INDEPENDENT AUDITORS' REPORT


The Board of Directors,
American Century Mutual Funds, Inc.

     In planning and performing our audits of the financial statements of Growth
Fund,  Select  Fund,  Ultra Fund,  Vista Fund,  Heritage  Fund,  Giftrust  Fund,
Balanced Fund, New Opportunities Fund,  Tax-Managed Value Fund, Veedot Fund, and
New Opportunities II Fund,  comprising  American Century Mutual Funds, Inc. (the
"Company")  for the year ended  October  31,  2002 (on which we have  issued our
reports dated December 6, 2002), we considered its internal  control,  including
control  activities  for  safeguarding  securities,  in order to  determine  our
auditing  procedures for the purpose of expressing our opinions on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the Company's internal control.

     The  management  of  the  Company  is  responsible  for   establishing  and
maintaining internal control. In fulfilling this  responsibility,  estimates and
judgments by management are required to assess the expected benefits and related
costs of controls.  Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing  financial  statements for external purposes
that are fairly  presented in conformity  with accounting  principles  generally
accepted  in  the  United  States  of  America.   Those  controls   include  the
safeguarding of assets against unauthorized acquisition, use, or disposition.

     Because of inherent limitations in any internal control,  misstatements due
to error or fraud  may  occur  and not be  detected.  Also,  projections  of any
evaluation  of internal  control to future  periods are subject to the risk that
the internal control may become  inadequate  because of changes in conditions or
that the degree of compliance with policies or procedures deteriorate.

     Our  consideration of the Company's  internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material  weakness is a condition  in which the design or  operation of one or
more of the internal  control  components  does not reduce to a  relatively  low
level the risk that misstatements due to error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing their assigned functions.  However, we noted no matters involving the
Company's   internal   control  and  its  operation,   including   controls  for
safeguarding  securities,  that we consider to be a material weakness as defined
above as of October 31, 2002.

     This report is intended  solely for the  information and use of management,
the  Board  of  Directors  of the  Company,  and  the  Securities  and  Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.




/s/ Deloitte & Touche LLP
Deloitte & Touche LLP


Kansas City, Missouri
December 6, 2002