ANNUAL CERTIFIED SHAREHOLDER REPORT

N-CSR 1 n-csr.htm ANNUAL CERTIFIED SHAREHOLDER REPORT ANNUAL CERTIFIED SHAREHOLDER REPORT

                                  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            811-0816
                                  ----------------------------------------------


                      AMERICAN CENTURY MUTUAL 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:    10-31
                          ------------------------------------------------------

Date of reporting period:   10-31-2007
                          ------------------------------------------------------



ITEM 1.  REPORTS TO STOCKHOLDERS.


[front cover]

AMERICAN CENTURY INVESTMENTS
Annual Report                   October 31, 2007

[photo of winter]

Ultra® Fund

[american century investments logo and text logo]




OUR MESSAGE TO YOU

[photo of Jonathan Thomas]

JONATHAN THOMAS
President and CEO
American Century Companies, Inc.

To help you monitor your investment, my colleagues and I take pride in
providing you with the annual report for the American Century® Ultra Fund for
the 12 months ended October 31, 2007. I am honored to be addressing you in the
"Our Message" space long devoted to company founder Jim Stowers, Jr. and his
son Jim Stowers III.

Jim Stowers III stepped down from the ACC board in July 2007, his final step
in a well-planned career transition to pursue new ventures outside the
company. This reflected his family's support of our company's direction and
the leadership team of American Century Investments.

The Stowers family remains an integral part of our heritage, leadership, and
financial structure. In fact, Jim Stowers, Jr. continues as co-chair of the
American Century Companies, Inc. (ACC) board of directors with Richard Brown,
who has been on the board since 1998.

American Century Investments, our clients, and our employees have been my top
priority since I became company president and CEO in March, 2007. We have also
added the executive talents of overall chief investment officer (CIO) Enrique
Chang, international equity CIO Mark On, U.S. growth equity CIO Steve Lurito,
and chief operating officer Barry Fink.

This skilled group, combined with our existing senior management team, has
already had a positive impact on the development and management of the
products and services we take pride in delivering to you. We believe the
ultimate measure of our performance is our clients' success. Therefore, our
focus continues to be on building a long-term relationship with you and on
delivering superior investment performance across our product line.

/s/Jonathan Thomas

[photo of James E. Stowers, Jr.]

JAMES E. STOWERS, JR.
Founder and Co-Chairman of the Board
American Century Companies, Inc.

[photo of Richard Brown]

RICHARD BROWN
Co-Chairman of the Board
American Century Companies, Inc.




TABLE OF CONTENTS

     Market Perspective. . . . . . . . . . . . . . . . . . . . . . . . . .      2
      U.S. Stock Index Returns . . . . . . . . . . . . . . . . . . . . . .      2

ULTRA

     Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      3
     Portfolio Commentary. . . . . . . . . . . . . . . . . . . . . . . . .      5
      Top Ten Holdings . . . . . . . . . . . . . . . . . . . . . . . . . .      5
      Top Five Industries. . . . . . . . . . . . . . . . . . . . . . . . .      6
      Types of Investments in Portfolio. . . . . . . . . . . . . . . . . .      6
     Shareholder Fee Example . . . . . . . . . . . . . . . . . . . . . . .      7
     Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . .      9

FINANCIAL STATEMENTS

     Statement of Assets and Liabilities . . . . . . . . . . . . . . . . .     12
     Statement of Operations . . . . . . . . . . . . . . . . . . . . . . .     14
     Statement of Changes in Net Assets. . . . . . . . . . . . . . . . . .     15
     Notes to Financial Statements . . . . . . . . . . . . . . . . . . . .     16
     Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . .     22
     Report of Independent Registered Public Accounting Firm . . . . . . .     28

OTHER INFORMATION

     Proxy Voting Results. . . . . . . . . . . . . . . . . . . . . . . . .     29
     Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     31
     Approval of Management Agreement for Ultra. . . . . . . . . . . . . .     34
     Share Class Information . . . . . . . . . . . . . . . . . . . . . . .     39
     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 or any other
person in the American Century organization. Any such opinions are subject to
change at any time based upon market or other conditions and American Century
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 funds are based on numerous factors, may not be relied upon
as an indication of trading intent on behalf of any American Century fund.
Security examples are used for representational purposes only and are not
intended as recommendations to purchase or sell securities. Performance
information for comparative indices and securities is provided to American
Century by third party vendors. To the best of American Century's knowledge,
such information is accurate at the time of printing.




MARKET PERSPECTIVE

[photo of Chief Investment Officer]

By Steve Lurito, Chief Investment Officer, U.S. Growth Equity

STOCK RETURNS, VOLATILITY UP

U.S. stocks produced double-digit gains for the 12 months ended October 31,
2007. Stocks rallied for much of the first half of the fiscal year, touching
record highs in July, as the worldwide economic expansion drove strong
corporate earnings. But the sub-prime mortgage crisis blossomed in late July
and early August in the form of massive losses for banks, residential lenders,
and firms that securitized these subprime loans. This crisis caused a sharp
tightening of lending standards, removing the easy credit that propelled
strong consumer spending and funded a record amount of leveraged buyouts. As a
result, the U.S. stock market came under pressure late in the fiscal year.

By October, stock market volatility surged and credit markets seized up. To
relieve the pressure, the Federal Reserve (the Fed) lowered its benchmark
federal funds rate target in September and again in October--the Fed's first
rate cuts since June 2003. Markets rallied briefly at fiscal year-end, though
there were concerns heading into November about the future course of corporate
earnings.

GROWTH SHARES LED

Growth stocks led the market during the 12 months, outpacing value-oriented
shares across all market capitalizations. That's because the deceleration in
corporate earnings cast a brighter spotlight on the relative earnings power of
growth companies, providing a favorable context for our growth portfolios and
growth stocks in general. We took advantage of this favorable backdrop,
enjoying a solid year of outperformance.

Looking at returns by sector, energy and materials performed best, supported
by booming global demand for commodities. In contrast, the aforementioned
credit crisis weakened consumer discretionary and financial shares--the only
two segments of the S&P 500 Index to decline during the period.

We expect a continued favorable environment for growth-stock investing:
interest rates are low, global growth continues to provide new markets for
goods and services, and inflation remains contained.

U.S. Stock Index Returns
For the 12 months ended October 31, 2007
RUSSELL 1000 INDEX (LARGE-CAP)        15.03%
Russell 1000 Growth Index             19.23%
Russell 1000 Value Index              10.83%
RUSSELL MIDCAP INDEX                  15.24%
Russell Midcap Growth Index           19.72%
Russell Midcap Value Index             9.73%
RUSSELL 2000 INDEX (SMALL-CAP)         9.27%
Russell 2000 Growth Index             16.73%
Russell 2000 Value Index               2.05%


------
2


PERFORMANCE
Ultra

Total Returns as of October 31, 2007
                                            Average Annual Returns
                                                              Since     Inception
                                1 year  5 years   10 years  Inception      Date

INVESTOR CLASS                  25.89%   10.57%    5.79%      13.04%     11/2/81

RUSSELL 1000 GROWTH INDEX(1)    19.23%   12.61%    4.81%    11.71%(2)       --

S&P 500 INDEX(1)                14.56%   13.88%    7.10%    13.34%(2)       --

Institutional Class             26.14%   10.78%    6.00%      6.83%      11/14/96

A Class(3)
 No sales charge*               25.56%   10.30%    5.54%      6.69%
 With sales charge*             18.36%   9.00%     4.92%      6.12%      10/2/96

B Class
 No sales charge*                 --       --        --      5.75%(4)
 With sales charge*               --       --        --      0.75%(4)    9/28/07

C Class                         24.64%   9.49%       --       4.87%      10/29/01

R Class                         25.26%     --        --       8.72%      8/29/03

* 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%. Please see the Share Class Information
pages for more about the applicable sales charges for each share class. 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. ©2007 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 10/31/81, 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.

(4) Total returns for periods less than one year are not annualized.

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.

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


Ultra

Growth of $10,000 Over 10 Years

$10,000 investment made October 31, 1997

One-Year Returns Over 10 Years
Periods ended October 31
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Investor
Class 17.61% 37.94% 9.81% -31.44% -12.99% 19.50% 4.46% 6.81% -1.51% 25.89%

Russell
1000
Growth
Index 24.64% 34.25% 9.33% -39.95% -19.62% 21.81% 3.38% 8.81% 10.84% 19.23%

S&P 500
Index 21.99% 25.67% 6.09% -24.90% -15.11% 20.80% 9.42% 8.72% 16.34% 14.56%

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
Ultra

Portfolio Managers: Tom Telford and Steve Lurito

In August 2007, co-portfolio manager Wade Slome left American Century to
pursue another career opportunity. Steve Lurito, who joined the company in
July 2007 as chief investment officer of U.S. Growth Equity, became
co-portfolio manager with Tom Telford.

PERFORMANCE SUMMARY

Ultra returned 25.89%* for the fiscal year ended October 31, 2007, comfortably
outpacing the 19.23% return of its benchmark, the Russell 1000 Growth Index.
The S&P 500 Index, a broad measure of the stock market, returned 14.56%.

The reporting period was a favorable one for Ultra's investment approach.
Large-cap growth stocks returned to favor after a multi-year drought,
outperforming large-cap value issues by a wide margin over the past 12 months.
In addition, companies with improving business fundamentals, accelerating
earnings and revenue growth, and price momentum were well rewarded.

Ultra's outperformance of the Russell 1000 Growth Index followed process
enhancements implemented in August 2006. Security selection was also a key
factor, adding to performance in seven of ten market sectors.

TECHNOLOGY AND CONSUMER STOCKS BOOSTED RESULTS

Information technology and consumer discretionary stocks contributed the most
to Ultra's outperformance of the index; six of the top ten relative
performance contributors came from these two sectors of the portfolio.

The top contributor was handheld wireless products maker Research in Motion,
which produces the wildly popular Blackberry devices. Research in Motion
delivered consistently strong earnings results driven by multiple product
cycles and growing global demand for smart phones. Consumer electronics makers
Apple and Nintendo were also substantial contributors, thanks to robust sales
of Apple's iMac, iPhone, and iPod product lines, as well as Nintendo's Wii
game console.

In the consumer discretionary sector, the best contributor was global
positioning system devices maker Garmin, which reported earnings well above
expectations as global sales of personal navigation devices surged.

One characteristic prevalent in a number of portfolio holdings was improving
business fundamentals driven by exposure to healthier economic conditions
overseas. Some of these companies--including Research in Motion and Nintendo,
as well as wireless services provider America Movil and metals producer BHP
Billiton--are headquartered outside the U.S. and were significant contributors
to performance.

Top Ten Holdings as of October 31, 2007
% of net % of net
assets as of assets as of
10/31/07 4/30/07
Google Inc. Cl A 4.3% 1.7%
Cisco Systems Inc. 3.7% 4.2%
Apple Inc. 3.5% 2.6%
PepsiCo, Inc. 2.9% 2.3%
Intel Corp. 2.9% --
Hewlett-Packard Co. 2.6% 1.8%
Research In Motion Ltd. 2.1% --
Emerson Electric Co. 2.0% 2.4%
Coca-Cola Company (The) 2.0% --
T. Rowe Price Group Inc. 1.9% 1.4%

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

------
5

Ultra

HEALTH CARE AND MATERIALS ALSO ADDED VALUE

The portfolio's health care and materials holdings also contributed favorably
to relative results. Pharmacy benefits manager Express Scripts posted a strong
return thanks to an industry-wide shift toward more efficient and
cost-effective generic drugs and mail order prescriptions. Seed maker Monsanto
was the top contributor in the materials sector as the company benefited from
growing global market share, increased adoption of its innovative seed
technology, and greater corn planting driven by the ethanol boom.

INDUSTRIALS DETRACTED

Industrials stocks performed well during the reporting period, but the
portfolio's holdings in this sector underperformed their counterparts in the
benchmark index. Airline company US Airways was the biggest detractor among
the portfolio's industrials stocks. Soaring energy prices put downward
pressure on profit margins for the entire airline industry, and US Airways
faced a series of challenges integrating its merger with America West.

Coal mining equipment manufacturer Joy Global also weighed on relative
results. While most energy and commodity prices rose sharply during the
reporting period, softness in coal prices led many coal producers to hold back
on orders for new equipment. As a result, Joy Global's earnings fell short of
expectations. We eliminated both Joy Global and US Airways from the portfolio.

A LOOK AHEAD

We expect large-cap growth stocks to remain in favor as the overall slowdown
in the U.S. economy casts a brighter spotlight on the relative earnings power
of large, growth-oriented companies. In addition, our theme of identifying
businesses in the best position to take advantage of global growth and
innovation trends provides a favorable context for our portfolio.

Our focus, as always, is to invest in larger-cap companies with the best
combination of improving business fundamentals, sustainability of future
growth, and attractive risk/reward characteristics.

Top Five Industries as of October 31, 2007
% of net % of net
assets as of assets as of
10/31/07 4/30/07
Communications Equipment 7.4% 5.2%
Internet Software & Services 6.5% 3.5%
Computers & Peripherals 6.3% 4.4%
Semiconductors &
Semiconductor Equipment 5.8% 2.2%
Software 5.6% 6.5%

Types of Investments in Portfolio
% of net % of net
assets as of assets as of
10/31/07 4/30/07
Domestic Common Stocks 87.4% 90.0%
Foreign Common Stocks(1) 11.6% 9.5%
TOTAL COMMON STOCKS 99.0% 99.5%
Temporary Cash
Investments 2.3% 0.7%
Other Assets
and Liabilities(2) (1.3)% (0.2)%

(1) Includes depositary shares, dual listed securities and foreign ordinary
shares.

(2) Includes securities lending collateral and other assets and liabilities.

------
6

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 May 1, 2007 to October 31, 2007
(except as noted).

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 fund, or
Institutional Class shares of the American Century Diversified Bond Fund, in
an American Century account (i.e., not a financial intermediary or retirement
plan account), American Century 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 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 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.

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

------
7

Expenses Paid
Beginning During
Account Ending Period(1) Annualized
Value Account Value 5/1/07 - Expense
5/1/07 10/31/07 10/31/07 Ratio(1)

ACTUAL

Investor Class $1,000 $1,187.20 $5.46 0.99%

Institutional Class $1,000 $1,188.50 $4.36 0.79%

A Class $1,000 $1,186.00 $6.83 1.24%

B Class $1,000 $1,057.50(2) $1.85(3) 1.99%

C Class $1,000 $1,181.30 $10.94 1.99%

R Class $1,000 $1,184.50 $8.20 1.49%

HYPOTHETICAL

Investor Class $1,000 $1,020.21 $5.04 0.99%

Institutional Class $1,000 $1,021.22 $4.02 0.79%

A Class $1,000 $1,018.95 $6.31 1.24%

B Class $1,000 $1,015.17(4) $10.11(4) 1.99%

C Class $1,000 $1,015.17 $10.11 1.99%

R Class $1,000 $1,017.69 $7.58 1.49%

(1) Expenses are equal to the class's annualized expense ratio listed in the
table above, multiplied by the average account value over the period,
multiplied by 184, the number of days in the most recent fiscal half-year,
divided by 365, to reflect the one-half year period.

(2) Ending account value based on actual return from September 28, 2007
(commencement of sale) through October 31, 2007.

(3) 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 33, the number of days in the period from September 28, 2007
(commencement of sale) through October 31, 2007, divided by 365, to reflect
the period. Had the class been available for the full period, the expenses
paid during the period would have been higher.

(4) Ending account value and expenses paid during period assumes the class had
been available throughout the entire period and are calculated using the
class's annualized expense ratio listed in the table above.

------
8

SCHEDULE OF INVESTMENTS
Ultra

OCTOBER 31, 2007

Shares ($ IN THOUSANDS) Value

Common Stocks -- 99.0%

AEROSPACE & DEFENSE -- 5.3%
815,000 Boeing Co. $ 80,351
1,007,000 Lockheed Martin Corp. 110,810
1,004,601 Precision Castparts Corp. 150,500
1,225,000 Raytheon Company 77,922
1,875,315 United Technologies Corp. 143,630
-----------
563,213
-----------
BEVERAGES -- 4.9%
3,418,021 Coca-Cola Company (The) 211,097
4,166,000 PepsiCo, Inc. 307,117
-----------
518,214
-----------
BIOTECHNOLOGY -- 1.7%
741,573 Celgene Corp.(1) 48,944
2,822,946 Gilead Sciences, Inc.(1) 130,392
-----------
179,336
-----------
CAPITAL MARKETS -- 3.8%
8,465,795 Schwab (Charles) Corp. 196,745
3,212,940 T. Rowe Price Group Inc. 206,399
-----------
403,144
-----------
CHEMICALS -- 2.7%
2,100,486 Monsanto Co. 205,071
1,148,257 Mosaic Co. (The)(1) 80,148
-----------
285,219
-----------
COMMUNICATIONS EQUIPMENT -- 7.4%
11,922,454 Cisco Systems Inc.(1) 394,155
3,619,000 Corning Inc. 87,833
2,327,000 Juniper Networks, Inc.(1) 83,772
1,804,000 Research In Motion Ltd.(1) 224,616
-----------
790,376
-----------
COMPUTERS & PERIPHERALS -- 6.3%
1,963,628 Apple Inc.(1) 372,991
967,441 EMC Corp.(1) 24,563
5,255,000 Hewlett-Packard Co. 271,578
-----------
669,132
-----------
DIVERSIFIED CONSUMER SERVICES -- 1.3%
1,769,466 Apollo Group, Inc. Cl A(1) 140,248
-----------
DIVERSIFIED FINANCIAL SERVICES -- 1.6%
247,398 CME Group Inc. 164,829
-----------
ELECTRICAL EQUIPMENT -- 3.4%
3,203,000 ABB Ltd. ORD 96,847
4,139,692 Emerson Electric Co. 216,382
659,000 Roper Industries Inc. 46,664
-----------
359,893
-----------

Shares ($ IN THOUSANDS) Value

ENERGY EQUIPMENT & SERVICES -- 4.3%
688,000 Baker Hughes Inc. $ 59,663
1,453,000 Halliburton Co. 57,277
1,730,807 Schlumberger Ltd. 167,144
1,467,856 Transocean Inc.(1) 175,219
-----------
459,303
-----------
FOOD & STAPLES RETAILING -- 1.2%
1,972,921 Costco Wholesale Corp. 132,699
-----------
FOOD PRODUCTS -- 1.9%
1,854,264 Kellogg Co. 97,887
3,246,763 Unilever N.V. CVA 105,763
-----------
203,650
-----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2%
317,000 Becton, Dickinson & Co. 26,457
-----------
HEALTH CARE PROVIDERS & SERVICES -- 2.8%
2,495,000 Express Scripts, Inc.(1) 157,435
1,496,000 Medco Health Solutions Inc.(1) 141,192
-----------
298,627
-----------
HOTELS, RESTAURANTS & LEISURE -- 2.7%
427,005 Chipotle Mexican Grill Inc. Cl A(1)(2) 59,354
2,139,667 McDonald's Corporation 127,738
2,398,644 Yum! Brands, Inc. 96,593
-----------
283,685
-----------
HOUSEHOLD PRODUCTS -- 2.1%
2,392,910 Colgate-Palmolive Co. 182,508
378,000 Energizer Holdings Inc.(1) 39,425
-----------
221,933
-----------
INDUSTRIAL CONGLOMERATES -- 1.8%
869,662 3M Co. 75,104
1,715,000 Textron Inc. 118,695
-----------
193,799
-----------
INSURANCE -- 1.5%
2,606,017 Aflac Inc. 163,606
-----------
INTERNET SOFTWARE & SERVICES -- 6.5%
3,015,985 eBay Inc.(1) 108,877
647,468 Google Inc. Cl A(1) 457,759
4,046,000 Yahoo! Inc.(1) 125,831
-----------
692,467
-----------
IT SERVICES -- 3.4%
974,747 DST Systems, Inc.(1)(2) 82,571
1,497,003 International Business Machines Corp. 173,832
555,800 MasterCard Inc. Cl A(2) 105,352
-----------
361,755
-----------

------
9

Ultra

Shares ($ IN THOUSANDS) Value

LIFE SCIENCES TOOLS & SERVICES -- 3.1%
743,704 Covance Inc.(1) $ 61,356
2,653,000 Thermo Fisher Scientific Inc.(1) 156,022
1,457,000 Waters Corp.(1) 112,160
-----------
329,538
-----------
METALS & MINING -- 2.4%
3,086,000 BHP Billiton Ltd. ORD 134,330
1,043,240 Freeport-McMoRan Copper & Gold, Inc. 122,768
-----------
257,098
-----------
MULTILINE RETAIL -- 0.7%
1,160,472 Target Corp. 71,207
-----------
OIL, GAS & CONSUMABLE FUELS -- 3.9%
2,107,000 Exxon Mobil Corp. 193,823
524,000 Noble Energy Inc. 40,107
794,000 StatoilHydro ASA ORD 26,901
2,372,842 XTO Energy Inc. 157,509
-----------
418,340
-----------
PHARMACEUTICALS -- 5.5%
2,066,000 Abbott Laboratories 112,845
2,165,738 Allergan, Inc. 146,361
2,665,000 Bristol-Myers Squibb Co. 79,923
1,229,000 Johnson & Johnson 80,094
1,376,000 Merck & Co., Inc. 80,166
2,629,000 Schering-Plough Corp. 80,237
-----------
579,626
-----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.8%
11,375,797 Intel Corp. 306,009
1,152,018 MEMC Electronic Materials Inc.(1) 84,351
5,586,165 NVIDIA Corp.(1) 197,639
721,000 Varian Semiconductor Equipment Associates,
Inc.(1) 33,180
-----------
621,179
-----------
SOFTWARE -- 5.6%
3,194,116 Adobe Systems Inc.(1) 152,998
1,450,430 Electronic Arts Inc.(1) 88,650
3,127,123 Microsoft Corporation 115,109
313,000 Nintendo Co., Ltd. ORD 197,319
295,238 VMware, Inc. Cl A(1)(2) 36,855
-----------
590,931
-----------
SPECIALTY RETAIL -- 1.7%
1,741,705 GameStop Corp. Cl A(1) 103,144
2,508,323 TJX Companies, Inc. (The) 72,566
-----------
175,710
-----------

Shares ($ IN THOUSANDS) Value

TEXTILES, APPAREL & LUXURY GOODS -- 0.8%
1,355,091 NIKE, Inc. Cl B $ 89,788
-----------
WIRELESS TELECOMMUNICATION SERVICES -- 2.7%
1,622,000 America Movil, SAB de CV ADR 106,063
1,886,000 Rogers Communications Inc. Cl B ORD 96,178
21,070,000 Vodafone Group plc ORD 83,100
-----------
285,341
-----------
TOTAL COMMON STOCKS
(Cost $7,653,711) 10,530,343
-----------

Principal Amount

Temporary Cash Investments -- 2.3%

$25,500 FHLB Discount Notes, 4.40%, 11/1/07(3) 25,500

Repurchase Agreement, Bank of America Securities, LLC,
(collateralized by various U.S. Treasury obligations,
2.375%-3.875%, 1/15/09-1/15/25, valued at $90,715), in a joint
trading account at 4.47%, dated 10/31/07, due 11/1/07 (Delivery
value $81,910) 81,900

Repurchase Agreement, Merrill Lynch & Co., Inc., (collateralized by
various U.S. Treasury obligations, 6.25%-8.125%, 8/15/21-8/15/23,
valued at $139,830), in a joint trading account at 4.40%, dated
10/31/07, due 11/1/07 (Delivery value $137,217) 137,200
-----------
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $244,600) 244,600
-----------

Temporary Cash Investments -- Securities Lending Collateral(4) -- 1.8%

Repurchase Agreement, Credit Suisse First Boston, Inc.,
(collateralized by various U.S. Government Agency obligations in a
pooled account at the lending agent), 4.83%, dated 10/31/07, due
11/1/07 (Delivery value $100,013) 100,000

Repurchase Agreement, Deutsche Bank AG, (collateralized by various
U.S. Government Agency obligations in a pooled account at the
lending agent), 4.82%, dated 10/31/07, due 11/1/07 (Delivery value
$23,921) 23,918

------
10

Ultra

Shares ($ IN THOUSANDS) Value

TOTAL INVESTMENT SECURITIES -- 103.1%
(Cost $8,087,229) $10,963,861
-----------
OTHER ASSETS AND LIABILITIES -- (3.1)% (329,725)
-----------
TOTAL NET ASSETS -- 100.0% $10,634,136
===========

Forward Foreign Currency Exchange Contracts
($ IN THOUSANDS)
Unrealized Gain
Contracts to Sell Settlement Date Value (Loss)

70,607,680 AUD for USD 11/30/07 $ 65,665 $ (734)
45,254,570 CAD for USD 11/30/07 47,943 (554)
55,475,960 CHF for USD 11/30/07 47,985 (257)
36,688,421 Euro for USD 11/30/07 53,178 (279)
28,554,064 GBP for USD 11/30/07 59,314 (517)
10,837,625,000 JPY for USD 11/30/07 94,290 463
72,571,600 NOK for USD 11/30/07 13,524 3
-------- --------
$381,899 $(1,875)
======== ========
(Value on Settlement Date $380,024)

Notes to Schedule of Investments

ADR = American Depositary Receipt

AUD = Australian Dollar

CAD = Canadian Dollar

CHF = Swiss Franc

CVA = Certificaten Van Aandelen

FHLB = Federal Home Loan Bank

GBP = British Pound

JPY = Japanese Yen

NOK = Norwegian Krona

ORD = Foreign Ordinary Share

USD = United States Dollar

(1) Non-income producing.

(2) Security, or a portion thereof, was on loan as of October 31, 2007.

(3) The rate indicated is the yield to maturity at purchase.

(4) Investments represent purchases made by the lending agent with cash
collateral received through securities lending transactions.

As of October 31, 2007, securities with an aggregate value of $644,260 (in
thousands), which represented 6.1% of total net assets, were valued in
accordance with alternative pricing procedures adopted by the Board of
Directors.

See Notes to Financial Statements.

------
11

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)
ASSETS

Investment securities, at value (cost of $7,898,311) -- including
$188,417 of securities on loan $10,774,943

Investments made with cash collateral received for securities on
loan, at value (cost of $188,918) 188,918
-----------
Total investment securities, at value (cost of $8,087,229) 10,963,861

Cash 11,469

Receivable for investments sold 240,019

Receivable for capital shares sold 1,719

Receivable for forward foreign currency exchange contracts 466

Dividends and interest receivable 2,821
-----------
11,220,355
-----------

LIABILITIES

Payable for collateral received for securities on loan 188,918

Payable for investments purchased 218,059

Payable for capital shares redeemed 168,096

Payable for forward foreign currency exchange contracts 2,341

Accrued management fees 8,750

Service fees (and distribution fees -- A Class and R Class) payable 55
-----------
586,219
-----------

NET ASSETS $10,634,136
===========

See Notes to Financial Statements.

------
12

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS EXCEPT AS NOTED)
NET ASSETS CONSIST OF:

Capital (par value and paid-in surplus) $ 5,339,306

Undistributed net investment income 1,874

Undistributed net realized gain on investment and foreign
currency transactions 2,418,202

Net unrealized appreciation on investments and translation of
assets and liabilities in foreign currencies 2,874,754
-----------
$10,634,136
===========

INVESTOR CLASS, $0.01 PAR VALUE ($ AND SHARES IN FULL)

Net assets $10,065,758,723

Shares outstanding 300,657,109

Net asset value per share $33.48

INSTITUTIONAL CLASS, $0.01 PAR VALUE ($ AND SHARES IN FULL)

Net assets $325,034,836

Shares outstanding 9,564,412

Net asset value per share $33.98

A CLASS, $0.01 PAR VALUE ($ AND SHARES IN FULL)

Net assets $235,217,085

Shares outstanding 7,163,774

Net asset value per share $32.83

Maximum offering price (net asset value divided by 0.9425) $34.83

B CLASS, $0.01 PAR VALUE ($ AND SHARES IN FULL)

Net assets $26,429

Shares outstanding 790

Net asset value per share $33.45

C CLASS, $0.01 PAR VALUE ($ AND SHARES IN FULL)

Net assets $2,128,883

Shares outstanding 67,504

Net asset value per share $31.54

R CLASS, $0.01 PAR VALUE ($ AND SHARES IN FULL)

Net assets $5,970,524

Shares outstanding 182,017

Net asset value per share $32.80

See Notes to Financial Statements.

------
13

STATEMENT OF OPERATIONS

YEAR ENDED OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)
INVESTMENT INCOME (LOSS)

INCOME:

Dividends (net of foreign taxes withheld of $430) $ 102,844

Interest 8,531

Securities lending 4,692
----------
116,067
----------

EXPENSES:

Management fees 118,309

Distribution fees:

A Class 637

C Class 18

Service fees:

A Class 637

C Class 6

Distribution and service fees:

A Class 104

R Class 30

Directors' fees and expenses 249

Other expenses 93
----------
120,083
----------

NET INVESTMENT INCOME (LOSS) (4,016)
----------

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) on investment and foreign currency
transactions (including $148,097 from affiliates) 3,112,565

Change in net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities in foreign currencies (479,634)
----------

NET REALIZED AND UNREALIZED GAIN (LOSS) 2,632,931
----------

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $2,628,915
==========

See Notes to Financial Statements.

------
14

STATEMENT OF CHANGES IN NET ASSETS

YEARS ENDED OCTOBER 31, 2007 AND OCTOBER 31, 2006 (AMOUNTS IN THOUSANDS)
Increase (Decrease) in Net Assets 2007 2006

OPERATIONS

Net investment income (loss) $ (4,016) $ (26,022)

Net realized gain (loss) 3,112,565 1,792,838

Change in net unrealized appreciation (depreciation) (479,634) (1,994,803)
----------- -----------
Net increase (decrease) in net assets resulting from
operations 2,628,915 (227,987)
----------- -----------

DISTRIBUTIONS TO SHAREHOLDERS

From net investment income:

Investor Class -- (22,728)

Institutional Class -- (4,891)

From net realized gains:

Investor Class (903,905) --

Institutional Class (69,893) --

A Class (26,545) --

C Class (211) --

R Class (579) --
----------- -----------
Decrease in net assets from distributions (1,001,133) (27,619)
----------- -----------

CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets from capital
share transactions (5,966,540) (5,789,519)
----------- -----------

NET INCREASE (DECREASE) IN NET ASSETS (4,338,758) (6,045,125)

NET ASSETS

Beginning of period 14,972,894 21,018,019
----------- -----------
End of period $10,634,136 $14,972,894
=========== ===========

Undistributed net investment income $1,874 $47
=========== ===========

See Notes to Financial Statements.

------
15

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION -- American Century Mutual Funds, Inc. (the corporation) is
registered under the Investment Company Act of 1940 (the 1940 Act) as an
open-end management investment company. Ultra 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 this objective by investing primarily in equity securities of large
companies, but may invest in companies of any size. 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 (formerly Advisor 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. Sale of the 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. 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, or in accordance with procedures adopted by, the
Board of Directors or its designee 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.

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 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 TRANSACTIONS -- All assets and liabilities initially
expressed in foreign currencies are translated into U.S. dollars at prevailing
exchange rates at period end. Purchases and sales of investment securities,
dividend and interest income, 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.

------
16

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

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.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- The fund may enter into forward
foreign currency exchange contracts to facilitate transactions of securities
denominated in a foreign currency or to hedge the fund's exposure to foreign
currency exchange rate fluctuations. The net U.S. dollar value of foreign
currency underlying all contractual commitments held by the fund and the
resulting unrealized appreciation or depreciation are determined daily using
prevailing exchange rates. The fund bears the risk of an unfavorable change in
the foreign currency exchange rate underlying the forward contract.
Additionally, losses may arise if the counterparties do not perform under the
contract terms.

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 other registered
investment companies having management agreements with ACIM or American
Century Global Investment Management, Inc. (ACGIM), 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 2004. At this time, management has not identified any
uncertain tax positions that would materially impact the financial statements.
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.

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.

------
17

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

2. FEES AND TRANSACTIONS WITH RELATED PARTIES

On July 27, 2007, the A Class (formerly Advisor Class) shareholders of the
fund approved a change in the class's fee structure. The change was approved
by the Board of Directors on November 29, 2006 and March 7, 2007. Effective
September 4, 2007, the fee structure change resulted in an increase of 0.25%
in the unified management fee and a simultaneous decrease of 0.25% in the
total distribution and service fee, resulting in no change to the total
operating expense ratio of the class.

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 fund and paid monthly
in arrears. For funds with a stepped fee schedule, the rate of the fee is
determined by applying a fee rate calculation formula. This formula takes into
account all of the investment advisor's assets under management in the fund's
investment strategy (strategy assets) to calculate the appropriate fee rate
for the fund. The strategy assets include the fund's assets and the assets of
other clients of the investment advisor that are not in the American Century
family of funds, but that have the same investment team and investment
strategy. The annual management fee schedule for the fund ranges from 0.80% to
1.00% for the Investor Class, A Class, B Class, C Class and R Class. The
Institutional Class is 0.20% less at each point within the range. Prior to
September 4, 2007, the A Class was 0.25% less at each point within the range.
The effective annual management fee for each class of the fund for the year
ended October 31, 2007 was 0.99% for the Investor Class, B Class, C Class and
R Class, 0.77% for the Institutional Class and 0.79% for the A 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 of 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%. Prior to September 4, 2007, the Board of Directors had adopted a
Master Distribution and Shareholder Services Plan for the A Class, pursuant to
Rule 12b-1 of the 1940 Act, in which the A Class paid ACIS an annual
distribution fee of 0.25% 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 distribution fee provides compensation for expenses incurred in
connection with distributing shares of the classes including, but not limited
to, payments to brokers, dealers, and financial institutions that have entered
into sales agreements with respect to shares of the funds. The service fee
provides compensation for individual shareholder services rendered by
broker/dealers or other independent financial intermediaries for A Class, B
Class, C Class and R Class shares. Prior to September 4, 2007, the service fee
provided compensation for shareholder and administrative services rendered by
ACIS, its affiliates or independent third party providers for A Class shares.
Fees incurred under the plans during the year ended October 31, 2007, are
detailed in the Statement of Operations.

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, ACIS, and the
corporation's transfer agent, American Century Services, LLC.

Beginning in December 2006, 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). JPMIM is a wholly owned subsidiary of JPMorgan Chase
& Co. (JPM). JPM is an equity investor in ACC. The fund has a bank line of
credit agreement and securities lending agreement with JPMorgan Chase Bank
(JPMCB). JPMCB is a custodian of the fund and a wholly owned subsidiary of JPM.

------
18

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

3. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities, excluding short-term
investments, for the year ended October 31, 2007, were $11,172,426 and
$17,985,731, respectively.

For the year ended October 31, 2007, the fund incurred net realized gains of
$100,827 from redemptions in kind. A redemption in kind occurs when a fund
delivers securities from its portfolio in lieu of cash as payment to a
redeeming shareholder.

4. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the fund were as follows:

Year ended October 31, Year ended October 31,
2007(1) 2006
Shares Amount Shares Amount

INVESTOR CLASS/SHARES
AUTHORIZED 3,500,000 3,500,000
========= =========
Sold 15,640 $ 449,268 29,695 $ 873,712

Issued in reinvestment
of distributions 31,578 862,401 700 21,649

Redeemed (218,773) (6,268,935) (209,516) (6,089,943)
--------- ------------ --------- ------------
(171,555) (4,957,266) (179,121) (5,194,582)
--------- ------------ --------- ------------

INSTITUTIONAL
CLASS/SHARES AUTHORIZED 200,000 200,000
========= =========
Sold 5,102 149,551 9,336 278,796

Issued in reinvestment
of distributions 2,452 67,877 152 4,743

Redeemed (35,145) (1,017,688) (22,047) (649,002)
--------- ------------ --------- ------------
(27,591) (800,260) (12,559) (365,463)
--------- ------------ --------- ------------

A CLASS/SHARES AUTHORIZED 100,000 100,000
========= =========
Sold 1,554 44,554 3,456 100,324

Issued in reinvestment
of distributions 962 25,823 -- --

Redeemed (9,767) (274,241) (11,402) (328,494)
--------- ------------ --------- ------------
(7,251) (203,864) (7,946) (228,170)
--------- ------------ --------- ------------

B CLASS/SHARES AUTHORIZED 50,000 N/A
========= =========
Sold 1 25
--------- ------------ --------- ------------

C CLASS/SHARES AUTHORIZED 50,000 100,000
========= =========
Sold 7 191 23 663

Issued in reinvestment
of distributions 7 195 -- --

Redeemed (69) (1,880) (100) (2,821)
--------- ------------ --------- ------------
(55) (1,494) (77) (2,158)
--------- ------------ --------- ------------

R CLASS/SHARES AUTHORIZED 50,000 50,000
========= =========
Sold 81 2,327 164 4,791

Issued in reinvestment
of distributions 21 552 -- --

Redeemed (237) (6,560) (138) (3,937)
--------- ------------ --------- ------------
(135) (3,681) 26 854
--------- ------------ --------- ------------
Net increase (decrease) (206,586) $(5,966,540) (199,677) $(5,789,519)
========= ============ ========= ============

(1) September 28, 2007 (commencement of sale) through October 31, 2007 for the
B Class.

------
19

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

5. AFFILIATED COMPANY TRANSACTIONS (SHARES IN FULL)

If a fund's holding represents ownership of 5% or more of the voting
securities of a company, the company is affiliated as defined in the 1940 Act.
A summary of transactions for each company which is or was an affiliate at or
during the year ended October 31, 2007 follows:

October 31, 2007
Share Realized
Balance Purchase Sales Gain Dividend Share Market
10/31/06 Cost Cost (Loss) Income Balance Value

CarMax,
Inc.(1)(2) 5,052,195 -- $124,985 $120,351 -- -- --

Digital
River
Inc.(1)(2) 2,256,000 -- 90,481 27,746 -- -- --
-- -------- -------- -- --
-- $215,466 $148,097 -- --
== ======== ======== == ==

(1) Company was not an affiliate at October 31, 2007.

(2) Non-income producing.

6. SECURITIES LENDING

As of October 31, 2007, securities in the fund valued at $188,417 were on loan
through the lending agent, JPMCB, to certain approved borrowers. 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. The value of cash
collateral received at period end is disclosed in the Statement of Assets and
Liabilities and investments made with the cash by the lending agent are listed
in the Schedule of Investments. 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 total value of all collateral received,
at this date, was $188,918. 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.

7. BANK LINE OF CREDIT

The fund, along with certain other funds managed by ACIM or ACGIM, has a $500
million unsecured bank line of credit agreement with JPMCB. The fund may
borrow money for temporary or emergency purposes to fund shareholder
redemptions. Borrowings under the agreement bear interest at the Federal Funds
rate plus 0.40%. The fund did not borrow from the line during the year ended
October 31, 2007.

8. 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.

9. FEDERAL TAX INFORMATION

The tax character of distributions paid during the years ended October 31,
2007 and October 31, 2006 were as follows:

2007 2006
DISTRIBUTIONS PAID FROM
Ordinary income -- $27,619
Long-term capital gains $1,001,133 --

------
20

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

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.
Reclassification of $5,843, $(681,775), and $675,932 between undistributed net
investment income, accumulated net realized loss, and capital paid in,
respectively, include the difference in character of realized gains on
redemptions in kind and net operating losses. The gain or loss generated from
redemption in kinds are not taxable to the fund and are not distributed to
existing fund shareholders. The fund may consider a portion of its earnings as
already having been distributed in the case of shareholder redemptions in
order to satisfy its distribution requirements. Therefore such amounts are
reclassified from accumulated net gain or loss to capital paid in and in
addition, reduce the total distributions paid to current shareholders.

As of October 31, 2007, the components of distributable earnings on a
tax-basis and the federal tax cost of investments were as follows:

Federal tax cost of investments $8,099,375
==========
Gross tax appreciation of investments $2,884,247

Gross tax depreciation of investments (19,761)
----------
Net tax appreciation (depreciation) of investments $2,864,486
==========
Net tax appreciation (depreciation) of derivatives and translation
of assets and liabilities in foreign currencies $(4)
----------
Net tax appreciation (depreciation) $2,864,482
==========
Undistributed ordinary income --

Accumulated long-term gains $2,430,348
----------

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 certain forward foreign currency contracts.

10. RECENTLY ISSUED ACCOUNTING STANDARDS

In June 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
Interpretation of FASB Statement No. 109" (FIN 48). FIN 48 establishes a
minimum threshold for financial statement recognition of the benefit of
positions taken in filing tax returns (including whether an entity is taxable
in a particular jurisdiction), and requires certain expanded tax disclosures.
FIN 48 is effective for fiscal years beginning after December 15, 2006, and is
to be applied to all open tax years as of the date of effectiveness.
Management has concluded that the adoption of FIN 48 will not materially
impact the financial statements.

The 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. Management is
currently evaluating the impact that adopting FAS 157 will have on the
financial statement disclosures.

11. OTHER TAX INFORMATION (UNAUDITED) ($ IN FULL)

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

The fund hereby designates long-term capital gains dividends of $209,402,773
as distributions paid to shareholders who redeemed shares of the fund during
the fiscal year ended October 31, 2007. The fund hereby further designates as
long-term capital gains dividends $1,001,133,226 as distributions paid in cash
to shareholders of the fund during the fiscal year ended October 31, 2007.

The fund hereby designates short-term capital gain dividends of $366,518,588
as distributions paid to shareholders who redeemed shares of the fund during
the fiscal year ended October 31, 2007. These short-term capital gain
dividends are designated as qualified distributions for purposes of Internal
Revenue Code Section 871.

------
21

FINANCIAL HIGHLIGHTS
Ultra

Investor Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $28.55 $29.02 $27.17 $26.01 $21.83
------ ------ ------ ------ ------
Income From Investment Operations

Net Investment Income
(Loss)(1) (0.01) (0.06) 0.02 (0.05) (0.02)

Net Realized and Unrealized
Gain (Loss) 6.95 (0.37) 1.83 1.21 4.26
------ ------ ------ ------ ------
Total From Investment
Operations 6.94 (0.43) 1.85 1.16 4.24
------ ------ ------ ------ ------
Distributions

From Net Investment Income -- (0.04) -- -- (0.06)

From Net Realized Gains (2.01) -- -- -- --
------ ------ ------ ------ ------
Total Distributions (2.01) (0.04) -- -- (0.06)
------ ------ ------ ------ ------
Net Asset Value, End of Period $33.48 $28.55 $29.02 $27.17 $26.01
====== ====== ====== ====== ======

TOTAL RETURN(2) 25.89% (1.51)% 6.81% 4.46% 19.50%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 0.99% 0.99% 0.99% 0.99% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets (0.04)% (0.15)% 0.09% (0.20)% (0.09)%

Portfolio Turnover Rate 93% 62% 33% 34% 82%

Net Assets, End of Period (in
millions) $10,066 $13,482 $18,904 $20,708 $21,341

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating the
net asset value 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.

See Notes to Financial Statements.

------
22

Ultra

Institutional Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value,
Beginning of Period $28.90 $29.38 $27.44 $26.22 $22.02
------ ------ ------ ------ ------
Income From
Investment Operations

Net Investment
Income (Loss)(1) 0.05 --(2) 0.07 --(2) 0.02

Net Realized and
Unrealized Gain
(Loss) 7.04 (0.38) 1.87 1.22 4.29
------ ------ ------ ------ ------
Total From
Investment
Operations 7.09 (0.38) 1.94 1.22 4.31
------ ------ ------ ------ ------
Distributions

From Net
Investment Income -- (0.10) -- -- (0.11)

From Net Realized
Gains (2.01) -- -- -- --
------ ------ ------ ------ ------
Total
Distributions (2.01) (0.10) -- -- (0.11)
------ ------ ------ ------ ------
Net Asset Value, End
of Period $33.98 $28.90 $29.38 $27.44 $26.22
====== ====== ====== ====== ======

TOTAL RETURN(3) 26.14% (1.33)% 7.07% 4.65% 19.66%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating
Expenses to Average
Net Assets 0.79% 0.79% 0.79% 0.79% 0.80%

Ratio of Net
Investment Income
(Loss) to Average Net
Assets 0.16% 0.05% 0.29% 0.00% 0.11%

Portfolio Turnover
Rate 93% 62% 33% 34% 82%

Net Assets, End of
Period (in thousands) $325,035 $1,073,767 $1,460,343 $1,055,145 $822,333

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

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

(3) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. The total return of the classes may not precisely
reflect the class expense differences because of the impact of calculating the
net asset value 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.

See Notes to Financial Statements.

------
23

Ultra

A Class(1)
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning
of Period $28.11 $28.61 $26.85 $25.77 $21.62
------ ------ ------ ------ ------
Income From Investment
Operations

Net Investment Income
(Loss)(2) (0.08) (0.13) (0.05) (0.12) (0.08)

Net Realized and
Unrealized Gain (Loss) 6.81 (0.37) 1.81 1.20 4.24
------ ------ ------ ------ ------
Total From Investment
Operations 6.73 (0.50) 1.76 1.08 4.16
------ ------ ------ ------ ------
Distributions

From Net Investment
Income -- -- -- -- (0.01)

From Net Realized Gains (2.01) -- -- -- --
------ ------ ------ ------ ------
Total Distributions (2.01) -- -- -- (0.01)
------ ------ ------ ------ ------
Net Asset Value, End of
Period $32.83 $28.11 $28.61 $26.85 $25.77
====== ====== ====== ====== ======

TOTAL RETURN(3) 25.56% (1.75)% 6.55% 4.19% 19.24%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.24% 1.24% 1.24% 1.24% 1.25%

Ratio of Net Investment
Income (Loss) to Average
Net Assets (0.29)% (0.40)% (0.16)% (0.45)% (0.34)%

Portfolio Turnover Rate 93% 62% 33% 34% 82%

Net Assets, End of Period
(in thousands) $235,217 $405,173 $639,792 $738,032 $643,144

(1) Prior to September 4, 2007, the A Class was referred to as the Advisor
Class.

(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.
The total return of the classes may not precisely reflect the class expense
differences because of the impact of calculating the net asset value 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.

See Notes to Financial Statements.

------
24

Ultra

B Class
For a Share Outstanding Throughout the Period Indicated
2007(1)
PER-SHARE DATA

Net Asset Value, Beginning of Period $31.63
------
Income From Investment Operations

Net Investment Income (Loss)(2) (0.04)

Net Realized and Unrealized Gain (Loss) 1.86
------
Total From Investment Operations 1.82
------
Net Asset Value, End of Period $33.45
======

TOTAL RETURN(3) 5.75%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to Average Net Assets 1.99%(4)

Ratio of Net Investment Income (Loss) to Average Net Assets (1.53)%(4)

Portfolio Turnover Rate 93%(5)

Net Assets, End of Period (in thousands) $26

(1) September 28, 2007 (commencement of sale) through October 31, 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 value 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 October 31, 2007.

See Notes to Financial Statements.

------
25

Ultra

C Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $27.26 $27.96 $26.44 $25.57 $21.59
------ ------ ------ ------ ------
Income From Investment Operations

Net Investment Income
(Loss)(1) (0.29) (0.34) (0.26) (0.32) (0.26)

Net Realized and Unrealized
Gain (Loss) 6.58 (0.36) 1.78 1.19 4.24
------ ------ ------ ------ ------
Total From Investment
Operations 6.29 (0.70) 1.52 0.87 3.98
------ ------ ------ ------ ------
Distributions

From Net Realized Gains (2.01) -- -- -- --
------ ------ ------ ------ ------
Net Asset Value, End of Period $31.54 $27.26 $27.96 $26.44 $25.57
====== ====== ====== ====== ======

TOTAL RETURN(2) 24.64% (2.50)% 5.75% 3.40% 18.43%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 1.99% 1.99% 1.99% 1.99% 2.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets (1.04)% (1.15)% (0.91)% (1.20)% (1.09)%

Portfolio Turnover Rate 93% 62% 33% 34% 82%

Net Assets, End of Period (in
thousands) $2,129 $3,342 $5,601 $4,836 $2,232

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any, and does not reflect applicable sales charges.
The total return of the classes may not precisely reflect the class expense
differences because of the impact of calculating the net asset value 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.

See Notes to Financial Statements.

------
26

Ultra

R Class
For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
2007 2006 2005 2004 2003(1)
PER-SHARE DATA

Net Asset Value, Beginning
of Period $28.15 $28.72 $27.01 $25.99 $24.87
------ ------ ------ ------ ------
Income From Investment
Operations

Net Investment Income
(Loss)(2) (0.15) (0.21) (0.12) (0.22) (0.04)

Net Realized and
Unrealized Gain (Loss) 6.81 (0.36) 1.83 1.24 1.16
------ ------ ------ ------ ------
Total From Investment
Operations 6.66 (0.57) 1.71 1.02 1.12
------ ------ ------ ------ ------
Distributions

From Net Realized
Gains (2.01) -- -- -- --
------ ------ ------ ------ ------
Net Asset Value, End of
Period $32.80 $28.15 $28.72 $27.01 $25.99
====== ====== ====== ====== ======

TOTAL RETURN(3) 25.26% (1.98)% 6.33% 3.92% 4.50%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating
Expenses to Average Net
Assets 1.49% 1.49% 1.44%(4) 1.49% 1.50%(5)

Ratio of Net Investment
Income (Loss) to Average
Net Assets (0.54)% (0.65)% (0.36)%(4) (0.70)% (0.81)%(5)

Portfolio Turnover Rate 93% 62% 33% 34% 82%(6)

Net Assets, End of Period
(in thousands) $5,971 $8,922 $8,367 $4,545 $3

(1) August 29, 2003 (commencement of sale) through October 31, 2003.

(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
value 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) During the year ended October 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 1.49% and (0.41)%, respectively.

(5) Annualized.

(6) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended October 31, 2003.

See Notes to Financial Statements.

------
27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders,
American Century Mutual Funds, Inc.:

We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of Ultra Fund (the "Fund"), one of the
mutual funds comprising American Century Mutual Funds, Inc., as of October 31,
2007, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits 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 and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also 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,
as well as evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of October 31, 2007,
by correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Ultra Fund as of October 31, 2007, 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 the periods presented, in
conformity with accounting principles generally accepted in the United States
of America.

Deloitte & Touche LLP
Kansas City, Missouri
December 12, 2007

------
28

PROXY VOTING RESULTS

A special meeting of shareholders was held on July 27, 2007, to vote on the
following proposals. The proposals received the required number of votes of
the American Century Mutual Funds, Inc. or the applicable fund, depending on
the proposal, and were adopted. A summary of voting results is listed below
each proposal.

PROPOSAL 1:

To elect nine Directors to the Board of Directors of American Century Mutual
Funds, Inc. (the proposal was voted on by all shareholders of funds issued by
American Century Mutual Funds, Inc.).

James E. Stowers, Jr. For: 15,577,264,186
Withhold: 426,100,888
Abstain: 0
Broker Non-Vote: 0

Jonathan S. Thomas For: 15,599,601,708
Withhold: 403,763,366
Abstain: 0
Broker Non-Vote: 0

Thomas A. Brown For: 15,605,490,524
Withhold: 397,874,550
Abstain: 0
Broker Non-Vote: 0

Andrea C. Hall For: 15,604,361,764
Withhold: 399,003,310
Abstain: 0
Broker Non-Vote: 0

James A. Olson For: 15,597,252,094
Withhold: 406,112,980
Abstain: 0
Broker Non-Vote: 0

Donald H. Pratt For: 15,588,035,002
Withhold: 415,330,072
Abstain: 0
Broker Non-Vote: 0

Gale E. Sayers For: 15,602,023,622
Withhold: 401,341,452
Abstain: 0
Broker Non-Vote: 0

M. Jeannine Strandjord For: 15,588,213,409
Withhold: 415,151,665
Abstain: 0
Broker Non-Vote: 0

Timothy S. Webster For: 15,609,206,162
Withhold: 394,158,912
Abstain: 0
Broker Non-Vote: 0

------
29

PROPOSAL 2:

To approve a change in the fee structure of the Advisor Class. This proposal
was voted on by the Advisor Class shareholders of the fund.

For: 114,465,199
Against: 6,020,095
Abstain: 2,833,793
Broker Non-Vote: 22,284,769

------
30

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. Mandatory retirement age for independent directors is
72. 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 seven registered investment companies in the American
Century family of funds.

All persons named as officers of the fund also serve in similar capacities for
the other 14 investment companies in the American Century 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 DIRECTORS

JAMES E. STOWERS, JR., 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1924
POSITION(S) HELD WITH FUND: Director (since 1958) and Vice Chairman (since
2007)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Founder, Co-Chairman, Director
and Controlling Shareholder, ACC; Co-Vice Chairman, ACC (January 2005 to
February 2007); Chairman, ACC (January 1995 to December 2004); Director, ACIM,
ACGIM, ACS, ACIS and other ACC subsidiaries
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

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: 105
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

------
31

INDEPENDENT DIRECTORS

THOMAS A. BROWN, 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1940
POSITION(S) HELD WITH FUND: Director (since 1980)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Managing Member, Associated
Investments, LLC (real estate investment company); Managing Member, Brown
Cascade Properties, LLC (real estate investment company); Retired, Area Vice
President, Applied Industrial Technologies
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

ANDREA C. HALL, PH.D., 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1945
POSITION(S) HELD WITH FUND: Director (since 1997)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Retired, Advisor to the
President, Midwest Research Institute
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

JAMES A. OLSON, 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1942
POSITION(S) HELD WITH FUND: Director (since 2007)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Member, Plaza Belmont LLC; Chief
Financial Officer, Plaza Belmont LLC (September 1999 to September 2006)
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: Director, Saia, Inc. and Entertainment
Properties Trust

DONALD H. PRATT, 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1937
POSITION(S) HELD WITH FUND: Director (since 1995) and Chairman of the Board
(since 2005)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Chairman and Chief Executive
Officer, Western Investments, Inc.; Retired Chairman of the Board, Butler
Manufacturing Company
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

GALE E. SAYERS, 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1943
POSITION(S) HELD WITH FUND: Director (since 2000)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: President, Chief Executive
Officer and Founder, Sayers40, Inc., a technology products and services
provider
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

M. JEANNINE STRANDJORD, 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1945
POSITION(S) HELD WITH FUND: Director (since 1994)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Retired, formerly Senior Vice
President, Sprint Corporation
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: Director, DST Systems, Inc.; Director,
Euronet Worldwide, Inc.; Director, Charming Shoppes, Inc.

TIMOTHY S. WEBSTER, 4500 Main Street, Kansas City, MO 64111
YEAR OF BIRTH: 1961
POSITION(S) HELD WITH FUND: Director (since 2001)
PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS: Managing Director, TDB
Acquisition Group LLC (September 2006 to present); President and Chief
Executive Officer, American Italian Pasta Company (2001 to December 2005)
NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR: 66
OTHER DIRECTORSHIPS HELD BY DIRECTOR: None

------
32

OFFICERS

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 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 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 1998)
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.

------
33

APPROVAL OF MANAGEMENT AGREEMENT
Ultra

Under Section 15(c) of the Investment Company Act, contracts for investment
advisory services are required to be reviewed, evaluated and approved by a
majority of a fund's independent directors (the "Directors") each year. At
American Century, this process is referred to as the "15(c) Process." As a
part of this process, the board reviews fund performance, shareholder
services, audit and compliance information, and a variety of other reports
from the advisor concerning fund operations. In addition to this annual
review, the board of directors oversees and evaluates on a continuous basis at
its quarterly meetings the nature and quality of significant services
performed by the advisor, fund performance, audit and compliance information,
and a variety of other reports relating to fund operations. The board, or
committees of the board, also holds special meetings as needed.

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 undertaken during the most recent fiscal
half-year period, the Directors reviewed extensive data and information
compiled by the advisor and certain independent providers of evaluative data
(the "15(c) Providers") concerning Ultra (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 provided to the fund under the management
agreement;

* reports on the advisor's activities relating to the wide range of programs
and services the advisor provides to the fund and its shareholders on a
routine and non-routine basis;

* 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; and

* data comparing services provided and charges to other investment management
clients of the advisor.

In keeping with its practice, the fund's board of directors held two regularly
scheduled meetings and one special meeting to review and discuss the
information provided by the advisor and to complete its negotiations with the
advisor regarding the renewal of the management agreement, including the
setting of the applicable advisory fee. The board also had the benefit of the
advice of its independent counsel throughout the period.

------
34

FACTORS CONSIDERED

The Directors considered all of the information provided by the advisor, the
15(c) Providers, and the board's independent counsel, and evaluated such
information for each fund for which the board has responsibility. 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 the following factors.

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

* portfolio security selection

* initial capitalization/funding

* securities trading

* 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

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 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 at their regularly scheduled board and committee meetings.

------
35

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 the Directors review investment
performance information for the fund, together with comparative information
for appropriate benchmarks and peer groups of funds managed similarly to the
fund. The Directors also review detailed performance information during the
15(c) Process comparing the fund's performance with that of similar funds not
managed by the advisor. If performance concerns are identified, the Directors
discuss with the advisor the reasons for such results (e.g., market
conditions, security selection) and any efforts being undertaken to improve
performance. The fund's performance fell below the median 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.

SHAREHOLDER AND OTHER SERVICES. The advisor provides the fund with a
comprehensive package of transfer agency, shareholder, and other services. The
Directors review reports and evaluations of such services at their regular
quarterly meetings, including the annual meeting concerning contract review,
and 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 valuation 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 TO THE ADVISOR. The advisor
provides detailed information concerning its cost of providing various
services to the fund, its profitability in managing the fund, its overall
profitability, and its financial condition. The Directors have reviewed with
the advisor the methodology used to prepare this financial information. This
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 OF THE ADVISOR. 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.

------
36

ECONOMIES OF SCALE. The Directors review reports provided by the advisor on
economies of scale for the complex as a whole and the year-over-year changes
in revenue, costs, and profitability. The Directors concluded that economies
of scale are difficult to measure and predict with precision, especially on a
fund-by-fund basis. This analysis is also 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 also
seek to evaluate economies of scale by reviewing other information, such as
year-over-year profitability of the advisor generally, the profitability of
its management of the fund specifically, the expenses incurred by the advisor
in providing various functions to the fund, and the breakpoint fees of
competitive funds not managed by the advisor. The Directors believe the
advisor is appropriately sharing economies of scale through its competitive
fee structure, fee breakpoints as the fund increases in size, and through
reinvestment in its business to provide shareholders additional content and
services.

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,
recordkeeping, marketing and shareholder services, or arranging and
supervising third parties to provide such services. By contrast, most other
funds are charged a variety of fees, including an investment advisory fee, a
transfer agency fee, an administrative fee, distribution charges and other
expenses. Other than their investment advisory fees and Rule 12b-1
distribution fees, all other components of the total fees charged by these
other funds may be increased without shareholder approval. The board believes
the unified fee structure is a benefit to fund shareholders because it clearly
discloses to shareholders the cost of owning fund shares, and, since the
unified fee cannot be increased without a vote of fund shareholders, it shifts
to the advisor the risk of increased costs of operating the fund and provides
a direct incentive to minimize administrative inefficiencies. Part of the
Directors' analysis of fee levels involves reviewing certain evaluative data
compiled by a 15(c) Provider comparing the fund's unified fee to the total
expense ratio of other funds in the fund's peer group. 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 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.

------
37

COLLATERAL BENEFITS DERIVED BY THE ADVISOR. The Directors reviewed information
from the advisor concerning collateral benefits it receives 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 the 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 and 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 infrastructure 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 independent directors, assisted by the advice
of legal counsel independent of the advisor, taking into account all of the
factors discussed above and the information provided by the advisor,
negotiated changes to the breakpoint schedule used to calculate the management
fee. These changes were proposed by the Directors based on their review of the
competitive changes in the mutual fund marketplace and their review of
financial information provided by the advisor. The new schedule, effective
August 1, 2007, contains lower management fees at certain asset levels than
under the existing structure. Following these negotiations with the advisor,
the independent directors concluded that the investment management agreement
between the fund and the advisor is fair and reasonable in light of the
services provided and should be renewed.

------
38

SHARE CLASS INFORMATION

Six classes of shares are authorized for sale by the fund: Investor Class,
Institutional Class, A Class, B Class, C Class and R Class. The total expense
ratio of Institutional Class shares is lower than that of Investor Class
shares. The total expense ratios of A Class, B Class, C Class and R Class
shares are higher than that of Investor Class shares.

INVESTOR CLASS shares are available for purchase in two ways: 1) directly from
American Century without any commissions or other fees; and/or 2) through
certain financial intermediaries (such as banks, broker-dealers, insurance
companies and investment advisors), which may require payment of a transaction
fee to the financial intermediary. The fund's prospectus contains additional
information regarding eligibility for Investor Class shares.

INSTITUTIONAL CLASS shares are available to large investors such as
endowments, foundations, and retirement plans, and to financial intermediaries
serving these investors. This class recognizes the relatively lower cost of
serving institutional customers and others who invest at least $5 million ($3
million for endowments and foundations) in an American Century fund or at
least $10 million in multiple funds. In recognition of the larger investments
and account balances and comparatively lower transaction costs, the unified
management fee of Institutional Class shares is 0.20% less than the unified
management fee of Investor Class shares.

A CLASS shares are sold primarily through employer-sponsored retirement plans
and through institutions such as investment advisors, banks, broker-dealers,
and insurance companies. A Class shares are sold at their offering price,
which is net asset value plus an initial sales charge that ranges from 5.75%
to 0.00% for equity funds, depending on the amount invested. The initial sales
charge is deducted from the purchase amount before it is invested. A Class
shares may be subject to a contingent deferred sales charge (CDSC). There is
no CDSC on shares acquired through reinvestment of dividends or capital gains.
The prospectus contains information regarding reductions and waivers of sales
charges for A Class shares. The unified management fee for A Class shares is
the same as for Investor Class shares. A Class shares also are subject to a
0.25% annual Rule 12b-1 distribution and service fee.

B CLASS shares are sold primarily through employer-sponsored retirement plans
and through institutions such as investment advisors, banks, broker-dealers,
and insurance companies. 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% after the sixth year. There is no CDSC on shares acquired
through reinvestment of dividends or capital gains. The unified management fee
for B Class shares is the same as for Investor Class shares. B Class shares
also are subject to a 1.00% annual Rule 12b-1 distribution and service fee. B
Class shares automatically convert to A Class shares (with lower expenses)
eight years after their purchase date.

C CLASS shares are sold primarily through employer-sponsored retirement plans
and through institutions such as investment advisors, banks, broker-dealers,
and insurance companies. C Class shares redeemed within 12 months of purchase
are subject to a CDSC of 1.00%. There is no CDSC on shares acquired through
reinvestment of dividends or capital gains. The unified management fee for C
Class shares is the same as for Investor Class shares. C Class shares also are
subject to a Rule 12b-1 distribution and service fee of 1.00%.

------
39

R CLASS shares are sold primarily through employer-sponsored retirement plans
and through institutions such as investment advisors, banks, broker-dealers,
and insurance companies. The unified management fee for R Class shares is the
same as for Investor Class shares. R Class shares are subject to a 0.50%
annual Rule 12b-1 distribution and service fee.

All classes of shares represent a pro rata interest in the fund and generally
have the same rights and preferences.

------
40

ADDITIONAL INFORMATION

RETIREMENT ACCOUNT INFORMATION

As required by law, any distributions you receive from an IRA or certain
403(b), 457 and qualified plans [those not eligible for rollover to an IRA or
to another qualified plan] 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. Even if you plan to roll over the amount you
withdraw to another tax-deferred account, the withholding rate still applies
to the withdrawn amount unless we have received notice not to withhold federal
income tax prior to the withdrawal. 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.

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's 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.

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 companies in the Russell 3000 Index (the 3,000 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 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 1000® VALUE INDEX measures the performance of those Russell 1000
Index companies (the 1,000 largest 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 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.

------
42

NOTES

------
43

NOTES

------
44

[back cover]

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 or 816-444-3485

AMERICAN CENTURY MUTUAL 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 Investments
P.O. Box 419200
Kansas City, MO 64141-6200

PRSRT STD
U.S. POSTAGE PAID
AMERICAN CENTURY
COMPANIES

American Century Investment Services, Inc., Distributor

The American Century Investments logo, American Century and American Century
Investments are service marks of American Century Proprietary Holdings, Inc.

0712
SH-ANN-57610S

[front cover]

AMERICAN CENTURY INVESTMENTS
Annual Report October 31, 2007

[photo of winter]

Growth Fund
Vista(SM) Fund

[american century investments logo and text logo]

OUR MESSAGE TO YOU

[photo of Jonathan Thomas]

JONATHAN THOMAS
President and CEO
American Century Companies, Inc.

To help you monitor your investment, my colleagues and I take pride in
providing you with the annual report for the American Century® Growth and
Vista funds for the 12 months ended October 31, 2007. I am honored to be
addressing you in the "Our Message" space long devoted to company founder Jim
Stowers, Jr. and his son Jim Stowers III.

Jim Stowers III stepped down from the ACC board in July 2007, his final step
in a well-planned career transition to pursue new ventures outside the
company. This reflected his family's support of our company's direction and
the leadership team of American Century Investments.

The Stowers family remains an integral part of our heritage, leadership, and
financial structure. In fact, Jim Stowers, Jr. continues as co-chair of the
American Century Companies, Inc. (ACC) board of directors with Richard Brown,
who has been on the board since 1998.

American Century Investments, our clients, and our employees have been my top
priority since I became company president and CEO in March, 2007. We have also
added the executive talents of overall chief investment officer (CIO) Enrique
Chang, international equity CIO Mark On, U.S. growth equity CIO Steve Lurito,
and chief operating officer Barry Fink.

This skilled group, combined with our existing senior management team, has
already had a positive impact on the development and management of the
products and services we take pride in delivering to you. We believe the
ultimate measure of our performance is our clients' success. Therefore, our
focus continues to be on building a long-term relationship with you and on
delivering superior investment performance across our product line.

/s/Jonathan Thomas

[photo of James E. Stowers, Jr.]

JAMES E. STOWERS, JR.
Founder and Co-Chairman of the Board
American Century Companies, Inc.

[photo of Richard Brown]

RICHARD BROWN
Co-Chairman of the Board
American Century Companies, Inc.

TABLE OF CONTENTS

Market Perspective. . . . . . . . . . . . . . . . . . . . . . . . . . 2
U.S. Stock Index Returns . . . . . . . . . . . . . . . . . . . . . . 2

GROWTH

Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Portfolio Commentary. . . . . . . . . . . . . . . . . . . . . . . . . 5
Top Ten Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Top Five Industries. . . . . . . . . . . . . . . . . . . . . . . . . 6
Types of Investments in Portfolio. . . . . . . . . . . . . . . . . . 6
Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . 7

VISTA

Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Portfolio Commentary. . . . . . . . . . . . . . . . . . . . . . . . . 12
Top Ten Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Top Five Industries. . . . . . . . . . . . . . . . . . . . . . . . . 13
Types of Investments in Portfolio. . . . . . . . . . . . . . . . . . 13
Schedule of Investments . . . . . . . . . . . . . . . . . . . . . . . 14
Shareholder Fee Examples. . . . . . . . . . . . . . . . . . . . . . . 17

FINANCIAL STATEMENTS

Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . 19
Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . 21
Statement of Changes in Net Assets. . . . . . . . . . . . . . . . . . 22
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 23
Financial Highlights. . . . . . . . . . . . . . . . . . . . . . . . . 30
Report of Independent Registered Public Accounting Firm . . . . . . . 40

OTHER INFORMATION

Proxy Voting Results. . . . . . . . . . . . . . . . . . . . . . . . . 41
Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Approval of Management Agreements for Growth and Vista. . . . . . . . 46
Share Class Information . . . . . . . . . . . . . . . . . . . . . . . 51
Additional Information. . . . . . . . . . . . . . . . . . . . . . . . 52
Index Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . 53

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
or any other person in the American Century organization. Any such opinions
are subject to change at any time based upon market or other conditions and
American Century 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 funds are based on numerous factors, may
not be relied upon as an indication of trading intent on behalf of any
American Century fund. Security examples are used for representational
purposes only and are not intended as recommendations to purchase or sell
securities. Performance information for comparative indices and securities is
provided to American Century by third party vendors. To the best of American
Century's knowledge, such information is accurate at the time of printing.

MARKET PERSPECTIVE

[photo of Chief Investment Officer]

By Steve Lurito, Chief Investment Officer, U.S. Growth Equity

STOCK RETURNS, VOLATILITY UP

U.S. stocks produced double-digit gains for the 12 months ended October 31,
2007. Stocks rallied for much of the first half of the fiscal year, touching
record highs in July, as the worldwide economic expansion drove strong
corporate earnings. But the subprime mortgage crisis blossomed in late July
and early August in the form of massive losses for banks, residential lenders,
and firms that securitized these subprime loans. This crisis caused a sharp
tightening of lending standards, removing the easy credit that propelled
strong consumer spending and funded a record amount of leveraged buyouts. As a
result, the U.S. stock market came under pressure late in the fiscal year.

By October, stock market volatility surged and credit markets seized up. To
relieve the pressure, the Federal Reserve (the Fed) lowered its benchmark
federal funds rate target in September and again in October -- the Fed's first
rate cuts since June 2003. Markets rallied briefly at fiscal year-end, though
there were concerns heading into November about the future course of corporate
earnings.

GROWTH SHARES LED

Growth stocks led the market during the 12 months, outpacing value-oriented
shares across all market capitalizations. That's because the deceleration in
corporate earnings cast a brighter spotlight on the relative earnings power of
growth companies, providing a favorable context for our growth portfolios and
growth stocks in general. We took advantage of this favorable backdrop,
enjoying a solid year of outperformance.

Looking at returns by sector, energy and materials performed best, supported
by booming global demand for commodities. In contrast, the aforementioned
credit crisis weakened consumer discretionary and financial shares -- the only
two segments of the S&P 500 Index to decline during the period.

We expect a continued favorable environment for growth-stock investing:
interest rates are low, global growth continues to provide new markets for
goods and services, and inflation remains contained.

U.S. Stock Index Returns
For the 12 months ended October 31, 2007

RUSSELL 1000 INDEX (LARGE-CAP) 15.03%
Russell 1000 Growth Index 19.23%
Russell 1000 Value Index 10.83%

RUSSELL MIDCAP INDEX 15.24%
Russell Midcap Growth Index 19.72%
Russell Midcap Value Index 9.73%

RUSSELL 2000 INDEX (SMALL-CAP) 9.27%
Russell 2000 Growth Index 16.73%
Russell 2000 Value Index 2.05%

------
2

PERFORMANCE
Growth

Total Returns as of October 31, 2007
Average Annual Returns
Since Inception
1 year 5 years 10 years Inception Date

INVESTOR CLASS 21.86% 12.70% 5.99% 14.90% 6/30/71(1)

RUSSELL 1000 GROWTH INDEX(2) 19.23% 12.61% 4.81% N/A(3) --

Institutional Class 22.13% 12.93% 6.21% 6.79% 6/16/97

Advisor Class 21.59% 12.43% 5.70% 6.84% 6/4/97

C Class 20.72% 11.61% -- 4.67% 11/28/01

R Class 21.30% -- -- 11.79% 8/29/03

(1) Although the fund's actual inception date was 10/31/58, this inception
date corresponds with the investment advisor's implementation of its current
investment philosophy and practices.

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.

(3) Benchmark began 12/29/78.

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

Growth

Growth of $10,000 Over 10 Years

$10,000 investment made October 31, 1997

One-Year Returns Over 10 Years
Periods ended October 31
               1998     1999     2000     2001       2002      2003    2004    2005    2006     2007
Investor
Class         18.53%   36.31%   11.49%   -34.14%    -17.09%   16.62%  6.78%   7.47%   11.51%   21.86%

Russell
1000 Growth
Index         24.64%   34.25%   9.33%    -39.95%    -19.62%   21.81%  3.38%   8.81%   10.84%   19.23%

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
Growth

Portfolio Managers: Greg Woodhams and Prescott LeGard

PERFORMANCE SUMMARY

Growth's Investor Class shares gained 21.86%* during the 12 months ended
October 31, 2007. That compares with the 19.23% return of its benchmark, the
Russell 1000 Growth Index.

Looking at the portfolio's absolute return, performance was driven by holdings
in information technology, health care, and industrials; utilities and
telecommunication services contributed the least. In terms of Growth's
performance relative to the Russell 1000 Growth Index, outperformance was
driven by stock selection among health care stocks; consumer staples shares
were the leading detractors.

HEALTH CARE LED RELATIVE CONTRIBUTORS

In health care, stock selection among pharmaceutical names was the leading
source of outperformance. Schering-Plough, the portfolio's largest overweight
position during the period, was helped by market share gains and category
growth for its cholesterol franchise. In addition, it significantly helped
relative results to avoid Johnson & Johnson, which suffered from challenges in
some of its leading drug and medical device businesses.

Positioning in health care equipment & supplies firms was another source of
relative strength. The leading contributor to return in this space was medical
device maker Intuitive Surgical, benefiting from heavy demand for its new,
less-invasive robotic surgery system. Overweight positions in Baxter
International, DENTSPLY International, Cytyc, and Idexx Laboratories also
helped relative results.

IT A SOURCE OF STRENGTH

In the information technology sector, stock picks contributed most in the
communication equipment industry behind an overweight position in Research in
Motion, maker of the Blackberry handheld device. Juniper Networks -- a maker
of computer networking equipment benefiting from the surging demand for
bandwidth required to move video and data over the Internet -- was another key
contributor. That said, no stock helped relative results more than Apple,
which continued to enjoy margin expansion and revenue growth thanks to new
product launches and a redesign of existing products.

Top Ten Holdings as of October 31, 2007
                                  % of net       % of net
                                assets as of   assets as of
                                  10/31/07        4/30/07
Apple Inc.                          4.1%           2.7%
Cisco Systems Inc.                  4.0%           3.2%
Microsoft Corporation               3.7%           0.7%
PepsiCo, Inc.                       3.6%           2.0%
Procter & Gamble Co. (The)          3.1%           1.8%
Google Inc. Cl A                    3.1%           1.8%
Coca-Cola Company (The)             2.6%            --
Becton, Dickinson & Co.             2.3%           1.4%
Janus Capital Group Inc.            2.2%            --
XTO Energy Inc.                     2.1%           1.4%

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


------
5


Growth

OTHER KEY CONTRIBUTORS

Stock selection drove outperformance among consumer discretionary names,
though it also helped to have an underweight position in this lagging sector.
The leading contributor in this space was specialty retailer GameStop, which
sells video game products and entertainment software for computers. The
company is seeing revenues, same-store sales, and other metrics improve as a
result of several new hardware and software gaming product cycles. Positioning
in the multiline retail, media, auto components, and specialty retail industry
segments also helped relative performance.

Industrial shares were another key source of strength, as stock selection
contributed to relative results across a number of industries, including
electrical equipment and machinery. An overweight position in agricultural
equipment maker AGCO was a notable contributor for the year. The company
continues to benefit from exposure to growing agriculture markets globally. In
energy, Cameron International was a key contributor, benefiting from spending
on exploration with oil supplies tight and prices at record highs.

STAPLES LED DETRACTORS

At the other end of the spectrum, consumer staples shares limited the
portfolio's performance compared with the benchmark. Food products names
detracted most from performance behind overweight positions in Campbell Soup
and ConAgra Foods. These shares underperformed because of higher costs
associated with growth initiatives and rising input costs. Stock selection
also detracted in food and staples retailing, where Wal-Mart was the leading
detractor. Though the company continued to turn around its business, the
difficult environment for consumers in the U.S. slowed progress.

STARTING POINT FOR NEXT REPORTING PERIOD

We work to keep the portfolio fully invested in large companies exhibiting
sustainable improvement in their businesses. It is our belief that owning such
companies will generate outperformance over time versus the Russell 1000
Growth Index and the other funds in our large-growth peer group. As a result,
our sector and industry selection as well as capitalization range decisions
are primarily a result of identifying what we believe to be superior
individual securities. As of October 31, 2007, the top sector overweights were
in consumer staples, telecommunication services, and information technology.
The most notable sector underweights were in consumer discretionary,
industrials, and utilities shares.

Top Five Industries as of October 31, 2007
                                        % of net       % of net
                                      assets as of   assets as of
                                        10/31/07        4/30/07
Health Care Equipment & Supplies          8.8%           5.6%
Software                                  8.0%           3.0%
Communications Equipment                  7.2%           5.6%
Oil, Gas & Consumable Fuels               7.1%           3.2%
Beverages                                 6.2%           3.0%

Types of Investments in Portfolio
                                       % of net        % of net
                                     assets as of    assets as of
                                       10/31/07        4/30/07
Domestic Common Stocks                   95.1%          93.8%
Foreign Common Stocks(1)                 4.3%            6.1%
TOTAL COMMON STOCKS                      99.4%          99.9%
Temporary Cash Investments               0.7%            0.8%
Other Assets and Liabilities(2)         (0.1)%          (0.7)%

(1) Includes depositary shares, dual listed securities and foreign ordinary
shares.

(2) Includes securities lending collateral and other assets and liabilities.


------
6


SCHEDULE OF INVESTMENTS
Growth

OCTOBER 31, 2007

Shares                ($ IN THOUSANDS)                                       Value

Common Stocks -- 99.4%

AEROSPACE & DEFENSE -- 3.1%
             902,700  Honeywell International Inc.                        $ 54,532
           1,176,000  United Technologies Corp.                             90,070
                                                                        ----------
                                                                           144,602
                                                                        ----------
AUTO COMPONENTS -- 2.0%
             886,100  BorgWarner, Inc.                                      93,670
                                                                        ----------
BEVERAGES -- 6.2%
           1,942,700  Coca-Cola Company (The)                              119,981
           2,236,600  PepsiCo, Inc.                                        164,882
                                                                        ----------
                                                                           284,863
                                                                        ----------
CAPITAL MARKETS -- 5.7%
           2,911,500  Janus Capital Group Inc.                             100,476
           1,216,313  Northern Trust Corp.                                  91,479
           3,020,697  Schwab (Charles) Corp.                                70,201
                                                                        ----------
                                                                           262,156
                                                                        ----------
CHEMICALS -- 1.5%
             720,784  Monsanto Co.                                          70,370
                                                                        ----------
COMMERCIAL SERVICES & SUPPLIES -- 0.5%
             572,400  Waste Management, Inc.                                20,830
                                                                        ----------
COMMUNICATIONS EQUIPMENT -- 7.2%
           1,588,305  ADC Telecommunications, Inc.(1)                       29,701
           5,542,057  Cisco Systems Inc.(1)                                183,221
             930,900  Juniper Networks, Inc.(1)                             33,512
             939,547  QUALCOMM Inc.                                         40,147
             361,900  Research In Motion Ltd.(1)                            45,060
                                                                        ----------
                                                                           331,641
                                                                        ----------
COMPUTERS & PERIPHERALS -- 5.7%
             988,400  Apple Inc.(1)                                        187,746
           2,417,600  Dell Inc.(1)                                          73,979
                                                                        ----------
                                                                           261,725
                                                                        ----------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.3%
           1,491,693  AT&T Inc.                                             62,338
                                                                        ----------
ELECTRICAL EQUIPMENT -- 3.9%
             941,539  Cooper Industries, Ltd. Cl A                          49,327
           1,676,200  Emerson Electric Co.                                  87,615
             606,900  Roper Industries Inc.(2)                              42,975
                                                                        ----------
                                                                           179,917
                                                                        ----------
ENERGY EQUIPMENT & SERVICES -- 1.7%
             270,000  Cameron International Corp.(1)                        26,287
           3,385,158  Grey Wolf Inc.(1)(2)                                  19,058
             337,100  Schlumberger Ltd.                                     32,554
                                                                        ----------
                                                                            77,899
                                                                        ----------

Shares                ($ IN THOUSANDS)                                       Value

FOOD & STAPLES RETAILING -- 1.2%
           1,256,200  Wal-Mart Stores, Inc.                               $ 56,793
                                                                        ----------
FOOD PRODUCTS -- 2.0%
           1,538,300  Wm. Wrigley Jr. Co.                                   94,867
                                                                        ----------
HEALTH CARE EQUIPMENT & SUPPLIES -- 8.8%
             512,700  Alcon, Inc.                                           78,038
           1,472,100  Baxter International Inc.                             88,341
           1,278,900  Becton, Dickinson & Co.                              106,736
             952,446  DENTSPLY International Inc.                           39,507
             113,234  Idexx Laboratories, Inc.(1)                           13,790
             181,300  Intuitive Surgical Inc.(1)                            59,262
             531,109  Mentor Corp.(2)                                       22,609
                                                                        ----------
                                                                           408,283
                                                                        ----------
HEALTH CARE PROVIDERS & SERVICES -- 1.1%
             962,489  Patterson Companies, Inc.(1)                          37,643
             329,487  VCA Antech Inc.(1)                                    15,173
                                                                        ----------
                                                                            52,816
                                                                        ----------
HOUSEHOLD PRODUCTS -- 3.1%
           2,075,500  Procter & Gamble Co. (The)                           144,289
                                                                        ----------
INDUSTRIAL CONGLOMERATES -- 1.6%
           1,787,200  General Electric Co.                                  73,561
                                                                        ----------
INSURANCE -- 1.0%
             852,000  Chubb Corp.                                           45,454
                                                                        ----------
INTERNET & CATALOG RETAIL -- 2.0%
             640,300  Amazon.com, Inc.(1)                                   57,083
             364,600  Priceline.com Inc.(1)(2)                              33,944
                                                                        ----------
                                                                            91,027
                                                                        ----------
INTERNET SOFTWARE & SERVICES -- 4.1%
           1,273,200  eBay Inc.(1)                                          45,963
             200,200  Google Inc. Cl A(1)                                  141,541
                                                                        ----------
                                                                           187,504
                                                                        ----------
IT SERVICES -- 1.2%
             656,900  DST Systems, Inc.(1)                                  55,646
                                                                        ----------
LIFE SCIENCES TOOLS & SERVICES -- 2.3%
             390,700  Illumina, Inc.(1)(2)                                  21,938
           1,470,396  Thermo Fisher Scientific Inc.(1)                      86,474
                                                                        ----------
                                                                           108,412
                                                                        ----------
MACHINERY -- 2.2%
             872,975  Eaton Corp.                                           80,820
             229,500  Valmont Industries, Inc.(2)                           21,968
                                                                        ----------
                                                                           102,788
                                                                        ----------
MEDIA -- 1.4%
           1,563,700  Viacom Inc. Cl B(1)                                   64,565
                                                                        ----------



------
7


Growth
Shares                ($ IN THOUSANDS)                                       Value

METALS & MINING -- 0.8%
             304,100  Freeport-McMoRan Copper & Gold, Inc.                $ 35,786
                                                                        ----------
OIL, GAS & CONSUMABLE FUELS -- 7.1%
             870,400  Apache Corp.                                          90,356
             869,700  Devon Energy Corporation                              81,230
             620,900  Exxon Mobil Corp.                                     57,117
           1,492,100  XTO Energy Inc.                                       99,045
                                                                        ----------
                                                                           327,748
                                                                        ----------
PHARMACEUTICALS -- 3.5%
             928,726  Allergan, Inc.                                        62,763
             346,300  Novo Nordisk AS Cl B ORD                              43,183
           1,887,200  Schering-Plough Corp.                                 57,597
                                                                        ----------
                                                                           163,543
                                                                        ----------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.4%
           1,490,700  Broadcom Corp. Cl A(1)                                48,522
           1,739,500  Intersil Corp. Cl A                                   52,777
             424,600  MEMC Electronic Materials Inc.(1)                     31,089
           2,745,500  PMC-Sierra, Inc.(1)                                   24,737
                                                                        ----------
                                                                           157,125
                                                                        ----------
SOFTWARE -- 8.0%
             807,355  Electronic Arts Inc.(1)                               49,346
           4,651,000  Microsoft Corporation                                171,203
           4,359,300  Oracle Corp.(1)                                       96,646
             432,300  VMware, Inc. Cl A(1)                                  53,964
                                                                        ----------
                                                                           371,159
                                                                        ----------
SPECIALTY RETAIL -- 4.6%
           1,424,601  GameStop Corp. Cl A(1)                                84,365
           1,668,000  Home Depot, Inc. (The)                                52,559
           2,633,468  TJX Companies, Inc. (The)                             76,186
                                                                        ----------
                                                                           213,110
                                                                        ----------
WIRELESS TELECOMMUNICATION SERVICES -- 1.2%
           1,206,300  American Tower Corp. Cl A(1)                          53,294
                                                                        ----------
TOTAL COMMON STOCKS
(Cost $3,675,873)                                                        4,597,781
                                                                        ----------

Shares                ($ IN THOUSANDS)                                       Value

Temporary Cash Investments -- 0.7%

Repurchase Agreement, Morgan Stanley Group, Inc., (collateralized by
various U.S. Treasury obligations, 7.125%-7.625%, 2/15/23-2/15/25
valued at $34,417), in a joint trading account at 4.50%, dated
10/31/07, due 11/1/07 (Delivery value $33,804) (Cost $33,800)             $ 33,800
                                                                        ----------

Temporary Cash Investments -
Securities Lending Collateral(3) -- 2.0%

Repurchase Agreement, Deutsche Bank AG, (collateralized by various
U.S. Government Agency obligations in a pooled account at the
lending agent), 4.82%, dated 10/31/07, due 11/1/07 (Delivery value
$48,956)                                                                    48,949

Repurchase Agreement, Lehman Brothers, Inc., (collateralized by
various U.S. Government Agency obligations in a pooled account at
the lending agent), 4.89%, dated 10/31/07, due 11/1/07 (Delivery
value $45,006)                                                              45,000
                                                                        ----------
TOTAL TEMPORARY CASH INVESTMENTS -
SECURITIES LENDING COLLATERAL
(Cost $93,949)                                                              93,949
                                                                        ----------
TOTAL INVESTMENT SECURITIES -- 102.1%
(Cost $3,803,622)                                                        4,725,530
                                                                        ----------
OTHER ASSETS AND LIABILITIES -- (2.1)%                                    (97,438)
                                                                        ----------
TOTAL NET ASSETS -- 100.0%                                              $4,628,092
                                                                        ==========


------
8


Growth

Forward Foreign Currency Exchange Contracts
                                                        ($ IN THOUSANDS)
     Contracts to Sell        Settlement Date    Value    Unrealized Gain (Loss)

 114,280,560    DKK for USD       11/30/07      $22,247           $(161)
                                                =======   ======================

(Value on Settlement Date $22,086)

Notes to Schedule of Investments

DKK = Danish Krone

ORD = Foreign Ordinary Share

USD = United States Dollar

(1) Non-income producing.

(2) Security, or a portion thereof, was on loan as of October 31, 2007.

(3) Investments represent purchases made by the lending agent with cash
collateral received through securities lending transactions.

As of October 31, 2007, securities with an aggregate value of $43,183, which
represented 0.9% of total net assets, were valued in accordance with
alternative pricing procedures adopted by the Board of Directors.

See Notes to Financial Statements.


------
9


PERFORMANCE
Vista

Total Returns as of October 31, 2007
                                     Average Annual Returns
                                                        Since     Inception
                         1 year  5 years   10 years   Inception      Date

INVESTOR CLASS           49.39%   21.42%    10.45%      11.88%     11/25/83

RUSSELL MIDCAP
GROWTH INDEX(1)          19.72%   19.21%     8.30%      N/A(2)        --

Institutional Class      49.68%   21.66%    10.67%      9.71%      11/14/96

Advisor Class            48.94%   21.13%    10.18%      8.44%      10/2/96

C Class                  47.90%   20.26%      --        10.76%     7/18/01

R Class                  48.71%     --        --        22.37%     7/29/05

(1) Data provided by Lipper Inc. - A Reuters Company. ©2007 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) Benchmark began 12/31/85.

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.

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.


------
10


Vista

Growth of $10,000 Over 10 Years

$10,000 investment made October 31, 1997

One-Year Returns Over 10 Years
Periods ended October 31
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Investor
Class -31.94% 66.24% 66.16% -37.48% -12.90% 29.41% 9.77% 14.08% 9.07% 49.39%

Russell
Midcap
Growth
Index 2.43% 37.66% 38.67% -42.78% -17.61% 39.30% 8.77% 15.91% 14.51% 19.72%

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.

------
11

PORTFOLIO COMMENTARY
Vista

Portfolio Managers: Glenn Fogle, David Hollond, and Brad Eixmann

In February 2007, senior investment analyst Brad Eixmann was promoted to
co-portfolio manager for Vista. He joined American Century in 2002 and has
served exclusively on the Vista team since that time.

PERFORMANCE SUMMARY

Vista gained 49.39%* for the year ended October 31, 2007, surpassing the
19.72% return of its benchmark, the Russell Midcap Growth Index.

As discussed in the Market Perspective on page 2, better-than-expected
corporate earnings growth, robust merger activity, and a change in Federal
Reserve (Fed) rate policy contributed to sound stock index gains for the
period. Markets faced extreme volatility in the final months of the period,
though, as mounting troubles among subprime mortgage lenders led to a credit
crisis, and rising energy costs sparked fears of inflation. In this
environment, large- and mid-cap stocks generally outpaced their small-cap
counterparts, and growth-oriented shares outperformed value stocks.

Effective stock selection accounted for the vast majority of Vista's strong
performance relative to the Russell Midcap Growth Index, particularly within
the industrials, information technology, and consumer discretionary sectors.
Foreign holdings also contributed significantly to fund performance.

INDUSTRIALS LED GAINS

The portfolio's biggest sector contribution came from the industrials sector,
where an overweight position and stock selection within the aerospace and
defense industry group aided fund performance. The share prices of portfolio
overweights Precision Castparts and BE Aerospace, the fund's two largest
holdings, soared 120% and 97%, respectively, as both companies benefited from
a replacement cycle and expanding orders in global aviation. Together,
Precision Castparts and BE Aerospace represented 9% of the portfolio's average
weight. Both companies reflect Vista's focus on companies with accelerating
financial growth and share price momentum.

Within the industrials sector, we also benefited from an overweight stake and
stock selection within the construction and engineering industry. Notably,
Foster Wheeler, a builder of power plants and refineries, contributed
substantially to fund performance as its share price surged 230%.

TECHNOLOGY, CONSUMER DISCRETIONARY CONTRIBUTED

Within the technology sector, Nintendo was the largest single contributor to
portfolio performance. Strong demand for the company's Wii interactive game
system continued to outstrip supply, helping Nintendo's share price jump 212%
during the reporting period.

Top Ten Holdings as of October 31, 2007
% of net % of net
assets as of assets as of
10/31/07 4/30/07
Precision Castparts Corp. 4.7% 5.2%
BE Aerospace, Inc. 4.5% 4.1%
Nintendo Co., Ltd. ORD 3.8% 3.0%
Thermo Fisher Scientific Inc. 3.4% 4.0%
NII Holdings, Inc. 3.3% 5.8%
GameStop Corp. Cl A 2.9% 2.0%
Express Scripts, Inc. 2.9% 2.5%
Quanta Services, Inc. 2.8% 1.8%
AGCO Corp. 2.5% 2.1%
SBA Communications Corp. Cl A 2.4% 2.9%

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

------
12

Vista

Fund overweight Apple also contributed to absolute and relative gains. The
computer and peripherals maker, which introduced the iPhone during the
reporting period, experienced a 134% gain in its share price.

An underweight position and effective stock selection within the consumer
discretionary group boosted gains. An overweight stake in GameStop benefited
fund performance, as the video game retailer gained 132% on the heels of a
robust video game cycle.

GOOD CALLS IN TELECOM

Although we held an overweight position in telecom relative to the fund's
benchmark, we recently trimmed our weighting to reflect increased competition
in international cellular markets. Nevertheless, the portfolio reaped rewards
from the wireless telecommunications industry for the one-year period.
Overweights Leap Wireless International and Millicom International both
contributed to relative and absolute performance.

UNDERWEIGHT IN FINANCIALS HELPED AVOID PAIN

An underweight position and successful stock selection in the financials
sector contributed to performance relative to the benchmark, helping the
portfolio to avoid the losses associated with the subprime lending industry.
Within the sector, the portfolio had no holdings in either the consumer
finance or thrifts and mortgage finance industries, which both slumped during
the period.

STARTING POINT FOR NEXT REPORTING PERIOD

Our investment process focuses on medium-sized and smaller companies with
accelerating earnings growth rates and share price momentum. We believe that
active investing in such companies will generate outperformance over time
compared with the Russell Midcap Growth Index.

Despite recent market volatility, we find the current environment
accommodating to our disciplined, consistent style. An environment of steady
rates and strong corporate earnings growth complements our process of
identifying companies with accelerating growth and price momentum. Our process
continues to successfully guide us to companies with strong fundamentals,
regardless of market "noise."

Top Five Industries as of October 31, 2007
% of net % of net
assets as of assets as of
10/31/07 4/30/07
Aerospace & Defense 9.6% 9.3%
Wireless Telecommunication Services 6.6% 16.7%
Semiconductors & Semiconductor Equipment 6.2% 2.0%
Energy Equipment & Services 5.7% 4.0%
Machinery 5.3% 4.8%

Types of Investments in Portfolio
% of net % of net
assets as of assets as of
10/31/07 4/30/07
Domestic Common Stocks 87.8% 85.4%
Foreign Common Stocks(1) 10.1% 13.2%
TOTAL COMMON STOCKS 97.9% 98.6%
Temporary Cash Investments 2.8% 0.8%
Other Assets and Liabilities (0.7)% 0.6%

(1) Includes depositary shares, dual listed securities and foreign ordinary
shares.

------
13

SCHEDULE OF INVESTMENTS
Vista

OCTOBER 31, 2007

Shares ($ IN THOUSANDS) Value

Common Stocks -- 97.9%

AEROSPACE & DEFENSE -- 9.6%
152,000 Alliant Techsystems Inc.(1) $ 16,779
3,207,000 BE Aerospace, Inc.(1) 159,420
1,114,000 Precision Castparts Corp. 166,888
---------
343,087
---------
BEVERAGES -- 0.7%
621,000 Pepsi Bottling Group Inc. 26,753
---------
BIOTECHNOLOGY -- 2.9%
112,000 Alexion Pharmaceuticals Inc.(1) 8,568
658,000 BioMarin Pharmaceutical Inc.(1) 18,246
349,000 Celgene Corp.(1) 23,034
294,000 Myriad Genetics Inc.(1) 16,276
783,000 Onyx Pharmaceuticals, Inc.(1) 36,574
---------
102,698
---------
CAPITAL MARKETS -- 2.5%
88,000 BlackRock, Inc. 18,212
289,000 GFI Group Inc.(1) 24,946
785,000 Janus Capital Group Inc. 27,091
576,000 SEI Investments Co. 18,213
---------
88,462
---------
CHEMICALS -- 3.8%
425,000 Flotek Industries Inc.(1) 21,590
768,000 Monsanto Co. 74,980
294,000 Mosaic Co. (The)(1) 20,521
530,000 Terra Industries Inc.(1) 19,552
---------
136,643
---------
COMMUNICATIONS EQUIPMENT -- 4.0%
360,000 Blue Coat Systems, Inc.(1) 14,612
572,000 Ciena Corp.(1) 27,376
1,322,000 Foundry Networks, Inc.(1) 27,947
1,761,000 Juniper Networks, Inc.(1) 63,397
322,000 Riverbed Technology, Inc.(1) 10,880
---------
144,212
---------
COMPUTERS & PERIPHERALS -- 1.9%
360,000 Apple Inc.(1) 68,382
---------
CONSTRUCTION & ENGINEERING -- 5.2%
578,000 Foster Wheeler Ltd.(1) 85,689
3,009,000 Quanta Services, Inc.(1) 99,297
---------
184,986
---------

Shares ($ IN THOUSANDS) Value

CONTAINERS & PACKAGING -- 2.2%
1,755,000 Owens-Illinois Inc.(1) $ 77,957
---------
DIVERSIFIED CONSUMER SERVICES -- 1.7%
413,000 Apollo Group, Inc. Cl A(1) 32,734
147,000 Strayer Education, Inc. 27,410
---------
60,144
---------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 0.5%
636,000 Cogent Communications Group, Inc.(1) 17,604
---------
ELECTRIC UTILITIES -- 1.5%
309,000 Allegheny Energy, Inc.(1) 18,744
1,297,000 Reliant Energy, Inc.(1) 35,693
---------
54,437
---------
ELECTRICAL EQUIPMENT -- 4.6%
320,000 First Solar Inc.(1) 50,819
373,000 General Cable Corp.(1) 26,852
316,000 JA Solar Holdings Co., Ltd. ADR(1) 18,202
374,000 SunPower Corp. Cl A(1) 47,296
218,000 Vestas Wind Systems AS ORD(1) 19,661
---------
162,830
---------
ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.8%
254,000 Itron Inc.(1) 27,302
---------
ENERGY EQUIPMENT & SERVICES -- 5.7%
623,000 Acergy SA ORD 18,045
215,000 Cameron International Corp.(1) 20,932
208,000 Core Laboratories N.V.(1) 30,356
218,000 Dawson Geophysical Co.(1) 17,399
2,106,000 Dresser-Rand Group Inc.(1) 81,502
492,000 National Oilwell Varco, Inc.(1) 36,034
---------
204,268
---------
HEALTH CARE EQUIPMENT & SUPPLIES -- 0.6%
333,000 Inverness Medical Innovations, Inc.(1) 20,010
---------
HEALTH CARE PROVIDERS & SERVICES -- 5.0%
1,644,000 Express Scripts, Inc.(1) 103,737
772,000 Medco Health Solutions Inc.(1) 72,861
---------
176,598
---------

------
14

Vista
Shares ($ IN THOUSANDS) Value

HOTELS, RESTAURANTS & LEISURE -- 3.3%
879,000 Bally Technologies, Inc.(1) $ 35,450
497,000 Las Vegas Sands Corp.(1) 65,957
497,000 WMS Industries Inc.(1) 17,231
---------
118,638
---------
HOUSEHOLD DURABLES -- 0.5%
491,000 Tempur-Pedic International Inc. 17,676
---------
INDUSTRIAL CONGLOMERATES -- 0.7%
432,000 McDermott International, Inc.(1) 26,378
---------
INSURANCE -- 0.5%
371,000 AON Corp. 16,814
---------
INTERNET & CATALOG RETAIL -- 0.5%
183,000 Amazon.com, Inc.(1) 16,314
---------
INTERNET SOFTWARE & SERVICES -- 0.6%
179,000 Equinix Inc.(1) 20,882
---------
IT SERVICES -- 0.9%
171,000 MasterCard Inc. Cl A 32,413
---------
LIFE SCIENCES TOOLS & SERVICES -- 4.9%
412,000 Invitrogen Corp.(1) 37,438
584,000 PerkinElmer, Inc. 16,072
2,034,000 Thermo Fisher Scientific Inc.(1) 119,620
---------
173,130
---------
MACHINERY -- 5.3%
1,483,000 AGCO Corp.(1) 88,506
543,000 Flowserve Corp. 42,875
47,000 Hyundai Mipo Dockyard Co., Ltd. ORD 21,022
390,000 Manitowoc Co., Inc. (The) 19,211
308,000 Samsung Heavy Industries Co., Ltd. ORD 18,680
---------
190,294
---------
MARINE -- 0.5%
149,000 DryShips Inc. 17,561
---------
MEDIA -- 1.8%
1,671,000 Liberty Global, Inc. Series A(1) 65,587
---------
PHARMACEUTICALS -- 1.9%
2,657,000 Shire plc ORD 66,474
---------

Shares ($ IN THOUSANDS) Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 6.2%
648,000 Intersil Corp. Cl A $ 19,660
243,000 MEMC Electronic Materials Inc.(1) 17,792
875,000 Microsemi Corp.(1) 23,284
1,897,000 NVIDIA Corp.(1) 67,117
1,418,000 OmniVision Technologies, Inc.(1) 31,409
2,042,000 ON Semiconductor Corp.(1) 20,828
1,328,000 Semtech Corp.(1) 22,722
389,000 Silicon Laboratories Inc.(1) 16,999
---------
219,811
---------
SOFTWARE -- 4.5%
1,128,000 Activision, Inc.(1) 26,677
213,000 Nintendo Co., Ltd. ORD 134,277
---------
160,954
---------
SPECIALTY RETAIL -- 5.2%
1,768,000 GameStop Corp. Cl A(1) 104,701
1,290,000 Guess?, Inc. 66,293
294,000 Tiffany & Co. 15,929
---------
186,923
---------
TEXTILES, APPAREL & LUXURY GOODS -- 0.8%
378,000 Crocs, Inc.(1) 28,256
---------
WIRELESS TELECOMMUNICATION SERVICES -- 6.6%
432,000 Crown Castle International Corp.(1) 17,742
116,000 Millicom International Cellular SA(1) 13,628
2,004,000 NII Holdings, Inc.(1) 116,232
2,441,000 SBA Communications Corp. Cl A(1) 86,900
---------
234,502
---------
TOTAL COMMON STOCKS
(Cost $2,307,760) 3,488,980
---------

------
15

Vista

Principal Amount Value

Temporary Cash Investments -- 2.8%

FHLB Discount Notes, 4.40%,
$100,000 11/1/07(2)
(Cost $100,000) $ 100,000
----------
TOTAL INVESTMENT SECURITIES -- 100.7%
(Cost $2,407,760) 3,588,980
----------
OTHER ASSETS AND LIABILITIES -- (0.7)% (23,244)
----------
TOTAL NET ASSETS -- 100.0% $3,565,736
==========

Forward Foreign Currency Exchange Contracts
($ IN THOUSANDS)
Unrealized
Contracts to Sell Settlement Date Value Gain (Loss)
80,398,400 DKK for USD 11/30/07 $ 15,651 $(113)
25,060,824 GBP for USD 11/30/07 52,057 (454)
7,375,125,000 JPY for USD 11/30/07 64,165 316
77,252,000 NOK for USD 11/30/07 14,397 2
-------- ------------
$146,270 $(249)
======== ============

(Value on Settlement Date $146,021)

Notes to Schedule of Investments

ADR = American Depositary Receipt

DKK = Danish Krone

FHLB = Federal Home Loan Bank

GBP = British Pound

JPY = Japanese Yen

NOK = Norwegian Krona

ORD = Foreign Ordinary Share

USD = United States Dollar

(1) Non-income producing.

(2) The rate indicated is the yield to maturity at purchase.

As of October 31, 2007, securities with an aggregate value of $278,159, which
represented 7.8% of total net assets, were valued in accordance with
alternative pricing procedures adopted by the Board of Directors.

See Notes to Financial Statements.

------
16

SHAREHOLDER FEE EXAMPLES (UNAUDITED)

The example is based on an investment of $1,000 made at the beginning of the
period and held for the entire period from May 1, 2007 to October 31, 2007.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

------
17

Beginning Expenses Paid
Account Ending During Period* Annualized
Value Account Value 5/1/07 - Expense
5/1/07 10/31/07 10/31/07 Ratio*
Growth

ACTUAL

Investor Class $1,000 $1,143.00 $5.40 1.00%

Institutional
Class $1,000 $1,144.40 $4.32 0.80%

Advisor Class $1,000 $1,141.60 $6.75 1.25%

C Class $1,000 $1,137.50 $10.78 2.00%

R Class $1,000 $1,140.60 $8.09 1.50%

HYPOTHETICAL

Investor Class $1,000 $1,020.16 $5.09 1.00%

Institutional Class $1,000 $1,021.17 $4.08 0.80%

Advisor Class $1,000 $1,018.90 $6.36 1.25%

C Class $1,000 $1,015.12 $10.16 2.00%

R Class $1,000 $1,017.64 $7.63 1.50%

Vista

ACTUAL

Investor Class $1,000 $1,267.10 $5.71 1.00%

Institutional Class $1,000 $1,268.30 $4.57 0.80%

Advisor Class $1,000 $1,265.50 $7.14 1.25%

C Class $1,000 $1,260.80 $11.40 2.00%

R Class $1,000 $1,264.10 $8.56 1.50%

HYPOTHETICAL

Investor Class $1,000 $1,020.16 $5.09 1.00%

Institutional Class $1,000 $1,021.17 $4.08 0.80%

Advisor Class $1,000 $1,018.90 $6.36 1.25%

C Class $1,000 $1,015.12 $10.16 2.00%

R Class $1,000 $1,017.64 $7.63 1.50%

* Expenses are equal to the class's annualized expense ratio listed in the
table above, multiplied by the average account value over the period,
multiplied by 184, the number of days in the most recent fiscal half-year,
divided by 365, to reflect the one-half year period.

------
18

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)
Growth Vista
ASSETS

Investment securities, at value (cost of
$3,709,673 and $2,407,760, respectively) --
including $93,484 and $- of securities on loan,
respectively $4,631,581 $3,588,980

Investments made with cash collateral received
for securities on loan, at value (cost of
$93,949 and $-, respectively) 93,949 --
------------ ------------
Total investment securities, at value (cost of
$3,803,622 and $2,407,760, respectively) 4,725,530 3,588,980

Cash -- 2,057

Receivable for investments sold 114,857 15,722

Receivable for forward foreign currency exchange
contracts -- 318

Receivable for capital shares sold -- 8

Dividends and interest receivable 2,276 424
------------ ------------
4,842,663 3,607,509
------------ ------------

LIABILITIES

Payable for collateral received for securities
on loan 93,949 --

Disbursements in excess of demand deposit cash 1,911 --

Payable for investments purchased 114,693 38,278

Payable for forward foreign currency exchange
contracts 161 567

Accrued management fees 3,768 2,846

Distribution fees payable 44 --

Service fees (and distribution fees -- Advisor
Class) payable -- 80

Service fees (and distribution fees --
R Class) payable 45 2
------------ ------------
214,571 41,773
------------ ------------

NET ASSETS $4,628,092 $3,565,736
============ ============

See Notes to Financial Statements.

------
19

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS EXCEPT AS NOTED)
Growth Vista
NET ASSETS CONSIST OF:

Capital (par value and paid-in surplus) $3,871,607 $2,077,687

Undistributed net investment income 5,778 136

Accumulated undistributed net realized
gain (loss) on investment and foreign currency
transactions (171,052) 306,942

Net unrealized appreciation on investments and
translation of assets and liabilities in
foreign currencies 921,759 1,180,971
------------ ------------
$4,628,092 $3,565,736
============ ============

INVESTOR CLASS, $0.01 PAR VALUE
($ AND SHARES IN FULL)

Net assets $4,132,570,240 $2,920,907,965

Shares outstanding 154,301,029 120,498,359

Net asset value per share $26.78 $24.24

INSTITUTIONAL CLASS, $0.01 PAR VALUE
($ AND SHARES IN FULL)

Net assets $284,695,097 $254,527,701

Shares outstanding 10,533,196 10,294,702

Net asset value per share $27.03 $24.72

ADVISOR CLASS, $0.01 PAR VALUE
($ AND SHARES IN FULL)

Net assets $206,836,884 $380,555,281

Shares outstanding 7,845,279 16,060,921

Net asset value per share $26.36 $23.69

C CLASS, $0.01 PAR VALUE
($ AND SHARES IN FULL)

Net assets $1,606,376 $7,346,170

Shares outstanding 63,246 322,619

Net asset value per share $25.40 $22.77

R CLASS, $0.01 PAR VALUE
($ AND SHARES IN FULL)

Net assets $2,383,237 $2,398,424

Shares outstanding 90,390 100,038

Net asset value per share $26.37 $23.98

See Notes to Financial Statements.

------
20

STATEMENT OF OPERATIONS

YEAR ENDED OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)
Growth Vista
INVESTMENT INCOME (LOSS)

INCOME:

Dividends (net of foreign taxes withheld of $319 and
$550, respectively) $ 53,701 $ 8,266

Interest 1,889 2,452

Securities lending 203 --
-------- ----------
55,793 10,718
-------- ----------

EXPENSES:

Management fees 46,402 26,029

Distribution fees:

Advisor Class 342 483

C Class 9 32

Service fees:

Advisor Class 342 483

C Class 3 11

Distribution and service fees:

Advisor Class -- 144

R Class 8 7

Directors' fees and expenses 96 58

Other expenses 25 9
-------- ----------
47,227 27,256
-------- ----------

NET INVESTMENT INCOME (LOSS) 8,566 (16,538)

REALIZED AND UNREALIZED GAIN (LOSS)

NET REALIZED GAIN (LOSS) ON:

Investment transactions 740,792 335,221

Foreign currency transactions (3,170) (7,213)
-------- ----------
737,622 328,008
-------- ----------

CHANGE IN NET UNREALIZED APPRECIATION
(DEPRECIATION) ON:

Investments 214,718 795,619

Translation of assets and liabilities in foreign
currencies 317 4
-------- ----------
215,035 795,623
-------- ----------

NET REALIZED AND UNREALIZED GAIN (LOSS) 952,657 1,123,631
-------- ----------

NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $961,223 $1,107,093
======== ==========

See Notes to Financial Statements.

------
21

STATEMENT OF CHANGES IN NET ASSETS

YEARS ENDED OCTOBER 31, 2007 AND OCTOBER 31, 2006 (AMOUNTS IN THOUSANDS)
Growth Vista
Increase (Decrease) in Net
Assets 2007 2006 2007 2006

OPERATIONS

Net investment income (loss) $8,566 $5,384 $(16,538) $(5,829)

Net realized gain (loss) 737,622 481,327 328,008 89,964

Change in net unrealized
appreciation (depreciation) 215,035 34,838 795,623 110,029

Net increase (decrease) in
net assets resulting from
operations 961,223 521,549 1,107,093 194,164
----------- ---------- ---------- ----------

DISTRIBUTIONS TO SHAREHOLDERS

From net investment income:

Investor Class (2,635) (17,117) -- --

Institutional Class (2,057) (4,228) -- --

Advisor Class -- (173) -- --

From net realized gains:

Investor Class -- -- (15,549) --

Institutional Class -- -- (1,009) --

Advisor Class -- -- (1,650) --

C Class -- -- (27) --

R Class -- -- (3) --
----------- ---------- ---------- ----------
Decrease in net assets from
distributions (4,692) (21,518) (18,238) --
----------- ---------- ---------- ----------

CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in
net assets from capital share
transactions (1,121,481) (491,814) 165,576 (76,189)
----------- ---------- ---------- ----------

NET INCREASE (DECREASE) IN
NET ASSETS (164,950) 8,217 1,254,431 117,975

NET ASSETS

Beginning of period 4,793,042 4,784,825 2,311,305 2,193,330
----------- ---------- ---------- ----------
End of period $4,628,092 $4,793,042 $3,565,736 $2,311,305
=========== ========== ========== ==========

Undistributed net investment
income $5,778 $4,582 $136 $252
=========== ========== ========== ==========

See Notes to Financial Statements.

------
22

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION -- American Century Mutual Funds, Inc. (the corporation) is
registered under the Investment Company Act of 1940 (the 1940 Act) as an
open-end management investment company. Growth Fund (Growth) and Vista Fund
(Vista) (collectively, the funds) are two funds in a series issued by the
corporation. Growth and Vista are diversified under the 1940 Act. The funds'
investment objective is to seek long-term capital growth. The funds pursue
this objective by investing primarily in equity securities. Growth invests in
larger companies that management believes will increase in value but may
purchase companies of any size. Vista invests in companies that are
medium-sized and smaller at the time of purchase that management believes will
increase in value. 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 Advisor Class, the C Class and the R Class. The 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 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.

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 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, or in accordance with procedures adopted by, the
Board of Directors or its designee 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.

SECURITIES ON LOAN -- Growth may lend portfolio securities through their
lending agent to certain approved borrowers in order to earn additional
income. Growth continues to recognize any gain or loss in the market price of
the securities loaned and record any interest earned or dividends declared.

FUTURES CONTRACTS -- The funds may enter into futures contracts in order to
manage the funds' exposure to changes in market conditions. 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. Upon entering into a futures contract, the funds are 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 the funds. The variation margin is
equal to the daily change in the contract value and is recorded as unrealized
gains and losses. The funds recongnize 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

------
23

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

are a component of realized gain (loss) on investment transactions and
unrealized appreciation (depreciation) on investments, respectively.

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 funds record the foreign tax expense, if any,
as a reduction to the net realized gain (loss) on foreign currency
transactions.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- The funds may enter into
forward foreign currency exchange contracts to facilitate transactions of
securities denominated in a foreign currency or to hedge the funds' exposure
to foreign currency exchange rate fluctuations. The net U.S. dollar value of
foreign currency underlying all contractual commitments held by the funds and
the resulting unrealized appreciation or depreciation are determined daily
using prevailing exchange rates. The funds bear the risk of an unfavorable
change in the foreign currency exchange rate underlying the forward contract.
Additionally, losses may arise if the counterparties do not perform under the
contract terms.

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 other registered
investment companies having management agreements with ACIM or American
Century Global Investment Management, Inc. (ACGIM), 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. The funds are no longer subject to examination by tax
authorities for years prior to 2004. At this time, management has not
identified any uncertain tax positions that would materially impact the
financial statements. 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.

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.

------
24

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

2. FEES AND TRANSACTIONS WITH RELATED PARTIES

On July 27, 2007, the Advisor Class shareholders of Vista approved a change to
the class's fee structure. The change was approved by the Board of Directors
on November 29, 2006 and March 7, 2007. Effective September 4, 2007, the fee
structure change resulted in an increase of 0.25% in the unified management
fee and a simultaneous decrease of 0.25% in the total distribution and service
fee, resulting in no change to the total operation expense ratio of the class.

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. For funds
with a stepped fee schedule, the rate of the fee is determined by applying a
fee rate calculation formula. This formula takes into account all of the
investment advisor's assets under management in each fund's investment
strategy (strategy assets) to calculate the appropriate fee rate for each
fund. The strategy assets include each fund's assets and the assets of other
clients of the investment advisor that are not in the American Century family
of funds, but that have the same investment team and investment strategy. The
annual management fee schedule for Growth ranges from 0.80% to 1.00% for the
Investor Class, C Class and R Class. The Advisor Class is 0.25% less at each
point within the range for Growth. The annual management fee schedule for
Vista is 1.00% for the Investor Class, Advisor Class, C Class and R Class. The
Institutional Class is 0.20% less at each point within the range for the
funds. Prior to September 4, 2007, the Advisor Class was 0.25% less at each
point within the range for Vista.

The effective annual management fee for each class of each fund for the year
ended October 31, 2007 was as follows:

Growth Vista
Investor Class 1.00% 1.00%
Institutional Class 0.80% 0.80%
Advisor Class 0.75% 0.80%
C Class 1.00% 1.00%
R Class 1.00% 1.00%

DISTRIBUTION AND SERVICE FEES -- The Board of Directors has adopted a Master
Distribution and Shareholder Services Plan for the Advisor Class of Growth and
a separate Master Distribution and Individual Shareholder Services Plan for
each of the Advisor Class of Vista, C Class and R Class (collectively the
plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the
Advisor Class of Growth will pay American Century Investment Services, Inc.
(ACIS) an annual distribution fee of 0.25% and service fee of 0.25%. The plans
provide that the Advisor Class of Vista will pay ACIS an annual distribution
and service fee of 0.25%. Prior to September 4, 2007, the Board of Directors
had adopted a Master Distribution and Shareholder Services Plan for the
Advisor Class of Vista, pursuant to Rule 12b-1 of the 1940 Act, which provided
that the Advisor Class of Vista would pay ACIS an annual distribution fee of
0.25% and service fee of 0.25%. The plans provide that the C Class will 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 distribution fee provides
compensation for expenses incurred in connection with distributing shares of
the classes including, but not limited to, payments to brokers, dealers, and
financial institutions that have entered into sales agreements with respect to
shares of the funds. The service fee provides compensation for shareholder and
administrative services rendered by ACIS, its affiliates or independent third
party providers for Advisor Class shares and for individual shareholder
services rendered by broker/dealers or other independent financial
intermediaries for C Class and R Class shares. Fees incurred under the plans
during the year ended October 31, 2007, are detailed in the Statement of
Operations.

------
25

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

Beginning in December 2006, 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). JPMIM is a wholly owned subsidiary of JPMorgan Chase
& Co. (JPM). JPM is an equity investor in ACC. The funds have a bank line of
credit agreement and Growth has a securities lending agreement with JPMCB.
JPMCB is a custodian of the funds and a wholly owned subsidiary of JPM.

3. INVESTMENT TRANSACTIONS

Investment transactions, excluding short-term investments, for the year ended
October 31, 2007, were as follows:

Growth Vista

Purchases $5,377,344 $3,299,670

Proceeds from sales $6,510,476 $3,214,204

For the year ended October 31, 2007, Growth incurred net realized gains of
$132,951 from a redemption in kind. A redemption in kind occurs when a fund
delivers securities from its portfolio in lieu of cash as payment to a
redeeming shareholder.

4. CAPITAL SHARE TRANSACTIONS

Transactions in shares of the funds were as follows:

Year ended Year ended
October 31, 2007 October 31, 2006
Shares Amount Shares Amount
Growth

INVESTOR CLASS/SHARES
AUTHORIZED 800,000 800,000
========= =========
Sold 16,977 $ 399,135 14,450 $ 302,102

Issued in reinvestment of
distributions 108 2,426 775 16,259

Redeemed (42,268) (1,005,444) (38,164) (795,254)
--------- ------------ --------- ---------
(25,183) (603,883) (22,939) (476,893)
--------- ------------ --------- ---------
INSTITUTIONAL CLASS/SHARES
AUTHORIZED 150,000 150,000
========= =========
Sold 10,007 248,497 5,106 107,366

Issued in reinvestment of
distributions 91 2,057 200 4,228

Redeemed (33,807) (861,253) (5,605) (117,555)
--------- ------------ --------- ---------
(23,709) (610,699) (299) (5,961)
--------- ------------ --------- ---------
ADVISOR CLASS/SHARES AUTHORIZED 210,000 210,000
========= =========
Sold 5,729 134,470 1,219 25,034

Issued in reinvestment of
distributions -- -- 8 162

Redeemed (1,848) (43,504) (1,681) (34,467)
--------- ------------ --------- ---------
3,881 90,966 (454) (9,271)
--------- ------------ --------- ---------
C CLASS/SHARES AUTHORIZED 100,000 100,000
========= =========
Sold 33 762 16 327

Redeemed (15) (349) (12) (247)
--------- ------------ --------- ---------
18 413 4 80
--------- ------------ --------- ---------
R CLASS/SHARES AUTHORIZED 50,000 50,000
========= =========
Sold 94 2,147 13 264

Redeemed (18) (425) (2) (33)
--------- ------------ --------- ---------
76 1,722 11 231
--------- ------------ --------- ---------
Net increase (decrease) (44,917) $(1,121,481) (23,677) $(491,814)
========= ============ ========= ==========

------
26

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

Year ended Year ended
October 31, 2007 October 31, 2006
Shares Amount Shares Amount
Vista
INVESTOR CLASS/SHARES AUTHORIZED 800,000 800,000
========= ========
Sold 29,032 $594,313 19,234 $320,240

Issued in reinvestment of
distributions 817 14,041 -- --

Redeemed (29,524) (567,312) (25,947) (425,992)
--------- --------- -------- ----------
325 41,042 (6,713) (105,752)
--------- --------- -------- ----------
INSTITUTIONAL CLASS/SHARES
AUTHORIZED 80,000 80,000
========= ========
Sold 5,631 115,870 5,478 94,126

Issued in reinvestment of
distributions 58 1,008 -- --

Redeemed (3,345) (63,192) (3,993) (68,624)
--------- --------- -------- ----------
2,344 53,686 1,485 25,502
--------- --------- -------- ----------
ADVISOR CLASS/SHARES AUTHORIZED 210,000 210,000
========= ========
Sold 7,906 161,044 4,866 78,643

Issued in reinvestment of
distributions 97 1,632 -- --

Redeemed (5,081) (95,834) (4,673) (75,163)
--------- --------- -------- ----------
2,922 66,842 193 3,480
--------- --------- -------- ----------
C CLASS/SHARES AUTHORIZED 100,000 100,000
========= ========
Sold 198 3,788 75 1,172

Issued in reinvestment of
distributions 2 25 -- --

Redeemed (70) (1,289) (57) (904)
--------- --------- -------- ----------
130 2,524 18 268
--------- --------- -------- ----------
R CLASS/SHARES AUTHORIZED 10,000 10,000
========= ========
Sold 189 3,673 23 371

Redeemed (110) (2,191) (4) (58)
--------- --------- -------- ----------
79 1,482 19 313
--------- --------- -------- ----------
Net increase (decrease) 5,800 $165,576 (4,998) $(76,189)
========= ========= ======== ==========

5. SECURITIES LENDING

As of October 31, 2007, securities in Growth valued at $93,484, were on loan
through the lending agent, JPMCB, to certain approved borrowers. 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. The value of cash
collateral received at period end is disclosed in the Statement of Assets and
Liabilities and investments made with the cash by the lending agent are listed
in the Schedule of Investments. 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 total value of all collateral received,
at this date, was $93,949. Growth'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
Growth may be delayed or limited.

6. BANK LINE OF CREDIT

The funds, along with certain other funds managed by ACIM or ACGIM, have a
$500 million unsecured bank line of credit agreement with JPMCB. The funds may
borrow money for temporary or emergency purposes to fund shareholder
redemptions. Borrowings under the agreement bear interest at the Federal Funds
rate plus 0.40%. The funds did not borrow from the line during the year ended
October 31, 2007.

------
27

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

7. RISK FACTORS

8. FEDERAL TAX INFORMATION

The tax character of distributions paid during the years ended October 31,
2007 and October 31, 2006 were as follows:

Growth Vista
2007 2006 2007 2006
DISTRIBUTIONS PAID FROM

Ordinary income $4,692 $21,518 -- --

Long-term capital gains -- -- $18,238 --

Growth Vista
Capital Paid in $132,499 --

Accumulated undistributed
net investment income (loss) $(2,678) $16,423

Accumulated net realized loss $(129,821) $(16,423)

As of October 31, 2007, the components of distributable earnings on a
tax-basis and the federal tax cost of investments were as follows:

Growth Vista

Federal tax cost of investments $3,805,930 $2,413,299
=========== ==========

Gross tax appreciation of investments $956,360 $1,184,200

Gross tax depreciation of investments (36,760) (8,519)
----------- ----------

Net tax appreciation (depreciation) of investments $919,600 $1,175,681
=========== ==========
Net tax appreciation (depreciation) of derivatives and
translation of assets and liabilities in foreign
currencies $(149) $(114)
----------- ----------

Net tax appreciation (depreciation) $919,451 $1,175,567
=========== ==========
Undistributed ordinary income $5,778 $91,095

Accumulated long-term gains -- $221,387

Accumulated capital losses $(168,744) --

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. The capital loss carryovers expire in 2010 for
Growth.

------
28

OCTOBER 31, 2007 (AMOUNTS IN THOUSANDS)

9. CORPORATE EVENT

On July 27, 2007, the C Class shareholders of the funds approved a
reclassification of C Class shares into Advisor Class shares. The change was
approved by the Board of Directors on November 29, 2006 and March 7, 2007. The
reclassification was effective on December 3, 2007.

On July 27, 2007 and September 25, 2007, the Advisor Class shareholders of
Vista and Growth, respectively, approved a change to each class's fee
structure. The change was approved by the Board of Directors on November 29,
2006 and March 7, 2007. Vista's change was effective on September 4, 2007.
Growth's change was effective on December 3, 2007.

10. RECENTLY ISSUED ACCOUNTING STANDARDS

11. OTHER TAX INFORMATION (UNAUDITED) ($ IN FULL)

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

Growth hereby designates up to the maximum amount allowable as qualified
dividend income for the fiscal year ended October 31, 2007.

Vista hereby designates $18,237,080 capital gain distributions for the fiscal
year ended October 31, 2007.

For corporate taxpayers of Growth, ordinary income distributions paid during
the fiscal year ended October 31, 2007, of $4,691,985 qualify for the
corporate dividends received deduction.

------
29

FINANCIAL HIGHLIGHTS
Growth

Investor Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning
of Period $21.99 $19.80 $18.43 $17.26 $14.80
------ ------ ------ ------- ------
Income From Investment Operations
Net Investment Income (Loss)(1) 0.04 0.02 0.08 (0.01) 0.01

Net Realized and Unrealized
Gain (Loss) 4.76 2.26 1.30 1.18 2.45
------ ------ ------ ------- ------
Total From Investment Operations 4.80 2.28 1.38 1.17 2.46
------ ------ ------ ------- ------
Distributions

From Net Investment Income (0.01) (0.09) (0.01) -- --
------ ------ ------ ------- ------
Net Asset Value, End of Period $26.78 $21.99 $19.80 $18.43 $17.26
====== ====== ====== ======= ======

TOTAL RETURN(2) 21.86% 11.51% 7.47% 6.78% 16.62%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets 0.15% 0.09% 0.38% (0.07)% 0.05%

Portfolio Turnover Rate 112% 127% 77% 131% 159%
$4,133 $3,946 $4,008 $4,176 $4,350
Net Assets, End of Period (in
millions)

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. 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.

See Notes to Financial Statements.

------
30

Growth

Institutional Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning
of Period $22.19 $19.98 $18.59 $17.38 $14.87
-------- -------- -------- -------- --------
Income From Investment
Operations
Net Investment
Income (Loss)(1) 0.09 0.06 0.11 0.02 0.04
Net Realized and
Unrealized Gain (Loss) 4.81 2.27 1.33 1.19 2.47
-------- -------- -------- -------- --------
Total From Investment
Operations 4.90 2.33 1.44 1.21 2.51
-------- -------- -------- -------- --------
Distributions
From Net Investment
Income (0.06) (0.12) (0.05) -- --
-------- -------- -------- -------- --------
Net Asset Value,
End of Period $27.03 $22.19 $19.98 $18.59 $17.38
======== ======== ======== ======== ========

TOTAL RETURN(2) 22.13% 11.70% 7.72% 6.96% 16.88%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average
Net Assets 0.80% 0.80% 0.80% 0.80% 0.80%

Ratio of Net Investment
Income (Loss) to Average
Net Assets 0.35% 0.29% 0.58% 0.13% 0.25%

Portfolio Turnover Rate 112% 127% 77% 131% 159%

Net Assets, End of Period
(in thousands) $284,695 $759,816 $689,983 $685,090 $618,569

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. 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.

See Notes to Financial Statements.

------
31

Growth

Advisor Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $21.68 $19.53 $18.22 $17.11 $14.70
-------- ------- ------- ------- -------
Income From Investment
Operations

Net Investment
Income (Loss)(1) (0.04) (0.03) 0.02 (0.06) (0.03)

Net Realized and
Unrealized Gain (Loss) 4.72 2.22 1.29 1.17 2.44
-------- ------- ------- ------- -------
Total From Investment
Operations 4.68 2.19 1.31 1.11 2.41
-------- ------- ------- ------- -------
Distributions
From Net Investment Income -- (0.04) -- -- --
-------- ------- ------- ------- -------
Net Asset Value, End of Period $26.36 $21.68 $19.53 $18.22 $17.11
======== ======= ======= ======= =======

TOTAL RETURN(2) 21.59% 11.23% 7.19% 6.49% 16.39%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 1.25% 1.25% 1.25% 1.25% 1.25%

Ratio of Net Investment Income
(Loss) to Average
Net Assets (0.10)% (0.16)% 0.13% (0.32)% (0.20)%

Portfolio Turnover Rate 112% 127% 77% 131% 159%

Net Assets, End of Period (in
thousands) $206,837 $85,953 $86,303 $76,962 $55,010

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. 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.

See Notes to Financial Statements.

------
32

Growth

C Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $21.04 $19.06 $17.91 $16.95 $14.66
------- ------- ------- ------- -------
Income From Investment Operations

Net Investment Income
(Loss)(1) (0.20) (0.18) (0.12) (0.19) (0.15)

Net Realized and Unrealized
Gain (Loss) 4.56 2.16 1.27 1.15 2.44
------- ------- ------- ------- -------
Total From Investment
Operations 4.36 1.98 1.15 0.96 2.29
------- ------- ------- ------- -------
Net Asset Value, End of Period $25.40 $21.04 $19.06 $17.91 $16.95
======= ======= ======= ======= =======

TOTAL RETURN(2) 20.72% 10.39% 6.42% 5.66% 15.62%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 2.00% 2.00% 2.00% 2.00% 2.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets (0.85)% (0.91)% (0.62)% (1.07)% (0.95)%

Portfolio Turnover Rate 112% 127% 77% 131% 159%

Net Assets, End of Period (in
thousands) $1,606 $947 $779 $632 $623

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any, and does not reflect applicable sales charges.
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.

See Notes to Financial Statements.

------
33

Growth

R Class
For a Share Outstanding Throughout the Years Ended October 31
(except as noted)
2007 2006 2005 2004 2003(1)
PER-SHARE DATA

Net Asset Value, Beginning of
Period $21.74 $19.59 $18.32 $17.25 $16.56
------- ------- ------- ------- ----------
Income From Investment
Operations

Net Investment Income
(Loss)(2) (0.10) (0.11) (0.07) (0.13) (0.02)

Net Realized and
Unrealized Gain (Loss) 4.73 2.26 1.34 1.20 0.71
------- ------- ------- ------- ----------
Total From Investment
Operations 4.63 2.15 1.27 1.07 0.69
------- ------- ------- ------- ----------
Net Asset Value, End of Period $26.37 $21.74 $19.59 $18.32 $17.25
======= ======= ======= ======= ==========

TOTAL RETURN(3) 21.30% 10.97% 6.93% 6.20% 4.17%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.50% 1.50% 1.50% 1.50% 1.50%(4)

Ratio of Net Investment
Income (Loss) to Average
Net Assets (0.35)% (0.41)% (0.12)% (0.57)% (0.58)%(4)

Portfolio Turnover Rate 112% 127% 77% 131% 159%(5)

Net Assets, End of Period (in
thousands) $2,383 $298 $49 $12 $3

(1) August 29, 2003 (commencement of sale) through October 31, 2003.

(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 becuause of the impact of calculating the net asset
value 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 October 31, 2003.

See Notes to Financial Statements.

------
34

Vista

Investor Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $16.35 $14.99 $13.14 $11.97 $9.25
------- ------- ------- ------- -------
Income From Investment Operations

Net Investment Income
(Loss)(1) (0.12) (0.04) (0.04) (0.06) (0.06)

Net Realized and Unrealized
Gain (Loss) 8.14 1.40 1.89 1.23 2.78
------- ------- ------- ------- -------
Total From Investment
Operations 8.02 1.36 1.85 1.17 2.72
------- ------- ------- ------- -------
Distributions

From Net Realized Gains (0.13) -- -- -- --
------- ------- ------- ------- -------
Net Asset Value, End of Period $24.24 $16.35 $14.99 $13.14 $11.97
======= ======= ======= ======= =======

TOTAL RETURN(2) 49.39% 9.07% 14.08% 9.77% 29.41%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 1.00% 1.00% 1.00% 1.00% 1.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets (0.60)% (0.23)% (0.26)% (0.48)% (0.57)%

Portfolio Turnover Rate 121% 234% 284% 255% 280%

Net Assets, End of Period (in
millions) $2,921 $1,965 $1,902 $1,418 $1,240

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. 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.

See Notes to Financial Statements.

------
35

Vista

Institutional Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $16.64 $15.22 $13.32 $12.11 $9.34
-------- -------- ------- ------- -------
Income From Investment
Operations

Net Investment Income
(Loss)(1) (0.08) (0.01) (0.01) (0.04) (0.03)

Net Realized and
Unrealized Gain (Loss) 8.29 1.43 1.91 1.25 2.80
-------- -------- ------- ------- -------
Total From Investment
Operations 8.21 1.42 1.90 1.21 2.77
-------- -------- ------- ------- -------
Distributions

From Net Realized Gains (0.13) -- -- -- --
-------- -------- ------- ------- -------
Net Asset Value, End of Period $24.72 $16.64 $15.22 $13.32 $12.11
======== ======== ======= ======= =======

TOTAL RETURN(2) 49.68% 9.33% 14.26% 9.99% 29.66%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 0.80% 0.80% 0.80% 0.80% 0.80%

Ratio of Net Investment Income
(Loss) to Average Net Assets (0.40)% (0.03)% (0.06)% (0.28)% (0.37)%

Portfolio Turnover Rate 121% 234% 284% 255% 280%

Net Assets, End of Period (in
thousands) $254,528 $132,325 $98,439 $42,747 $34,177

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. 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.

See Notes to Financial Statements.

------
36

Vista

Advisor Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning
of Period $16.03 $14.73 $12.95 $11.82 $9.15
-------- -------- -------- -------- -------
Income From Investment
Operations

Net Investment Income
(Loss)(1) (0.16) (0.08) (0.08) (0.11) (0.08)

Net Realized and
Unrealized Gain (Loss) 7.95 1.38 1.86 1.24 2.75
-------- -------- -------- -------- -------
Total From Investment
Operations 7.79 1.30 1.78 1.13 2.67
-------- -------- -------- -------- -------
Distributions

From Net Realized Gains (0.13) -- -- -- --
-------- -------- -------- -------- -------
Net Asset Value, End of
Period $23.69 $16.03 $14.73 $12.95 $11.82
======== ======== ======== ======== =======

TOTAL RETURN(2) 48.94% 8.83% 13.75% 9.56% 29.18%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.25% 1.25% 1.25% 1.25% 1.25%

Ratio of Net Investment
Income (Loss) to Average Net
Assets (0.85)% (0.48)% (0.51)% (0.73)% (0.82)%

Portfolio Turnover Rate 121% 234% 284% 255% 280%

Net Assets, End of Period
(in thousands) $380,555 $210,576 $190,635 $106,750 $17,060

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any. 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.

See Notes to Financial Statements.

------
37

Vista

C Class
For a Share Outstanding Throughout the Years Ended October 31
2007 2006 2005 2004 2003
PER-SHARE DATA

Net Asset Value, Beginning of
Period $15.52 $14.37 $12.73 $11.71 $9.12
------- ------- ------- ------- -------
Income From Investment Operations

Net Investment Income
(Loss)(1) (0.30) (0.19) (0.18) (0.19) (0.16)

Net Realized and Unrealized
Gain (Loss) 7.68 1.34 1.82 1.21 2.75
------- ------- ------- ------- -------
Total From Investment
Operations 7.38 1.15 1.64 1.02 2.59
------- ------- ------- ------- -------
Distributions

From Net Realized Gains (0.13) -- -- -- --
------- ------- ------- ------- -------
Net Asset Value, End of Period $22.77 $15.52 $14.37 $12.73 $11.71
======= ======= ======= ======= =======

TOTAL RETURN(2) 47.90% 8.00% 12.88% 8.71% 28.40%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses to
Average Net Assets 2.00% 2.00% 2.00% 2.00% 2.00%

Ratio of Net Investment Income
(Loss) to Average Net Assets (1.60)% (1.23)% (1.26)% (1.48)% (1.57)%

Portfolio Turnover Rate 121% 234% 284% 255% 280%

Net Assets, End of Period (in
thousands) $7,346 $2,998 $2,515 $1,439 $333

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

(2) Total return assumes reinvestment of net investment income and capital
gains distributions, if any, and does not reflect applicable sales charges.
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.

See Notes to Financial Statements.

------
38

Vista

R Class
For a Share Outstanding Throughout the Year Ended October 31
(except as noted)
2007 2006 2005(1)
PER-SHARE DATA

Net Asset Value, Beginning of Period $16.25 $14.97 $15.32
Income From Investment Operations
------- ------- ----------
Net Investment Income (Loss)(2) (0.21) (0.16) (0.04)

Net Realized and Unrealized Gain (Loss) 8.07 1.44 (0.31)
------- ------- ----------
Total From Investment Operations 7.86 1.28 (0.35)
------- ------- ----------
Distributions

From Net Realized Gains (0.13) -- --
------- ------- ----------
Net Asset Value, End of Period $23.98 $16.25 $14.97
======= ======= ==========

TOTAL RETURN(3) 48.71% 8.55% (2.28)%

RATIOS/SUPPLEMENTAL DATA

Ratio of Operating Expenses
to Average Net Assets 1.50% 1.50% 1.50%(4)

Ratio of Net Investment Income (Loss)
to Average Net Assets (1.10)% (0.73)% (0.92)%(4)

Portfolio Turnover Rate 121% 234% 284%(5)

Net Assets, End of Period (in thousands) $2,398 $337 $24

(1) July 29, 2005 (commencement of sale) through October 31, 2005.

(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) Portfolio turnover is calculated at the fund level. Percentage indicated
was calculated for the year ended October 31, 2005.

See Notes to Financial Statements.

------
39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders,
American Century Mutual Funds, Inc.:

We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of Growth Fund and Vista Fund (the
"Funds"), two of the mutual funds comprising American Century Mutual Funds,
Inc., as of October 31, 2007, and the related statements of operations for the
year then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for the periods
presented. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits 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 and financial highlights are free of material
misstatement. The Funds are not required to have, nor were we engaged to
perform, an audit of their internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as
a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement
presentation. Our procedures included confirmation of securities owned as of
October 31, 2007, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective Funds, as of October 31, 2007, the results of their
operations for the year then ended, the changes in their net assets for each
of the two years in the period then ended, and the financial highlights for
the periods presented, in conformity with accounting principles generally
accepted in the United States of America.

Deloitte & Touche LLP
Kansas City, Missouri
December 12, 2007

------
40

PROXY VOTING RESULTS

Special meetings of shareholders were held on July 27, 2007 and September 25,
2007, to vote on the following proposals. The proposals received the required
number of votes of the American Century Mutual Funds, Inc. or the applicable
fund, depending on the proposal, and were adopted. A summary of voting results
is listed below each proposal.

PROPOSAL 1:
To elect nine Directors to the Board of Directors of American Century Mutual
Funds, Inc. (the proposal was voted on by all shareholders of funds issued by
American Century Mutual Funds, Inc.).