007  2008  2009 
Institutional Class  -4.17%  11.48%  -18.98%  -35.83% 
S&P SmallCap 600 Index  -2.63%  16.04%  -14.67%  -25.31% 
*From 5/12/06, the Institutional Class’s inception date. Not annualized.       
         
Total Annual Fund Operating Expenses       
Institutional Class  0.68%       

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. Historically, small company stocks have been more volatile than the stocks of larger, more established companies.< /P>

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the index are provided for comparison. The fund’s total returns include operating expenses (such as transaction costs and management fees) that reduce returns, while the total returns of the index do not.

9

Portfolio Commentary 

NT Small Company

Portfolio Managers: Matti Von Türk, Tom Vaiana, Brian Ertley, and Melissa Fong

Performance Summary

NT Small Company returned –35.83% for the fiscal year ended June 30, 2009, trailing the –25.31% return of its benchmark, the S&P SmallCap 600 Index.

The substantial decline for both NT Small Company and the S&P SmallCap 600 Index during the 12-month period reflected the challenging environment for stocks amid a deteriorating economy and a crisis in the financial sector. NT Small Company also underperformed the index during the period, with the bulk of the underperformance occurring in the last half of 2008. A series of dramatic shifts in market sentiment during the period had a negative impact on price momentum—a component of the fund’s stock selection process—creating a headwind for our investment approach.

Industrials Lagged

Stock selection detracted from performance versus the S&P SmallCap 600 Index in seven of ten market sectors, most notably in the industrials sector. Stock choices among machinery manufacturers and electrical equipment makers had the biggest negative impact on relative results in this sector.

The worst contributor in the industrials sector was machinery maker Robbins & Myers, which reduced future earnings guidance amid a slowdown in orders and losses in its pharmaceutical unit. GrafTech International, which provides graphite electrodes to the steel industry, was negatively impacted by weaker demand for steel and a drop in industrial production. A slump in the commercial airplane industry weighed on Woodward Governor, which makes electrical equipment for aircraft.

Consumer Discretionary and Technology Also Detracted

The portfolio’s consumer discretionary and information technology holdings also contributed significantly to the fund’s overall underperformance of the benchmark index. Specialty retailers and auto components producers detracted the most in the consumer discretionary sector. Auto parts maker TRW Automotive Holdings plummeted as the domestic auto industry faced bankruptcy and restructuring, while apparel maker Warnaco Group tumbled as consumers curtailed their retail spending.

In the information technology sector, stock selection among semiconductor manufacturers and software makers generated the lion’s share of the under-performance. Declining demand for semiconductors weighed on several fund holdings, including semiconductor testing firm Amkor Technology, which struggled amid a broad-based slowdown across the semiconductor industry, and chip-design software firm Mentor Graphics.

10

NT Small Company

Other notable decliners included food industry waste recycler Darling International, which felt the impact of plunging commodity prices in the last half of 2008, and oil and gas producer Stone Energy, which was hit hard by declining fuel prices and an ill-timed acquisition.

Financials and Telecom Added Value

Stock selection was most successful in the financials and telecommunication services sectors, which were among the worst-performing sectors in the index during the 12-month period. Stock selection in the insurance industry contributed virtually all of the outperformance in the financials sector. Property and casualty insurers Allied World Assurance Company Holdings and Aspen Insurance Holdings were top contributors, benefiting from their relatively strong balance sheets and firmer pricing in their end markets. Real estate investment trust Equity LifeStyle Properties, which owns resort communities, also fared well during the period, exceeding earnings expectations and increasing its dividend.

In the telecom services sector, regional telecom provider CenturyTel was the top contributor as the company reported robust earnings and completed an important acquisition. Wireless services provider Syniverse Holdings, which receives transaction fees for linking up roaming phone calls and data (such as text messaging) between wireless networks, advanced as increased transaction volumes helped lift earnings for the company.

Other top contributors included paper products manufacturer Rock-Tenn, which benefited from a timely acquisition and lower input costs as energy prices declined; home health care services provider Apria Healthcare, which was acquired by a private equity firm in late 2008; and discount retailer Dollar Tree, which benefited from increased demand for discounted goods as a result of the economic downturn.

A Look Ahead

In the wake of the recent market rally, the question now is whether the economy is recuperating enough to support a broader advance. The key indicators will be stabilizing home prices, a rebound in consumer spending, and a peak in the unemployment rate. Historically, a stock market rally during a recession signals an end to the recession within four or five months, suggesting that we may see a recovery before the end of the year. However, unlike the rapid recoveries that grew out of some past recessions, we expect to see a slow, gradual expansion.

We are placing additional emphasis on our valuation factors—valuations remain attractive, and a valuation-based investment strategy has historically outperformed when the economy emerges from recession. In addition, we are also emphasizing quality, seeking companies with strong balance sheets and healthy cash flow. We believe this positioning will help the fund capitalize on an eventual but uneven economic recovery.

11

NT Small Company     
 
Top Ten Holdings as of June 30, 2009     
  % of net assets  % of net assets 
  as of 6/30/09  as of 12/31/08 
Rock-Tenn Co., Class A  1.4%  1.2% 
SPDR KBW Regional Banking ETF  1.3%  1.2% 
Skyworks Solutions, Inc.  1.0%  0.7% 
EMCOR Group, Inc.  1.0%  1.1% 
Kirby Corp.  1.0%  0.7% 
Taubman Centers, Inc.  0.9%  0.7% 
Oil States International, Inc.  0.9%  0.7% 
Equity LifeStyle Properties, Inc.  0.8%  0.9% 
CEC Entertainment, Inc.  0.8%  0.6% 
Cypress Semiconductor Corp.  0.8%  0.3% 
 
NT Small Company’s Five Largest Overweights as of June 30, 2009   
  % of  % of S&P 
  net assets  SmallCap 600 Index 
SPDR KBW Regional Banking ETF  1.31%  — 
Rock-Tenn Co., Class A  1.44%  0.45% 
Taubman Centers, Inc.  0.86%  — 
Equity LifeStyle Properties, Inc.  0.84%  — 
Celestica, Inc.  0.81%  — 
 
NT Small Company’s Five Largest Underweights as of June 30, 2009   
  % of  % of S&P 
  net assets  SmallCap 600 Index 
MEDNAX, Inc.  —  0.60% 
Piedmont Natural Gas Co., Inc.  —  0.55% 
ProAssurance Corp.  —  0.47% 
SEACOR Holdings, Inc.  —  0.47% 
CLARCOR, Inc.  —  0.46% 

12

Shareholder Fee Examples (Unaudited) 

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2009 to June 30, 2009.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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.

13

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  Ending  Expenses Paid   
  Account Value  Account Value  During Period*  Annualized 
  1/1/09       6/30/09  1/1/09 – 6/30/09  Expense Ratio* 
NT Equity Growth — Institutional Class       
Actual  $1,000          $996.10  $2.47  0.50% 
Hypothetical  $1,000       $1,022.32  $2.51  0.50% 
NT Small Company — Institutional Class       
Actual  $1,000          $971.70  $3.42  0.70% 
Hypothetical  $1,000       $1,021.32  $3.51  0.70% 
*Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, 
  multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 

14

 Schedule of Investments 
NT Equity Growth 

JUNE 30, 2009           
 
                                                        Shares        Value      Shares   Value 
Common Stocks — 98.8%      Federated Investors, Inc.,     
        Class B  15,930  $    383,754 
AEROSPACE & DEFENSE — 3.3%    Goldman Sachs     
Alliant Techsystems, Inc.(1)  7,054  $     580,967  Group, Inc. (The)  12,989  1,915,098 
General Dynamics Corp.  30,563  1,692,885  Knight Capital Group, Inc.,     
Goodrich Corp.  25,801  1,289,276  Class A(1)  2,071  35,310 
L-3 Communications      Morgan Stanley  31,980  911,750 
Holdings, Inc.  2,724  188,991      5,440,987 
Northrop Grumman Corp.  25,639  1,171,189  CHEMICALS — 0.8%     
Raytheon Co.  31,174  1,385,061  CF Industries Holdings, Inc.  8,982  665,926 
    6,308,369  Monsanto Co.  1,702  126,527 
AIR FREIGHT & LOGISTICS — 0.9%    OM Group, Inc.(1)  8,158  236,745 
C.H. Robinson Worldwide, Inc.  3,856  201,090  Terra Industries, Inc.  22,460  543,981 
FedEx Corp.  6,830  379,885      1,573,179 
United Parcel Service, Inc.,      COMMERCIAL BANKS — 2.6%     
Class B  23,047  1,152,120  Bank of Montreal  8,880  374,292 
      1,733,095  Canadian Imperial     
AIRLINES — 0.2%      Bank of Commerce  6,026  301,722 
Copa Holdings SA, Class A  2,134  87,110  PNC Financial Services     
Southwest Airlines Co.  30,457  204,976  Group, Inc.  5,758  223,468 
    292,086  Royal Bank of Canada  2,975  121,529 
AUTO COMPONENTS — 1.1%      Toronto-Dominion Bank (The)  22,232  1,149,617 
Autoliv, Inc.  4,848  139,477  U.S. Bancorp.  12,936  231,813 
Gentex Corp.  36,622  424,815  Valley National Bancorp.  9,965  116,590 
Magna International, Inc.,      Wells Fargo & Co.  97,495  2,365,229 
Class A  10,183  430,130      4,884,260 
TRW Automotive Holdings      COMMERCIAL SERVICES & SUPPLIES — 0.1% 
Corp.(1)  44,623  504,240       
      Waste Management, Inc.  6,084  171,325 
WABCO Holdings, Inc.  28,962  512,627  COMMUNICATIONS EQUIPMENT — 3.4%   
     2,011,289  Arris Group, Inc.(1)  6,113  74,334 
BEVERAGES — 2.1%        Cisco Systems, Inc.(1)  152,284  2,838,574 
Coca-Cola Co. (The)  44,979  2,158,542       
      Plantronics, Inc.  9,432  178,359 
Coca-Cola Enterprises, Inc.  55,700  927,405       
      Polycom, Inc.(1)  11,065  224,288 
PepsiCo, Inc.  17,709  973,287       
    4,059,234  QUALCOMM, Inc.  51,189  2,313,743 
      Research In Motion Ltd.(1)  7,264  516,107 
BIOTECHNOLOGY — 2.2%           
      Tellabs, Inc.(1)  61,584  352,876 
Amgen, Inc.(1)  51,814  2,743,033         
Biogen Idec, Inc.(1)  370  16,706        6,498,281 
      COMPUTERS & PERIPHERALS — 4.0%   
Gilead Sciences, Inc.(1)  27,430  1,284,821       
      Apple, Inc.(1)  22,476  3,201,257 
Isis Pharmaceuticals, Inc.(1)  10,258  169,257       
      EMC Corp.(1)  89,239  1,169,031 
    4,213,817       
CAPITAL MARKETS — 2.8%      Hewlett-Packard Co.  46,403  1,793,476 
      NCR Corp.(1)  29,192  345,341 
Bank of New York Mellon           
Corp. (The)  39,707  1,163,812  Seagate Technology  60,167  629,347 
BlackRock, Inc.  3,230  566,607  Western Digital Corp.(1)  20,659  547,463 
Blackstone Group LP (The)  44,085  464,656      7,685,915 

15

NT Equity Growth         
 
  Shares  Value      Shares  Value 
CONSTRUCTION & ENGINEERING — 1.0%    ENERGY EQUIPMENT & SERVICES — 3.3%   
EMCOR Group, Inc.(1)  33,674  $      677,521  Baker Hughes, Inc.  9,999  $      364,364 
Fluor Corp.  17,375  891,164  BJ Services Co.  38,304  522,084 
Foster Wheeler AG(1)  10,728  254,790  Diamond Offshore     
URS Corp.(1)  2,604  128,950  Drilling, Inc.  8,612  715,227 
    1,952,425  ENSCO International, Inc.  16,796  585,676 
CONSUMER FINANCE — 0.1%      Halliburton Co.  38,561  798,213 
      National Oilwell Varco, Inc.(1)  26,177  854,941 
Discover Financial Services  10,831  111,234       
CONTAINERS & PACKAGING — 0.7%    Noble Corp.  4,502  136,185 
      Oil States International, Inc.(1)  10,740  260,015 
Pactiv Corp.(1)  38,660  838,922       
Rock-Tenn Co., Class A  9,455  360,803  Schlumberger Ltd.  27,993  1,514,701 
Sonoco Products Co.  4,735  113,403  Transocean Ltd.(1)  7,397  549,523 
    1,313,128        6,300,929 
DIVERSIFIED CONSUMER SERVICES — 0.5%    FOOD & STAPLES RETAILING — 2.4%    
H&R Block, Inc.  54,637  941,396  Kroger Co. (The)  12,163  268,194 
DIVERSIFIED FINANCIAL SERVICES — 2.9%    SUPERVALU, INC.  20,329  263,260 
Bank of America Corp.  130,992  1,729,094  SYSCO Corp.  53,545  1,203,692 
Citigroup, Inc.  108,849  323,282  Wal-Mart Stores, Inc.  60,220  2,917,057 
JPMorgan Chase & Co.  103,728  3,538,162       4,652,203 
    5,590,538  FOOD PRODUCTS — 2.4%       
DIVERSIFIED TELECOMMUNICATION    Archer-Daniels-Midland Co.  59,143  1,583,258 
SERVICES — 2.8%      ConAgra Foods, Inc.  48,947  932,930 
AT&T, Inc.  144,931  3,600,086  Dean Foods Co.(1)  14,810  284,204 
Embarq Corp.  2,959  124,456  General Mills, Inc.  4,480  250,969 
Verizon Communications, Inc.  54,725  1,681,699  Hershey Co. (The)  3,550  127,800 
Windstream Corp.  253  2,115  J.M. Smucker Co. (The)  14,144  688,247 
    5,408,356  Kraft Foods, Inc., Class A  25,968  658,029 
ELECTRIC UTILITIES — 1.5%      Lancaster Colony Corp.  1,666  73,421 
Entergy Corp.  14,924  1,156,908      4,598,858 
Exelon Corp.  7,169  367,124  GAS UTILITIES — 0.1%     
FPL Group, Inc.  20,759  1,180,357  UGI Corp.  5,579  142,209 
Pepco Holdings, Inc.  8,304  111,606  HEALTH CARE EQUIPMENT & SUPPLIES — 2.4% 
    2,815,995  Becton, Dickinson & Co.  6,900  492,039 
ELECTRICAL EQUIPMENT — 0.4%    Boston Scientific Corp.(1)  89,907  911,657 
Cooper Industries Ltd.,      C.R. Bard, Inc.  14,981  1,115,335 
Class A  11,955  371,203  Gen-Probe, Inc.(1)  7,787  334,685 
GrafTech International Ltd.(1)  39,240  443,804       
      Hospira, Inc.(1)  1,901  73,226 
      815,007  Intuitive Surgical, Inc.(1)  4,216  689,991 
ELECTRONIC EQUIPMENT, INSTRUMENTS &    St. Jude Medical, Inc.(1)  13,586  558,385 
COMPONENTS — 0.9%           
Arrow Electronics, Inc.(1)  18,366  390,094  STERIS Corp.  15,963  416,315 
Celestica, Inc.(1)  144,513  985,579        4,591,633 
Molex, Inc.  14,710  228,740  HEALTH CARE PROVIDERS & SERVICES — 1.4% 
      Coventry Health Care, Inc.(1)  4,175  78,114 
Tech Data Corp.(1)  1,465  47,920       
      Express Scripts, Inc.(1)  6,224  427,900 
    1,652,333       
      Henry Schein, Inc.(1)  925  44,354 
      Humana, Inc.(1)  28,648  924,185 

16

NT Equity Growth         
 
  Shares  Value      Shares  Value 
Magellan Health      INTERNET & CATALOG RETAIL — 0.5%   
Services, Inc.(1)  7,629  $      250,384  Amazon.com, Inc.(1)  6,040  $     505,307 
Medco Health      Netflix, Inc.(1)  10,401  429,977 
Solutions, Inc.(1)  5,848  266,727         
Quest Diagnostics, Inc.  6,808  384,175        935,284 
      INTERNET SOFTWARE & SERVICES — 1.7%   
WellCare Health Plans, Inc.(1)  14,045  259,692       
      Google, Inc., Class A(1)  5,979  2,520,687 
    2,635,531       
      Sohu.com, Inc.(1)  10,669  670,333 
HOTELS, RESTAURANTS & LEISURE — 0.9%           
McDonald’s Corp.  16,196  931,108       3,191,020 
Panera Bread Co., Class A(1)  8,718  434,679  IT SERVICES — 3.3%       
      Affiliated Computer Services,     
WMS Industries, Inc.(1)  9,680  305,017  Inc., Class A(1)  7,119  316,226 
      1,670,804  Alliance Data Systems     
HOUSEHOLD DURABLES — 0.7%    Corp.(1)  9,082  374,087 
Harman International      Broadridge Financial     
Industries, Inc.  19,046  358,065  Solutions, Inc.  3,139  52,045 
NVR, Inc.(1)  2,050  1,029,899  International Business     
    1,387,964  Machines Corp.  42,073  4,393,263 
HOUSEHOLD PRODUCTS — 2.5%    SAIC, Inc.(1)  21,914  406,505 
Clorox Co.  5,053  282,109  Western Union Co. (The)  43,086  706,610 
Colgate-Palmolive Co.  7,067  499,919      6,248,736 
Kimberly-Clark Corp.  9,197  482,199  LEISURE EQUIPMENT & PRODUCTS — 0.2%   
Procter & Gamble Co. (The)  69,978  3,575,876  Polaris Industries, Inc.  10,035  322,324 
    4,840,103  LIFE SCIENCES TOOLS & SERVICES — 0.8%   
INDEPENDENT POWER PRODUCERS &    Bruker Corp.(1)  54,529  504,939 
ENERGY TRADERS — 1.4%      Millipore Corp.(1)  13,592  954,294 
Mirant Corp.(1)  62,983  991,352      1,459,233 
NRG Energy, Inc.(1)  61,578  1,598,565  MACHINERY — 1.6%     
    2,589,917  AGCO Corp.(1)  26,554  771,925 
INDUSTRIAL CONGLOMERATES — 1.4%    Cummins, Inc.  11,976  421,675 
3M Co.  17,353  1,042,915  Dover Corp.  2,738  90,600 
General Electric Co.  141,869  1,662,705  Flowserve Corp.  4,415  308,211 
    2,705,620  Graco, Inc.  18,786  413,668 
INSURANCE — 3.3%      Kennametal, Inc.  14,364  275,502 
ACE Ltd.  13,404  592,859  Lincoln Electric Holdings, Inc.  8,330  300,213 
Allied World Assurance Co.      Navistar International Corp.(1)  5,013  218,567 
Holdings Ltd.  4,196  171,323  Timken Co.  16,213  276,918 
American Financial          3,077,279 
Group, Inc.  30,260  653,011         
Aspen Insurance      MEDIA — 2.2%       
Holdings Ltd.  26,007  580,996  CBS Corp., Class B  2,105  14,567 
Berkshire Hathaway, Inc.,      Comcast Corp., Class A  113,663  1,646,977 
Class A(1)  9  810,000  Interpublic Group of Cos.,     
Chubb Corp. (The)  13,441  536,027  Inc. (The)(1)  13,958  70,488 
CNA Financial Corp.  28,048  433,902  Marvel Entertainment, Inc.(1)  4,461  158,767 
Endurance Specialty      Scripps Networks Interactive,     
Holdings Ltd.  15,323  448,964  Inc., Class A  6,759  188,103 
MetLife, Inc.  20,743  622,497  Time Warner Cable, Inc.  6,381  202,086 
Prudential Financial, Inc.  38,844  1,445,774  Time Warner, Inc.  74,327  1,872,297 
    6,295,353      4,153,285 

17

NT Equity Growth         
 
 
  Shares  Value      Shares  Value 
METALS & MINING — 1.0%      PHARMACEUTICALS — 7.4%     
Allegheny Technologies, Inc.     18,752  $      655,007  Abbott Laboratories     32,115  $    1,510,690 
Cliffs Natural Resources, Inc.  9,569  234,154  Eli Lilly & Co.  62,038  2,148,996 
Reliance Steel &      Endo Pharmaceuticals     
Aluminum Co.  7,278  279,402  Holdings, Inc.(1)  13,772  246,794 
Schnitzer Steel Industries,      Forest Laboratories, Inc.(1)  21,326  535,496 
Inc., Class A  7,859  415,427  Johnson & Johnson  88,167  5,007,886 
Worthington Industries, Inc.  19,838  253,728  King Pharmaceuticals, Inc.(1)  74,303  715,538 
     1,837,718  Pfizer, Inc.  132,898  1,993,470 
MULTILINE RETAIL — 0.6%        Schering-Plough Corp.  37,248  935,670 
Dollar Tree, Inc.(1)  17,802  749,464       
      Sepracor, Inc.(1)  22,561  390,756 
Family Dollar Stores, Inc.  13,159  372,400  Valeant Pharmaceuticals     
Sears Holdings Corp.(1)  561  37,318  International(1)  5,925  152,391 
    1,159,182  Watson     
MULTI-INDUSTRY — 1.8%      Pharmaceuticals, Inc.(1)  16,189  545,407 
Consumer Staples Select          14,183,094 
Sector SPDR Fund  52,947  1,217,251  PROFESSIONAL SERVICES — 0.1%   
Financial Select Sector      Manpower, Inc.  6,087  257,724 
SPDR Fund  142,995  1,711,650  REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.2% 
Health Care Select Sector      Host Hotels & Resorts, Inc.  21,426  179,764 
SPDR Fund  22,215  584,477       
      Simon Property Group, Inc.  4,363  224,389 
    3,513,378       
          404,153 
MULTI-UTILITIES — 0.8%           
      ROAD & RAIL — 0.9%     
DTE Energy Co.  3,727  119,264       
      Burlington Northern     
Public Service Enterprise      Santa Fe Corp.  6,643  488,526 
Group, Inc.  43,196  1,409,486       
      CSX Corp.  8,905  308,380 
    1,528,750       
      Norfolk Southern Corp.  8,734  329,010 
OIL, GAS & CONSUMABLE FUELS — 9.7%         
      Union Pacific Corp.  12,369  643,930 
Alpha Natural           
Resources, Inc.(1)  13,564  356,326        1,769,846 
Anadarko Petroleum Corp.  12,946  587,619  SEMICONDUCTORS & SEMICONDUCTOR   
      EQUIPMENT — 2.8%     
Apache Corp.  10,704  772,294       
      Analog Devices, Inc.  9,516  235,806 
Chevron Corp.  40,958  2,713,467       
      Applied Materials, Inc.  43,067  472,445 
ConocoPhillips  34,137  1,435,802       
      Broadcom Corp., Class A(1)  18,846  467,192 
Devon Energy Corp.  10,880  592,960       
Exxon Mobil Corp.  116,653  8,155,211  Intel Corp.  98,267  1,626,319 
      Lam Research Corp.(1)  3,685  95,810 
Frontier Oil Corp.  20,656  270,800       
McMoRan Exploration Co.(1)  35,700  212,772  Linear Technology Corp.  17,735  414,112 
      LSI Corp.(1)  64,162  292,579 
Murphy Oil Corp.  5,458  296,479       
      Skyworks Solutions, Inc.(1)  47,388  463,455 
Occidental Petroleum Corp.  22,257  1,464,733       
Peabody Energy Corp.  16,295  491,457  Texas Instruments, Inc.  50,819  1,082,445 
Valero Energy Corp.  52,372  884,563  Xilinx, Inc.  9,505  194,472 
World Fuel Services Corp.  6,637  273,644       5,344,635 
    18,508,127  SOFTWARE — 4.7%       
PERSONAL PRODUCTS — 0.2%      Adobe Systems, Inc.(1)  18,295  517,749 
Mead Johnson Nutrition Co.,      Autodesk, Inc.(1)  25,235  478,960 
Class A(1)  13,442  427,052  Cerner Corp.(1)  793  49,396 

18

NT Equity Growth         
 
  Shares     Value      Shares  Value 
Microsoft Corp.  183,579  $           4,363,673  Temporary Cash Investments — 0.9% 
Oracle Corp.  85,076  1,822,328  JPMorgan U.S. Treasury     
Quest Software, Inc.(1)  8,848  123,341  Plus Money Market Fund     
Sybase, Inc.(1)  26,186  820,669  Agency Shares  93,627  $          93,627 
Symantec Corp.(1)  28,890  449,529  Repurchase Agreement, Credit Suisse First   
Synopsys, Inc.(1)  10,755  209,830  Boston, Inc., (collateralized by various   
      U.S. Treasury obligations, 4.25%, 5/15/39,   
Take-Two Interactive      value at $1,740,535) in a joint trading   
Software, Inc.(1)  16,545  156,681  account at 0.001%, dated 6/30/09,   
    8,992,156  due 7/1/09 (Delivery value $1,700,000)  $1,700,000 
SPECIALTY RETAIL — 1.5%      TOTAL TEMPORARY     
AutoZone, Inc.(1)  854  129,048  CASH INVESTMENTS     
      (Cost $1,793,627)    1,793,627 
Gap, Inc. (The)  64,215  1,053,126  TOTAL INVESTMENT     
Home Depot, Inc. (The)  12,003  283,631  SECURITIES — 99.7%     
RadioShack Corp.  16,978  237,013  (Cost $186,300,834)    190,494,924 
Ross Stores, Inc.  16,494  636,668  OTHER ASSETS AND      
Sherwin-Williams Co. (The)  8,495  456,606  LIABILITIES — 0.3%     551,419 
Tractor Supply Co.(1)  3,097  127,968  TOTAL NET ASSETS — 100.0%     $191,046,343 
    2,924,060       
TEXTILES, APPAREL & LUXURY GOODS — 0.3%       
Liz Claiborne, Inc.  39,683  114,287       
Polo Ralph Lauren Corp.  8,715  466,601       
    580,888       
TOTAL COMMON STOCKS           
(Cost $184,507,207)    188,701,297       
 
Notes to Schedule of Investments          
SPDR = Standard & Poor’s Depositary Receipts         
(1) Non-income producing.           
 
Industry classifications are unaudited.           
 
See Notes to Financial Statements.           

19

NT Small Company         
 
JUNE 30, 2009           
 
  Shares     Value      Shares  Value 
Common Stocks — 98.8%      CAPITAL MARKETS — 2.0%       
        Calamos Asset Management,     
AEROSPACE & DEFENSE — 2.5%    Inc., Class A  19,260  $    271,759 
American Science &      Evercore Partners, Inc.,     
Engineering, Inc.  1,482  $    102,436  Class A  1,415  27,791 
Applied Signal      Investment Technology     
Technology, Inc.  2,248  57,346  Group, Inc.(1)  7,567  154,291 
Ceradyne, Inc.(1)  4,306  76,044       
      Knight Capital Group, Inc.,     
Cubic Corp.  2,673  95,667  Class A(1)  5,698  97,151 
Esterline Technologies      LaBranche & Co., Inc.(1)  1,610  6,923 
Corp.(1)  5,059  136,947       
      optionsXpress Holdings, Inc.  7,722  119,923 
Moog, Inc., Class A(1)  6,491  167,533       
      Stifel Financial Corp.(1)  1,008  48,475 
Orbital Sciences Corp.(1)  9,462  143,538       
      SWS Group, Inc.  4,859  67,880 
Teledyne Technologies, Inc.(1)  5,289  173,215  TD Ameritrade     
TransDigm Group, Inc.(1)  3,194  115,623  Holding Corp.(1)  373  6,542 
Triumph Group, Inc.  2,897  115,880  TradeStation Group, Inc.(1)  15,316  129,573 
    1,184,229      930,308 
AIR FREIGHT & LOGISTICS — 0.2%    CHEMICALS — 1.9%     
Hub Group, Inc., Class A(1)  5,621  116,017  A. Schulman, Inc.  4,881  73,752 
AIRLINES — 0.2%      CF Industries Holdings, Inc.  1,627  120,626 
SkyWest, Inc.  8,548  87,190  Innophos Holdings, Inc.  2,713  45,823 
AUTO COMPONENTS — 0.6%      Koppers Holdings, Inc.  13,498  355,942 
Autoliv, Inc.  771  22,182  Minerals Technologies, Inc.  443  15,957 
Hawk Corp., Class A(1)  8,617  119,345  OM Group, Inc.(1)  4,672  135,581 
Superior Industries      Scotts Miracle-Gro Co. (The),     
International, Inc.  3,442  48,532  Class A  797  27,935 
TRW Automotive      Solutia, Inc.(1)  19,182  110,488 
Holdings Corp.(1)  4,521  51,087      886,104 
WABCO Holdings, Inc.  2,988  52,888  COMMERCIAL BANKS — 4.5%     
     294,034  Bank of Hawaii Corp.  4,537  162,561 
BIOTECHNOLOGY — 1.1%        Central Pacific     
Alkermes, Inc.(1)  778  8,418  Financial Corp.  5,985  22,444 
Cubist Pharmaceuticals,      City National Corp.  1,560  57,455 
Inc.(1)  12,511  229,327  Commerce Bancshares, Inc.  4,681  148,996 
Emergent Biosolutions, Inc.(1)  2,638  37,802  Community Bank     
Enzon Pharmaceuticals,      System, Inc.  5,725  83,356 
Inc.(1)  5,265  41,436  CVB Financial Corp.  8,457  50,488 
Martek Biosciences Corp.(1)  10,081  213,213  FirstMerit Corp.  3,151  53,504 
    530,196  Glacier Bancorp., Inc.  10,553  155,868 
BUILDING PRODUCTS — 0.7%   NBT Bancorp., Inc.  5,991  130,065 
Apogee Enterprises, Inc.  4,800  59,040  PacWest Bancorp.  2,015  26,517 
Gibraltar Industries, Inc.  7,686  52,803  Prosperity Bancshares, Inc.  7,193  214,567 
Lennox International, Inc.  2,217  71,188  Signature Bank(1)  5,189  140,726 
NCI Building Systems, Inc.(1)  3,952  10,433  Sterling Bancshares, Inc.  12,660  80,138 
Simpson Manufacturing      SVB Financial Group(1)  5,789  157,576 
Co., Inc.  6,287  135,925  TCF Financial Corp.  3,980  53,213 
    329,389       

20

NT Small Company         
 
  Shares     Value      Shares  Value 
Tompkins Financial Corp.  982  $            47,087  Insituform Technologies, Inc.,     
Trustmark Corp.  2,772  53,555  Class A(1)  5,991  $        101,667 
UMB Financial Corp.  6,588  250,410  Michael Baker Corp.(1)  4,220  178,759 
United Bankshares, Inc.  2,888  56,431      757,482 
Valley National Bancorp.  9,398  109,957  CONSUMER FINANCE — 0.5%     
Westamerica Bancorp.  1,164  57,746  Cash America     
Wilshire Bancorp., Inc.  3,646  20,964  International, Inc.  5,002  116,997 
    2,133,624  First Cash Financial     
      Services, Inc.(1)  4,370  76,563 
COMMERCIAL SERVICES & SUPPLIES — 1.5%  World Acceptance Corp.(1)  2,852  56,783 
ABM Industries, Inc.  7,389  133,519      250,343 
ATC Technology Corp.(1)  3,664  53,128       
      CONTAINERS & PACKAGING — 1.8%   
Comfort Systems USA, Inc.  6,676  68,429  Crown Holdings, Inc.(1)  675  16,295 
Knoll, Inc.  26,012  197,171  Rock-Tenn Co., Class A  17,708  675,737 
PRG-Schultz           
International, Inc.(1)  4,053  10,943  Silgan Holdings, Inc.  3,431  168,222 
Tetra Tech, Inc.(1)  8,875  254,269        860,254 
    717,459  DIVERSIFIED CONSUMER SERVICES — 1.0%    
      Capella Education Co.(1)  3,000  179,850 
COMMUNICATIONS EQUIPMENT — 2.5%         
Arris Group, Inc.(1)  24,080  292,813  Hillenbrand, Inc.  10,290  171,226 
Avocent Corp.(1)  4,252  59,358  Pre-Paid Legal     
      Services, Inc.(1)  1,264  55,098 
Blue Coat Systems, Inc.(1)  6,606  109,263  Universal Technical     
Comtech Telecommunications      Institute, Inc.(1)  3,306  49,358 
Corp.(1)  4,271  136,160      455,532 
Harmonic, Inc.(1)  16,771  98,781  DIVERSIFIED FINANCIAL SERVICES — 0.4%   
InterDigital, Inc.(1)  3,989  97,491  Financial Federal Corp.  4,332  89,023 
PC-Tel, Inc.(1)  3,475  18,591  Interactive Brokers Group,     
Riverbed Technology, Inc.(1)  5,487  127,244  Inc., Class A(1)  6,998  108,679 
Sierra Wireless, Inc.(1)  6,988  39,971      197,702 
Symmetricom, Inc.(1)  8,039  46,385  DIVERSIFIED TELECOMMUNICATION   
      SERVICES — 0.6%     
Tekelec(1)  9,829  165,422       
      CenturyTel, Inc.  6,627  203,449 
Tollgrade           
Communications, Inc.(1)  752  3,941  Neutral Tandem, Inc.(1)  2,951  87,113 
    1,195,420       290,562 
COMPUTERS & PERIPHERALS — 1.3%    ELECTRIC UTILITIES — 0.9%       
Adaptec, Inc.(1)  15,397  40,802  Central Vermont Public     
      Service Corp.  1,704  30,842 
Hutchinson Technology, Inc.(1)  2,721  5,306       
      Cleco Corp.  9,732  218,192 
Lexmark International, Inc.,      Maine & Maritimes Corp.  772  26,827 
Class A(1)  5,183  82,151       
Novatel Wireless, Inc.(1)  6,721  60,623  UniSource Energy Corp.  6,219  165,052 
Seagate Technology  4,846  50,689        440,913 
      ELECTRICAL EQUIPMENT — 2.0%   
Synaptics, Inc.(1)  9,389  362,885       
      Acuity Brands, Inc.  6,974  195,621 
    602,456       
      Brady Corp., Class A  10,703  268,859 
CONSTRUCTION & ENGINEERING — 1.6%         
      GrafTech International Ltd.(1)  12,148  137,394 
EMCOR Group, Inc.(1)  23,251  467,810       
      Hubbell, Inc., Class B  3,854  123,559 
Furmanite Corp.(1)  2,073  9,246       
      Thomas & Betts Corp.(1)  6,857  197,893 
          923,326 

21

NT Small Company         
 
 
  Shares  Value      Shares   Value 
ELECTRONIC EQUIPMENT, INSTRUMENTS &    J&J Snack Foods Corp.  1,849  $           66,379 
COMPONENTS — 3.5%      Lancaster Colony Corp.  2,327  102,551 
Benchmark      Overhill Farms, Inc.(1)  14,197  74,818 
Electronics, Inc.(1)  11,603  $        167,083       
      Sanderson Farms, Inc.  2,589  116,505 
Brightpoint, Inc.(1)  8,940  56,054       
      TreeHouse Foods, Inc.(1)  9,841  283,126 
Celestica, Inc.(1)  55,879  381,095       
      Zhongpin, Inc.(1)  2,726  28,241 
Cognex Corp.  5,821  82,251       
          1,113,356 
CTS Corp.  5,617  36,791       
      GAS UTILITIES — 3.0%     
Dolby Laboratories, Inc.,           
Class A(1)  2,953  110,088  Atmos Energy Corp.  13,686  342,698 
Electro Scientific      Laclede Group, Inc. (The)  6,637  219,884 
Industries, Inc.(1)  6,007  67,158  New Jersey Resources Corp.  7,085  262,428 
Gerber Scientific, Inc.(1)  4,171  10,428  Northwest Natural Gas Co.  1,615  71,577 
Insight Enterprises, Inc.(1)  5,696  55,023  South Jersey Industries, Inc.  4,297  149,922 
Itron, Inc.(1)  2,502  137,785  Southwest Gas Corp.  2,225  49,417 
Keithley Instruments, Inc.  2,131  8,524  UGI Corp.  11,461  292,141 
LoJack Corp.(1)  2,217  9,289        1,388,067 
Mercury Computer      HEALTH CARE EQUIPMENT & SUPPLIES — 3.4% 
Systems, Inc.(1)  2,873  26,575  American Medical Systems     
      Holdings, Inc.(1)  13,731  216,950 
Methode Electronics, Inc.  40,219  282,338       
      CONMED Corp.(1)  6,546  101,594 
Newport Corp.(1)  6,457  37,386       
Radisys Corp.(1)  4,011  36,139  Cooper Cos., Inc. (The)  7,522  186,019 
      Cyberonics, Inc.(1)  5,773  96,005 
SYNNEX Corp.(1)  3,144  78,569       
      Edwards Lifesciences Corp.(1)  701  47,689 
TTM Technologies, Inc.(1)  7,424  59,095       
      Greatbatch, Inc.(1)  3,900  88,179 
    1,641,671       
ENERGY EQUIPMENT & SERVICES — 2.7%    Haemonetics Corp.(1)  3,423  195,111 
Atwood Oceanics, Inc.(1)  6,793  169,214  ICU Medical, Inc.(1)  2,157  88,760 
Basic Energy Services, Inc.(1)  18,616  127,147  Invacare Corp.  16,512  291,437 
CARBO Ceramics, Inc.  2,794  95,555  Kensey Nash Corp.(1)  4,663  122,217 
Dril-Quip, Inc.(1)  4,309  164,173  STERIS Corp.  1,445  37,686 
      Thoratec Corp.(1)  4,574  122,492 
ENGlobal Corp.(1)  1,768  8,699       
Lufkin Industries, Inc.  785  33,009        1,594,139 
Matrix Service Co.(1)  4,383  50,317  HEALTH CARE PROVIDERS & SERVICES — 4.4% 
      AMERIGROUP Corp.(1)  9,724  261,089 
Oil States International, Inc.(1)  16,520  399,949       
      Amsurg Corp.(1)  1,295  27,765 
T-3 Energy Services, Inc.(1)  2,478  29,513       
Unit Corp.(1)  7,799  215,018  Catalyst Health     
       Solutions, Inc.(1)  5,760  143,655 
      1,292,594  Centene Corp.(1)  17,512  349,890 
FOOD & STAPLES RETAILING — 0.7%     Emergency Medical     
Nash Finch Co.  2,431  65,783  Services Corp., Class A(1)  5,030  185,205 
Spartan Stores, Inc.  3,944  48,945  Gentiva Health     
United Natural Foods, Inc.(1)  7,454  195,667  Services, Inc.(1)  4,630  76,210 
    310,395  Healthspring, Inc.(1)  8,649  93,928 
FOOD PRODUCTS — 2.4%      HMS Holdings Corp.(1)  3,268  133,073 
Darling International, Inc.(1)  19,920  131,472  LHC Group, Inc.(1)  5,497  122,088 
Diamond Foods, Inc.  2,812  78,455  Magellan Health     
Green Mountain Coffee      Services, Inc.(1)  5,447  178,771 
Roasters, Inc.(1)  3,921  231,809  Molina Healthcare, Inc.(1)  2,458  58,795 

22

NT Small Company         
 
  Shares  Value      Shares  Value 
MWI Veterinary Supply, Inc.(1)  1,533  $          53,440  INTERNET & CATALOG RETAIL — 0.3%   
Nighthawk Radiology      NutriSystem, Inc.  5,130  $        74,385 
Holdings, Inc.(1)  2,087  7,722  PetMed Express, Inc.(1)  2,634  39,589 
PharMerica Corp.(1)  5,513  108,220  Ticketmaster     
PSS World Medical, Inc.(1)  10,887  201,518  Entertainment, Inc.(1)  6,658  42,744 
RehabCare Group, Inc.(1)  2,892  69,206      156,718 
    2,070,575  INTERNET SOFTWARE & SERVICES — 1.6%   
HOTELS, RESTAURANTS & LEISURE — 3.6%    Dice Holdings, Inc.(1)  2,026  9,421 
AFC Enterprises, Inc.(1)  17,570  118,597  EarthLink, Inc.(1)  33,818  250,591 
Bally Technologies, Inc.(1)  5,675  169,796  j2 Global     
      Communications, Inc.(1)  9,816  221,449 
CEC Entertainment, Inc.(1)  13,131  387,102       
      LogMeIn, Inc.(1)  2,048  32,768 
Choice Hotels           
International, Inc.  7,333  195,131  Open Text Corp.(1)  4,126  150,269 
Cracker Barrel Old Country      United Online, Inc.  14,075  91,628 
Store, Inc.  3,818  106,522      756,126 
Einstein Noah Restaurant      IT SERVICES — 3.9%     
Group, Inc.(1)  1,148  9,930       
      Acxiom Corp.  21,769  192,220 
Isle of Capri Casinos, Inc.(1)  2,253  30,010  Broadridge Financial     
Panera Bread Co., Class A(1)  4,617  230,204  Solutions, Inc.  8,860  146,899 
PF Chang’s China      CACI International, Inc.,     
Bistro, Inc.(1)  4,588  147,091  Class A(1)  5,187  221,537 
Ruth’s Hospitality      CIBER, Inc.(1)  13,854  42,947 
Group, Inc.(1)  2,364  8,676  CSG Systems     
WMS Industries, Inc.(1)  8,772  276,406  International, Inc.(1)  24,237  320,898 
    1,679,465  Cybersource Corp.(1)  8,436  129,071 
HOUSEHOLD DURABLES — 0.5%      Global Cash Access     
Harman International      Holdings, Inc.(1)  20,032  159,455 
Industries, Inc.  5,317  99,960  Heartland Payment     
Meritage Homes Corp.(1)  5,293  99,826  Systems, Inc.  3,692  35,332 
Universal Electronics, Inc.(1)  1,100  22,187  Hewitt Associates, Inc.,     
      Class A(1)  5,955  177,340 
    221,973       
      SAIC, Inc.(1)  7,238  134,265 
HOUSEHOLD PRODUCTS — 0.3%           
      Wright Express Corp.(1)  11,166  284,398 
Central Garden and Pet Co.,           
Class A(1)  12,311  121,263      1,844,362 
INSURANCE — 3.4%      LEISURE EQUIPMENT & PRODUCTS — 0.6%   
Allied World Assurance Co.      JAKKS Pacific, Inc.(1)  4,579  58,749 
Holdings Ltd.  7,437  303,653  Polaris Industries, Inc.  6,903  221,724 
American Financial      Sport Supply Group, Inc.  2,189  18,803 
Group, Inc.  11,444  246,961      299,276 
AMERISAFE, Inc.(1)  6,346  98,744  LIFE SCIENCES TOOLS & SERVICES — 0.9%   
Aspen Insurance      Bio-Rad Laboratories, Inc.,     
Holdings Ltd.  17,005  379,892  Class A(1)  1,427  107,710 
Delphi Financial Group, Inc.,      Dionex Corp.(1)  3,182  194,197 
Class A  7,306  141,955       
      Life Technologies Corp.(1)  2,636  109,974 
Navigators Group, Inc. (The)(1)  2,168  96,324       411,881 
Platinum Underwriters           
Holdings Ltd.  5,403  154,472       
Tower Group, Inc.  6,279  155,594       
    1,577,595       

23

NT Small Company         
 
 
  Shares  Value      Shares  Value 
MACHINERY — 3.9%      St. Mary Land &     
Altra Holdings, Inc.(1)  3,552  $           26,604  Exploration Co.  9,117  $        190,272 
Blount International, Inc.(1)  6,150  52,952  Stone Energy Corp.(1)  5,568  41,314 
Chart Industries, Inc.(1)  13,775  250,429  World Fuel Services Corp.  5,148  212,252 
CIRCOR International, Inc.  2,844  67,147        958,014 
EnPro Industries, Inc.(1)  8,960  161,370  PAPER & FOREST PRODUCTS — 0.4%    
      Buckeye Technologies, Inc.(1)  17,745  79,675 
ESCO Technologies, Inc.(1)  2,530  113,344       
      Clearwater Paper Corp.(1)  2,616  66,158 
Gardner Denver, Inc.(1)  13,416  337,681       
Hardinge, Inc.  2,727  11,590  KapStone Paper and     
      Packaging Corp.(1)  7,914  37,117 
Lydall, Inc.(1)  3,313  11,264       
          182,950 
Robbins & Myers, Inc.  17,306  333,141  PERSONAL PRODUCTS — 0.3%     
Timken Co.  11,924  203,662  Chattem, Inc.(1)  2,399  163,372 
Toro Co.  4,647  138,945  PHARMACEUTICALS — 1.2%     
Watts Water Technologies,      King Pharmaceuticals, Inc.(1)  21,275  204,878 
Inc., Class A  5,097  109,789       
    1,817,918  Matrixx Initiatives, Inc.(1)  971  5,428 
MARINE — 1.0%      Medicis Pharmaceutical     
      Corp., Class A  13,671  223,111 
Kirby Corp.(1)  14,280  453,961       
       Questcor     
MEDIA — 0.2%        Pharmaceuticals, Inc.(1)  3,179  15,895 
CTC Media, Inc.(1)  3,036  35,885  Sucampo Pharmaceuticals,     
DreamWorks Animation SKG,      Inc., Class A(1)  1,089  6,719 
Inc., Class A(1)  664  18,320  ViroPharma, Inc.(1)  22,125  131,201 
Mediacom Communications          587,232 
Corp., Class A(1)  4,610  23,557       
      PROFESSIONAL SERVICES — 0.5%   
    77,762       
      COMSYS IT Partners, Inc.(1)  17,362  101,568 
METALS & MINING — 0.7%           
      Heidrick & Struggles     
Brush Engineered      International, Inc.  2,829  51,629 
Materials, Inc.(1)  3,425  57,369       
      On Assignment, Inc.(1)  1,722  6,733 
Cliffs Natural Resources, Inc.  1,701  41,623       
      Spherion Corp.(1)  3,385  13,946 
Compass Minerals           
International, Inc.  3,856  211,733  Watson Wyatt Worldwide,     
    310,725  Inc., Class A  2,245  84,255 
MULTILINE RETAIL — 0.7%            258,131 
Dollar Tree, Inc.(1)  5,437  228,898  REAL ESTATE INVESTMENT TRUSTS (REITs) — 5.7% 
Fred’s, Inc., Class A  7,040  88,704  Colonial Properties Trust  11,085  82,029 
      Corporate Office     
     317,602  Properties Trust  3,154  92,507 
MULTI-INDUSTRY — 1.3%        Equity LifeStyle     
SPDR KBW Regional      Properties, Inc.  10,598  394,034 
Banking ETF  33,563  615,210  Extra Space Storage, Inc.  6,149  51,344 
MULTI-UTILITIES — 0.2%        Home Properties, Inc.  5,306  180,935 
CH Energy Group, Inc.  1,676  78,269  Kilroy Realty Corp.  5,725  117,592 
OIL, GAS & CONSUMABLE FUELS — 2.0%     Mack-Cali Realty Corp.  1,873  42,704 
Alpha Natural      Mid-America Apartment     
Resources, Inc.(1)  14,163  372,062       
      Communities, Inc.  5,010  183,917 
Penn Virginia Corp.  6,198  101,461  National Retail     
Petroleum Development      Properties, Inc.  13,160  228,326 
Corp.(1)  2,591  40,653       
      PS Business Parks, Inc.  3,962  191,919 

24

NT Small Company         
 
  Shares     Value      Shares    Value 
Realty Income Corp.  4,578  $        100,350  Informatica Corp.(1)  12,595  $     216,508 
Senior Housing      JDA Software Group, Inc.(1)  5,256  78,630 
Properties Trust  19,142  312,397  Manhattan Associates, Inc.(1)  1,923  35,037 
Sovran Self Storage, Inc.  3,840  94,464  Mentor Graphics Corp.(1)  11,560  63,233 
Tanger Factory Outlet Centers  5,579  180,927       
      NetScout Systems, Inc.(1)  5,097  47,810 
Taubman Centers, Inc.  15,051  404,270       
      Progress Software Corp.(1)  6,914  146,369 
    2,657,715       
      Quest Software, Inc.(1)  3,550  49,487 
ROAD & RAIL — 1.3%           
      Soapstone Networks, Inc.(1)  8,428  35,229 
Arkansas Best Corp.  3,660  96,441       
Dollar Thrifty Automotive      SPSS, Inc.(1)  7,269  242,567 
Group, Inc.(1)  7,575  105,671  Sybase, Inc.(1)  9,597  300,770 
Heartland Express, Inc.  8,148  119,938  Synopsys, Inc.(1)  16,057  313,272 
Knight Transportation, Inc.  8,312  137,564  Take-Two Interactive     
Old Dominion Freight      Software, Inc.(1)  14,119  133,707 
Line, Inc.(1)  4,100  137,637  Taleo Corp., Class A(1)  5,173  94,511 
    597,251  Tyler Technologies, Inc.(1)  4,870  76,069 
SEMICONDUCTORS & SEMICONDUCTOR        1,953,843 
EQUIPMENT — 5.0%        SPECIALTY RETAIL — 4.1%     
Actel Corp.(1)  2,053  22,029       
      Aaron’s, Inc.  8,428  251,323 
Advanced Energy      Aeropostale, Inc.(1)  5,122  175,531 
Industries, Inc.(1)  3,147  28,291       
      Cabela’s, Inc.(1)  6,814  83,812 
ASM International NV(1)  11,056  162,634       
Cirrus Logic, Inc.(1)  1,932  8,694  Cato Corp. (The), Class A  5,166  90,095 
      Children’s Place Retail     
Cohu, Inc.  1,467  13,174  Stores, Inc. (The)(1)  4,281  113,147 
Cypress Semiconductor      Dress Barn, Inc. (The)(1)  7,744  110,739 
Corp.(1)  41,579  382,527       
Exar Corp.(1)  10,248  73,683  Finish Line, Inc. (The),     
      Class A  9,325  69,191 
FEI Co.(1)  6,447  147,636       
      Genesco, Inc.(1)  9,893  185,692 
Integrated Device      Hibbett Sports, Inc.(1)  4,900  88,200 
Technology, Inc.(1)  13,412  81,008       
      Hot Topic, Inc.(1)  15,952  116,609 
Micrel, Inc.  3,837  28,087       
      Jo-Ann Stores, Inc.(1)  14,671  303,250 
MKS Instruments, Inc.(1)  7,619  100,495       
Pericom Semiconductor      Midas, Inc.(1)  829  8,688 
Corp.(1)  4,047  34,076  Stage Stores, Inc.  6,762  75,058 
Rudolph Technologies, Inc.(1)  4,860  26,827  Tractor Supply Co.(1)  6,594  272,464 
Silicon Image, Inc.(1)  31,335  72,070      1,943,799 
Silicon Laboratories, Inc.(1)  2,401  91,094  TEXTILES, APPAREL & LUXURY GOODS — 2.0% 
Skyworks Solutions, Inc.(1)  48,291  472,286  Carter’s, Inc.(1)  9,625  236,871 
Standard Microsystems      Fossil, Inc.(1)  7,692  185,223 
Corp.(1)  10,977  224,480  Liz Claiborne, Inc.  9,467  27,265 
Ultratech, Inc.(1)  2,173  26,750  Maidenform Brands, Inc.(1)  3,159  36,234 
Varian Semiconductor      Steven Madden Ltd.(1)  2,654  67,544 
Equipment Associates, Inc.(1)  10,906  261,635       
      True Religion Apparel, Inc.(1)  3,132  69,844 
Volterra Semiconductor           
Corp.(1)  8,518  111,926  Unifirst Corp.  2,771  102,998 
    2,369,402  Volcom, Inc.(1)  2,873  35,913 
SOFTWARE — 4.2%      Wolverine World Wide, Inc.  8,637  190,532 
Blackboard, Inc.(1)  2,751  79,394        952,424 
Epicor Software Corp.(1)  7,783  41,250       

25

NT Small Company         
 
  Shares     Value      Shares  Value 
THRIFTS & MORTGAGE FINANCE — 0.5%     Temporary Cash Investments — 1.0% 
Charter Financial Corp.  787  $            9,247  JPMorgan U.S. Treasury     
First Niagara Financial      Plus Money Market Fund     
Group, Inc.  8,495  97,013  Agency Shares  82,299  $      82,299 
Provident Financial      Repurchase Agreement, Credit Suisse First   
Services, Inc.  6,700  60,970  Boston, Inc., (collateralized by various   
TrustCo Bank Corp. NY  14,459  85,453  U.S. Treasury obligations, 4.25%, 5/15/39,   
    252,683  value at $409,538) in a joint trading   
      account at 0.001%, dated 6/30/09, due   
TRADING COMPANIES & DISTRIBUTORS — 0.5%  7/1/09 (Delivery value $400,000)    400,000 
WESCO International, Inc.(1)  8,557  214,267  TOTAL TEMPORARY     
WIRELESS TELECOMMUNICATION SERVICES — 0.1%  CASH INVESTMENTS     
Syniverse Holdings, Inc.(1)  3,016  48,347  (Cost $482,299)    482,299 
TOTAL COMMON STOCKS      TOTAL INVESTMENT     
(Cost $44,292,330)    46,472,873  SECURITIES — 99.8%     
      (Cost $44,774,629)    46,955,172 
      OTHER ASSETS AND     
      LIABILITIES — 0.2%    85,513 
      TOTAL NET ASSETS — 100.0%    $47,040,685 

Notes to Schedule of Investments 
ETF = Exchange Traded Fund 
SPDR = Standard & Poor’s Depositary Receipts 
(1) Non-income producing. 
 
Industry classifications are unaudited. 
 
See Notes to Financial Statements. 

26

Statement of Assets and Liabilities 

JUNE 30, 2009     
  NT Equity Growth  NT Small Company 
Assets     
Investment securities, at value (cost of $186,300,834 and $44,774,629, respectively)  $190,494,924 $ 46,955,172
Receivable for investments sold  6,827,635 —
Receivable for capital shares sold  418,030 105,859
Dividends and interest receivable  180,404 40,840
  197,920,993 47,101,871
 
Liabilities 
Payable for investments purchased  6,789,741 32,768
Payable for capital shares redeemed  8,098 1,656
Accrued management fees  76,811 26,762
  6,874,650 61,186
 
Net Assets  $191,046,343 $ 47,040,685
 
Institutional Class Capital Shares, $0.01 Par Value 
Authorized  100,000,000 100,000,000
Outstanding  27,063,026 8,555,545
 
Net Asset Value Per Share  $7.06 $5.50
 
Net Assets Consist of: 
Capital (par value and paid-in surplus)  $230,201,812 $ 60,575,621
Undistributed net investment income  11,314 111,450
Accumulated net realized loss on investment transactions    (43,360,873)   (15,826,929)
Net unrealized appreciation on investments  4,194,090 2,180,543
  $191,046,343 $ 47,040,685
 
 
See Notes to Financial Statements.     

27

Statement of Operations 

YEAR ENDED JUNE 30, 2009     
  NT Equity Growth  NT Small Company 
Investment Income (Loss)     
Income:     
Dividends (net of foreign taxes withheld of $6,705 and $113, respectively)  $ 3,069,051 $ 398,010
Interest  7,425 2,037
Securities lending, net  13,013 15,265
  3,089,489 415,312
 
Expenses: 
Management fees  658,578 229,284
Directors’ fees and expenses  4,994 1,253
Other expenses  351 147
  663,923 230,684
 
Net investment income (loss)  2,425,566 184,628
 
Realized and Unrealized Gain (Loss) 
Net realized gain (loss) on: 
Investment transactions    (37,957,438)   (12,069,894)
Futures contract transactions  154,816   (45,834)
    (37,802,622)   (12,115,728)
 
Change in net unrealized appreciation (depreciation) on investments  3,088,081 1,528,757
 
Net realized and unrealized gain (loss)    (34,714,541)   (10,586,971)
 
Net Increase (Decrease) in Net Assets Resulting from Operations    $(32,288,975)   $(10,402,343)
 
 
See Notes to Financial Statements.     

28

Statement of Changes in Net Assets 

YEARS ENDED JUNE 30, 2009 AND JUNE 30, 2008       
  NT Equity Growth  NT Small Company 
Increase (Decrease) in Net Assets  2009  2008   2009  2008 
Operations         
Net investment income (loss)  $ 2,425,566 $ 1,208,495 $ 184,628 $ 73,320
Net realized gain (loss)    (37,802,622)   (5,031,270)   (12,115,728)   (2,924,199)
Change in net unrealized 
appreciation (depreciation)  3,088,081   (8,593,467) 1,528,757   (1,865,404)
Net increase (decrease) in net assets 
resulting from operations    (32,288,975)   (12,416,242)   (10,402,343)   (4,716,283)
 
Distributions to Shareholders 
From net investment income    (2,756,354)   (858,273)   (84,064)   (81,214)
From net realized gains  —   (957,648) — —
Decrease in net assets from distributions    (2,756,354)   (1,815,921)   (84,064)   (81,214)
 
Capital Share Transactions 
Proceeds from shares sold  138,962,826 45,953,883 35,672,084 13,505,490
Payments for shares redeemed    (25,288,359)   (11,249,770)   (6,322,703)   (4,324,020)
Net increase (decrease) in net assets 
from capital share transactions  113,674,467 34,704,113 29,349,381 9,181,470
 
Net increase (decrease) in net assets  78,629,138 20,471,950 18,862,974 4,383,973
 
Net Assets 
Beginning of period  112,417,205 91,945,255 28,177,711 23,793,738
End of period  $191,046,343 $112,417,205 $ 47,040,685 $28,177,711
 
Undistributed net investment income  $11,314 $355,331 $111,450 $11,155
 
Transactions in Shares of the Funds 
Sold  19,416,650 4,305,938 6,404,893 1,493,603
Redeemed    (3,616,866)   (1,014,028)   (1,126,952)   (449,818)
Net increase (decrease) in 
shares of the funds  15,799,784 3,291,910 5,277,941 1,043,785
 
 
See Notes to Financial Statements.         

29

Notes to Financial Statements 

JUNE 30, 2009

1. Organization and Summary of Significant Accounting Policies

Organization — American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company. NT Equity Growth Fund (NT Equity Growth) and NT Small Company Fund (NT Small Company) (collectively, the funds) are two funds in a series issued by the corporation. The funds are diversified under the 1940 Act. The funds’ investment objective is to seek long-term capital growth. The funds pursue this investment objective by investing in common stocks. NT Small Company primarily invests in smaller-capitalization U.S. companies. The funds are not permitted to invest in any securities issued by companies assigned the Global Industry Classification Standard for the tobacco industry. The following is a summary of the funds’ significant acco unting policies.

Security Valuations — Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Investments in open-end management investment companies are valued at the reported net asset value. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and ov er-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the funds determine that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the funds to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.

Security Transactions — For financial reporting purposes, 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 capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds estimate the components of distributions received that may be considered nontaxable distributions or 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 on Loan — The funds may lend portfolio securities through their lending agent to certain approved borrowers in order to earn additional income. The income earned, net of any rebates or fees, is included in the Statement of Operations. The funds continue to recognize any gain or loss in the market price of the securities loaned and record any interest earned or dividends declared.

Exchange Traded Funds — The funds may invest in exchange traded funds (ETFs). ETFs are a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The funds may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while

30

awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Repurchase Agreements — The funds may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Directors. Each repurchase agreement is recorded at cost. Each fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable each 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 each fund under each repurchase agreement.

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

Income Tax Status — It is each 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. All tax years for the funds remain subject to examination by tax authorities. 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. Accordingly, no provision has been made for federal or state income taxes. Interest and penalties associated with any federal or state income tax obligations, if any, are recorded as interest expense.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. 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 funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. The risk of material loss from such claims is considered by management to be remote.

Use of Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Subsequent Events — Management has evaluated events or transactions that may have occurred since June 30, 2009, that would merit recognition or disclosure in the financial statements. This evaluation was completed through August 27, 2009, the date the financial statements were issued.

2. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a Management Agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The Agreement provides that all expenses of the funds, except brokerage commissions, taxes, interest, fees and expenses

31

of those directors who are not considered “interested persons” as defined in the 1940 Act (including counsel fees) and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of each specific class of shares of each fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the funds and certain other accounts managed by the investment advisor that are in the same broad investment category as each fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. The rates for the Investment Category Fee range from 0.3380% to 0.5200% for NT Equity Growth and from 0.5380% to 0.7200% for NT Small Company. The rates for the Complex Fee range from 0.0500% to 0.1100%. The effective annual management fee for NT Equity Growth and NT Small Company for the year e nded June 30, 2009, was 0.49% and 0.69%, respectively.

Acquired Fund Fees and Expenses — The funds may invest in mutual funds, exchange traded funds, and business development companies (the acquired funds). The funds will indirectly realize their pro rata share of the fees and expenses of the acquired funds in which they invest. These indirect fees and expenses are not paid out of the funds’ assets but are reflected in the return realized by the funds on their investment in the acquired funds.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors, and, as a group, controlling stockholders of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, American Century Investment Services, Inc., and the corporation’s transfer agent, American Century Services, LLC. The funds are wholly owned, in aggregate, by various funds in a series issues by American Century Asset Allocation Portfolios, Inc. (ACAAP). ACAAP does not invest in the funds for the purpose of exercising management or control.

The funds are eligible to invest in a money market fund for temporary purposes, which is managed by J.P. Morgan Investment Management, Inc. (JPMIM). The funds have a Mutual Funds Services Agreement with J.P. Morgan Investor Services Co. (JPMIS) and a securities lending agreement with JPMorgan Chase Bank (JPMCB). JPMCB is a custodian of the funds. JPMIM, JPMIS and JPMCB are wholly owned subsidiaries of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

3. Investment Transactions

Investment transactions, excluding short-term investments, for the year ended June 30, 2009, were as follows:

  NT Equity Growth  NT Small Company 
Purchases  $256,262,885  $65,427,154 
Sales  $144,305,178  $36,357,377 

4. Securities Lending

As of June 30, 2009, the funds did not have any securities on loan. JPMCB receives and maintains collateral in the form of cash and/or acceptable securities as approved by ACIM. Cash collateral is invested in authorized investments by the lending agent in a pooled account. Any deficiencies or excess of collateral must be delivered or transferred by the member firms no later than the close of business on the next business day. The funds’ risks in securities lending are that the borrower may not provide additional collateral when required or return the securities when due. If the borrower defaults, receipt of the collateral by the fund may be delayed or limited. Investments made with cash collateral may decline in value.

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5. Fair Value Measurements

The funds’ securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the funds. 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 as follows:

• Level 1 valuation inputs consist of actual quoted prices in an active market for identical securities;

• Level 2 valuation inputs consist of significant direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

• Level 3 valuation inputs consist of significant unobservable inputs (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 an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the valuation inputs used to determine the fair value of the funds’ securities as of June 30, 2009:

 
Fund    Level 1  Level 2  Level 3 
NT Equity Growth            
Investment Securities       
Common Stocks  $188,701,297 —            —
Temporary Cash Investments  93,627 $1,700,000            —
Total Value of Investment Securities  $188,794,924 $1,700,000            —
NT Small Company         
Investment Securities 
Common Stocks  $46,472,873 —            —
Temporary Cash Investments  82,299 $400,000            —
Total Value of Investment Securities $46,555,172 $400,000            —

6. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing their 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 cont ract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the year ended June 30, 2009, the funds purchased futures contracts.

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For NT Equity Growth, for the year ended June 30, 2009, the effect of equity price risk derivatives on the Statement of Operations was $154,816 in net realized gain (loss) on futures contract transactions.

For NT Small Company, for the year ended June 30, 2009, the effect of equity price risk derivatives on the Statement of Operations was $(45,834) in net realized gain (loss) on futures contract transactions.

NT Equity Growth’s and NT Small Company’s infrequent use of derivative instruments and the effect of derivatives on the Statement of Operations are indicative of each fund’s typical volume.

7. Bank Line of Credit

The funds, along with certain other funds in the American Century Investments family of funds, had a $500,000,000 unsecured bank line of credit agreement with Bank of America, N.A. The line expired December 10, 2008, and was not renewed. The agreement allowed the funds to borrow money for temporary or emergency purposes to fund shareholder redemptions. Borrowings under the agreement were subject to interest at the Federal Funds rate plus 0.40%. The funds did not borrow from the line during the year ended June 30, 2009.

8. Interfund Lending

The funds, along with certain other funds in the American Century Investments family of funds, may participate in an interfund lending program, pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC). This program provides an alternative credit facility allowing the funds to borrow from or lend to other funds in the American Century Investments family of funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. The interfund loan rate earned/paid on interfund lending transactions is determined daily based on the average of certain current market rates. Interfund lending transactions normally extend only overnight, but can have a maximum duration of seven days. The program is subject to annual approval by the Board of Directors. During the year ended June 30, 2009, the funds did not utilize the program.

9. Risk Factors

NT Small Company concentrates its investments in common stocks of small companies. Because of this, NT Small Company may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

10. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2009 and June 30, 2008, were as follows:

  NT Equity Growth  NT Small Company 
  2009  2008  2009  2008 
Distributions Paid From         
Ordinary income  $2,756,354 $1,195,079 $84,064 $81,214
Long-term capital gains  — $620,842 — —

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.

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As of June 30, 2009, the components of distributable earnings on a tax-basis and the federal tax cost of investments were as follows:

             NT Equity Growth          NT Small Company 
Federal tax cost of investments  $196,384,422        $48,281,015
Gross tax appreciation of investments  $ 7,036,060        $ 2,703,686
Gross tax depreciation of investments    (12,925,558)   (4,029,529)
Net tax appreciation (depreciation) of investments    $ (5,889,498)          $(1,325,843)
Undistributed ordinary income  $11,314 $111,450
Accumulated capital losses    $(9,087,176)          $(4,210,593)
Capital loss deferrals      $(24,190,109)          $(8,109,950)

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

The accumulated capital losses listed above represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be limited due to large shareholder redemptions and contributions. NT Equity Growth’s capital loss carryovers expire in 2017. Capital loss carryovers of $(652,509), $(396,625) and $(3,161,459) expire in 2014, 2016 and 2017, respectively, for NT Small Company.

The capital loss deferrals listed above represent net capital losses incurred in the eight-month period ended June 30, 2009. The funds have elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

11. Recently Issued Accounting Standards

The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (FAS 157), in September 2006, which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands the required financial statement disclosures about fair value measurements. The adoption of FAS 157 did not materially impact the determination of fair value.

In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (FAS 161). FAS 161 is effective for interim periods beginning after November 15, 2008 and has been adopted by the funds. FAS 161 amends and expands disclosures about derivative instruments and hedging activities. FAS 161 requires qualitative disclosures about the objectives and strategies of derivative instruments, quantitative disclosures about the fair value amounts of and gains and losses on derivative instruments, and disclosures of credit-risk-related contingent features in hedging activities.

12. Other Tax Information (Unaudited)

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended June 30, 2009.

For corporate taxpayers, the funds hereby designate the following ordinary income distributions, or up to the maximum amount allowable, as qualified for the corporate dividends received deduction for the fiscal year ended June 30, 2009.

NT Equity Growth  NT Small Company 
$2,756,354  $84,064 

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 Financial Highlights 
NT Equity Growth 

For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006(2) 
Per-Share Data         
Net Asset Value, Beginning of Period  $9.98 $11.53 $10.87 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)        0.13(3) 0.12 0.06 0.07
 Net Realized and Unrealized Gain (Loss)    (2.89)    (1.47) 0.65 0.87
 Total From Investment Operations    (2.76)    (1.35) 0.71 0.94
Distributions 
 From Net Investment Income    (0.16)    (0.09)   (0.05)   (0.07)
 From Net Realized Gains     —    (0.11) — —
 Total Distributions    (0.16)    (0.20)   (0.05)   (0.07)
Net Asset Value, End of Period  $7.06 $9.98 $11.53 $10.87
 
Total Return(4)  (27.73)%  (11.84)%   6.59%   9.47% 
 
Ratios/Supplemental Data         
Ratio of Operating Expenses to Average Net Assets     0.50%      0.47% 0.47%(5) 0.47%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets     1.82%    1.20% 1.04%(5) 1.20%(5)
Portfolio Turnover Rate       109%        99% 54% 65%
Net Assets, End of Period (in thousands)  $191,046  $112,417 $91,945  $71,743

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period.
(2)      May 12, 2006 (fund inception) through December 31, 2006.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized.
(5)      Annualized.

See Notes to Financial Statements.

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NT Small Company         
 
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)     
  2009  2008  2007(1)  2006(2) 
Per-Share Data         
Net Asset Value, Beginning of Period  $8.60 $10.65 $9.80 $10.00
Income From Investment Operations 
 Net Investment Income (Loss)        0.03(3) 0.03 0.02 0.02
 Net Realized and Unrealized Gain (Loss)     (3.11)   (2.05) 0.84    (0.20)
 Total From Investment Operations     (3.08)    (2.02) 0.86    (0.18)
Distributions 
 From Net Investment Income     (0.02)    (0.03)   (0.01)    (0.02)
Net Asset Value, End of Period  $5.50 $8.60 $10.65 $9.80
 
Total Return(4)  (35.83)%  (18.98)%   8.77%   (1.78)% 
 
Ratios/Supplemental Data         
Ratio of Operating Expenses to Average Net Assets       0.70% 0.67% 0.67%(5) 0.67%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets       0.56% 0.29% 0.40%(5) 0.39%(5)
Portfolio Turnover Rate       110% 143% 73% 82%
Net Assets, End of Period (in thousands)     $47,041 $28,178 $23,794  $18,216

(1)      January 1, 2007 through June 30, 2007. The fund’s fiscal year end was changed from December 31 to June 30, resulting in a six-month annual reporting period.
(2)      May 12, 2006 (fund inception) through December 31, 2006.
(3)      Computed using average shares outstanding throughout the period.
(4)      Total return assumes reinvestment of net investment income and capital gains distributions, if any. Total returns for periods less than one year are not annualized.
(5)      Annualized.

See Notes to Financial Statements.

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Report of Independent Registered Public Accounting Firm 

To the Directors of the American Century Quantitative Equity Funds, Inc. and Shareholders of the NT Equity Growth Fund and NT Small Company Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the NT Equity Growth Fund and NT Small Company Fund (two of the ten funds comprising the American Century Quantitative Equity Funds, Inc., hereafter referred to as the “Funds”) at June 30, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fun ds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Kansas City, Missouri
August 27, 2009

38

Management 

The individuals listed below serve as directors or officers of the funds. Each director serves until his or her successor is duly elected and qualified or until he or she retires. Effective March 2004, mandatory retirement age for independent directors is 73. However, the mandatory retirement age may be extended for a period not to exceed two years with the approval of the remaining independent directors. Those listed as interested directors are “interested” primarily by virtue of their engagement as directors and/or officers of, or ownership interest in, American Century Companies, Inc. (ACC) or its wholly owned, direct or indirect, subsidiaries, including the funds’ investment advisor, American Century Investment Management, Inc. (ACIM or the advisor); the funds’ principal underwriter, American Century Investment Services, Inc. (ACIS); and the funds’ transfer agent, American Century Services, LLC ( ACS).

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, ACIS and ACS. The directors serve in this capacity for eight registered investment companies in the American Century Investments family of funds.

All persons named as officers of the funds also serve in similar capacities for the other 14 registered investment companies in the American Century Investments family of funds advised by ACIM or American Century Global Investment Management, Inc. (ACGIM), a wholly owned subsidiary of ACIM, unless otherwise noted. Only officers with policy-making functions are listed. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis.

Interested Director
Jonathan S. Thomas, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1963
Position(s) Held with Funds: Director (since 2007) and President (since 2007)
Principal Occupation(s) During Past 5 Years: President and Chief Executive Officer, ACC
(March 2007 to present); Chief Administrative Officer, ACC (February 2006 to
February 2007); Executive Vice President, ACC (November 2005 to February 2007)
Also serves as: President, Chief Executive Officer and Director, ACS; Executive
Vice President, ACIM and ACGIM; Director, ACIM, ACGIM, ACIS and other ACC
subsidiaries. Managing Director, Morgan Stanley (March 2000 to November 2005)
Number of Portfolios in Fund Complex Overseen by Director: 103
Other Directorships Held by Director: None

Independent Directors
John Freidenrich, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1937
Position(s) Held with Funds: Director (since 2005)
Principal Occupation(s) During Past 5 Years: Member and Manager, Regis Management
Company, LLC (money management firm) (April 2004 to present); Partner and
Founder, Bay Partners (venture capital firm) (1976 to 2006)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

39

Ronald J. Gilson, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Funds: Director (since 1995) and Chairman of the Board (since 2005)
Principal Occupation(s) During Past 5 Years: Charles J. Meyers Professor of Law and Business,
Stanford Law School (1979 to present); Marc and Eva Stern Professor of Law and
Business, Columbia University School of Law (1992 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Frederick L.A. Grauer, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1946
Position(s) Held with Funds: Director (since 2008)
Principal Occupation(s) During Past 5 Years: Senior Advisor, Barclays Global Investors (asset
manager) (2003 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Peter F. Pervere, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Funds: Director (since 2007)
Principal Occupation(s) During Past 5 Years: Retired, formerly Vice President and Chief
Financial Officer, Commerce One, Inc. (software and services provider)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

Myron S. Scholes, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1941
Position(s) Held with Funds: Director (since 1980)
Principal Occupation(s) During Past 5 Years: Chairman, Platinum Grove Asset Management,
L.P. (asset manager) (1999 to present); Frank E. Buck Professor of Finance-Emeritus,
Stanford Graduate School of Business (1996 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Dimensional Fund Advisors

John B. Shoven, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1947
Position(s) Held with Funds: Director (since 2002)
Principal Occupation(s) During Past 5 Years: Professor of Economics, Stanford University
(1973 to present)
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: Cadence Design Systems; E×ponent

Jeanne D. Wohlers, 1665 Charleston Road, Mountain View, CA 94043
Year of Birth: 1945
Position(s) Held with Funds: Director (since 1984)
Principal Occupation(s) During Past 5 Years: Retired
Number of Portfolios in Fund Complex Overseen by Director: 40
Other Directorships Held by Director: None

40

Officers
Barry Fink, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1955
Position(s) Held with Funds: Executive Vice President (since 2007)
Principal Occupation(s) During Past 5 Years: Chief Operating Officer and Executive Vice
President, ACC (September 2007 to present); President, ACS (October 2007 to
present); Managing Director, Morgan Stanley (2000 to 2007); Global General
Counsel, Morgan Stanley (2000 to 2006). Also serves as: Director, ACC, ACS, ACIS
and other ACC subsidiaries

Maryanne Roepke, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1956
Position(s) Held with Funds: Chief Compliance Officer (since 2006) and Senior Vice
President (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Compliance Officer, ACIM, ACGIM and ACS
(August 2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006);
and Treasurer and Chief Financial Officer, various American Century Investments
funds (July 2000 to August 2006). Also serves as: Senior Vice President, ACS

Charles A. Etherington, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1957
Position(s) Held with Funds: General Counsel (since 2007) and Senior Vice President
(since 2006)
Principal Occupation(s) During Past 5 Years: Attorney, ACC (February 1994 to present); Vice
President, ACC (November 2005 to present); General Counsel, ACC (March 2007
to present). Also serves as: General Counsel, ACIM, ACGIM, ACS, ACIS and other
ACC subsidiaries; and Senior Vice President, ACIM, ACGIM and ACS

Robert Leach, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1966
Position(s) Held with Funds: Vice President, Treasurer and Chief Financial Officer
(all since 2006)
Principal Occupation(s) During Past 5 Years: Vice President, ACS (February 2000 to present);
and Controller, various American Century Investments funds (1997 to September
2006)

Jon Zindel, 4500 Main Street, Kansas City, MO 64111
Year of Birth: 1967
Position(s) Held with Funds: Tax Officer (since 2000)
Principal Occupation(s) During Past 5 Years: Chief Financial Officer and Chief Accounting
Officer, ACC (March 2007 to present); Vice President, ACC (October 2001 to present);
Vice President, certain ACC subsidiaries (October 2001 to August 2006); Vice
President, Corporate Tax, ACS (April 1998 to August 2006). Also serves as: Chief
Financial Officer, Chief Accounting Officer and Senior Vice President, ACIM,
ACGIM, ACS and other ACC subsidiaries; and Chief Accounting Officer and
Senior Vice President, ACIS

The SAI has additional information about the funds’ directors and is available without charge, upon request, by calling 1-800-345-2021.

41

Approval of Management Agreements 

Under Section 15(c) of the Investment Company Act, contracts for investment advisory services to a mutual fund are required to be reviewed, evaluated and approved each year by the fund’s board of directors/ trustees, including a majority of a fund’s independent directors/trustees (the “Directors”). At American Century Investments, this process is referred to as the “15(c) Process.” The board oversees on a continuous basis and evaluates at its quarterly meetings, directly and through the committees of the board, the nature and quality of significant services provided by the advisor, the investment performance of the funds, shareholder services, audit and compliance functions and a variety of other matters relating to fund operations. Each year, it also holds a special meeting in connection with determining whether to renew the contracts for advisory services, to review fund performance, shareholder services, adviser profitability, audit and compliance matters, and other fund operational matters.

Under a Securities and Exchange Commission rule, each fund is required to disclose in its annual or semiannual report, as appropriate, the material factors and conclusions that formed the basis for the board’s approval or renewal of any advisory agreements within the fund’s most recently completed fiscal half-year period.

Annual Contract Review Process

As part of the annual 15(c) Process, the Directors requested and reviewed extensive data and information compiled by the advisor and certain independent providers of evaluative data (the “15(c) Providers”) concerning the NT Equity Growth Fund and NT Small Company Fund (the “funds”) and the services provided to the funds under the management agreement. The information considered and the discussions held at the meetings included, but were not limited to:

• the nature, extent and quality of investment management, shareholder services and other services that the advisor provides to the funds;

• the wide range of programs and services the advisor provides to the funds and their shareholders on a routine and non-routine basis;

• the compliance policies, procedures, and regulatory experience of the advisor;

• data comparing the cost of owning each fund to the cost of owning a similar fund;

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

• financial data showing the profitability of each fund to the advisor and the overall profitability of the advisor;

42

• data comparing services provided and charges to other non-fund investment management clients of the advisor; and

• collateral or “fall-out” benefits derived by the advisor from the management of the funds, and potential sharing of economies of scale in connection with the management of the funds.

In keeping with its practice, the Directors at a special meeting and at a regularly scheduled quarterly meeting reviewed and discussed the information provided by the advisor throughout the year and to negotiate with the advisor the renewal of the management agreement, including the setting of the applicable management fee. The Directors had the benefit of the advice of their independent counsel throughout the period.

Factors Considered

The Directors considered all of the information provided by the advisor, independent data providers, and the board’s independent counsel, and evaluated such information for each fund the board oversees. The Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew each fund’s management agreement under the terms ultimately determined by the board to be appropriate, the Directors based their decision on a number of factors, including the following.

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

• fund construction and design

• initial capitalization/funding

• portfolio research and security selection

• securities trading

• fund administration

• custody of fund assets

• daily valuation of fund portfolios

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

• legal services

• regulatory and portfolio compliance

• financial reporting

• marketing and distribution

43

The Directors noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels and the changing regulatory environment. In performing their evaluation, the Directors considered information received in connection with the annual review, as well as information provided on an ongoing basis throughout the year and at their regularly scheduled board and committee meetings.

Investment Management Services. The nature of the investment management services provided is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes, and liquidity. In evaluating investment performance, the board expects the advisor to manage each fund in accordance with its investment objectives and approved strategies. In providing these services, the advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. At each quarterly meeting and at the special meeting to consider renewal of the management agr eement, the Directors, directly and through its Portfolio Committee, review investment performance information for each fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. If performance concerns are identified, the underperforming fund receives special reviews until performance improves, during which Directors discuss with the advisor the reasons for such underperformance (e.g., market conditions, security and sector selection) and any efforts being undertaken to improve performance. NT Equity Growth’s performance for both the one- and three-year periods was above its benchmark. NT Small Company’s performance fell below its benchmark for both the one- and three-year periods during the past year. The board discussed NT Small Company’s performance with the advisor and was satisfied with the efforts being undertaken by the advisor. The board will continue to monitor these efforts and the performance o f the fund.

Shareholder and Other Services. The advisor provides the funds with a comprehensive package of transfer agency, shareholder, and other services. The Directors, directly and through the various Committees of the Board, review reports and evaluations of such services at their regular quarterly meetings and at their special meeting to consider renewal of the management agreement, including the annual meeting concerning contract review, and other reports to the board. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio v aluation services, auditing services, and legal and operational compliance activities. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the advisor.

44

Costs of Services Provided and Profitability. The advisor provides detailed information concerning its cost of providing various services to the funds, its profitability in managing each fund, its overall profitability, and its financial condition. The Directors have reviewed with the advisor the methodology used to prepare this financial information. The Directors have also reviewed with the advisor its methodology for compensating the investment professionals that provide services to the funds. This financial information regarding the advisor is considered in order to evaluate the advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee.

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

Economies of Scale. The Directors review information provided by the advisor regarding the existence of economies of scale in connection with the investment management of the funds. The Directors concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The analysis of economies of scale is further complicated by the additional services and content provided by the advisor and its reinvestment in its ability to provide and expand those services. Accordingly, the Directors seek to evaluate economies of scale by reviewing information, such as year-over-year profitability of the advisor generally, the profitability of its management of each fund specifically, and the expenses incurred by the advisor in providing various functions to the funds. The Directors believe the advisor is appropriately sharing economies of scale through its competitive fee structure, fee breakpoints as the fund complex and the fund increase in size, and through reinvestment in its business to provide shareholders additional services and enhancements to existing services. In particular, separate breakpoint schedules based on the size of the entire fund complex and on the size of each fund reflect the complexity of assessing economies of scale.

Comparison to Other Funds’ Fees. Each fund pays the advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). Under the unified fee structure, the advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, record-keeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their investment advisory fees and Rule 12b-1 distribution fees, the components of the total fees charged by these other funds may be increased without shareholder approval. The board believes the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and, since the unified fee

45

cannot be increased without a vote of fund shareholders, it shifts to the advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Directors’ analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the fund’s unified fee to the total expense ratio of other funds in the fund’s peer group. The Directors also reviewed updated fee level data provided by the advisor, but recognized that comparative data was particularly difficult to evaluate given the significant market developments during the past year impacting fund assets. The unified fee charged to shareholders of the funds was in the lowest quartile of the total expense ratios of their respective peer groups.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Directors considered the existence of collateral benefits the advisor may receive as a result of its relationship with the funds. They concluded that the advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Directors noted that the advisor receives proprietary research from broker dealers that execute fund portfolio transactions but concluded that this research is likely to benefit fund shareholders. The Directors also determined that the advisor is able to provide investment management services to certain clients other than the funds, at least in part, due to its existing infr astructure built to serve the fund complex. The Directors concluded, however, that the assets of those other clients are not material to the analysis and, in any event, are included with the assets of each fund to determine breakpoints in the fund’s fee schedule, provided they are managed using the same investment team and strategy.

Conclusions of the Directors

As a result of this process, the Directors, in the absence of particular circumstances and assisted by the advice of their independent legal counsel, taking into account all of the factors discussed above and the information provided by the advisor and others, concluded that the investment management agreement between each fund and the advisor, including the management fee, is fair and reasonable in light of the services provided and should be renewed for a one-year term. Also, as part of this process, the advisor and the Directors concluded that it would be appropriate to discuss over the coming year the possibility of changes in the overall fee structure of the funds.

46

Additional Information 

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. You have the right to revoke your withholding election at any time and any election you make may 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld. State taxes will be withheld from your distribution in accordance with the respective state rules.

Proxy Voting Guidelines

American Century Investment Management, Inc., the funds’ investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the funds. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and 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 the “About Us” page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The funds also make their complete schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.

47

Index Definitions 

The following indices are used to illustrate investment market, sector, or style performance or to serve as fund performance comparisons. They are not investment products available for purchase.

The Russell 1000® Index is a market-capitalization weighted, large-cap index created by Frank Russell Company to measure the performance of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 1000® Growth Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000® Value Index measures the performance of those Russell 1000 Index companies (the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000® Index is a market-capitalization weighted index created by Frank Russell Company to measure the performance of the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell 2000® Growth Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000® Value Index measures the performance of those Russell 2000 Index companies (the 2,000 smallest of the 3,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap® Index measures the performance of the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization.

The Russell Midcap® Growth Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap® Value Index measures the performance of those Russell Midcap Index companies (the 800 smallest of the 1,000 largest publicly traded U.S. companies, based on total market capitalization) with lower price-to-book ratios and lower forecasted growth values.

The S&P 500 Index is a market value-weighted index of the stocks of 500 publicly traded U.S. companies chosen for market size, liquidity, and industry group representation that are considered to be leading firms in dominant industries. Each stock’s weight in the index is proportionate to its market value. Created by Standard & Poor’s, it is considered to be a broad measure of U.S. stock market performance.

The S&P SmallCap 600 Index, a capitalization-weighted index consisting of 600 domestic stocks, measures the small company segment of the U.S. market.

48


Contact Us   
americancentury.com   
Automated Information Line  1-800-345-8765 
Investor Services Representative  1-800-345-2021 or 
  816-531-5575 
Business, Not-For-Profit, Employer-Sponsored   
Retirement Plans  1-800-345-3533 
Banks and Trust Companies, Broker-Dealers,   
Financial Professionals, Insurance Companies  1-800-345-6488 
Telecommunications Device for the Deaf  1-800-634-4113 
American Century Quantitative Equity Funds, Inc.   
Investment Advisor:   
American Century Investment Management, Inc.   
Kansas City, Missouri   

This report and the statements it contains are submitted for the general
information of our shareholders. The report is not authorized for distribution to
prospective investors unless preceded or accompanied by an effective prospectus.

American Century Investment Services, Inc., Distributor

©2009 American Century Proprietary Holdings, Inc. All rights reserved.

0908
CL-ANN-66124N

ITEM 2. CODE OF ETHICS.

(a)  The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the 
  registrant’s principal executive officer, principal financial officer, principal accounting officer, 
  and persons performing similar functions. 
(b)  No response required. 
(c)  None.   
(d)  None.   
(e)  Not applicable. 
(f)  The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to 
  American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on 
  Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by 
  reference.   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. 
(a)(1)  The registrant's board has determined that the registrant has at least one audit committee 
  financial expert serving on its audit committee. 
(a)(2)  Peter F. Pervere, Jeanne D. Wohlers and Ronald J. Gilson are the registrant's designated audit 
  committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR. 
(a)(3)  Not applicable. 
(b)  No response required. 
(c)  No response required. 
(d)  No response required. 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 
(a)  Audit Fees.   
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the 
principal accountant for the audit of the registrant’s annual financial statements or services that are 
normally provided by the accountant in connection with statutory and regulatory filings or engagements 
for those fiscal years were as follows: 
  FY 2008:  $228,571 
  FY 2009:  $262,760

(b)  Audit-Related Fees. 
 
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the 
principal accountant that are reasonably related to the performance of the audit of the registrant’s 
financial statements and are not reported under paragraph (a) of this Item were as follows: 
 
  For services rendered to the registrant: 
 
   FY 2008:   $0 
   FY 2009:   $0 
 
  Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X 
  (relating to certain engagements for non-audit services with the registrant’s investment adviser 
  and its affiliates): 
 
   FY 2008:   $0 
   FY 2009:   $0 
 
(c)  Tax Fees.   
 
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the 
principal accountant for tax compliance, tax advice, and tax planning were as follows: 
 
  For services rendered to the registrant: 
 
  FY 2008:  $0 
  FY 2009:  $0 
 
  Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X 
  (relating to certain engagements for non-audit services with the registrant’s investment adviser 
  and its affiliates): 
 
  FY 2008:  $0 
  FY 2009:  $0 
 
(d)  All Other Fees. 
 
The aggregate fees billed in each of the last two fiscal years for products and services provided by the 
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as 
follows:     
 
  For services rendered to the registrant: 
 
   FY 2008:   $0 
   FY 2009:   $0 
 
  Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X 
  (relating to certain engagements for non-audit services with the registrant’s investment adviser 
  and its affiliates): 
 
   FY 2008:   $0 
   FY 2009:   $0 

(e)(1)  In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the 
  accountant is engaged by the registrant to render audit or non-audit services, the engagement is 
  approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of 
  Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s 
  engagements for non-audit services with the registrant’s investment adviser, its parent company, 
  and any entity controlled by, or under common control with the investment adviser that 
  provides ongoing services to the registrant, if the engagement relates directly to the operations 
  and financial reporting of the registrant. 
 
(e)(2)  All services described in each of paragraphs (b) through (d) of this Item were pre-approved 
  before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of 
  Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be 
  approved by the audit committee pursuant to paragraph (c)(7)(i)(C). 
 
(f)  The percentage of hours expended on the principal accountant’s engagement to audit the 
  registrant’s financial statements for the most recent fiscal year that were attributed to work 
  performed by persons other than the principal accountant’s full-time, permanent employees was 
  less than 50%.   
 
(g)  The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the 
  registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser 
  whose role is primarily portfolio management and is subcontracted with or overseen by another 
  investment adviser), and any entity controlling, controlled by, or under common control with 
  the adviser that provides ongoing services to the registrant for each of the last two fiscal years 
  of the registrant were as follows: 
 
  FY 2008:  $90,000 
  FY 2009:  $134,350 
 
(h)  The registrant’s investment adviser and accountant have notified the registrant’s audit 
  committee of all non-audit services that were rendered by the registrant’s accountant to the 
  registrant’s investment adviser, its parent company, and any entity controlled by, or under 
  common control with the investment adviser that provides services to the registrant, which 
  services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of 
  Regulation S-X. The notification provided to the registrant’s audit committee included 
  sufficient details regarding such services to allow the registrant’s audit committee to consider 
  the continuing independence of its principal accountant. 
 
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. 
 
Not applicable.   
 
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. 
 
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 registrant's 
  second fiscal quarter of 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. EXHIBITS. 
 
 
(a)(1)  Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure 
  required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset 
  Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, 
  on September 29, 2005. 
 
(a)(2)  Separate certifications by the registrant’s principal executive officer and principal financial 
  officer, 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. 
 
(b)  A certification by the registrant’s chief executive officer and chief financial officer, 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. 
 
 
By:  /s/ Jonathan S. Thomas 
  Name:  Jonathan S. Thomas 
  Title:  President 
 
Date:  August 28, 2009 

     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/ Jonathan S. Thomas 
  Name:  Jonathan S. Thomas 
  Title:  President 
    (principal executive officer) 
 
 
Date:  August 28, 2009 

By:  /s/ Robert J. Leach 
  Name:  Robert J. Leach 
  Title:  Vice President, Treasurer, and 
    Chief Financial Officer 
    (principal financial officer) 
 
Date:  August 28, 2009 

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CERTIFICATIONS                                                                          

                                                                                                                                                             & nbsp;             EX-99.CERT

I, Jonathan S. Thomas, 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: 
 
  (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; 
 
  (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; 
 
  (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 
 
  (d)  Disclosed in this report any change in the registrant's internal control over financial 
    reporting that occurred during the second fiscal quarter of 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): 
 
  (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 

(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:  August 28, 2009 

/s/ Jonathan S. Thomas 
Jonathan S. Thomas 
President 
(principal executive officer) 

I, Robert J. Leach, 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: 
 
  (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; 
 
  (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; 
 
  (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 
 
  (d)  Disclosed in this report any change in the registrant's internal control over financial 
    reporting that occurred during the second fiscal quarter of 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): 
 
  (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 
 
  (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:  August 28, 2009 

/s/ Robert J. Leach 
Robert J. Leach 
Vice President, Treasurer, and 
Chief Financial Officer 
(principal financial officer) 

 EX-99.906 CERT 51 acqefex-99906.htm 906 CERTIFICATION acqefex-99906.htm - Generated by SEC Publisher for SEC Filing

EX-99.906CERT

CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the shareholder report of American Century Quantitative Equity Funds, Inc. (the "Registrant") on Form N-CSR for the period ending June 30, 2009 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)      The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and
(2)      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date:  August 28, 2009 

 
By:  /s/ Jonathan S. Thomas 
  Jonathan S. Thomas 
  President 
  (chief executive officer) 

By:  /s/ Robert J. Leach 
  Robert J. Leach 
  Vice President, Treasurer, and 
Chief Financial Officer 
(chief financial officer) 

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