UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-00816
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, MISSOURI64111
(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:	01-31-2009

ITEM 1.  SCHEDULE OF INVESTMENTS.

American Century Investments®

Quarterly Portfolio Holdings

Ultra® Fund

January 31, 2009

Ultra – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

COMMON STOCKS — 98.1%
AEROSPACE & DEFENSE― 2.6%
	1,169,000	General Dynamics Corp.	$66,317,370
	666,000	Lockheed Martin Corp.	54,638,640
			120,956,010
AIR FREIGHT & LOGISTICS ― 0.3%
	310,000	United Parcel Service, Inc., Class B	13,171,900
AUTO COMPONENTS ― 0.2%
	420,000	BorgWarner, Inc.	7,089,600
BEVERAGES ― 2.7%
	1,658,000	Coca-Cola Co. (The)	70,829,760
	1,049,000	PepsiCo, Inc.	52,691,270
			123,521,030
BIOTECHNOLOGY ― 6.3%
	442,000	Amgen, Inc.(1)	24,243,700
	936,000	Celgene Corp.(1)	49,561,200
	866,000	Genentech, Inc.(1)	70,353,840
	942,000	Genzyme Corp.(1)	64,922,640
	1,571,000	Gilead Sciences, Inc.(1)	79,759,670
			288,841,050
CAPITAL MARKETS ― 2.1%
	174,000	BlackRock, Inc.	18,931,200
	3,285,000	Charles Schwab Corp. (The)	44,643,150
	410,000	Goldman Sachs Group, Inc. (The)	33,099,300
			96,673,650
CHEMICALS ― 2.9%
	311,000	Air Products & Chemicals, Inc.	15,643,300
	1,037,000	Monsanto Co.	78,874,220
	490,000	Praxair, Inc.	30,507,400
	407,154	Valspar Corp.	7,064,122
			132,089,042
COMMUNICATIONS EQUIPMENT ― 4.4%
	7,172,000	Cisco Systems, Inc.(1)	107,364,840
	2,793,000	QUALCOMM, Inc.	96,498,150
			203,862,990
COMPUTERS & PERIPHERALS ― 4.8%
	1,167,000	Apple, Inc.(1)	105,181,710
	2,246,000	EMC Corp.(1)	24,795,840
	2,624,000	Hewlett-Packard Co.	91,184,000
			221,161,550
CONSTRUCTION & ENGINEERING ― 0.7%
	541,000	Fluor Corp.	21,044,900
	278,000	Jacobs Engineering Group, Inc.(1)	10,750,260
			31,795,160
CONSUMER FINANCE ― 0.2%
	482,000	Capital One Financial Corp.	7,634,880
DIVERSIFIED FINANCIAL SERVICES ― 0.7%
	1,292,000	JPMorgan Chase & Co.	32,958,920

Ultra – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.2%
	575,000	Telefonica SA	$10,228,527
ELECTRIC UTILITIES ― 1.0%
	477,000	Progress Energy, Inc.	18,469,440
	803,000	Southern Co.	26,860,350
			45,329,790
ELECTRICAL EQUIPMENT ― 2.1%
	922,000	ABB Ltd.	11,985,289
	793,000	ABB Ltd. ADR	10,348,650
	2,266,000	Emerson Electric Co.	74,098,200
			96,432,139
ENERGY EQUIPMENT & SERVICES ― 1.8%
	1,176,000	National Oilwell Varco, Inc.(1)	31,093,440
	1,296,000	Schlumberger Ltd.	52,889,760
			83,983,200
FOOD & STAPLES RETAILING ― 6.0%
	412,000	Costco Wholesale Corp.	18,552,360
	2,382,000	Kroger Co. (The)	53,595,000
	4,321,000	Wal-Mart Stores, Inc.	203,605,520
			275,752,880
FOOD PRODUCTS ― 2.2%
	1,155,000	General Mills, Inc.	68,318,250
	223,000	Kellogg Co.	9,742,870
	661,000	Nestle SA	22,853,523
			100,914,643
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.1%
	1,556,000	Baxter International, Inc.	91,259,400
	368,000	Becton, Dickinson & Co.	26,742,560
	796,000	Medtronic, Inc.	26,658,040
			144,660,000
HEALTH CARE PROVIDERS & SERVICES ― 2.5%
	1,747,000	Express Scripts, Inc.(1)	93,918,720
	819,000	UnitedHealth Group, Inc.	23,202,270
			117,120,990
HOTELS, RESTAURANTS & LEISURE ― 3.2%
	1,782,000	McDonald's Corp.	103,391,640
	1,486,000	Yum! Brands, Inc.	42,529,320
			145,920,960
HOUSEHOLD PRODUCTS ― 0.3%
	199,000	Colgate-Palmolive Co.	12,942,960
INSURANCE ― 0.6%
	253,000	Aon Corp.	9,373,650
	680,000	MetLife, Inc.	19,536,400
			28,910,050
INTERNET & CATALOG RETAIL ― 0.7%
	583,000	Amazon.com, Inc.(1)	34,292,060
INTERNET SOFTWARE & SERVICES ― 2.8%
	116,000	Baidu.com, Inc. ADR(1)	14,937,320
	338,000	Google, Inc., Class A(1)	114,423,140
			129,360,460

Ultra – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

IT SERVICES ― 3.6%
	890,000	Accenture Ltd., Class A	$28,088,400
	735,000	International Business Machines Corp.	67,362,750
	214,000	MasterCard, Inc., Class A	29,056,920
	472,000	Visa, Inc., Class A	23,293,200
	1,177,000	Western Union Co. (The)	16,077,820
			163,879,090
LEISURE EQUIPMENT & PRODUCTS ― 0.7%
	1,436,000	Hasbro, Inc.	34,650,680
LIFE SCIENCES TOOLS & SERVICES ― 0.7%
	868,000	Thermo Fisher Scientific, Inc.(1)	31,187,240
MACHINERY ― 2.8%
	1,199,000	Cummins, Inc.	28,752,020
	1,215,000	Deere & Co.	42,209,100
	574,000	Eaton Corp.	25,267,480
	892,000	Parker-Hannifin Corp.	34,083,320
			130,311,920
METALS & MINING ― 2.8%
	666,000	BHP Billiton Ltd. ADR	25,001,640
	513,000	Cliffs Natural Resources, Inc.	11,886,210
	311,000	Freeport-McMoRan Copper & Gold, Inc.	7,818,540
	823,000	Newmont Mining Corp.	32,738,940
	1,056,000	Nucor Corp.	43,074,240
	301,000	United States Steel Corp.	9,039,030
			129,558,600
MULTILINE RETAIL― 1.3%
	1,316,000	Kohl's Corp.(1)	48,310,360
	347,000	Target Corp.	10,826,400
			59,136,760
OIL, GAS & CONSUMABLE FUELS ― 6.7%
	386,000	Apache Corp.	28,950,000
	189,000	Chevron Corp.	13,328,280
	882,000	EOG Resources, Inc.	59,773,140
	596,000	Exxon Mobil Corp.	45,582,080
	788,000	Hess Corp.	43,820,680
	745,000	Noble Energy, Inc.	36,452,850
	929,000	Occidental Petroleum Corp.	50,676,950
	518,000	Plains Exploration & Production Co.(1)	10,940,160
	546,000	Southwestern Energy Co.(1)	17,280,900
			306,805,040
PHARMACEUTICALS― 4.6%
	2,057,000	Abbott Laboratories	114,040,080
	311,000	AstraZeneca plc	12,052,506
	198,000	AstraZeneca plc ADR	7,628,940
	1,455,000	Bristol-Myers Squibb Co.	31,151,550
	515,000	Johnson & Johnson	29,710,350
	393,000	Teva Pharmaceutical Industries Ltd. ADR	16,289,850
			210,873,276
ROAD & RAIL ― 1.5%
	758,000	Norfolk Southern Corp.	29,076,880

Ultra – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

	939,000	Union Pacific Corp.	$41,118,810
			70,195,690
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 5.4%
	1,766,000	Altera Corp.	27,161,080
	5,501,000	Applied Materials, Inc.	51,544,370
	1,411,000	ASML Holding NV	23,446,129
	4,820,000	Intel Corp.	62,178,000
	520,000	Lam Research Corp.(1)	10,509,200
	1,722,000	Linear Technology Corp.	40,329,240
	237,000	MEMC Electronic Materials, Inc.(1)	3,223,200
	1,586,000	Microchip Technology, Inc.	30,086,420
			248,477,639
SOFTWARE― 6.4%
	2,812,000	Adobe Systems, Inc.(1)	54,299,720
	1,135,000	McAfee, Inc.(1)	34,606,150
	6,744,000	Microsoft Corp.	115,322,400
	4,047,000	Oracle Corp.(1)	68,111,010
	506,000	salesforce.com, inc.(1)	13,464,660
	422,000	VMware, Inc., Class A(1)	8,735,400
			294,539,340
SPECIALTY RETAIL ― 2.5%
	995,000	Lowe's Cos., Inc.	18,178,650
	387,000	Sherwin-Williams Co. (The)	18,479,250
	2,705,000	Staples, Inc.	43,117,700
	1,758,000	TJX Cos., Inc. (The)	34,140,360
			113,915,960
TEXTILES, APPAREL & LUXURY GOODS ― 1.2%
	1,251,000	NIKE, Inc., Class B	56,607,750
THRIFTS & MORTGAGE FINANCE ― 0.2%
	669,000	People's United Financial, Inc.	10,944,840
TOBACCO ― 1.9%
	2,412,000	Philip Morris International, Inc.	89,605,800
TRADING COMPANIES & DISTRIBUTORS ― 1.4%
	894,000	W.W. Grainger, Inc.	65,217,300
TOTAL COMMON STOCKS
(Cost $5,113,413,197)			4,521,511,366
TEMPORARY CASH INVESTMENTS — 1.5%
1,731,554		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	1,731,554
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 2.75%-6.00%, 8/15/09-7/31/10, valued at $66,718,158), in a joint trading account at 0.24%, dated 1/30/09, due 2/2/09 (Delivery value $65,401,308)			65,400,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $67,131,554)			67,131,554
TOTAL INVESTMENT SECURITIES — 99.6%
(Cost $5,180,544,751)			4,588,642,920
OTHER ASSETS AND LIABILITIES — 0.4%			18,775,791
TOTAL NET ASSETS — 100.0%			$4,607,418,711

Ultra – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
19,971,110	CHF for USD	2/27/09	$17,222,710	$262,983
12,773,883	EUR for USD	2/27/09	16,350,570	551,847
4,167,400	GBP for USD	2/27/09	6,037,396	(75,481)
			$39,610,676	$739,349
(Value on Settlement Date $40,350,025)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	CHF	-	Swiss Franc
	EUR	-	Euro
	GBP	-	British Pound
	USD	-	United States Dollar

(1) Non-income producing.

Ultra – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss) on Other Financial  Instruments*
Level 1 - Quoted Prices	$       4,442,676,946	-
Level 2 - Other Significant Observable Inputs	145,965,974	$           739,349
Level 3 - Significant Unobservable Inputs	-	-
	$       4,588,642,920	$           739,349
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$    5,348,195,821
Gross tax appreciation of investments	$       247,186,522
Gross tax depreciation of investments	(1,006,739,423)
Net tax appreciation (depreciation) of investments	$    (759,552,901)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Growth Fund

January 31, 2009

Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

COMMON STOCKS — 99.1%
AEROSPACE & DEFENSE― 3.9%
	1,216,800	Honeywell International, Inc.	$39,923,208
	1,271,200	Raytheon Co.	64,348,144
	197,600	Rockwell Collins, Inc.	7,445,568
			111,716,920
AUTO COMPONENTS ― 0.9%
	1,499,700	BorgWarner, Inc.	25,314,936
BEVERAGES ― 4.3%
	1,910,000	Coca-Cola Co. (The)	81,595,200
	821,500	PepsiCo, Inc.	41,263,945
			122,859,145
BIOTECHNOLOGY ― 3.1%
	366,500	Alexion Pharmaceuticals, Inc.(1)	13,512,855
	423,400	Genentech, Inc.(1)	34,397,016
	789,400	Gilead Sciences, Inc.(1)	40,077,838
			87,987,709
CAPITAL MARKETS ― 2.0%
	1,126,200	Morgan Stanley	22,783,026
	610,000	Northern Trust Corp.	35,087,200
			57,870,226
CHEMICALS ― 2.4%
	126,200	Ashland, Inc.	1,012,124
	312,500	Celanese Corp., Class A	3,328,125
	792,800	Monsanto Co.	60,300,368
	120,100	Mosaic Co. (The)	4,283,967
			68,924,584
COMMERCIAL SERVICES & SUPPLIES ― 0.1%
	307,700	R.R. Donnelley & Sons Co.	3,003,152
COMMUNICATIONS EQUIPMENT ― 4.9%
	5,171,900	Cisco Systems, Inc.(1)	77,423,343
	1,780,900	QUALCOMM, Inc.	61,530,095
			138,953,438
COMPUTERS & PERIPHERALS ― 6.9%
	830,300	Apple, Inc.(1)	74,834,939
	2,589,400	EMC Corp.(1)	28,586,976
	2,026,800	Hewlett-Packard Co.	70,431,300
	159,300	Lexmark International, Inc., Class A(1)	3,772,224
	766,000	NetApp, Inc.(1)	11,359,780
	545,400	Western Digital Corp.(1)	8,006,472
			196,991,691
CONSTRUCTION MATERIALS ― 0.1%
	79,500	Vulcan Materials Co.	3,932,070
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
	241,800	IntercontinentalExchange, Inc.(1)	13,765,674
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.1%
	153,000	CenturyTel, Inc.	4,152,420
ELECTRIC UTILITIES ― 1.5%
	138,700	Edison International	4,517,459

Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

	753,800	FPL Group, Inc.	$38,858,390
			43,375,849
ELECTRICAL EQUIPMENT ― 2.1%
	291,100	Cooper Industries Ltd., Class A	7,833,501
	1,042,500	Emerson Electric Co.	34,089,750
	270,500	Energy Conversion Devices, Inc.(1)	6,808,485
	68,300	First Solar, Inc.(1)	9,753,240
			58,484,976
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.3%
	142,600	Anixter International, Inc.(1)	3,847,348
	222,300	Arrow Electronics, Inc.(1)	4,239,261
			8,086,609
ENERGY EQUIPMENT & SERVICES ― 2.7%
	332,500	Baker Hughes, Inc.	11,078,900
	149,900	ENSCO International, Inc.	4,101,264
	690,800	National Oilwell Varco, Inc.(1)	18,264,752
	537,200	Noble Corp.	14,584,980
	720,900	Schlumberger Ltd.	29,419,929
			77,449,825
FOOD & STAPLES RETAILING ― 2.7%
	1,293,200	Walgreen Co.	35,446,612
	912,800	Wal-Mart Stores, Inc.	43,011,136
			78,457,748
FOOD PRODUCTS ― 2.2%
	832,200	Kellogg Co.	36,358,818
	789,400	Nestle SA	27,292,845
			63,651,663
HEALTH CARE EQUIPMENT & SUPPLIES ― 7.8%
	252,700	Alcon, Inc.	21,641,228
	453,200	Baxter International, Inc.	26,580,180
	834,800	Becton, Dickinson & Co.	60,664,916
	338,500	C.R. Bard, Inc.	28,965,445
	540,800	DENTSPLY International, Inc.	14,552,928
	250,600	Gen-Probe, Inc.(1)	11,282,012
	86,100	Intuitive Surgical, Inc.(1)	8,888,103
	212,000	Kinetic Concepts, Inc.(1)	5,109,200
	781,200	Medtronic, Inc.	26,162,388
	270,300	Mettler Toledo International, Inc.(1)	17,996,574
			221,842,974
HEALTH CARE PROVIDERS & SERVICES― 2.0%
	254,900	CIGNA Corp.	4,425,064
	560,200	Express Scripts, Inc.(1)	30,116,352
	554,600	UnitedHealth Group, Inc.	15,711,818
	436,400	VCA Antech, Inc.(1)	8,213,048
			58,466,282
HOUSEHOLD DURABLES ― 0.7%
	1,090,700	KB Home	11,637,769
	284,100	Mohawk Industries, Inc.(1)	9,122,451
			20,760,220
HOUSEHOLD PRODUCTS ― 2.8%
	1,465,800	Procter & Gamble Co. (The)	79,886,100

Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

INSURANCE ― 1.3%
	159,500	Allstate Corp. (The)	$3,456,365
	606,800	Chubb Corp. (The)	25,837,544
	264,500	Hartford Financial Services Group, Inc. (The)	3,480,820
	120,200	Reinsurance Group of America, Inc.	4,282,726
			37,057,455
INTERNET & CATALOG RETAIL ― 0.4%
	199,200	Amazon.com, Inc.(1)	11,716,944
INTERNET SOFTWARE & SERVICES ― 2.6%
	219,000	Google, Inc., Class A(1)	74,138,070
IT SERVICES ― 3.4%
	97,100	Affiliated Computer Services, Inc., Class A(1)	4,453,006
	182,000	Fidelity National Information Services, Inc.	2,895,620
	832,900	Global Payments, Inc.	28,909,959
	650,500	International Business Machines Corp.	59,618,325
			95,876,910
LIFE SCIENCES TOOLS & SERVICES ― 1.3%
	483,100	QIAGEN NV(1)	8,285,165
	816,200	Thermo Fisher Scientific, Inc.(1)	29,326,066
			37,611,231
MACHINERY ― 2.7%
	182,900	Flowserve Corp.	9,750,399
	401,300	Illinois Tool Works, Inc.	13,106,458
	291,800	ITT Corp.	13,212,704
	562,400	Navistar International Corp.(1)	17,080,088
	339,700	PACCAR, Inc.	8,964,683
	388,300	Valmont Industries, Inc.	15,757,214
			77,871,546
MEDIA ― 1.7%
	1,579,700	DIRECTV Group, Inc. (The)(1)	34,595,430
	612,500	Scripps Networks Interactive, Inc., Class A	13,150,375
			47,745,805
METALS & MINING ― 0.7%
	383,700	Newmont Mining Corp.	15,263,586
	115,400	United States Steel Corp.	3,465,462
			18,729,048
MULTILINE RETAIL ― 3.2%
	1,246,300	Kohl's Corp.(1)	45,751,673
	1,928,400	Macy's, Inc.	17,259,180
	895,700	Target Corp.	27,945,840
			90,956,693
MULTI-UTILITIES ― 1.2%
	915,000	Public Service Enterprise Group, Inc.	28,886,550
	106,100	Sempra Energy	4,651,424
			33,537,974
OIL, GAS & CONSUMABLE FUELS ― 5.9%
	310,100	Apache Corp.	23,257,500
	737,300	Devon Energy Corp.	45,417,680
	584,200	EOG Resources, Inc.	39,591,234
	445,900	Exxon Mobil Corp.	34,102,432

Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                   Value

	345,300	Occidental Petroleum Corp.	18,836,115
	1,168,400	Quicksilver Resources, Inc.(1)	$8,097,012
			169,301,973
PERSONAL PRODUCTS― 0.3%
	344,400	Estee Lauder Cos., Inc. (The), Class A	9,040,500
PHARMACEUTICALS ― 3.9%
	668,600	Abbott Laboratories	37,067,184
	199,600	Allergan, Inc.	7,608,752
	627,600	Johnson & Johnson	36,206,244
	598,000	Novo Nordisk AS B Shares	31,909,374
			112,791,554
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.9%
	773,200	Digital Realty Trust, Inc.	24,665,080
ROAD & RAIL ― 1.8%
	1,143,600	Union Pacific Corp.	50,078,244
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.3%
	1,361,700	Altera Corp.	20,942,946
	1,346,500	Applied Materials, Inc.	12,616,705
	1,406,400	Intel Corp.	18,142,560
	558,900	Linear Technology Corp.	13,089,438
	3,350,900	Marvell Technology Group Ltd.(1)	24,428,061
	1,551,600	NVIDIA Corp.(1)	12,335,220
	619,500	Texas Instruments, Inc.	9,261,525
	796,500	Xilinx, Inc.	13,421,025
			124,237,480
SOFTWARE ― 4.8%
	3,821,800	Microsoft Corp.	65,352,780
	3,970,000	Oracle Corp.(1)	66,815,100
	160,100	salesforce.com, inc.(1)	4,260,261
			136,428,141
SPECIALTY RETAIL ― 2.7%
	343,800	Advance Auto Parts, Inc.	11,252,574
	892,400	CarMax, Inc.(1)	7,380,148
	696,600	J. Crew Group, Inc.(1)	6,966,000
	1,883,400	Lowe's Cos., Inc.	34,409,718
	542,100	O'Reilly Automotive, Inc.(1)	15,758,847
			75,767,287
TRADING COMPANIES & DISTRIBUTORS ― 0.1%
	224,900	WESCO International, Inc.(1)	4,142,658
WIRELESS TELECOMMUNICATION SERVICES ― 1.9%
	1,604,700	American Tower Corp., Class A(1)	48,686,598
	266,700	NII Holdings, Inc.(1)	5,173,980
			53,860,578
TOTAL COMMON STOCKS
(Cost $3,361,638,512)			2,831,489,382
TEMPORARY CASH INVESTMENTS — 0.8%
225,600		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	225,600

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.29%, 4/9/09, valued at $2,040,192), in a joint trading account at 0.20%, dated 1/30/09, due 2/2/09 (Delivery value $2,000,033)	2,000,000
Repurchase Agreement, Goldman Sachs Group, Inc., (collateralized by various U.S. Treasury obligations, 4.75%, 2/15/37, valued at $22,014,494), in a joint trading account at 0.10%, dated 1/30/09, due 2/2/09 (Delivery value $21,500,179)	$    21,500,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $23,725,600)	23,725,600
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $3,385,364,112)	2,855,214,982
OTHER ASSETS AND LIABILITIES — 0.1%	3,884,900
TOTAL NET ASSETS — 100.0%	$2,859,099,882

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
25,652,342	CHF for USD	2/27/09	$22,122,098	$337,795
140,649,600	DKK for USD	2/27/09	24,128,880	792,202
			$46,250,978	$1,129,997
(Value on Settlement Date $47,380,975)

Notes to Schedule of Investments
	CHF	-	Swiss Franc
	DKK	-	Danish Krone
	USD	-	United States Dollar

(1) Non-income producing.

Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment  Securities	Unrealized Gain (Loss) on Other Financial  Instruments*
Level 1 - Quoted Prices	$    2,772,512,763	-
Level 2 - Other Significant Observable Inputs	82,702,219	$    1,129,997
Level 3 - Significant Unobservable Inputs	-	-
	$    2,855,214,982	$    1,129,997
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$    3,431,095,909
Gross tax appreciation of investments	$         53,123,962
Gross tax depreciation of investments	(629,004,889)
Net tax appreciation (depreciation) of investments	$    (575,880,927)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

VistaSM Fund

January 31, 2009

Vista – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

COMMON STOCKS — 97.3%
AIR FREIGHT & LOGISTICS ― 0.4%
	173,000	FedEx Corp.	$8,812,620
AIRLINES ― 2.3%
	739,000	Alaska Air Group, Inc.(1)	19,480,040
	339,000	Continental Airlines, Inc., Class B(1)	4,566,330
	999,000	Delta Air Lines, Inc.(1)	6,893,100
	2,549,000	JetBlue Airways Corp.(1)	14,350,870
			45,290,340
BIOTECHNOLOGY ― 3.3%
	697,000	Alexion Pharmaceuticals, Inc.(1)	25,698,390
	311,000	Celgene Corp.(1)	16,467,450
	303,000	Cephalon, Inc.(1)	23,385,540
			65,551,380
CAPITAL MARKETS ― 1.5%
	85,000	BlackRock, Inc.	9,248,000
	567,000	Knight Capital Group, Inc., Class A(1)	10,223,010
	401,000	Lazard Ltd., Class A	10,626,500
			30,097,510
CHEMICALS ― 5.6%
	499,000	Intrepid Potash, Inc.(1)	10,169,620
	531,000	Monsanto Co.	40,387,860
	303,000	Mosaic Co. (The)	10,808,010
	480,000	Scotts Miracle-Gro Co. (The), Class A	15,465,600
	179,000	Syngenta AG	34,640,877
			111,471,967
COMMERCIAL SERVICES & SUPPLIES ― 1.3%
	930,000	Waste Connections, Inc.(1)	26,988,600
CONSTRUCTION & ENGINEERING ― 5.6%
	972,000	AECOM Technology Corp.(1)	24,601,320
	254,000	Granite Construction, Inc.	8,945,880
	102,000	Jacobs Engineering Group, Inc.(1)	3,944,340
	2,380,000	Quanta Services, Inc.(1)	50,884,400
	346,000	Shaw Group, Inc. (The)(1)	9,618,800
	408,000	URS Corp.(1)	13,892,400
			111,887,140
CONTAINERS & PACKAGING ― 2.6%
	2,218,000	Crown Holdings, Inc.(1)	41,587,500
	452,000	Pactiv Corp.(1)	9,772,240
			51,359,740
DIVERSIFIED ― 3.2%
	707,000	Midcap SPDR Trust Series 1	64,117,830
DIVERSIFIED CONSUMER SERVICES ― 8.9%
	408,000	Apollo Group, Inc., Class A(1)	33,235,680
	1,738,000	Corinthian Colleges, Inc.(1)	32,465,840
	378,000	DeVry, Inc.	20,253,240
	991,000	H&R Block, Inc.	20,543,430
	586,000	ITT Educational Services, Inc.(1)	71,790,860
			178,289,050

Vista – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

ELECTRICAL EQUIPMENT ― 0.6%
	233,000	Energy Conversion Devices, Inc.(1)	$5,864,610
	43,000	First Solar, Inc.(1)	6,140,400
			12,005,010
ENERGY EQUIPMENT & SERVICES ― 0.9%
	356,000	CARBO Ceramics, Inc.	12,798,200
	497,000	Weatherford International Ltd.(1)	5,481,910
			18,280,110
FOOD & STAPLES RETAILING ― 1.4%
	330,000	BJ's Wholesale Club, Inc.(1)	9,464,400
	817,000	Kroger Co. (The)	18,382,500
			27,846,900
FOOD PRODUCTS ― 1.8%
	521,000	Dean Foods Co.(1)	10,076,140
	289,000	H.J. Heinz Co.	10,548,500
	119,000	Kellogg Co.	5,199,110
	186,000	Ralcorp Holdings, Inc.(1)	11,014,920
			36,838,670
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.2%
	706,000	Covidien Ltd.	27,068,040
	366,000	Edwards Lifesciences Corp.(1)	21,041,340
	457,000	St. Jude Medical, Inc.(1)	16,621,090
			64,730,470
HEALTH CARE PROVIDERS & SERVICES ― 10.1%
	753,000	Aetna, Inc.	23,343,000
	882,000	Express Scripts, Inc.(1)	47,416,320
	1,238,000	Medco Health Solutions, Inc.(1)	55,623,340
	1,313,849	Omnicare, Inc.	36,735,218
	1,374,000	UnitedHealth Group, Inc.	38,925,420
			202,043,298
HOTELS, RESTAURANTS & LEISURE ― 1.1%
	488,749	Panera Bread Co., Class A(1)	22,961,428
HOUSEHOLD DURABLES ― 1.7%
	558,000	KB Home	5,953,860
	153,000	M.D.C. Holdings, Inc.	4,687,920
	24,000	NVR, Inc.(1)	10,226,160
	422,000	Pulte Homes, Inc.	4,283,300
	518,000	Toll Brothers, Inc.(1)	8,816,360
			33,967,600
INSURANCE ― 4.4%
	239,000	ACE Ltd.	10,434,740
	663,000	Aon Corp.	24,564,150
	427,000	Axis Capital Holdings Ltd.	10,359,020
	1,007,000	Fidelity National Financial, Inc., Class A	14,722,340
	270,000	PartnerRe Ltd.	17,693,100
	246,000	Travelers Cos., Inc. (The)	9,505,440
			87,278,790
INTERNET & CATALOG RETAIL ― 0.1%
	58,000	Netflix, Inc.(1)	2,096,120
INTERNET SOFTWARE & SERVICES ― 3.1%

Vista – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

	374,000	Equinix, Inc.(1)	19,952,900
	1,181,000	NetEase.com, Inc. ADR(1)	$  22,450,810
	497,000	Sohu.com, Inc.(1)	19,656,350
			62,060,060
LIFE SCIENCES TOOLS & SERVICES ― 2.0%
	1,106,000	Thermo Fisher Scientific, Inc.(1)	39,738,580
MACHINERY ― 0.5%
	621,000	Briggs & Stratton Corp.	9,184,590
MARINE ― 0.6%
	346,000	Diana Shipping, Inc.	4,598,340
	589,000	Eagle Bulk Shipping, Inc.	3,145,260
	305,000	Genco Shipping & Trading Ltd.	4,742,750
			12,486,350
MEDIA ― 0.8%
	708,000	DIRECTV Group, Inc. (The)(1)	15,505,200
METALS & MINING ― 1.4%
	227,000	Nucor Corp.	9,259,330
	467,000	Schnitzer Steel Industries, Inc., Class A	18,339,090
			27,598,420
MULTILINE RETAIL ― 5.0%
	1,854,000	Dollar Tree, Inc.(1)	79,184,340
	748,000	Family Dollar Stores, Inc.	20,771,960
			99,956,300
OIL, GAS & CONSUMABLE FUELS ― 7.1%
	489,000	Continental Resources, Inc.(1)	10,107,630
	188,000	EOG Resources, Inc.	12,740,760
	166,000	Hess Corp.	9,231,260
	172,000	Occidental Petroleum Corp.	9,382,600
	2,406,000	Petrohawk Energy Corp.(1)	47,422,260
	496,000	Plains Exploration & Production Co.(1)	10,475,520
	387,000	Range Resources Corp.	13,870,080
	632,000	Southwestern Energy Co.(1)	20,002,800
	230,000	Ultra Petroleum Corp.(1)	8,240,900
			141,473,810
PERSONAL PRODUCTS― 0.5%
	158,000	Chattem, Inc.(1)	10,680,800
PHARMACEUTICALS ― 0.8%
	520,000	Perrigo Co.	15,262,000
PROFESSIONAL SERVICES ― 0.2%
	102,357	FTI Consulting, Inc.(1)	4,197,661
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.5%
	657,000	Annaly Capital Management, Inc.	9,946,980
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 2.2%
	704,000	Altera Corp.	10,827,520
	1,254,000	Broadcom Corp., Class A(1)	19,875,900
	1,656,000	Microsemi Corp.(1)	13,910,400
			44,613,820
SOFTWARE ― 2.8%
	296,000	Cerner Corp.(1)	9,981,120

Vista – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

	630,000	McAfee, Inc.(1)	19,208,700
	784,000	Quest Software, Inc.(1)	$9,776,480
	1,133,000	Symantec Corp.(1)	17,368,890
			56,335,190
SPECIALTY RETAIL ― 2.9%
	512,000	Children's Place Retail Stores, Inc. (The)(1)	9,630,720
	559,000	PetSmart, Inc.	10,492,430
	950,000	Ross Stores, Inc.	27,949,000
	492,000	TJX Cos., Inc. (The)	9,554,640
			57,626,790
TEXTILES, APPAREL & LUXURY GOODS ― 0.5%
	549,000	Carter's, Inc.(1)	9,327,510
TOBACCO ― 0.3%
	85,000	Lorillard, Inc.	5,054,100
WATER UTILITIES ― 1.2%
	1,158,255	Aqua America, Inc.	24,022,209
WIRELESS TELECOMMUNICATION SERVICES ― 4.9%
	1,117,000	American Tower Corp., Class A(1)	33,889,780
	775,377	MetroPCS Communications, Inc.(1)	10,537,373
	2,735,000	SBA Communications Corp., Class A(1)	54,426,500
			98,853,653
TOTAL COMMON STOCKS
(Cost $2,081,907,731)			1,945,838,596
TEMPORARY CASH INVESTMENTS — 2.7%
88,974		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	88,974
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.50%, 1/15/29, valued at $9,191,170), in a joint trading account at 0.22%, dated 1/30/09, due 2/2/09 (Delivery value $9,000,165)			9,000,000
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 2.75%-6.00%, 8/15/09-7/31/10, valued at $46,009,005), in a joint trading account at 0.24%, dated 1/30/09, due 2/2/09 (Delivery value $45,100,902)			45,100,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $54,188,974)			54,188,974
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $2,136,096,705)			2,000,027,570
OTHER ASSETS AND LIABILITIES(2)			(311,620)
TOTAL NET ASSETS — 100.0%			$1,999,715,950

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
37,044,945	CHF for USD	2/27/09	$31,946,865	$549,940
(Value on Settlement Date $32,496,805)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	CHF	-	Swiss Franc
	SPDR	-	Standard & Poor's Depositary Receipts
	USD	-	United States Dollar

(1)	Non-income producing.
(2)	Category is less than 0.005% of total net assets.

Vista – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment  Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$   1,911,286,693	-
Level 2 - Other Significant Observable Inputs	88,740,877	$    549,940
Level 3 - Significant Unobservable Inputs	-	-
	$   2,000,027,570	$    549,940
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$   2,204,919,000
Gross tax appreciation of investments	$        94,560,322
Gross tax depreciation of investments	(299,451,752)
Net tax appreciation (depreciation) of investments	$   (204,891,430)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Giftrust® Fund

January 31, 2009

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

COMMON STOCKS — 98.9%
AEROSPACE & DEFENSE ― 2.1%
	44,400	Alliant Techsystems, Inc.(1)	$  3,587,964
	86,500	Lockheed Martin Corp.	7,096,460
	50,700	Precision Castparts Corp.	3,292,965
			13,977,389
AIR FREIGHT & LOGISTICS ― 1.8%
	103,300	C.H. Robinson Worldwide, Inc.	4,749,734
	61,000	FedEx Corp.	3,107,340
	423,718	UTi Worldwide, Inc.	4,643,949
			12,501,023
AUTO COMPONENTS ― 0.6%
	209,800	Autoliv, Inc.	3,858,222
BEVERAGES ― 0.1%
	40,442	Central European Distribution Corp.(1)	489,348
BIOTECHNOLOGY ― 5.4%
	189,700	Celgene Corp.(1)	10,044,615
	649,597	CSL Ltd.	15,296,712
	637,700	Grifols SA	11,226,207
			36,567,534
CAPITAL MARKETS ― 3.7%
	284,900	Charles Schwab Corp. (The)	3,871,791
	226,100	Invesco Ltd.	2,665,719
	191,538	Lazard Ltd., Class A	5,075,757
	308,100	Morgan Stanley	6,232,863
	404,250	Raymond James Financial, Inc.	7,482,667
			25,328,797
CHEMICALS ― 3.1%
	215,440	Monsanto Co.	16,386,366
	57,400	Potash Corp. of Saskatchewan	4,296,964
			20,683,330
COMMERCIAL BANKS ― 0.5%
	214,400	KeyCorp	1,560,832
	76,400	Marshall & Ilsley Corp.	436,244
	176,100	Synovus Financial Corp.	697,356
	63,500	TCF Financial Corp.	786,765
			3,481,197
COMMUNICATIONS EQUIPMENT ― 1.3%
	77,200	F5 Networks, Inc.(1)	1,711,524
	294,100	Juniper Networks, Inc.(1)	4,164,456
	92,900	QUALCOMM, Inc.	3,209,695
			9,085,675
COMPUTERS & PERIPHERALS ― 1.6%
	122,730	Apple, Inc.(1)	11,061,655
CONSTRUCTION & ENGINEERING ― 3.7%
	62,900	AECOM Technology Corp.(1)	1,591,999
	281,400	Chicago Bridge & Iron Co. NV New York Shares	3,168,564
	84,000	Granite Construction, Inc.	2,958,480
	88,200	Jacobs Engineering Group, Inc.(1)	3,410,694

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

	111,100	KBR, Inc.	1,573,176
	453,300	Quanta Services, Inc.(1)	$  9,691,554
	87,800	Shaw Group, Inc. (The)(1)	2,440,840
			24,835,307
CONTAINERS & PACKAGING ― 1.4%
	506,500	Crown Holdings, Inc.(1)	9,496,875
DIVERSIFIED ― 1.4%
	15,200	Midcap SPDR Trust, Series 1	1,378,488
	98,100	Standard & Poor's 500 Depositary Receipt, Series 1	8,125,623
			9,504,111
DIVERSIFIED CONSUMER SERVICES ― 5.3%
	112,423	Apollo Group, Inc., Class A(1)	9,157,978
	36,900	Capella Education Co.(1)	2,041,677
	134,100	Corinthian Colleges, Inc.(1)	2,504,988
	139,983	DeVry, Inc.	7,500,289
	533,576	H&R Block, Inc.	11,061,030
	75,800	New Oriental Education & Technology Group ADR(1)	3,626,272
			35,892,234
ELECTRICAL EQUIPMENT ― 1.0%
	7,038	First Solar, Inc.(1)	1,005,026
	75,900	Rockwell Automation, Inc.	1,976,436
	72,100	Vestas Wind Systems AS(1)	3,486,151
			6,467,613
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 1.1%
	121,350	Dolby Laboratories, Inc., Class A(1)	3,101,706
	168,600	FLIR Systems, Inc.(1)	4,209,942
			7,311,648
ENERGY EQUIPMENT & SERVICES ― 0.6%
	67,300	Dresser-Rand Group, Inc.(1)	1,311,004
	239,300	Weatherford International Ltd.(1)	2,639,479
			3,950,483
FOOD & STAPLES RETAILING ― 0.8%
	45,000	BJ's Wholesale Club, Inc.(1)	1,290,600
	168,800	Kroger Co. (The)	3,798,000
			5,088,600
FOOD PRODUCTS ― 0.3%
	38,700	Kellogg Co.	1,690,803
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.0%
	60,200	Baxter International, Inc.	3,530,730
	108,500	Covidien Ltd.	4,159,890
	59,900	Edwards Lifesciences Corp.(1)	3,443,651
	47,800	Mettler Toledo International, Inc.(1)	3,182,524
	116,200	Thoratec Corp.(1)	3,366,314
	73,000	Varian Medical Systems, Inc.(1)	2,710,490
			20,393,599
HEALTH CARE PROVIDERS & SERVICES ― 7.6%
	109,800	Aetna, Inc.	3,403,800
	266,200	Express Scripts, Inc.(1)	14,310,912
	89,400	Humana, Inc.(1)	3,390,942
	246,700	Medco Health Solutions, Inc.(1)	11,084,231

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

	364,400	Omnicare, Inc.	10,188,624
	165,100	UnitedHealth Group, Inc.	4,677,283
	101,000	WellPoint, Inc.(1)	$  4,186,450
			51,242,242
HOTELS, RESTAURANTS & LEISURE ― 3.2%
	174,600	Brinker International, Inc.	1,915,362
	32,000	Chipotle Mexican Grill, Inc., Class A(1)	1,528,320
	36,600	Chipotle Mexican Grill, Inc., Class B(1)	1,666,032
	234,900	International Game Technology	2,489,940
	66,700	Panera Bread Co., Class A(1)	3,133,566
	324,700	Penn National Gaming, Inc.(1)	6,055,655
	126,000	WMS Industries, Inc.(1)	2,799,720
	66,800	Wynn Resorts Ltd.(1)	2,009,344
			21,597,939
HOUSEHOLD DURABLES ― 0.7%
	158,100	KB Home	1,686,927
	2,400	NVR, Inc.(1)	1,022,616
	173,800	Pulte Homes, Inc.	1,764,070
			4,473,613
INSURANCE ― 2.8%
	50,400	ACE Ltd.	2,200,464
	191,300	Aon Corp.	7,087,665
	157,500	Axis Capital Holdings Ltd.	3,820,950
	22,600	Everest Re Group Ltd.	1,423,800
	106,700	Fidelity National Financial, Inc., Class A	1,559,954
	61,900	First American Corp.	1,351,896
	23,800	PartnerRe Ltd.	1,559,614
			19,004,343
INTERNET & CATALOG RETAIL ― 1.0%
	196,400	Expedia, Inc.(1)	1,753,852
	72,808	priceline.com, Inc.(1)	4,884,689
			6,638,541
INTERNET SOFTWARE & SERVICES ― 1.8%
	503,234	Ariba, Inc.(1)	3,844,708
	61,600	Digital River, Inc.(1)	1,525,832
	74,300	Equinix, Inc.(1)	3,963,905
	165,200	NetEase.com, Inc. ADR(1)	3,140,452
			12,474,897
IT SERVICES ― 2.4%
	109,100	Fiserv, Inc.(1)	3,463,925
	157,900	Global Payments, Inc.	5,480,709
	53,000	MasterCard, Inc., Class A	7,196,340
			16,140,974
LIFE SCIENCES TOOLS & SERVICES ― 0.6%
	110,100	Thermo Fisher Scientific, Inc.(1)	3,955,893
MACHINERY ― 3.7%
	222,600	Cummins, Inc.	5,337,948
	42,300	Eaton Corp.	1,862,046
	110,784	Flowserve Corp.	5,905,895
	90,300	Illinois Tool Works, Inc.	2,949,198
	84,200	Navistar International Corp.(1)	2,557,154

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

	163,300	Parker-Hannifin Corp.	6,239,693
			24,851,934
MARINE ― 0.5%
	245,200	Diana Shipping, Inc.	$  3,258,708
MEDIA ― 0.9%
	282,400	DIRECTV Group, Inc. (The)(1)	6,184,560
METALS & MINING ― 1.3%
	79,500	Nucor Corp.	3,242,805
	83,400	Schnitzer Steel Industries, Inc., Class A	3,275,118
	209,000	Steel Dynamics, Inc.	2,219,580
			8,737,503
MULTILINE RETAIL ― 3.0%
	119,000	Dollar Tree, Inc.(1)	5,082,490
	97,300	J.C. Penney Co., Inc.	1,629,775
	328,200	Kohl's Corp.(1)	12,048,222
	163,700	Macy's, Inc.	1,465,115
			20,225,602
OIL, GAS & CONSUMABLE FUELS ― 8.0%
	179,200	Alpha Natural Resources, Inc.(1)	2,924,544
	118,970	Arena Resources, Inc.(1)	2,898,109
	221,800	CONSOL Energy, Inc.	6,046,268
	136,600	Continental Resources, Inc.(1)	2,823,522
	108,800	Equitable Resources, Inc.	3,724,224
	114,800	Murphy Oil Corp.	5,071,864
	76,800	Peabody Energy Corp.	1,920,000
	566,591	Petrohawk Energy Corp.(1)	11,167,509
	152,100	Plains Exploration & Production Co.(1)	3,212,352
	119,900	Range Resources Corp.	4,297,216
	191,600	Southwestern Energy Co.(1)	6,064,140
	78,000	Walter Industries, Inc.	1,438,320
	81,753	Whiting Petroleum Corp.(1)	2,370,837
			53,958,905
PROFESSIONAL SERVICES ― 1.1%
	72,393	FTI Consulting, Inc.(1)	2,968,837
	96,104	Huron Consulting Group, Inc.(1)	4,803,278
			7,772,115
ROAD & RAIL ― 1.6%
	133,600	CSX Corp.	3,869,056
	98,300	Norfolk Southern Corp.	3,770,788
	78,300	Union Pacific Corp.	3,428,757
			11,068,601
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 6.2%
	246,600	Altera Corp.	3,792,708
	175,300	Analog Devices, Inc.	3,502,494
	457,115	Broadcom Corp., Class A(1)	7,245,273
	240,600	Linear Technology Corp.	5,634,852
	678,100	Marvell Technology Group Ltd.(1)	4,943,349
	112,400	MEMC Electronic Materials, Inc.(1)	1,528,640
	307,800	National Semiconductor Corp.	3,121,092
	772,600	NVIDIA Corp.(1)	6,142,170
	121,800	Silicon Laboratories, Inc.(1)	2,805,054

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

	164,100	Varian Semiconductor Equipment Associates, Inc.(1)	3,124,464
			41,840,096
SOFTWARE ― 3.1%
	195,842	Activision Blizzard, Inc.(1)	$  1,715,576
	132,200	Autodesk, Inc.(1)	2,189,232
	268,322	McAfee, Inc.(1)	8,181,138
	19,300	Nintendo Co. Ltd.	5,487,068
	125,200	Sybase, Inc.(1)	3,419,212
			20,992,226
SPECIALTY RETAIL ― 3.3%
	167,200	Aeropostale, Inc.(1)	3,529,592
	430,300	American Eagle Outfitters, Inc.	3,877,003
	96,700	Children's Place Retail Stores, Inc. (The)(1)	1,818,927
	178,900	Guess?, Inc.	2,878,501
	79,600	O'Reilly Automotive, Inc.(1)	2,313,972
	181,500	PetSmart, Inc.	3,406,755
	80,900	Ross Stores, Inc.	2,380,078
	142,200	Urban Outfitters, Inc.(1)	2,215,476
			22,420,304
TEXTILES, APPAREL & LUXURY GOODS ― 1.4%
	172,200	Carter's, Inc.(1)	2,925,678
	49,900	NIKE, Inc., Class B	2,257,975
	104,800	Polo Ralph Lauren Corp.	4,299,944
			9,483,597
THRIFTS & MORTGAGE FINANCE ― 0.4%
	248,400	Hudson City Bancorp., Inc.	2,881,440
TOBACCO ― 2.6%
	330,600	Altria Group, Inc.	5,468,124
	204,100	Lorillard, Inc.	12,135,786
			17,603,910
TRADING COMPANIES & DISTRIBUTORS ― 0.3%
	64,900	Fastenal Co.	2,218,282
WIRELESS TELECOMMUNICATION SERVICES ― 2.6%
	117,600	American Tower Corp., Class A(1)	3,567,984
	528,000	MetroPCS Communications, Inc.(1)	7,175,520
	341,094	SBA Communications Corp., Class A(1)	6,787,771
			17,531,275
TOTAL COMMON STOCKS
(Cost $751,958,833)			668,222,943
TEMPORARY CASH INVESTMENTS — 1.0%
98,640		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	98,640
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.29%, 4/9/09, valued at $7,242,680), in a joint trading account at 0.20%, dated 1/30/09, due 2/2/09 (Delivery value $7,100,118)			7,100,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $7,198,640)			7,198,640

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $759,157,473)	675,421,583
OTHER ASSETS AND LIABILITIES — 0.1%	463,611
TOTAL NET ASSETS — 100.0%	$675,885,194

Geographic Diversification
(as a % of net assets)
United States	86.3%
Bermuda	3.1%
Australia	2.3%
Spain	1.7%
People's Republic of China	1.0%
Japan	0.8%
British Virgin Islands	0.7%
Canada	0.6%
Sweden	0.6%
Denmark	0.5%
Greece	0.5%
Netherlands	0.5%
Switzerland	0.3%
Cash and Equivalents*	1.1%
* Includes temporary cash investments and other assets and liabilities.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
18,916,265	AUD for USD	2/27/09	$11,999,722	$624,742
16,784,880	DKK for USD	2/27/09	2,879,499	94,540
6,933,074	EUR for USD	2/27/09	8,874,335	301,450
384,370,000	JPY for USD	2/27/09	4,280,333	(4,160)
			$28,033,889	$1,016,572
(Value on Settlement Date $29,050,461)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	AUD	-	Australian Dollar
	DKK	-	Danish Krone
	EUR	-	Euro
	JPY	-	Japanese Yen
	SPDR	-	Standard & Poor's Depositary Receipts
	USD	-	United States Dollar

(1) Non-income producing.

Giftrust – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. 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. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instrumentsas of January 31, 2009:
Valuation Inputs	Value of Investment  Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$       632,825,445	-
Level 2 - Other Significant Observable Inputs	42,596,138	$       1,016,572
Level 3 - Significant Unobservable Inputs	-	-
	$       675,421,583	$       1,016,572
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$    775,397,559

Giftrust – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

Gross tax appreciation of investments	$      31,414,647
Gross tax depreciation of investments	(131,390,623)
Net tax appreciation (depreciation) of investments	$   (99,975,976)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Select Fund

January 31, 2009

Select – Schedule of Investments

JANUARY 31, 2009(UNAUDITED)  

 Shares                                                                                                                                                                                     Value

COMMON STOCKS — 98.6%
AEROSPACE & DEFENSE ― 3.6%
	545,015	General Dynamics Corp.	$30,918,701
	488,190	Rockwell Collins, Inc.	18,394,999
			49,313,700
BEVERAGES ― 5.5%
	965,326	Coca-Cola Co. (The)	41,238,727
	1,242,497	Diageo plc	17,019,265
	339,702	PepsiCo, Inc.	17,063,231
			75,321,223
BIOTECHNOLOGY ― 5.4%
	252,216	Genentech, Inc.(1)	20,490,028
	426,817	Genzyme Corp.(1)	29,416,228
	488,681	Gilead Sciences, Inc.(1)	24,810,334
			74,716,590
CAPITAL MARKETS ― 2.5%
	827,285	Bank of New York Mellon Corp. (The)	21,294,316
	277,514	Franklin Resources, Inc.	13,437,228
			34,731,544
CHEMICALS ― 3.0%
	254,071	Ecolab, Inc.	8,628,251
	274,256	Monsanto Co.	20,859,911
	156,450	Potash Corp. of Saskatchewan	11,711,847
			41,200,009
COMMUNICATIONS EQUIPMENT ― 4.4%
	2,289,287	Cisco Systems, Inc.(1)	34,270,626
	777,540	QUALCOMM, Inc.	26,864,007
			61,134,633
COMPUTERS & PERIPHERALS ― 7.6%
	427,493	Apple, Inc.(1)	38,529,944
	2,527,708	EMC Corp.(1)	27,905,896
	1,086,378	Hewlett-Packard Co.	37,751,636
			104,187,476
CONSTRUCTION & ENGINEERING ― 0.8%
	279,331	Fluor Corp.	10,865,976
DIVERSIFIED FINANCIAL SERVICES ― 1.5%
	537,000	Hong Kong Exchanges and Clearing Ltd.	4,608,063
	632,959	JPMorgan Chase & Co.	16,146,784
			20,754,847
ELECTRIC UTILITIES ― 1.6%
	414,476	Exelon Corp.	22,472,889
ELECTRICAL EQUIPMENT ― 4.6%
	1,771,246	ABB Ltd. ADR	23,114,760
	889,353	Emerson Electric Co.	29,081,843
	301,201	Q-Cells SE(1)	7,358,876
	77,743	Vestas Wind Systems AS(1)	3,758,999
			63,314,478
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.1%
	80,360	Dolby Laboratories, Inc., Class A(1)	2,054,002

Select – Schedule of Investments

JANUARY 31, 2009(UNAUDITED)  

 Shares                                                                                                                                                                                     Value

ENERGY EQUIPMENT & SERVICES ― 3.5%
	424,867	National Oilwell Varco, Inc.(1)	$11,233,483
	479,654	Schlumberger Ltd.	19,574,680
	319,980	Transocean Ltd.(1)	17,477,308
			48,285,471
FOOD & STAPLES RETAILING ― 4.5%
	596,629	CVS/Caremark Corp.	16,037,388
	964,218	Wal-Mart Stores, Inc.	45,433,952
			61,471,340
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.5%
	365,148	Baxter International, Inc.	21,415,930
	814,156	Medtronic, Inc.	27,266,085
			48,682,015
HEALTH CARE PROVIDERS & SERVICES ― 2.5%
	678,398	Medco Health Solutions, Inc.(1)	30,480,422
	120,609	UnitedHealth Group, Inc.	3,416,853
			33,897,275
HOTELS, RESTAURANTS & LEISURE ― 4.2%
	594,753	McDonald's Corp.	34,507,569
	825,256	Yum! Brands, Inc.	23,618,827
			58,126,396
HOUSEHOLD PRODUCTS ― 2.0%
	433,680	Colgate-Palmolive Co.	28,206,547
INTERNET SOFTWARE & SERVICES ― 3.5%
	55,478	Baidu.com, Inc. ADR(1)	7,143,902
	119,365	Google, Inc., Class A(1)	40,408,633
			47,552,535
IT SERVICES ― 1.0%
	104,592	MasterCard, Inc., Class A	14,201,502
LEISURE EQUIPMENT & PRODUCTS ― 1.1%
	654,453	Hasbro, Inc.	15,791,951
LIFE SCIENCES TOOLS & SERVICES ― 1.2%
	445,578	Thermo Fisher Scientific, Inc.(1)	16,009,618
MACHINERY ― 1.1%
	389,550	Parker-Hannifin Corp.	14,884,705
MEDIA ― 1.6%
	1,093,367	Walt Disney Co. (The)	22,610,830
METALS & MINING ― 0.4%
	219,036	Freeport-McMoRan Copper & Gold, Inc.	5,506,565
MULTILINE RETAIL ― 1.4%
	515,238	Kohl's Corp.(1)	18,914,387
OIL, GAS & CONSUMABLE FUELS ― 4.4%
	307,733	EnCana Corp.	13,644,881
	241,689	EOG Resources, Inc.	16,379,264
	552,010	Occidental Petroleum Corp.	30,112,145
			60,136,290
PHARMACEUTICALS ― 3.7%
	562,503	Allergan, Inc.	21,442,615

Select – Schedule of Investments

JANUARY 31, 2009(UNAUDITED)  

 Shares                                                                                                                                                                                     Value

	510,522	Johnson & Johnson	$29,452,014
			50,894,629
PROFESSIONAL SERVICES ― 0.9%
	692,990	Robert Half International, Inc.	11,746,180
ROAD & RAIL ― 0.6%
	383,803	J.B. Hunt Transport Services, Inc.	8,547,293
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.5%
	1,341,757	Applied Materials, Inc.	12,572,263
	1,336,482	Intel Corp.	17,240,618
	1,045,996	Linear Technology Corp.	24,497,226
	517,976	MEMC Electronic Materials, Inc.(1)	7,044,474
			61,354,581
SOFTWARE ― 7.2%
	1,052,237	Adobe Systems, Inc.(1)	20,318,697
	1,857,112	Microsoft Corp.	31,756,615
	85,900	Nintendo Co. Ltd.	24,421,717
	1,305,263	Oracle Corp.(1)	21,967,576
			98,464,605
SPECIALTY RETAIL ― 1.4%
	1,019,430	TJX Cos., Inc. (The)	19,797,331
TOBACCO ― 2.0%
	728,454	Philip Morris International, Inc.	27,062,066
TRANSPORTATION INFRASTRUCTURE ― 0.6%
	1,539,973	China Merchants Holdings International Co. Ltd.	2,727,207
	8,974,500	Hopewell Highway Infrastructure Ltd.	5,369,910
			8,097,117
WIRELESS TELECOMMUNICATION SERVICES ― 1.2%
	599,727	Rogers Communications, Inc., Class B	16,912,179
TOTAL COMMON STOCKS
(Cost $1,801,528,817)			1,357,220,775
TEMPORARY CASH INVESTMENTS — 1.4%
312,411		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	312,411
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 2.75%-6.00%, 8/15/09-7/31/10, valued at $18,974,889), in a joint trading account at 0.24%, dated 1/30/09, due 2/2/09 (Delivery value $18,600,372)			18,600,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $18,912,411)			18,912,411
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $1,820,441,228)			1,376,133,186
OTHER ASSETS AND LIABILITIES(2)			340,602
TOTAL NET ASSETS — 100.0%			$1,376,473,788

Select – Schedule of Investments

JANUARY 31, 2009(UNAUDITED)   

Geographic Diversification
(as a % of net assets)
United States	87.3%
Canada	3.1%
Switzerland	3.0%
Japan	1.8%
United Kingdom	1.2%
Hong Kong	0.9%
Germany	0.5%
China	0.5%
Denmark	0.3%
Cash and Equivalents*	1.4%
* Includes temporary cash investments and other assets and liabilities.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
15,212,075	CAD for USD	2/27/09	$12,402,935	$177,762
16,967,410	DKK for USD	2/27/09	2,910,812	95,568
4,337,294	EUR for USD	2/27/09	5,551,737	197,785
8,615,164	GBP for USD	2/27/09	12,480,960	(156,020)
1,638,972,000	JPY for USD	2/27/09	18,251,546	(11,069)
			$51,597,990	$304,026
(Value on Settlement Date $51,902,016)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	CAD	-	Canadian Dollar
	DKK	-	Danish Krone
	EUR	-	Euro
	GBP	-	British Pound
	JPY	-	Japanese Yen
	USD	-	United States Dollar

(1)	Non-income producing.
(2)	Category is less than 0.05% of total net assets.

Select – Schedule of Investments

JANUARY 31, 2009(UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss) on Other Financial Instruments*
Level 1 - Quoted Prices	$1,275,356,970	-
Level 2 - Other Significant Observable Inputs	100,776,216	$ 304,026
Level 3 - Significant Unobservable Inputs	-	-
	$1,376,133,186	$ 304,026
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$   1,825,867,413
Gross tax appreciation of investments	$        19,067,962
Gross tax depreciation of investments	(468,802,189)
Net tax appreciation (depreciation) of investments	$    (449,734,227)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Capital Growth Fund

January 31, 2009

Capital Growth – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED) 

Shares                                                                                                                                                                                         Value

COMMON STOCKS — 97.6%
AEROSPACE & DEFENSE― 3.8%
	5,083	Honeywell International, Inc.	$ 166,773
	5,230	Raytheon Co.	264,743
	797	Rockwell Collins, Inc.	30,031
			461,547
AUTO COMPONENTS ― 0.8%
	6,086	BorgWarner, Inc.	102,732
BEVERAGES ― 4.2%
	7,969	Coca-Cola Co. (The)	340,436
	3,428	PepsiCo, Inc.	172,188
			512,624
BIOTECHNOLOGY ― 3.0%
	1,485	Alexion Pharmaceuticals, Inc.(1)	54,752
	1,746	Genentech, Inc.(1)	141,845
	3,305	Gilead Sciences, Inc.(1)	167,795
			364,392
CAPITAL MARKETS ― 1.9%
	4,636	Morgan Stanley	93,786
	2,472	Northern Trust Corp.	142,190
			235,976
CHEMICALS ― 2.3%
	528	Ashland, Inc.	4,235
	1,287	Celanese Corp., Class A	13,706
	3,262	Monsanto Co.	248,108
	487	Mosaic Co. (The)	17,371
			283,420
COMMERCIAL SERVICES & SUPPLIES ― 0.1%
	1,266	R.R. Donnelley & Sons Co.	12,356
COMMUNICATIONS EQUIPMENT ― 4.8%
	21,579	Cisco Systems, Inc.(1)	323,038
	7,455	QUALCOMM, Inc.	257,570
			580,608
COMPUTERS & PERIPHERALS ― 6.7%
	3,464	Apple, Inc.(1)	312,210
	10,492	EMC Corp.(1)	115,832
	8,360	Hewlett-Packard Co.	290,510
	655	Lexmark International, Inc., Class A(1)	15,510
	3,101	NetApp, Inc.(1)	45,988
	2,210	Western Digital Corp.(1)	32,443
			812,493
CONSTRUCTION MATERIALS ― 0.1%
	309	Vulcan Materials Co.	15,283
DIVERSIFIED ― 1.4%
	4,721	iShares Russell 1000 Growth Index Fund	165,707
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
	980	IntercontinentalExchange, Inc.(1)	55,791

Capital Growth – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED) 

Shares                                                                                                                                                                                         Value

DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.1%
	620	CenturyTel, Inc.	$ 16,827
ELECTRIC UTILITIES ― 1.5%
	562	Edison International	18,304
	3,149	FPL Group, Inc.	162,331
			180,635
ELECTRICAL EQUIPMENT ― 1.9%
	1,129	Cooper Industries Ltd., Class A	30,381
	4,224	Emerson Electric Co.	138,125
	1,113	Energy Conversion Devices, Inc.(1)	28,014
	277	First Solar, Inc.(1)	39,556
			236,076
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.3%
	587	Anixter International, Inc.(1)	15,837
	915	Arrow Electronics, Inc.(1)	17,449
			33,286
ENERGY EQUIPMENT & SERVICES ― 2.6%
	1,347	Baker Hughes, Inc.	44,882
	607	ENSCO International, Inc.	16,607
	2,799	National Oilwell Varco, Inc.(1)	74,006
	2,241	Noble Corp.	60,843
	3,007	Schlumberger Ltd.	122,716
			319,054
FOOD & STAPLES RETAILING ― 2.7%
	5,396	Walgreen Co.	147,904
	3,755	Wal-Mart Stores, Inc.	176,936
			324,840
FOOD PRODUCTS ―2.2%
	3,471	Kellogg Co.	151,648
	3,274	Nestle SA	113,196
			264,844
HEALTH CARE EQUIPMENT & SUPPLIES ― 7.5%
	1,052	Alcon, Inc.	90,093
	1,891	Baxter International, Inc.	110,907
	3,434	Becton, Dickinson & Co.	249,549
	1,409	C.R. Bard, Inc.	120,568
	2,243	DENTSPLY International, Inc.	60,359
	958	Gen-Probe, Inc.(1)	43,129
	340	Intuitive Surgical, Inc.(1)	35,098
	873	Kinetic Concepts, Inc.(1)	21,040
	3,165	Medtronic, Inc.	105,996
	1,095	Mettler Toledo International, Inc.(1)	72,905
			909,644
HEALTH CARE PROVIDERS & SERVICES― 2.0%
	1,033	CIGNA Corp.	17,933
	2,270	Express Scripts, Inc.(1)	122,035
	2,313	UnitedHealth Group, Inc.	65,528
	1,810	VCA Antech, Inc.(1)	34,064
			239,560
HOUSEHOLD DURABLES ― 0.7%
	4,419	KB Home	47,151

Capital Growth – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED) 

Shares                                                                                                                                                                                         Value

	1,183	Mohawk Industries, Inc.(1)	$ 37,986
			85,137
HOUSEHOLD PRODUCTS ― 2.7%
	6,115	Procter & Gamble Co. (The)	333,267
INSURANCE ― 1.2%
	657	Allstate Corp. (The)	14,237
	2,459	Chubb Corp. (The)	104,704
	1,089	Hartford Financial Services Group, Inc. (The)	14,331
	495	Reinsurance Group of America, Inc.	17,637
			150,909
INTERNET & CATALOG RETAIL ― 0.4%
	807	Amazon.com, Inc.(1)	47,468
INTERNET SOFTWARE & SERVICES ― 2.6%
	915	Google, Inc., Class A(1)	309,755
IT SERVICES ― 3.3%
	399	Affiliated Computer Services, Inc., Class A(1)	18,298
	762	Fidelity National Information Services, Inc.	12,124
	3,358	Global Payments, Inc.	116,556
	2,723	International Business Machines Corp.	249,563
			396,541
LIFE SCIENCES TOOLS & SERVICES ― 1.3%
	2,003	QIAGEN NV(1)	34,351
	3,360	Thermo Fisher Scientific, Inc.(1)	120,725
			155,076
MACHINERY ― 2.6%
	752	Flowserve Corp.	40,089
	1,626	Illinois Tool Works, Inc.	53,105
	1,182	ITT Corp.	53,521
	2,315	Navistar International Corp.(1)	70,307
	1,322	PACCAR, Inc.	34,888
	1,525	Valmont Industries, Inc.	61,884
			313,794
MEDIA ― 1.6%
	6,575	DIRECTV Group, Inc. (The)(1)	143,993
	2,554	Scripps Networks Interactive, Inc., Class A	54,834
			198,827
METALS & MINING ― 0.6%
	1,591	Newmont Mining Corp.	63,290
	468	United States Steel Corp.	14,054
			77,344
MULTILINE RETAIL ― 3.1%
	5,217	Kohl's Corp.(1)	191,516
	7,813	Macy's, Inc.	69,926
	3,685	Target Corp.	114,972
			376,414
MULTI-UTILITIES ― 1.1%
	3,707	Public Service Enterprise Group, Inc.	117,030
	430	Sempra Energy	18,851
			135,881

Capital Growth – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED) 

Shares                                                                                                                                                                                         Value

OIL, GAS & CONSUMABLE FUELS ― 5.8%
	1,277	Apache Corp.	$ 95,775
	3,076	Devon Energy Corp.	189,482
	2,405	EOG Resources, Inc.	162,987
	1,842	Exxon Mobil Corp.	140,876
	1,424	Occidental Petroleum Corp.	77,679
	4,811	Quicksilver Resources, Inc.(1)	33,340
			700,139
PERSONAL PRODUCTS ― 0.3%
	1,442	Estee Lauder Cos., Inc. (The), Class A	37,852
PHARMACEUTICALS ― 3.9%
	2,799	Abbott Laboratories	155,177
	828	Allergan, Inc.	31,563
	2,617	Johnson & Johnson	150,975
	2,460	Novo Nordisk AS B Shares	131,266
			468,981
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.8%
	3,133	Digital Realty Trust, Inc.	99,943
ROAD & RAIL ― 1.7%
	4,751	Union Pacific Corp.	208,046
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.2%
	5,688	Altera Corp.	87,481
	5,614	Applied Materials, Inc.	52,603
	5,698	Intel Corp.	73,504
	2,265	Linear Technology Corp.	53,046
	13,998	Marvell Technology Group Ltd.(1)	102,045
	6,129	NVIDIA Corp.(1)	48,726
	2,510	Texas Instruments, Inc.	37,525
	3,227	Xilinx, Inc.	54,375
			509,305
SOFTWARE― 4.7%
	15,764	Microsoft Corp.	269,565
	16,552	Oracle Corp.(1)	278,570
	659	salesforce.com, inc.(1)	17,536
			565,671
SPECIALTY RETAIL ― 2.6%
	1,434	Advance Auto Parts, Inc.	46,935
	3,681	CarMax, Inc.(1)	30,442
	2,866	J. Crew Group, Inc.(1)	28,660
	7,840	Lowe's Cos., Inc.	143,237
	2,262	O'Reilly Automotive, Inc.(1)	65,756
			315,030
TRADING COMPANIES & DISTRIBUTORS ― 0.1%
	926	WESCO International, Inc.(1)	17,057
WIRELESS TELECOMMUNICATION SERVICES ― 1.9%
	6,703	American Tower Corp., Class A(1)	203,369
	1,097	NII Holdings, Inc.(1)	21,282
			224,651
TOTAL COMMON STOCKS
(Cost $13,683,736)			11,854,783

Capital Growth – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED) 

Shares                                                                                                                                                                                         Value

TEMPORARY CASH INVESTMENTS — 2.3%
	79,400	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	$ 79,400
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.50%, 1/15/29, valued at $204,248), in a joint trading account at 0.22%, dated 1/30/09, due 2/2/09 (Delivery value $200,004)			200,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $279,400)			279,400
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $13,963,136)			12,134,183
OTHER ASSETS AND LIABILITIES — 0.1%			12,071
TOTAL NET ASSETS — 100.0%			$12,146,254

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
106,392	CHF for USD	2/27/09	$ 91,750	$1,401
578,592	DKK for USD	2/27/09	99,260	3,259
			$191,010	$4,660
(Value on Settlement Date $195,670)

Notes to Schedule of Investments
	CHF	-	Swiss Franc
	DKK	-	Danish Krone
	USD	-	United States Dollar

(1) Non-income producing.

Capital Growth – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)   

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$11,689,721	-
Level 2 - Other Significant Observable Inputs	444,462	$4,660
Level 3 - Significant Unobservable Inputs	-	-
	$12,134,183	$4,660
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$14,702,354
Gross tax appreciation of investments	$       93,197
Gross tax depreciation of investments	(2,661,368)
Net tax appreciation (depreciation) of investments	$(2,568,171)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Focused Growth Fund

January 31, 2009

Focused Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

COMMON STOCKS — 97.9%
AEROSPACE & DEFENSE― 6.2%
	7,887	Honeywell International, Inc.	$  258,772
	5,069	Raytheon Co.	256,593
			515,365
AUTO COMPONENTS ― 1.0%
	4,777	BorgWarner, Inc.	80,636
BEVERAGES ― 4.2%
	8,059	Coca-Cola Co. (The)	344,281
BIOTECHNOLOGY ― 0.8%
	287	Alexion Pharmaceuticals, Inc.(1)	10,582
	1,108	Gilead Sciences, Inc.(1)	56,253
			66,835
CAPITAL MARKETS ― 1.0%
	1,467	Northern Trust Corp.	84,382
CHEMICALS ― 1.9%
	2,088	Monsanto Co.	158,813
COMMUNICATIONS EQUIPMENT ― 6.4%
	16,051	Cisco Systems, Inc.(1)	240,283
	8,369	QUALCOMM, Inc.	289,149
			529,432
COMPUTERS & PERIPHERALS ― 5.2%
	2,595	Apple, Inc.(1)	233,888
	13,678	EMC Corp.(1)	151,005
	3,121	Western Digital Corp.(1)	45,816
			430,709
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
	679	IntercontinentalExchange, Inc.(1)	38,656
ELECTRIC UTILITIES ― 1.7%
	2,649	FPL Group, Inc.	136,556
ELECTRICAL EQUIPMENT ― 4.1%
	4,539	Cooper Industries Ltd., Class A	122,144
	6,711	Emerson Electric Co.	219,450
			341,594
ENERGY EQUIPMENT & SERVICES ― 2.6%
	3,713	National Oilwell Varco, Inc.(1)	98,172
	4,284	Noble Corp.	116,310
			214,482
FOOD PRODUCTS ― 3.9%
	5,043	Kellogg Co.	220,329
	3,006	Nestle SA	103,930
			324,259
HEALTH CARE EQUIPMENT & SUPPLIES ― 8.1%
	146	Alcon, Inc.	12,504
	1,322	Baxter International, Inc.	77,535
	3,860	Becton, Dickinson & Co.	280,506
	1,495	C.R. Bard, Inc.	127,927
	4,840	DENTSPLY International, Inc.	130,244

Focused Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

	831	Gen-Probe, Inc.(1)	$ 37,412
			666,128
HEALTH CARE PROVIDERS & SERVICES ― 1.9%
	955	CIGNA Corp.	16,579
	2,462	Express Scripts, Inc.(1)	132,357
	217	UnitedHealth Group, Inc.	6,148
			155,084
HOUSEHOLD PRODUCTS ― 4.1%
	6,165	Procter & Gamble Co. (The)	335,993
INSURANCE ― 3.0%
	5,308	Chubb Corp.	226,015
	1,518	Hartford Financial Services Group, Inc. (The)	19,977
			245,992
INTERNET SOFTWARE & SERVICES ― 1.8%
	431	Google, Inc., Class A(1)	145,906
IT SERVICES ― 1.7%
	4,171	Global Payments, Inc.	144,775
LIFE SCIENCES TOOLS & SERVICES ― 2.5%
	5,694	Thermo Fisher Scientific, Inc.(1)	204,585
MACHINERY ― 0.9%
	398	Navistar International Corp.(1)	12,087
	1,460	Valmont Industries, Inc.	59,247
			71,334
MEDIA ― 3.6%
	11,323	DIRECTV Group, Inc. (The)(1)	247,974
	2,463	Scripps Networks Interactive, Inc., Class A	52,880
			300,854
METALS & MINING ― 0.2%
	681	United States Steel Corp.	20,450
MULTILINE RETAIL ― 3.5%
	6,629	Kohl's Corp.(1)	243,351
	5,209	Macy's, Inc.	46,620
			289,971
MULTI-UTILITIES ― 0.1%
	331	Public Service Enterprise Group, Inc.	10,450
OIL, GAS & CONSUMABLE FUELS ― 4.6%
	2,056	Apache Corp.	154,200
	3,482	Devon Energy Corp.	214,491
	206	EOG Resources, Inc.	13,961
			382,652
PHARMACEUTICALS ― 2.7%
	4,202	Novo Nordisk AS B Shares	224,219
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.5%
	1,254	Digital Realty Trust, Inc.	40,003
ROAD & RAIL ― 3.1%
	5,921	Union Pacific Corp.	259,281
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 6.3%
	9,627	Altera Corp.	148,063

Focused Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                         Value

	5,621	Linear Technology Corp.	131,644
	24,468	Marvell Technology Group Ltd.(1)	$  178,372
	3,656	Xilinx, Inc.	61,603
			519,682
SOFTWARE ― 3.2%
	12,107	Oracle Corp.(1)	203,761
	2,174	salesforce.com, inc.(1)	57,850
			261,611
SPECIALTY RETAIL ― 3.6%
	2,734	Advance Auto Parts, Inc.	89,484
	11,234	Lowe's Cos., Inc.	205,245
			294,729
WIRELESS TELECOMMUNICATION SERVICES ― 3.0%
	8,173	American Tower Corp., Class A(1)	247,969
TOTAL COMMON STOCKS
(Cost $10,203,842)			8,087,668
TEMPORARY CASH INVESTMENTS — 1.1%
	93,164	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares
(Cost $93,164)			93,164
TOTAL INVESTMENT SECURITIES — 99.0%
(Cost $10,297,006)			8,180,832
OTHER ASSETS AND LIABILITIES — 1.0%			85,870
TOTAL NET ASSETS — 100.0%			$8,266,702

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell					Settlement Date	Value	Unrealized Gain (Loss)
97,683			CHF for USD		2/27/09	$  84,240	$1,286
988,310			DKK for USD		2/27/09	169,548	5,567
						$253,788	$6,853
(Value on Settlement Date $260,641)
Notes to Schedule of Investments
	CHF	-		Swiss Franc
	DKK	-		Danish Krone
	USD	-		United States Dollar

(1) Non-income producing.

Focused Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment  Securities	Unrealized Gain (Loss) on Other Financial  Instruments*
Level 1 - Quoted Prices	$7,852,683	-
Level 2 - Other Significant Observable Inputs	328,149	$6,853
Level 3 - Significant Unobservable Inputs	-	-
	$8,180,832	$6,853
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$10,325,323
Gross tax appreciation of investments	$       72,589
Gross tax depreciation of investments	(2,217,080)
Net tax appreciation (depreciation) of investments	$(2,144,491)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Fundamental Equity Fund

January 31, 2009

Fundamental Equity – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                     Value

COMMON STOCKS — 95.6%
AEROSPACE & DEFENSE ― 4.5%
	43,000	General Dynamics Corp.	$ 2,439,390
	158,000	Honeywell International, Inc.	5,183,980
	34,684	Lockheed Martin Corp.	2,845,475
			10,468,845
AIRLINES ― 0.7%
	231,479	Southwest Airlines Co.	1,627,297
AUTO COMPONENTS ― 0.6%
	111,000	Johnson Controls, Inc.	1,388,610
BEVERAGES ― 0.3%
	61,000	Coca-Cola Enterprises, Inc.	685,030
BIOTECHNOLOGY ― 3.1%
	100,376	Amgen, Inc.(1)	5,505,624
	33,461	Gilead Sciences, Inc.(1)	1,698,815
			7,204,439
CAPITAL MARKETS ― 2.3%
	41,146	Ameriprise Financial, Inc.	829,092
	8,655	BlackRock, Inc.	941,664
	141,033	Charles Schwab Corp. (The)	1,916,639
	88,419	Invesco Ltd.	1,042,460
	32,708	Knight Capital Group, Inc., Class A(1)	589,725
			5,319,580
CHEMICALS ― 0.7%
	12,819	E.I. du Pont de Nemours & Co.	294,324
	38,035	International Flavors & Fragrances, Inc.	1,088,562
	1,041	Monsanto Co.	79,178
	3,825	Mosaic Co. (The)	136,438
			1,598,502
COMMERCIAL BANKS ― 2.8%
	20,875	Bank of Hawaii Corp.	748,786
	61,131	SunTrust Banks, Inc.	749,466
	266,835	Wells Fargo & Co.	5,043,182
			6,541,434
COMMERCIAL SERVICES & SUPPLIES ― 1.0%
	39,421	Knoll, Inc.	268,851
	78,131	Republic Services, Inc.	2,020,468
			2,289,319
COMMUNICATIONS EQUIPMENT ― 1.8%
	280,000	Cisco Systems, Inc.(1)(2)	4,191,600
COMPUTERS & PERIPHERALS ― 2.3%
	5,183	Apple, Inc.(1)	467,144
	133,062	EMC Corp.(1)	1,469,004
	96,668	Hewlett-Packard Co.	3,359,213
			5,295,361
CONSTRUCTION & ENGINEERING ― 0.6%
	16,705	EMCOR Group, Inc.(1)	343,956
	25,494	Fluor Corp.	991,717
			1,335,673

Fundamental Equity – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                     Value

CONSUMER FINANCE ― 0.3%
	37,355	Capital One Financial Corp.	$ 591,703
	21,092	Discover Financial Services	150,808
			742,511
CONTAINERS & PACKAGING ― 1.0%
	120,000	Crown Holdings, Inc.(1)	2,250,000
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
	51,753	NYSE Euronext	1,138,566
DIVERSIFIED TELECOMMUNICATION SERVICES ― 2.3%
	175,564	AT&T, Inc.	4,322,386
	323,366	Qwest Communications International, Inc.	1,041,238
			5,363,624
ELECTRIC UTILITIES ― 3.0%
	107,610	FirstEnergy Corp.	5,379,424
	81,000	Pepco Holdings, Inc.	1,442,610
			6,822,034
ELECTRICAL EQUIPMENT ― 1.2%
	20,361	Belden, Inc.	265,915
	65,590	Emerson Electric Co.	2,144,793
	32,090	GrafTech International Ltd.(1)	257,041
			2,667,749
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.4%
	44,929	Avnet, Inc.(1)	890,493
ENERGY EQUIPMENT & SERVICES ― 3.0%
	47,879	Baker Hughes, Inc.	1,595,328
	8,978	ENSCO International, Inc.	245,638
	4,773	Halliburton Co.	82,334
	38,128	Nabors Industries Ltd.(1)	417,502
	29,204	National Oilwell Varco, Inc.(1)	772,154
	114,464	Noble Corp.	3,107,698
	37,785	Patterson-UTI Energy, Inc.	361,224
	14,510	Smith International, Inc.	329,377
			6,911,255
FOOD & STAPLES RETAILING ― 4.3%
	83,909	CVS/Caremark Corp.	2,255,474
	21,123	SUPERVALU, INC.	370,497
	16,480	SYSCO Corp.	367,339
	149,557	Wal-Mart Stores, Inc.	7,047,126
			10,040,436
FOOD PRODUCTS ― 3.0%
	134,000	H.J. Heinz Co.	4,891,000
	74,736	Kraft Foods, Inc., Class A	2,096,345
			6,987,345
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.5%
	111,815	Baxter International, Inc.	6,557,950
	60,000	STERIS Corp.	1,596,000
			8,153,950
HEALTH CARE PROVIDERS & SERVICES ― 0.8%
	59,300	Aetna, Inc.	1,838,300

Fundamental Equity – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                     Value

HOTELS, RESTAURANTS & LEISURE ― 2.7%
	7,881	Bally Technologies, Inc.(1)	$ 159,117
	60,000	McDonald's Corp.	3,481,200
	29,858	WMS Industries, Inc.(1)	663,445
	68,000	Yum! Brands, Inc.	1,946,160
			6,249,922
HOUSEHOLD PRODUCTS― 2.7%
	115,036	Procter & Gamble Co. (The)	6,269,462
INDUSTRIAL CONGLOMERATES ― 0.4%
	71,037	General Electric Co.	861,679
INSURANCE ― 2.4%
	20,975	ACE Ltd.	915,769
	21,208	Allstate Corp. (The)	459,577
	30,367	Assurant, Inc.	801,689
	12,613	Chubb Corp. (The)	537,062
	20,096	Lincoln National Corp.	304,052
	25,940	Prudential Financial, Inc.	667,955
	124,000	Unum Group	1,755,840
			5,441,944
INTERNET SOFTWARE & SERVICES ― 0.2%
	784	Google, Inc., Class A(1)	265,407
	8,097	Yahoo!, Inc.(1)	94,978
			360,385
IT SERVICES ― 4.5%
	58,006	Accenture Ltd., Class A	1,830,670
	50,000	Affiliated Computer Services, Inc., Class A(1)	2,293,000
	46,245	International Business Machines Corp.	4,238,354
	147,000	Western Union Co. (The)	2,008,020
			10,370,044
LEISURE EQUIPMENT & PRODUCTS ― 0.4%
	37,720	Hasbro, Inc.	910,184
LIFE SCIENCES TOOLS & SERVICES ― 1.4%
	92,000	Thermo Fisher Scientific, Inc.(1)	3,305,560
MACHINERY ― 0.9%
	54,386	Dover Corp.	1,538,036
	12,258	Parker-Hannifin Corp.	468,378
			2,006,414
MARINE ― 0.5%
	46,473	Kirby Corp.(1)	1,114,422
MEDIA ― 2.1%
	69,485	Comcast Corp., Class A	1,017,955
	37,698	Omnicom Group, Inc.	976,001
	301,802	Time Warner, Inc.(2)	2,815,813
			4,809,769
METALS & MINING ― 0.7%
	25,702	Freeport-McMoRan Copper & Gold, Inc.	646,148
	40,449	Reliance Steel & Aluminum Co.	895,137
			1,541,285

Fundamental Equity – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                     Value

MULTILINE RETAIL ― 0.3%
	59,327	Big Lots, Inc.(1)	$       797,948
MULTI-UTILITIES ― 1.7%
	285,754	CenterPoint Energy, Inc.(2)	3,823,388
OIL, GAS & CONSUMABLE FUELS ― 9.3%
	76,824	Chevron Corp.	5,417,629
	88,363	ConocoPhillips	4,199,893
	135,788	Exxon Mobil Corp.	10,385,066
	17,601	Murphy Oil Corp.	777,612
	30,216	Valero Energy Corp.	728,810
			21,509,010
PAPER & FOREST PRODUCTS ― 0.1%
	31,259	International Paper Co.	285,082
PHARMACEUTICALS ―7.9%
	47,216	Abbott Laboratories	2,617,655
	70,846	Bristol-Myers Squibb Co.	1,516,813
	63,000	Eli Lilly & Co.	2,319,660
	127,086	Johnson & Johnson	7,331,591
	32,760	Merck & Co., Inc.	935,298
	180,223	Pfizer, Inc.	2,627,651
	20,282	Wyeth	871,518
			18,220,186
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.7%
	19,888	Macerich Co. (The)	293,149
	23,040	Public Storage	1,425,485
			1,718,634
ROAD & RAIL ― 2.6%
	27,013	CSX Corp.	782,296
	43,379	Ryder System, Inc.	1,465,343
	87,264	Union Pacific Corp.	3,821,291
			6,068,930
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 3.9%
	85,745	Altera Corp.	1,318,758
	119,573	Atmel Corp.(1)	399,374
	54,360	Broadcom Corp., Class A(1)	861,606
	225,000	Intel Corp.	2,902,500
	205,669	Marvell Technology Group Ltd.(1)	1,499,327
	98,447	National Semiconductor Corp.	998,252
	59,287	Xilinx, Inc.	998,986
			8,978,803
SOFTWARE ― 1.6%
	71,104	Microsoft Corp.	1,215,878
	151,588	Oracle Corp.(1)	2,551,226
			3,767,104
SPECIALTY RETAIL ― 1.1%
	159,271	Gap, Inc. (The)	1,796,577
	15,235	Genesco, Inc.(1)	234,619
	28,381	Urban Outfitters, Inc.(1)	442,176
			2,473,372

Fundamental Equity – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                     Value

TEXTILES, APPAREL & LUXURY GOODS ― 0.1%
	15,676	Coach, Inc.(1)	$       228,870
THRIFTS & MORTGAGE FINANCE ― 0.3%
	58,714	Hudson City Bancorp., Inc.	681,082
TOBACCO ― 1.9%
	259,891	Altria Group, Inc.(2)	4,298,597
TRADING COMPANIES & DISTRIBUTORS ― 0.3%
	103,562	United Rentals, Inc.(1)	577,876
WIRELESS TELECOMMUNICATION SERVICES ― 0.9%
	71,602	American Tower Corp., Class A(1)	2,172,405
TOTAL COMMON STOCKS
(Cost $297,643,600)			220,594,310
TEMPORARY CASH INVESTMENTS - SEGREGATED FOR FUTURES CONTRACTS— 3.0%
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.50%, 1/15/29, valued at $358,456), in a joint trading account at 0.22%, dated 1/30/09, due 2/2/09 (Delivery value $351,006)			351,000
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 0.29%, 4/9/09, valued at $6,732,632), in a joint trading account at 0.20%, dated 1/30/09, due 2/2/09 (Delivery value $6,600,110)			6,600,000
TOTAL TEMPORARY CASH INVESTMENTS - SEGREGATED FOR FUTURES CONTRACTS
(Cost $6,951,000)			6,951,000
TEMPORARY CASH INVESTMENTS — 1.5%
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.50%, 1/15/29, valued at $3,624,384), in a joint trading account at 0.22%, dated 1/30/09, due 2/2/09 (Delivery value $3,549,065)
(Cost $3,549,000)			3,549,000
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $308,143,600)			231,094,310
OTHER ASSETS AND LIABILITIES — (0.1)%			(243,448)
TOTAL NET ASSETS — 100.0%			$230,850,862

FUTURES CONTRACTS
Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
169	S&P 500 E-Mini Futures	March 2009	$6,950,125	$(455,379)

Notes to Schedule of Investments

(1)	Non-income producing.
(2)	Security, or a portion thereof, has been segregated for futures contracts. At the period end, the aggregate value of securities pledged was $6,951,000.

Fundamental Equity – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)     

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss) on Other Financial Instruments*
Level 1 - Quoted Prices	$           220,594,310	$         (455,379)
Level 2 - Other Significant Observable Inputs	10,500,000	-
Level 3 - Significant Unobservable Inputs	-	-
	$           231,094,310	$         (455,379)
* Includes futures contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$     308,827,077
Gross tax appreciation of investments	$         2,446,041
Gross tax depreciation of investments	(80,178,808)
Net tax appreciation (depreciation) of investments	$    (77,732,767)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Heritage Fund

January 31, 2009

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

Shares                                                                                                                                                                                             Value

COMMON STOCKS — 98.1%
AEROSPACE & DEFENSE― 2.1%
	95,900	Alliant Techsystems, Inc.(1)	$ 7,749,679
	186,900	Lockheed Martin Corp.	15,333,276
	108,500	Precision Castparts Corp.	7,047,075
			30,130,030
AIR FREIGHT & LOGISTICS ― 1.8%
	226,600	C.H. Robinson Worldwide, Inc.	10,419,068
	130,500	FedEx Corp.	6,647,670
	907,041	UTi Worldwide, Inc.	9,941,169
			27,007,907
AUTO COMPONENTS ― 0.6%
	457,700	Autoliv, Inc.	8,417,103
BEVERAGES ― 0.1%
	87,490	Central European Distribution Corp.(1)	1,058,629
BIOTECHNOLOGY ― 5.4%
	409,700	Celgene Corp.(1)	21,693,615
	1,403,991	CSL Ltd.	33,061,185
	1,400,400	Grifols SA	24,652,940
			79,407,740
CAPITAL MARKETS ― 3.7%
	616,000	Charles Schwab Corp. (The)	8,371,440
	488,700	Invesco Ltd.	5,761,773
	408,897	Lazard Ltd., Class A	10,835,771
	659,900	Morgan Stanley	13,349,777
	862,350	Raymond James Financial, Inc.	15,962,098
			54,280,859
CHEMICALS ― 3.0%
	462,630	Monsanto Co.	35,187,638
	124,000	Potash Corp. of Saskatchewan	9,282,640
			44,470,278
COMMERCIAL BANKS ― 0.5%
	453,300	KeyCorp	3,300,024
	165,300	Marshall & Ilsley Corp.	943,863
	380,800	Synovus Financial Corp.	1,507,968
	137,200	TCF Financial Corp.	1,699,908
			7,451,763
COMMUNICATIONS EQUIPMENT ― 1.3%
	166,100	F5 Networks, Inc.(1)	3,682,437
	627,500	Juniper Networks, Inc.(1)	8,885,400
	200,800	QUALCOMM, Inc.	6,937,640
			19,505,477
COMPUTERS & PERIPHERALS ― 1.6%
	264,627	Apple, Inc.(1)	23,850,831
CONSTRUCTION & ENGINEERING ― 3.7%
	134,600	AECOM Technology Corp.(1)	3,406,726
	602,000	Chicago Bridge & Iron Co. NV New York Shares	6,778,520
	180,000	Granite Construction, Inc.	6,339,600
	188,900	Jacobs Engineering Group, Inc.(1)	7,304,763

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

Shares                                                                                                                                                                                             Value

	240,100	KBR, Inc.	$ 3,399,816
	974,200	Quanta Services, Inc.(1)	20,828,396
	189,900	Shaw Group, Inc. (The)(1)	5,279,220
			53,337,041
CONTAINERS & PACKAGING ― 1.4%
	1,112,400	Crown Holdings, Inc.(1)	20,857,500
DIVERSIFIED ― 0.6%
	101,800	Midcap SPDR Trust, Series 1	9,232,242
DIVERSIFIED CONSUMER SERVICES ― 5.3%
	244,820	Apollo Group, Inc., Class A(1)	19,943,037
	82,100	Capella Education Co.(1)	4,542,593
	290,100	Corinthian Colleges, Inc.(1)	5,419,068
	305,751	DeVry, Inc.	16,382,139
	1,150,189	H&R Block, Inc.	23,843,418
	164,000	New Oriental Education & Technology Group ADR(1)	7,845,760
			77,976,015
ELECTRICAL EQUIPMENT ― 0.9%
	15,088	First Solar, Inc.(1)	2,154,566
	162,600	Rockwell Automation, Inc.	4,234,104
	154,500	Vestas Wind Systems AS(1)	7,470,324
			13,858,994
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 1.1%
	268,476	Dolby Laboratories, Inc., Class A(1)	6,862,246
	364,200	FLIR Systems, Inc.(1)	9,094,074
			15,956,320
ENERGY EQUIPMENT & SERVICES ― 0.6%
	145,500	Dresser-Rand Group, Inc.(1)	2,834,340
	523,800	Weatherford International Ltd.(1)	5,777,514
			8,611,854
FOOD & STAPLES RETAILING ― 0.8%
	97,200	BJ's Wholesale Club, Inc.(1)	2,787,696
	372,500	Kroger Co. (The)	8,381,250
			11,168,946
FOOD PRODUCTS ― 0.3%
	91,900	Kellogg Co.	4,015,111
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.0%
	130,100	Baxter International, Inc.	7,630,365
	234,500	Covidien Ltd.	8,990,730
	129,500	Edwards Lifesciences Corp.(1)	7,444,955
	108,200	Mettler Toledo International, Inc.(1)	7,203,956
	248,900	Thoratec Corp.(1)	7,210,633
	157,300	Varian Medical Systems, Inc.(1)	5,840,549
			44,321,188
HEALTH CARE PROVIDERS & SERVICES― 7.6%
	237,100	Aetna, Inc.	7,350,100
	572,200	Express Scripts, Inc.(1)	30,761,472
	193,100	Humana, Inc.(1)	7,324,283
	537,700	Medco Health Solutions, Inc.(1)	24,158,861
	784,200	Omnicare, Inc.	21,926,232
	356,800	UnitedHealth Group, Inc.	10,108,144

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

Shares                                                                                                                                                                                             Value

	218,300	WellPoint, Inc.(1)	$ 9,048,535
			110,677,627
HOTELS, RESTAURANTS & LEISURE ― 3.2%
	377,300	Brinker International, Inc.	4,138,981
	68,600	Chipotle Mexican Grill, Inc., Class A(1)	3,276,336
	78,300	Chipotle Mexican Grill, Inc., Class B(1)	3,564,216
	507,800	International Game Technology	5,382,680
	143,100	Panera Bread Co., Class A(1)	6,722,838
	699,800	Penn National Gaming, Inc.(1)	13,051,270
	272,300	WMS Industries, Inc.(1)	6,050,506
	144,000	Wynn Resorts Ltd.(1)	4,331,520
			46,518,347
HOUSEHOLD DURABLES― 0.7%
	337,700	KB Home	3,603,259
	5,100	NVR, Inc.(1)	2,173,059
	375,600	Pulte Homes, Inc.	3,812,340
			9,588,658
INSURANCE ― 2.8%
	108,100	ACE Ltd.	4,719,646
	418,300	Aon Corp.	15,498,015
	344,600	Axis Capital Holdings Ltd.	8,359,996
	48,600	Everest Re Group Ltd.	3,061,800
	229,800	Fidelity National Financial, Inc., Class A	3,359,676
	133,300	First American Corp. (The)	2,911,272
	51,100	PartnerRe Ltd.	3,348,583
			41,258,988
INTERNET & CATALOG RETAIL― 1.0%
	424,300	Expedia, Inc.(1)	3,788,999
	159,541	priceline.com, Inc.(1)	10,703,606
			14,492,605
INTERNET SOFTWARE & SERVICES ― 1.9%
	1,102,414	Ariba, Inc.(1)	8,422,443
	131,900	Digital River, Inc.(1)	3,267,163
	162,800	Equinix, Inc.(1)	8,685,380
	374,800	NetEase.com, Inc. ADR(1)	7,124,948
			27,499,934
IT SERVICES ― 2.4%
	232,900	Fiserv, Inc.(1)	7,394,575
	348,400	Global Payments, Inc.	12,092,964
	114,000	MasterCard, Inc., Class A	15,478,920
			34,966,459
LIFE SCIENCES TOOLS & SERVICES ― 0.6%
	238,000	Thermo Fisher Scientific, Inc.(1)	8,551,340
MACHINERY ― 3.7%
	476,900	Cummins, Inc.	11,436,062
	90,700	Eaton Corp.	3,992,614
	239,587	Flowserve Corp.	12,772,383
	192,800	Illinois Tool Works, Inc.	6,296,848
	182,100	Navistar International Corp.(1)	5,530,377
	352,100	Parker-Hannifin Corp.	13,453,741
			53,482,025

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

Shares                                                                                                                                                                                             Value

MARINE ― 0.5%
	529,600	Diana Shipping, Inc.	$ 7,038,384
MEDIA ― 0.9%
	608,900	DIRECTV Group, Inc. (The)(1)	13,334,910
METALS & MINING ― 1.3%
	171,800	Nucor Corp.	7,007,722
	180,300	Schnitzer Steel Industries, Inc., Class A	7,080,381
	451,500	Steel Dynamics, Inc.	4,794,930
			18,883,033
MULTILINE RETAIL ― 3.0%
	257,300	Dollar Tree, Inc.(1)	10,989,283
	210,300	J.C. Penney Co., Inc.	3,522,525
	713,600	Kohl's Corp.(1)	26,196,256
	350,700	Macy's, Inc.	3,138,765
			43,846,829
OIL, GAS & CONSUMABLE FUELS ― 8.0%
	385,800	Alpha Natural Resources, Inc.(1)	6,296,256
	254,911	Arena Resources, Inc.(1)	6,209,632
	479,000	CONSOL Energy, Inc.	13,057,540
	302,200	Continental Resources, Inc.(1)	6,246,474
	233,700	Equitable Resources, Inc.	7,999,551
	246,700	Murphy Oil Corp.	10,899,206
	176,800	Peabody Energy Corp.	4,420,000
	1,225,258	Petrohawk Energy Corp.(1)	24,149,835
	326,800	Plains Exploration & Production Co.(1)	6,902,016
	257,600	Range Resources Corp.	9,232,384
	411,000	Southwestern Energy Co.(1)	13,008,150
	167,600	Walter Industries, Inc.	3,090,544
	186,166	Whiting Petroleum Corp.(1)	5,398,814
			116,910,402
PROFESSIONAL SERVICES ― 1.1%
	156,430	FTI Consulting, Inc.(1)	6,415,194
	202,684	Huron Consulting Group, Inc.(1)	10,130,147
			16,545,341
ROAD & RAIL ― 1.7%
	290,900	CSX Corp.	8,424,464
	216,700	Norfolk Southern Corp.	8,312,612
	169,200	Union Pacific Corp.	7,409,268
			24,146,344
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 6.2%
	528,200	Altera Corp.	8,123,716
	376,700	Analog Devices, Inc.	7,526,466
	991,031	Broadcom Corp., Class A(1)	15,707,841
	515,400	Linear Technology Corp.	12,070,668
	1,466,200	Marvell Technology Group Ltd.(1)	10,688,598
	243,000	MEMC Electronic Materials, Inc.(1)	3,304,800
	661,300	National Semiconductor Corp.	6,705,582
	1,655,000	NVIDIA Corp.(1)	13,157,250
	261,000	Silicon Laboratories, Inc.(1)	6,010,830
	354,000	Varian Semiconductor Equipment Associates, Inc.(1)	6,740,160
			90,035,911

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

Shares                                                                                                                                                                                             Value

SOFTWARE― 3.1%
	448,448	Activision Blizzard, Inc.(1)	$ 3,928,405
	283,100	Autodesk, Inc.(1)	4,688,136
	577,322	McAfee, Inc.(1)	17,602,548
	41,700	Nintendo Co. Ltd.	11,855,478
	270,600	Sybase, Inc.(1)	7,390,086
			45,464,653
SPECIALTY RETAIL ― 3.3%
	361,400	Aeropostale, Inc.(1)	7,629,154
	921,700	American Eagle Outfitters, Inc.	8,304,517
	207,200	Children's Place Retail Stores, Inc. (The)(1)	3,897,432
	396,400	Guess?, Inc.	6,378,076
	172,000	O'Reilly Automotive, Inc.(1)	5,000,040
	405,600	PetSmart, Inc.	7,613,112
	173,400	Ross Stores, Inc.	5,101,428
	316,800	Urban Outfitters, Inc.(1)	4,935,744
			48,859,503
TEXTILES, APPAREL & LUXURY GOODS ― 1.4%
	370,200	Carter's, Inc.(1)	6,289,698
	107,000	NIKE, Inc., Class B	4,841,750
	224,600	Polo Ralph Lauren Corp.	9,215,338
			20,346,786
THRIFTS & MORTGAGE FINANCE ― 0.4%
	537,000	Hudson City Bancorp., Inc.	6,229,200
TOBACCO ― 2.6%
	714,400	Altria Group, Inc.	11,816,176
	441,200	Lorillard, Inc.	26,233,752
			38,049,928
TRADING COMPANIES & DISTRIBUTORS ― 0.3%
	139,100	Fastenal Co.	4,754,438
WIRELESS TELECOMMUNICATION SERVICES ― 2.6%
	252,200	American Tower Corp., Class A(1)	7,651,748
	1,136,700	MetroPCS Communications, Inc.(1)	15,447,753
	731,132	SBA Communications Corp., Class A(1)	14,549,527
			37,649,028
TOTAL COMMON STOCKS
(Cost $1,620,509,689)			1,434,046,501
TEMPORARY CASH INVESTMENTS — 1.8%
44,472		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	44,472
Repurchase Agreement, Goldman Sachs Group, Inc., (collateralized by various U.S. Treasury obligations, 4.75%, 2/15/37, valued at $26,826,965), in a joint trading account at 0.10%, dated 1/30/09, due 2/2/09 (Delivery value $26,200,218)			26,200,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $26,244,472)			26,244,472
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $1,646,754,161)			1,460,290,973
OTHER ASSETS AND LIABILITIES — 0.1%			1,083,491

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

TOTAL NET ASSETS — 100.0% $1,461,374,464

Geographic Diversification
(as a % of net assets)
United States				85.6%
Bermuda				3.1%
Australia				2.3%
Spain				1.7%
People's Republic of China				1.0%
Japan				0.8%
British Virgin Islands				0.7%
Canada				0.6%
Sweden				0.6%
Denmark				0.5%
Greece				0.5%
Netherlands				0.4%
Switzerland				0.3%
Cash and Equivalents*				1.9%
* Includes temporary cash investments and other assets and liabilities.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value		Unrealized Gain (Loss)
40,513,564	AUD for USD	2/27/09	$25,700,185		$1,363,521
35,967,600	DKK for USD	2/27/09	6,170,355		202,586
15,225,149	EUR for USD	2/27/09	19,488,190		661,989
829,787,000	JPY for USD	2/27/09	9,240,485		(9,001)
			$60,599,215		$2,219,095
(Value on Settlement Date $62,818,310)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	AUD	-	Australian Dollar
	DKK	-	Danish Krone
	EUR	-	Euro
	JPY	-	Japanese Yen
	SPDR	-	Standard & Poor's Depositary Receipts
	USD	-	United States Dollar

(1) Non-income producing.

Heritage – Schedule of Investments

JANUARY 31, 2009   (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. 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. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$1,357,051,046	-
Level 2 - Other Significant Observable Inputs	103,239,927	$2,219,095
Level 3 - Significant Unobservable Inputs	-	-
	$1,460,290,973	$2,219,095
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$1,678,957,476
Gross tax appreciation of investments	$     70,869,589
Gross tax depreciation of investments	(289,536,092)
Net tax appreciation (depreciation) of investments	$(218,666,503)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

New Opportunities II Fund

January 31, 2009

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

COMMON STOCKS — 99.2%
AEROSPACE & DEFENSE ― 2.1%
	309,944	BE Aerospace, Inc.(1)	$   2,997,158
	81,849	Curtiss-Wright Corp.	2,643,723
	158,154	Orbital Sciences Corp.(1)	2,652,243
			8,293,124
AIRLINES ― 3.0%
	722,028	Hawaiian Holdings, Inc.(1)	2,938,654
	499,121	UAL Corp.(1)	4,711,702
	744,860	US Airways Group, Inc.(1)	4,223,356
			11,873,712
BIOTECHNOLOGY ― 6.8%
	71,516	Acorda Therapeutics, Inc.(1)	1,754,288
	94,004	Alexion Pharmaceuticals, Inc.(1)	3,465,928
	165,133	Alkermes, Inc.(1)	1,894,076
	79,991	Cubist Pharmaceuticals, Inc.(1)	1,712,607
	60,834	CV Therapeutics, Inc.(1)	952,052
	120,234	Isis Pharmaceuticals, Inc.(1)	1,698,906
	43,931	Martek Biosciences Corp(1)	1,161,975
	279,755	Medarex, Inc.(1)	1,670,137
	45,883	Myriad Genetics, Inc.(1)	3,421,495
	73,768	Onyx Pharmaceuticals, Inc.(1)	2,244,760
	65,791	OSI Pharmaceuticals, Inc.(1)	2,342,160
	93,252	Regeneron Pharmaceuticals, Inc.(1)	1,630,045
	113,579	Theravance, Inc.(1)	1,496,971
	29,875	United Therapeutics Corp.(1)	2,030,006
			27,475,406
BUILDING PRODUCTS ― 0.2%
	62,519	Trex Co., Inc.(1)	924,656
CAPITAL MARKETS ― 1.1%
	93,830	optionsXpress Holdings, Inc.	1,021,809
	244,525	SWS Group, Inc.	3,582,291
			4,604,100
CHEMICALS ― 1.5%
	11,652	Airgas, Inc.	411,432
	168,746	Scotts Miracle-Gro Co. (The), Class A	5,436,996
			5,848,428
COMMERCIAL BANKS ― 2.5%
	87,421	Bank of the Ozarks, Inc.	1,983,583
	103,847	NBT Bancorp., Inc.	2,371,866
	160,202	Oriental Financial Group, Inc.	809,020
	24,377	Simmons First National Corp., Class A	600,649
	147,567	Southside Bancshares, Inc.	2,806,724
	62,947	WesBanco, Inc.	1,300,485
			9,872,327
COMMERCIAL SERVICES & SUPPLIES ― 1.6%
	57,500	Cornell Cos, Inc.(1)	877,450
	189,481	Geo Group, Inc. (The)(1)	2,804,319
	232,213	Knoll, Inc.	1,583,692

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

	37,443	Waste Connections, Inc.(1)	1,086,596
			6,352,057
COMMUNICATIONS EQUIPMENT ― 2.9%
	1,127,721	3Com Corp.(1)	$   2,627,590
	315,311	BigBand Networks, Inc.(1)	1,592,320
	264,444	Riverbed Technology, Inc.(1)	2,684,107
	281,751	Seachange International, Inc.(1)	1,667,966
	238,247	Tekelec(1)	2,959,028
			11,531,011
COMPUTERS & PERIPHERALS ― 0.3%
	58,887	Synaptics, Inc.(1)	1,387,967
CONSTRUCTION & ENGINEERING ― 1.3%
	79,286	AECOM Technology Corp.(1)	2,006,729
	89,681	Northwest Pipe Co.(1)	3,162,152
			5,168,881
CONSUMER FINANCE ― 1.3%
	399,190	EZCORP, Inc., Class A(1)	5,417,008
CONTAINERS & PACKAGING ― 0.5%
	81,099	Bemis Co., Inc.	1,830,404
DIVERSIFIED CONSUMER SERVICES ― 2.3%
	126,236	DeVry, Inc.	6,763,725
	34,313	Matthews International Corp., Class A	1,336,148
	5,068	Strayer Education, Inc.	1,096,867
			9,196,740
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.5%
	284,418	Cogent Communications Group, Inc.(1)	1,891,380
ELECTRIC UTILITIES ― 1.0%
	71,510	Central Vermont Public Service Corp.	1,616,126
	52,943	ITC Holdings Corp.	2,222,547
			3,838,673
ELECTRICAL EQUIPMENT ― 3.0%
	712,636	Advanced Battery Technologies, Inc.(1)	1,824,348
	59,576	American Superconductor Corp.(1)	963,940
	127,839	AZZ, Inc.(1)	2,863,593
	69,478	Energy Conversion Devices, Inc.(1)	1,748,761
	148,874	GrafTech International Ltd.(1)	1,192,481
	105,893	Powell Industries, Inc.(1)	2,528,725
	26,378	Sunpower Corp., Class A(1)	885,246
			12,007,094
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.8%
	39,820	Itron, Inc.(1)	2,600,246
	130,707	Maxwell Technologies, Inc.(1)	611,709
			3,211,955
ENERGY EQUIPMENT & SERVICES ― 0.3%
	17,737	Lufkin Industries, Inc.	619,908
	325,095	Parker Drilling Co.(1)	689,202
			1,309,110
FOOD & STAPLES RETAILING ― 1.0%
	79,713	Casey's General Stores, Inc.	1,693,901

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

	114,979	Spartan Stores, Inc.	2,136,310
			3,830,211
FOOD PRODUCTS ― 2.2%
	270,943	Darling International, Inc.(1)	$   1,243,628
	99,615	Fresh Del Monte Produce, Inc.(1)	2,400,722
	35,596	J.M. Smucker Co. (The)	1,607,159
	10,084	Ralcorp Holdings, Inc.(1)	597,175
	115,547	TreeHouse Foods, Inc.(1)	3,049,285
			8,897,969
HEALTH CARE EQUIPMENT & SUPPLIES ― 5.2%
	87,748	Align Technology, Inc.(1)	691,454
	55,207	Edwards Lifesciences Corp.(1)	3,173,851
	56,437	Gen-Probe, Inc.(1)	2,540,794
	9,776	Haemonetics Corp.(1)	578,250
	62,443	ICU Medical, Inc.(1)	1,905,136
	110,210	Immucor, Inc.(1)	3,053,919
	96,229	Insulet Corp.(1)	764,058
	58,392	Masimo Corp.(1)	1,621,546
	106,876	Merit Medical Systems, Inc.(1)	1,644,822
	45,506	NuVasive, Inc.(1)	1,699,194
	54,617	STERIS Corp.	1,452,812
	204,719	Syneron Medical Ltd.(1)	1,445,316
	13,739	West Pharmaceutical Services, Inc.	456,410
			21,027,562
HEALTH CARE PROVIDERS & SERVICES ― 5.4%
	46,959	Almost Family, Inc.(1)	1,448,216
	23,940	Amedisys, Inc.(1)	987,046
	102,718	Amsurg Corp.(1)	2,012,246
	263,683	Animal Health International, Inc.(1)	411,345
	29,453	athenahealth, Inc.(1)	1,062,664
	113,975	CardioNet, Inc.(1)	2,584,953
	67,578	Catalyst Health Solutions, Inc.(1)	1,488,068
	74,533	Coventry Health Care, Inc.(1)	1,127,684
	91,587	Emergency Medical Services Corp., Class A(1)	3,069,996
	47,755	Genoptix, Inc.(1)	1,618,895
	152,959	IPC The Hospitalist Co., Inc.(1)	2,927,635
	73,341	Owens & Minor, Inc.	2,916,772
			21,655,520
HOTELS, RESTAURANTS & LEISURE ― 3.7%
	67,567	Bally Technologies, Inc.(1)	1,364,178
	282,455	Burger King Holdings, Inc.	6,284,624
	742,246	CKE Restaurants, Inc.	6,160,642
	177,583	Las Vegas Sands Corp.(1)	914,552
			14,723,996
HOUSEHOLD DURABLES ― 1.3%
	205,556	KB Home	2,193,282
	63,514	M.D.C. Holdings, Inc.	1,946,069
	70,781	Toll Brothers, Inc.(1)	1,204,693
			5,344,044
INSURANCE ― 0.8%

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

	34,279	Odyssey Re Holdings Corp.	1,612,827
	35,673	RenaissanceRe Holdings Ltd.	1,594,226
			3,207,053
INTERNET & CATALOG RETAIL ― 0.4%
	24,358	priceline.com, Inc.(1)	$   1,634,178
INTERNET SOFTWARE & SERVICES ― 4.8%
	675,202	AsiaInfo Holdings, Inc.(1)	5,894,513
	164,713	Bankrate, Inc.(1)	5,494,826
	260,344	Knot, Inc. (The)(1)	1,791,167
	162,857	Vocus, Inc.(1)	2,485,198
	331,830	Websense, Inc.(1)	3,716,496
			19,382,200
IT SERVICES ― 4.8%
	138,003	CACI International, Inc., Class A(1)	6,230,835
	457,703	Cybersource Corp.(1)	5,460,397
	144,327	ManTech International Corp., Class A(1)	7,740,257
			19,431,489
LIFE SCIENCES TOOLS & SERVICES ― 1.1%
	46,719	AMAG Pharmaceuticals, Inc.(1)	1,646,845
	13,267	Bio-Rad Laboratories, Inc., Class A(1)	842,985
	103,455	Kendle International, Inc.(1)	1,975,990
			4,465,820
MACHINERY ― 1.4%
	240,479	Colfax Corp.(1)	2,193,168
	7,088	K-Tron International, Inc.(1)	508,281
	92,415	Wabtec Corp.	2,765,981
			5,467,430
MEDIA ― 0.8%
	546,387	VisionChina Media, Inc. ADR(1)	3,376,672
METALS & MINING ― 1.0%
	135,489	AK Steel Holding Corp.	1,093,396
	45,800	Compass Minerals International, Inc.	2,755,786
			3,849,182
OIL, GAS & CONSUMABLE FUELS ― 5.7%
	269,266	Approach Resources, Inc.(1)	1,857,935
	116,133	Berry Petroleum Co., Class A	854,739
	91,339	Comstock Resources, Inc.(1)	3,482,756
	188,415	Concho Resources, Inc.(1)	4,751,826
	377,558	EXCO Resources, Inc.(1)	3,828,438
	81,802	Forest Oil Corp.(1)	1,227,030
	99,442	McMoRan Exploration Co.(1)	665,267
	64,932	NuStar Energy LP	3,193,356
	154,193	Penn Virginia Corp.	3,176,376
			23,037,723
PERSONAL PRODUCTS ― 0.8%
	455,573	American Oriental Bioengineering, Inc.(1)	2,277,865
	129,395	Inter Parfums, Inc.	781,546
			3,059,411
PHARMACEUTICALS ― 2.8%
	362,291	Biovail Corp.	3,959,841

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

	125,505	Obagi Medical Products, Inc.(1)	839,628
	73,348	Par Pharmaceutical Cos., Inc.(1)	902,914
	183,423	Perrigo Co.	5,383,465
	54,216	Questcor Pharmaceuticals, Inc.(1)	$     349,693
			11,435,541
PROFESSIONAL SERVICES ― 0.3%
	34,453	FTI Consulting, Inc.(1)	1,412,918
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 4.6%
	674,909	Capstead Mortgage Corp.	7,201,279
	243,129	Developers Diversified Realty Corp.	1,167,019
	320,861	Glimcher Realty Trust	593,593
	240,853	Hatteras Financial Corp.	5,953,886
	979,551	U-Store-It Trust	3,673,316
			18,589,093
ROAD & RAIL ― 0.5%
	75,617	Old Dominion Freight Line, Inc.(1)	1,896,474
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 2.1%
	144,694	MEMC Electronic Materials, Inc.(1)	1,967,838
	123,938	Microsemi Corp.(1)	1,041,079
	1,245,240	RF Micro Devices, Inc.(1)	1,344,859
	176,288	Supertex, Inc.(1)	3,999,975
			8,353,751
SOFTWARE ― 5.7%
	405,718	NetScout Systems, Inc.(1)	5,769,310
	109,787	Quality Systems, Inc.	4,092,859
	58,004	Salesforce.com, Inc.(1)	1,543,487
	299,568	Sybase, Inc.(1)	8,181,202
	439,193	Wind River Systems, Inc.(1)	3,500,368
			23,087,226
SPECIALTY RETAIL ― 4.1%
	85,433	Aeropostale, Inc.(1)	1,803,491
	61,836	Buckle, Inc. (The)	1,307,831
	334,380	Hot Topic, Inc.(1)	2,855,605
	180,433	Monro Muffler, Inc.	4,379,109
	167,312	RadioShack Corp.	1,917,396
	28,062	Tractor Supply Co.(1)	945,970
	1,221,736	Wet Seal, Inc. (The), Class A(1)	3,188,731
			16,398,133
TEXTILES, APPAREL & LUXURY GOODS ― 0.8%
	61,794	Deckers Outdoor Corp.(1)	3,228,119
THRIFTS & MORTGAGE FINANCE ― 0.6%
	181,870	First Niagara Financial Group, Inc.	2,375,222
TRADING COMPANIES & DISTRIBUTORS ― 1.0%
	285,198	DXP Enterprises, Inc.(1)	3,872,989
WATER UTILITIES ― 1.1%
	64,975	California Water Service Group	2,826,412
	91,203	Cascal NV	414,974
	87,744	Consolidated Water Co., Inc.	1,026,605
			4,267,991

WIRELESS TELECOMMUNICATION SERVICES ― 2.2%

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	142,807	SBA Communications Corp., Class A(1)	2,841,859
	429,118	Syniverse Holdings, Inc.(1)	$   5,818,840
			8,660,699
TOTAL COMMON STOCKS
(Cost $444,275,539)			398,002,649
TEMPORARY CASH INVESTMENTS — 1.0%
$3,900,000		FHLB Discount Notes, 0.01%, 2/2/09(2)	3,900,000
	64,311	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	64,311
Repurchase Agreement, Goldman Sachs Group, Inc., (collateralized by various U.S. Treasury obligations, 4.75%, 2/15/37, valued at $102,393), in a joint trading account at 0.10%, dated 1/30/09, due 2/2/09 (Delivery value $100,001)			100,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $4,064,311)			4,064,311
TOTAL INVESTMENT SECURITIES — 100.2%
(Cost $448,339,850)			402,066,960
OTHER ASSETS AND LIABILITIES — (0.2)%			(727,158)
TOTAL NET ASSETS — 100.0%			$401,339,802

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	FHLB	-	Federal Home Loan Bank

(1)	Non-income producing.
(2)	The rate indicated is the yield to maturity at purchase.

New Opportunities II – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of January 31, 2009:
Valuation Inputs	Value of Investment  Securities
Level 1 – Quoted Prices	$398,066,960
Level 2 – Other Significant Observable Inputs	4,000,000
Level 3 – Significant Unobservable Inputs	-
	$402,066,960
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$475,689,017
Gross tax appreciation of investments	$  13,222,096
Gross tax depreciation of investments	(86,844,153)
Net tax appreciation (depreciation) of investments	$ (73,622,057)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

New Opportunities Fund

January 31, 2009

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                       Value

COMMON STOCKS — 99.2%
AEROSPACE & DEFENSE ― 2.1%
	83,904	BE Aerospace, Inc.(1)	$   811,352
	22,612	Curtiss-Wright Corp.	730,367
	42,782	Orbital Sciences Corp.(1)	717,454
			2,259,173
AIRLINES ― 3.0%
	197,790	Hawaiian Holdings, Inc.(1)	805,005
	137,608	UAL Corp.(1)	1,299,019
	205,286	US Airways Group, Inc.(1)	1,163,972
			3,267,996
BIOTECHNOLOGY ― 6.7%
	19,166	Acorda Therapeutics, Inc.(1)	470,142
	25,473	Alexion Pharmaceuticals, Inc.(1)	939,189
	44,340	Alkermes, Inc.(1)	508,580
	21,445	Cubist Pharmaceuticals, Inc.(1)	459,137
	16,006	CV Therapeutics, Inc.(1)	250,494
	32,204	Isis Pharmaceuticals, Inc.(1)	455,043
	11,662	Martek Biosciences Corp(1)	308,460
	74,844	Medarex, Inc.(1)	446,819
	12,469	Myriad Genetics, Inc.(1)	929,813
	19,885	Onyx Pharmaceuticals, Inc.(1)	605,101
	17,799	OSI Pharmaceuticals, Inc.(1)	633,644
	24,948	Regeneron Pharmaceuticals, Inc.(1)	436,091
	30,326	Theravance, Inc.(1)	399,697
	8,025	United Therapeutics Corp.(1)	545,299
			7,387,509
BUILDING PRODUCTS ― 0.2%
	16,509	Trex Co., Inc.(1)	244,168
CAPITAL MARKETS ― 1.2%
	25,704	optionsXpress Holdings, Inc.	279,916
	67,652	SWS Group, Inc.	991,102
			1,271,018
CHEMICALS ― 1.5%
	3,355	Airgas, Inc.	118,465
	46,295	Scotts Miracle-Gro Co. (The), Class A	1,491,625
			1,610,090
COMMERCIAL BANKS ― 2.4%
	23,479	Bank of the Ozarks, Inc.	532,738
	28,043	NBT Bancorp., Inc.	640,502
	41,795	Oriental Financial Group, Inc.	211,065
	6,480	Simmons First National Corp., Class A	159,667
	39,631	Southside Bancshares, Inc.	753,782
	17,769	WesBanco, Inc.	367,108
			2,664,862
COMMERCIAL SERVICES & SUPPLIES ― 1.6%
	14,964	Cornell Cos, Inc.(1)	228,351
	52,600	Geo Group, Inc. (The)(1)	778,480
	62,021	Knoll, Inc.	422,983

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                       Value

	10,359	Waste Connections, Inc.(1)	300,618
			1,730,432
COMMUNICATIONS EQUIPMENT ― 2.9%
	304,561	3Com Corp.(1)	$   709,627
	84,784	BigBand Networks, Inc.(1)	428,159
	71,466	Riverbed Technology, Inc.(1)	725,380
	75,252	Seachange International, Inc.(1)	445,492
	66,138	Tekelec(1)	821,434
			3,130,092
COMPUTERS & PERIPHERALS ― 0.3%
	15,700	Synaptics, Inc.(1)	370,049
CONSTRUCTION & ENGINEERING ― 1.3%
	21,260	AECOM Technology Corp.(1)	538,091
	25,001	Northwest Pipe Co.(1)	881,535
			1,419,626
CONSUMER FINANCE ― 1.3%
	108,710	EZCORP, Inc., Class A(1)	1,475,195
CONTAINERS & PACKAGING ― 0.4%
	21,756	Bemis Co., Inc.	491,033
DIVERSIFIED CONSUMER SERVICES ― 2.3%
	34,435	DeVry, Inc.	1,845,027
	9,154	Matthews International Corp., Class A	356,457
	1,390	Strayer Education, Inc.	300,838
			2,502,322
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.5%
	78,024	Cogent Communications Group, Inc.(1)	518,860
ELECTRIC UTILITIES ― 1.0%
	19,589	Central Vermont Public Service Corp.	442,711
	14,224	ITC Holdings Corp.	597,124
			1,039,835
ELECTRICAL EQUIPMENT ― 2.9%
	197,162	Advanced Battery Technologies, Inc.(1)	504,735
	15,877	American Superconductor Corp.(1)	256,890
	34,764	AZZ, inc.(1)	778,713
	18,104	Energy Conversion Devices, Inc.(1)	455,678
	39,588	GrafTech International Ltd.(1)	317,100
	28,640	Powell Industries, Inc.(1)	683,923
	6,824	Sunpower Corp., Class A(1)	229,013
			3,226,052
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.8%
	10,743	Itron, Inc.(1)	701,518
	36,162	Maxwell Technologies, Inc.(1)	169,238
			870,756
ENERGY EQUIPMENT & SERVICES ― 0.3%
	4,878	Lufkin Industries, Inc.	170,486
	86,766	Parker Drilling Co.(1)	183,944
			354,430
FOOD & STAPLES RETAILING ― 1.0%
	21,373	Casey's General Stores, Inc.	454,176

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                       Value

32,098	Spartan Stores, Inc.	596,381
		1,050,557

FOOD PRODUCTS ― 2.2%
	69,928	Darling International, Inc.(1)	$   320,970
	26,841	Fresh Del Monte Produce, Inc.(1)	646,868
	9,511	J.M. Smucker Co. (The)	429,422
	2,790	Ralcorp Holdings, Inc.(1)	165,224
	31,968	TreeHouse Foods, Inc.(1)	843,635
			2,406,119
HEALTH CARE EQUIPMENT & SUPPLIES ― 5.3%
	23,323	Align Technology, Inc.(1)	183,785
	15,274	Edwards Lifesciences Corp.(1)	878,102
	15,460	Gen-Probe, Inc.(1)	696,009
	2,724	Haemonetics Corp.(1)	161,125
	17,405	ICU Medical, Inc.(1)	531,027
	30,790	Immucor, Inc.(1)	853,191
	26,420	Insulet Corp.(1)	209,775
	16,210	Masimo Corp.(1)	450,152
	29,898	Merit Medical Systems, Inc.(1)	460,130
	12,189	NuVasive, Inc.(1)	455,137
	14,561	STERIS Corp.	387,323
	54,535	Syneron Medical Ltd.(1)	385,017
	3,846	West Pharmaceutical Services, Inc.	127,764
			5,778,537
HEALTH CARE PROVIDERS & SERVICES ― 5.4%
	12,864	Almost Family, Inc.(1)	396,726
	6,665	Amedisys, Inc.(1)	274,798
	28,168	Amsurg Corp.(1)	551,811
	72,519	Animal Health International, Inc.(1)	113,130
	8,201	athenahealth, Inc.(1)	295,892
	31,291	CardioNet, Inc.(1)	709,680
	18,839	Catalyst Health Solutions, Inc.(1)	414,835
	19,661	Coventry Health Care, Inc.(1)	297,471
	24,801	Emergency Medical Services Corp., Class A(1)	831,330
	12,760	Genoptix, Inc.(1)	432,564
	41,518	IPC The Hospitalist Co., Inc.(1)	794,654
	20,437	Owens & Minor, Inc.	812,779
			5,925,670
HOTELS, RESTAURANTS & LEISURE ― 3.7%
	18,599	Bally Technologies, Inc.(1)	375,514
	77,030	Burger King Holdings, Inc.	1,713,917
	206,663	CKE Restaurants, Inc.	1,715,303
	47,291	Las Vegas Sands Corp.(1)	243,549
			4,048,283
HOUSEHOLD DURABLES ― 1.4%
	56,006	KB Home	597,584
	17,746	M.D.C. Holdings, Inc.	543,737
	19,777	Toll Brothers, Inc.(1)	336,605
			1,477,926
INSURANCE ― 0.8%

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                       Value

9,253	Odyssey Re Holdings Corp.	435,354
9,629	RenaissanceRe Holdings Ltd.	430,320
		865,674

INTERNET & CATALOG RETAIL ― 0.4%
	6,800	priceline.com, Inc.(1)	$   456,212
INTERNET SOFTWARE & SERVICES ― 4.8%
	184,907	AsiaInfo Holdings, Inc.(1)	1,614,238
	44,838	Bankrate, Inc.(1)	1,495,796
	71,948	Knot, Inc. (The)(1)	495,002
	43,881	Vocus, Inc.(1)	669,624
	90,900	Websense, Inc.(1)	1,018,080
			5,292,740
IT SERVICES ― 4.8%
	37,581	CACI International, Inc., Class A(1)	1,696,782
	124,210	Cybersource Corp.(1)	1,481,825
	39,376	ManTech International Corp., Class A(1)	2,111,735
			5,290,342
LIFE SCIENCES TOOLS & SERVICES ― 1.1%
	12,491	AMAG Pharmaceuticals, Inc.(1)	440,308
	3,714	Bio-Rad Laboratories, Inc., Class A(1)	235,987
	28,926	Kendle International, Inc.(1)	552,487
			1,228,782
MACHINERY ― 1.3%
	65,424	Colfax Corp.(1)	596,667
	1,792	K-Tron International, Inc.(1)	128,504
	24,560	Wabtec Corp.	735,081
			1,460,252
MEDIA ― 0.8%
	147,872	VisionChina Media, Inc. ADR(1)	913,849
METALS & MINING ― 1.0%
	35,916	AK Steel Holding Corp.	289,842
	12,768	Compass Minerals International, Inc.	768,251
			1,058,093
OIL, GAS & CONSUMABLE FUELS ― 5.7%
	74,453	Approach Resources, Inc.(1)	513,726
	30,089	Berry Petroleum Co., Class A	221,455
	25,019	Comstock Resources, Inc.(1)	953,974
	51,708	Concho Resources, Inc.(1)	1,304,076
	103,362	EXCO Resources, Inc.(1)	1,048,091
	21,609	Forest Oil Corp.(1)	324,135
	25,295	McMoRan Exploration Co.(1)	169,223
	18,143	NuStar Energy LP	892,273
	41,943	Penn Virginia Corp.	864,026
			6,290,979
PERSONAL PRODUCTS ― 0.8%
	124,191	American Oriental Bioengineering, Inc.(1)	620,955
	33,278	Inter Parfums, Inc.	200,999
			821,954
PHARMACEUTICALS ― 2.9%

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                       Value

	100,996	Biovail Corp.	1,103,886
	36,337	Obagi Medical Products, Inc.(1)	243,094
	19,199	Par Pharmaceutical Cos., Inc.(1)	236,340
	50,299	Perrigo Co.	1,476,276
	16,676	Questcor Pharmaceuticals, Inc.(1)	$   107,560
			3,167,156
PROFESSIONAL SERVICES ― 0.3%
	9,240	FTI Consulting, Inc.(1)	378,932
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 4.6%
	184,070	Capstead Mortgage Corp.	1,964,027
	66,052	Developers Diversified Realty Corp.	317,050
	86,238	Glimcher Realty Trust	159,540
	65,184	Hatteras Financial Corp.	1,611,349
	268,335	U-Store-It Trust	1,006,256
			5,058,222
ROAD & RAIL ― 0.5%
	20,509	Old Dominion Freight Line, Inc.(1)	514,366
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 2.1%
	38,811	MEMC Electronic Materials, Inc.(1)	527,830
	32,593	Microsemi Corp.(1)	273,781
	341,116	RF Micro Devices, Inc.(1)	368,405
	49,360	Supertex, Inc.(1)	1,119,978
			2,289,994
SOFTWARE ― 5.8%
	112,627	NetScout Systems, Inc.(1)	1,601,556
	29,819	Quality Systems, Inc.	1,111,652
	15,108	salesforce.com, inc.(1)	402,024
	82,880	Sybase, Inc.(1)	2,263,453
	123,258	Wind River Systems, Inc.(1)	982,366
			6,361,051
SPECIALTY RETAIL ― 4.1%
	22,907	Aeropostale, Inc.(1)	483,567
	16,574	Buckle, Inc. (The)	350,540
	90,421	Hot Topic, Inc.(1)	772,195
	49,921	Monro Muffler, Inc.	1,211,583
	46,585	RadioShack Corp.	533,864
	7,764	Tractor Supply Co.(1)	261,724
	330,631	Wet Seal, Inc. (The), Class A(1)	862,947
			4,476,420
TEXTILES, APPAREL & LUXURY GOODS ― 0.8%
	16,928	Deckers Outdoor Corp.(1)	884,319
THRIFTS & MORTGAGE FINANCE ― 0.6%
	49,056	First Niagara Financial Group, Inc.	640,671
TRADING COMPANIES & DISTRIBUTORS ― 1.0%
	78,904	DXP Enterprises, Inc.(1)	1,071,516
WATER UTILITIES ― 1.1%
	17,537	California Water Service Group	762,860
	25,599	Cascal NV	116,475
	24,236	Consolidated Water Co., Inc.	283,561
			1,162,896

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                       Value

WIRELESS TELECOMMUNICATION SERVICES ― 2.2%
	38,553	SBA Communications Corp., Class A(1)	767,205
	117,665	Syniverse Holdings, Inc.(1)	$ 1,595,537
			2,362,742
TOTAL COMMON STOCKS
(Cost $131,874,794)			108,567,752
TEMPORARY CASH INVESTMENTS — 0.8%
6,483		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	6,483
Repurchase Agreement, Goldman Sachs Group, Inc., (collateralized by various U.S. Treasury obligations, 4.75%, 2/15/37, valued at $921,537), in a joint trading account at 0.10%, dated 1/30/09, due 2/2/09 (Delivery value $900,008)			900,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $906,483)			906,483
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $132,781,277)			109,474,235
OTHER ASSETS AND LIABILITIES(2)			9,893
TOTAL NET ASSETS — 100.0%			$109,484,128

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt

(1)	Non-income producing.
(2)	Category is less than 0.005% of total net assets.

New Opportunities – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities
Level 1 - Quoted Prices	$    108,574,235
Level 2 - Other Significant Observable Inputs	900,000
Level 3 - Significant Unobservable Inputs	-
	$    109,474,235
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$   136,404,504
Gross tax appreciation of investments	$       3,338,851
Gross tax depreciation of investments	(30,269,120)
Net tax appreciation (depreciation) of investments	$  (26,930,269)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Balanced Fund

January 31, 2009

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

COMMON STOCKS ― 56.2%
AEROSPACE & DEFENSE ― 1.8%
	48,158	General Dynamics Corp.	$  2,732,003
	48,504	Goodrich Corp.	1,875,165
	4,072	L-3 Communications Holdings, Inc.	321,770
	36,993	Northrop Grumman Corp.	1,780,103
	14,110	Raytheon Co.	714,248
			7,423,289
AIR FREIGHT & LOGISTICS ― 0.5%
	5,454	C.H. Robinson Worldwide, Inc.	250,775
	9,831	FedEx Corp.	500,791
	30,959	United Parcel Service, Inc., Class B	1,315,448
			2,067,014
AIRLINES(1)
	24,808	Southwest Airlines Co.	174,400
AUTO COMPONENTS ― 0.2%
	11,226	Autoliv, Inc.	206,446
	18,053	Magna International, Inc., Class A	502,415
	52,939	TRW Automotive Holdings Corp.(2)	163,582
			872,443
BEVERAGES ― 0.7%
	56,784	Coca-Cola Co. (The)	2,425,812
	12,282	PepsiCo, Inc.	616,925
			3,042,737
BIOTECHNOLOGY ― 1.6%
	69,660	Amgen, Inc.(2)	3,820,851
	12,460	Celgene Corp.(2)	659,757
	3,573	Cephalon, Inc.(2)	275,764
	29,752	Gilead Sciences, Inc.(2)	1,510,509
	11,070	Isis Pharmaceuticals, Inc.(2)	156,419
			6,423,300
CAPITAL MARKETS ― 1.6%
	56,558	Bank of New York Mellon Corp. (The)	1,455,803
	2,053	BlackRock, Inc.	223,366
	7,132	Blackstone Group LP (The)	32,165
	21,279	Federated Investors, Inc., Class B	415,366
	17,335	Goldman Sachs Group, Inc. (The)	1,399,455
	23,266	Janus Capital Group, Inc.	122,147
	13,669	Knight Capital Group, Inc., Class A(2)	246,452
	11,530	Morgan Stanley	233,252
	21,781	Northern Trust Corp.	1,252,843
	56,315	Raymond James Financial, Inc.	1,042,391
	6,873	T. Rowe Price Group, Inc.	189,557
			6,612,797
CHEMICALS ― 0.9%
	34,046	Ashland, Inc.	273,049
	14,651	CF Industries Holdings, Inc.	688,597
	17,412	FMC Corp.	776,923
	7,854	Monsanto Co.	597,375

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	57,222	Terra Industries, Inc.	$  1,171,907
			3,507,851
COMMERCIAL BANKS ― 1.0%
	9,361	Bank of Montreal	249,939
	1,816	Royal Bank of Canada	44,637
	24,501	Toronto-Dominion Bank (The)	790,647
	4,977	Valley National Bancorp.	64,801
	155,615	Wells Fargo & Co.	2,941,123
			4,091,147
COMMERCIAL SERVICES & SUPPLIES ― 0.4%
	50,550	Pitney Bowes, Inc.	1,125,243
	16,207	Waste Management, Inc.	505,496
			1,630,739
COMMUNICATIONS EQUIPMENT ― 0.8%
	161,273	Cisco Systems, Inc.(2)	2,414,257
	9,915	F5 Networks, Inc.(2)	219,816
	72,508	Motorola, Inc.	321,210
	14,448	Polycom, Inc.(2)	202,994
	77,283	Tellabs, Inc.(2)	319,179
			3,477,456
COMPUTERS & PERIPHERALS ― 1.9%
	28,930	Apple, Inc.(2)	2,607,461
	106,677	EMC Corp.(2)	1,177,714
	56,461	Hewlett-Packard Co.	1,962,020
	79,946	Lexmark International, Inc., Class A(2)	1,893,121
	10,962	NCR Corp.(2)	137,573
	24,148	QLogic Corp.(2)	273,356
			8,051,245
CONSTRUCTION & ENGINEERING ― 0.9%
	42,637	EMCOR Group, Inc.(2)	877,896
	46,994	Fluor Corp.	1,828,067
	38,010	Shaw Group, Inc. (The)(2)	1,056,678
	2,729	URS Corp.(2)	92,922
			3,855,563
CONSUMER FINANCE ― 0.2%
	24,320	Capital One Financial Corp.	385,229
	40,911	Discover Financial Services	292,513
			677,742
CONTAINERS & PACKAGING ― 0.1%
	11,945	Rock-Tenn Co., Class A	372,325
	4,476	Sonoco Products Co.	102,635
			474,960
DIVERSIFIED CONSUMER SERVICES ― 0.5%
	8,834	Apollo Group, Inc., Class A(2)	719,618
	68,039	H&R Block, Inc.	1,410,448
			2,130,066
DIVERSIFIED FINANCIAL SERVICES ― 1.3%
	203,263	Bank of America Corp.	1,337,471
	149,360	Citigroup, Inc.	530,228

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	130,000	JPMorgan Chase & Co.	3,316,300
			5,183,999
DIVERSIFIED TELECOMMUNICATION SERVICES ― 1.6%
	181,557	AT&T, Inc.	$  4,469,933
	5,325	Embarq Corp.	190,209
	69,157	Verizon Communications, Inc.	2,065,720
	4,246	Windstream Corp.	36,855
			6,762,717
ELECTRIC UTILITIES ― 0.9%
	32,700	Entergy Corp.	2,496,972
	24,046	FPL Group, Inc.	1,239,571
			3,736,543
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.3%
	285,444	Celestica, Inc.(2)	1,227,409
ENERGY EQUIPMENT & SERVICES ― 0.4%
	26,636	National Oilwell Varco, Inc.(2)	704,256
	12,828	Patterson-UTI Energy, Inc.	122,636
	23,019	Schlumberger Ltd.	939,405
			1,766,297
FOOD & STAPLES RETAILING ― 1.9%
	10,498	Kroger Co. (The)	236,205
	65,056	Safeway, Inc.	1,394,150
	59,090	SUPERVALU, INC.	1,036,439
	62,667	SYSCO Corp.	1,396,847
	81,601	Wal-Mart Stores, Inc.	3,845,039
			7,908,680
FOOD PRODUCTS ― 1.8%
	73,681	Archer-Daniels-Midland Co.	2,017,386
	35,465	General Mills, Inc.	2,097,755
	18,317	Hershey Co. (The)	682,858
	31,191	J.M. Smucker Co. (The)	1,408,273
	45,388	Kraft Foods, Inc., Class A	1,273,133
			7,479,405
GAS UTILITIES ― 0.1%
	9,465	Piedmont Natural Gas Co., Inc.	245,238
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.9%
	7,911	Becton, Dickinson & Co.	574,892
	17,801	C.R. Bard, Inc.	1,523,232
	8,956	Gen-Probe, Inc.(2)	403,199
	2,225	Hospira, Inc.(2)	55,402
	1,086	St. Jude Medical, Inc.(2)	39,498
	27,221	STERIS Corp.	724,079
	6,572	Varian Medical Systems, Inc.(2)	244,018
			3,564,320
HEALTH CARE PROVIDERS & SERVICES ― 1.5%
	1,664	AMERIGROUP Corp.(2)	46,542
	43,503	Express Scripts, Inc.(2)	2,338,721
	4,082	Magellan Health Services, Inc.(2)	147,850
	75,950	Omnicare, Inc.	2,123,562
	12,543	Owens & Minor, Inc.	498,835

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	1,156	Quest Diagnostics, Inc.	57,049
	27,102	WellPoint, Inc.(2)	1,123,378
			6,335,937
HOTELS, RESTAURANTS & LEISURE ― 0.7%
	35,561	McDonald's Corp.	$  2,063,249
	20,288	Starwood Hotels & Resorts Worldwide, Inc.	306,755
	14,113	WMS Industries, Inc.(2)	313,591
			2,683,595
HOUSEHOLD DURABLES ― 0.3%
	3,308	NVR, Inc.(2)	1,409,506
HOUSEHOLD PRODUCTS ― 1.9%
	11,782	Clorox Co.	590,867
	7,137	Colgate-Palmolive Co.	464,191
	125,716	Procter & Gamble Co. (The)	6,851,522
			7,906,580
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS ― 0.9%
	58,528	Mirant Corp.(2)	1,004,926
	78,769	NRG Energy, Inc.(2)	1,840,044
	144,341	Reliant Energy, Inc.(2)	734,695
			3,579,665
INDUSTRIAL CONGLOMERATES ― 1.0%
	20,654	3M Co.	1,110,978
	261,621	General Electric Co.	3,173,463
			4,284,441
INSURANCE ― 1.4%
	17,067	ACE Ltd.	745,145
	11,378	American Financial Group, Inc.	193,199
	5,588	Arch Capital Group Ltd.(2)	336,118
	26,373	Aspen Insurance Holdings Ltd.	582,843
	12	Berkshire Hathaway, Inc., Class A(2)	1,074,024
	17,295	Chubb Corp. (The)	736,421
	5,307	Endurance Specialty Holdings Ltd.	144,669
	30,618	MetLife, Inc.	879,655
	650	Odyssey Re Holdings Corp.	30,583
	12,712	Prudential Financial, Inc.	327,334
	23,000	Travelers Cos., Inc. (The)	888,720
			5,938,711
INTERNET & CATALOG RETAIL(1)
	1,016	Amazon.com, Inc.(2)	59,761
INTERNET SOFTWARE & SERVICES ― 0.6%
	7,710	Google, Inc., Class A(2)	2,610,066
IT SERVICES ― 2.6%
	71,780	Accenture Ltd., Class A	2,265,377
	13,741	Affiliated Computer Services, Inc., Class A(2)	630,162
	36,267	Alliance Data Systems Corp.(2)	1,508,344
	23,325	Broadridge Financial Solutions, Inc.	314,654
	55,829	International Business Machines Corp.	5,116,728
	26,794	SAIC, Inc.(2)	528,914
	11,829	Visa, Inc., Class A	583,761
			10,947,940

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

LEISURE EQUIPMENT & PRODUCTS ― 0.1%
	14,005	Polaris Industries, Inc.	297,886
MACHINERY ― 0.6%
	87,170	AGCO Corp.(2)	$  1,854,978
	6,241	Dover Corp.	176,495
	7,976	Flowserve Corp.	425,201
			2,456,674
MEDIA ― 1.3%
	77,483	CBS Corp., Class B	443,203
	187,573	Comcast Corp., Class A	2,747,944
	23,332	DISH Network Corp., Class A(2)	299,583
	114,096	Gannett Co., Inc.	658,334
	117,733	Time Warner, Inc.	1,098,449
			5,247,513
METALS & MINING ― 0.1%
	4,802	Compass Minerals International, Inc.	288,936
	6,713	United States Steel Corp.	201,592
			490,528
MULTI-INDUSTRY ― 0.4%
	104,839	Financial Select Sector SPDR Fund	968,712
	38,455	SPDR KBW Regional Banking ETF	797,557
			1,766,269
MULTILINE RETAIL ― 0.8%
	31,540	Dollar Tree, Inc.(2)	1,347,074
	66,290	Family Dollar Stores, Inc.	1,840,873
			3,187,947
MULTI-UTILITIES ― 0.6%
	131,702	CenterPoint Energy, Inc.	1,762,173
	4,831	NSTAR	163,384
	16,723	Public Service Enterprise Group, Inc.	527,945
			2,453,502
OIL, GAS & CONSUMABLE FUELS ― 8.3%
	26,024	Anadarko Petroleum Corp.	956,122
	14,461	Apache Corp.	1,084,575
	72,322	Chevron Corp.	5,100,147
	93,596	ConocoPhillips	4,448,618
	14,826	Devon Energy Corp.	913,282
	193,103	Exxon Mobil Corp.	14,768,517
	13,366	Frontline Ltd.	381,065
	37,551	McMoRan Exploration Co.(2)	251,216
	1,084	Murphy Oil Corp.	47,891
	28,910	Occidental Petroleum Corp.	1,577,041
	38,197	Stone Energy Corp.(2)	327,730
	32,404	Sunoco, Inc.	1,500,953
	113,306	Valero Energy Corp.	2,732,941
	45,359	W&T Offshore, Inc.	570,163
			34,660,261
PHARMACEUTICALS ― 5.0%
	3,982	Abbott Laboratories	220,762

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	78,281	Eli Lilly & Co.	2,882,306
	17,931	Endo Pharmaceuticals Holdings, Inc.(2)	402,910
	26,881	Forest Laboratories, Inc.(2)	673,100
	130,326	Johnson & Johnson	7,518,507
	124,347	King Pharmaceuticals, Inc.(2)	$  1,086,793
	68,714	Merck & Co., Inc.	1,961,785
	301,756	Pfizer, Inc.	4,399,603
	69,713	Schering-Plough Corp.	1,224,160
	21,848	Watson Pharmaceuticals, Inc.(2)	596,013
			20,965,939
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.1%
	15,803	Host Hotels & Resorts, Inc.	85,020
	10,174	Simon Property Group, Inc.	437,279
			522,299
ROAD & RAIL ― 0.5%
	9,563	Burlington Northern Santa Fe Corp.	633,549
	12,948	CSX Corp.	374,974
	12,175	Norfolk Southern Corp.	467,033
	17,406	Union Pacific Corp.	762,209
			2,237,765
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 1.1%
	222,641	Amkor Technology, Inc.(2)	516,527
	9,657	Analog Devices, Inc.	192,947
	43,886	Applied Materials, Inc.	411,212
	20,400	Broadcom Corp., Class A(2)	323,340
	85,260	Intel Corp.	1,099,854
	6,924	Linear Technology Corp.	162,160
	293,784	LSI Corp.(2)	934,233
	7,416	National Semiconductor Corp.	75,198
	44,024	Texas Instruments, Inc.	658,159
			4,373,630
SOFTWARE ― 2.0%
	349,267	Microsoft Corp.	5,972,466
	60,911	Oracle Corp.(2)	1,025,132
	2,234	Quest Software, Inc.(2)	27,858
	32,112	Sybase, Inc.(2)	876,979
	24,426	Synopsys, Inc.(2)	451,881
			8,354,316
SPECIALTY RETAIL ― 1.1%
	3,536	AutoZone, Inc.(2)	469,899
	124,143	Gap, Inc. (The)	1,400,333
	25,171	Home Depot, Inc. (The)	541,932
	25,666	RadioShack Corp.	294,132
	32,976	Sherwin-Williams Co. (The)	1,574,604
	10,957	Tractor Supply Co.(2)	369,361
			4,650,261
TEXTILES, APPAREL & LUXURY GOODS ― 0.1%
	5,802	Polo Ralph Lauren Corp.	238,056
TOBACCO ― 0.9%
	66,709	Altria Group, Inc.	1,103,367

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	65,804	Philip Morris International, Inc.	2,444,619
			3,547,986
TOTAL COMMON STOCKS
(Cost $285,958,264)			233,594,391
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES ― 16.2%
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES ― 1.7%
	$ 2,279,899	FHLMC, VRN, 5.99%, 11/1/11(3)	$ 2,365,501
	1,300,935	FNMA, VRN, 6.48%, 1/1/10(3)	1,350,349
	1,082,130	FNMA, VRN, 6.45%, 6/1/11(3)	1,127,953
	898,513	FNMA, VRN, 6.41%, 7/1/11(3)	931,461
	1,183,617	FNMA, VRN, 5.95%, 5/1/12(3)	1,229,133
			7,004,397
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES(4) ― 14.5%
	81,491	FHLMC, 7.00%, 10/1/12(3)	85,121
	1,880,722	FHLMC, 4.50%, 1/1/19(3)	1,915,803
	115,071	FHLMC, 6.50%, 1/1/28(3)	121,082
	952,778	FHLMC, 5.50%, 12/1/33(3)	978,702
	3,195,673	FHLMC, 5.50%, 1/1/38(3)	3,273,135
	1,142,262	FHLMC, 6.00%, 8/1/38(3)	1,179,880
	209,739	FHLMC, 6.50%, 7/1/47(3)	217,439
	1,997	FNMA, 6.00%, 2/1/09(3)	2,005
	10,579	FNMA, 6.50%, 5/1/11(3)	11,042
	110,332	FNMA, 7.50%, 11/1/11(3)	114,918
	565	FNMA, 6.50%, 10/1/12(3)	591
	3,620	FNMA, 6.50%, 5/1/13(3)	3,790
	9,377	FNMA, 6.50%, 5/1/13(3)	9,816
	1,442	FNMA, 6.50%, 6/1/13(3)	1,510
	23,813	FNMA, 6.50%, 6/1/13(3)	24,930
	3,525	FNMA, 6.50%, 6/1/13(3)	3,679
	11,936	FNMA, 6.50%, 6/1/13(3)	12,495
	21,160	FNMA, 6.50%, 6/1/13(3)	22,152
	80,066	FNMA, 6.00%, 1/1/14(3)	83,684
	286,958	FNMA, 6.00%, 4/1/14(3)	299,926
	760,280	FNMA, 4.50%, 5/1/19(3)	773,987
	1,480,552	FNMA, 4.50%, 5/1/19(3)	1,507,243
	2,850,974	FNMA, 5.00%, 9/1/20(3)	2,924,199
	27,565	FNMA, 6.50%, 1/1/28(3)	28,956
	126,693	FNMA, 7.00%, 1/1/28(3)	134,760
	137,076	FNMA, 6.50%, 1/1/29(3)	144,081
	188,865	FNMA, 7.50%, 7/1/29(3)	201,030
	66,794	FNMA, 7.50%, 9/1/30(3)	71,047
	119,645	FNMA, 6.50%, 9/1/31(3)	125,610
	39,278	FNMA, 7.00%, 9/1/31(3)	41,753
	217,395	FNMA, 6.50%, 1/1/32(3)	228,233
	434,621	FNMA, 7.00%, 6/1/32(3)	461,935
	212,559	FNMA, 6.50%, 8/1/32(3)	223,156
	1,423,376	FNMA, 5.50%, 6/1/33(3)	1,462,712

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	1,847,993	FNMA, 5.50%, 7/1/33(3)	1,899,063
	1,470,058	FNMA, 5.50%, 8/1/33(3)	1,510,684
	911,322	FNMA, 5.50%, 9/1/33(3)	936,507
	4,699,914	FNMA, 5.00%, 11/1/33(3)	4,798,025
	6,792,890	FNMA, 5.50%, 1/1/34(3)	6,967,577
	$ 4,518,931	FNMA, 4.50%, 9/1/35(3)	$  4,557,107
	5,220,391	FNMA, 5.00%, 2/1/36(3)	5,317,947
	2,306,570	FNMA, 5.50%, 4/1/36(3)	2,365,267
	4,624,216	FNMA, 5.50%, 5/1/36(3)	4,741,892
	1,748,529	FNMA, 5.50%, 2/1/37(3)	1,791,659
	3,180,724	FNMA, 6.50%, 8/1/37(3)	3,302,023
	135,388	FNMA, 6.50%, 6/1/47(3)	140,288
	327,841	FNMA, 6.50%, 8/1/47(3)	339,708
	436,235	FNMA, 6.50%, 8/1/47(3)	452,025
	54,881	FNMA, 6.50%, 9/1/47(3)	56,868
	1,153,364	FNMA, 6.50%, 9/1/47(3)	1,195,114
	444,174	FNMA, 6.50%, 9/1/47(3)	460,252
	541,211	FNMA, 6.50%, 9/1/47(3)	560,802
	186,207	GNMA, 7.00%, 4/20/26(3)	199,044
	100,816	GNMA, 7.50%, 8/15/26(3)	107,495
	34,025	GNMA, 7.00%, 2/15/28(3)	36,450
	74,284	GNMA, 7.50%, 2/15/28(3)	79,161
	56,333	GNMA, 7.00%, 12/15/28(3)	60,348
	15,594	GNMA, 8.00%, 12/15/29(3)	16,636
	217,612	GNMA, 7.00%, 5/15/31(3)	232,982
	1,391,614	GNMA, 5.50%, 11/15/32(3)	1,430,732
			60,246,058
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $64,825,089)			67,250,455
CORPORATE BONDS ― 11.1%
AEROSPACE & DEFENSE ― 0.4%
	262,000	Honeywell International, Inc., 5.30%, 3/15/17(3)	262,241
	230,000	Honeywell International, Inc., 5.30%, 3/1/18(3)	230,236
	378,000	Lockheed Martin Corp., 6.15%, 9/1/36(3)	376,237
	454,000	United Technologies Corp., 6.05%, 6/1/36(3)	465,115
	200,000	United Technologies Corp., 6.125%, 7/15/38(3)	207,398
			1,541,227
AUTOMOBILES ― 0.1%
	260,000	DaimlerChrysler N.A. Holding Corp., 5.875%, 3/15/11(3)	249,408
	330,000	DaimlerChrysler N.A. Holding Corp., 6.50%, 11/15/13(3)	316,196
			565,604
BEVERAGES ― 0.4%
	580,000	Coca-Cola Co. (The), 5.35%, 11/15/17(3)	616,042
	460,000	Diageo Capital plc, 5.75%, 10/23/17(3)	458,579
	670,000	SABMiller plc, 6.20%, 7/1/11(3)(5)	670,975
			1,745,596
CAPITAL MARKETS ― 0.6%
	550,000	Credit Suisse (New York), 5.00%, 5/15/13(3)	532,884
	330,000	Deutsche Bank AG (London), 4.875%, 5/20/13(3)	322,657

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	370,000	Goldman Sachs Group, Inc. (The), 7.50%, 2/15/19	368,150
	609,000	Merrill Lynch & Co., Inc., 4.79%, 8/4/10(3)	595,943
	210,000	Morgan Stanley, 6.00%, 4/28/15(3)	190,390
	320,000	Morgan Stanley, 6.625%, 4/1/18(3)	292,933
			2,302,957
CHEMICALS ― 0.1%
	$ 340,000	Air Products & Chemicals, Inc., 4.15%, 2/1/13(3)	$  323,689
	240,000	Rohm & Haas Co., 5.60%, 3/15/13(3)	223,249
			546,938
COMMERCIAL BANKS ― 0.5%
	290,000	PNC Bank N.A., 6.00%, 12/7/17(3)	274,096
	328,000	PNC Funding Corp., 5.125%, 12/14/10(3)	329,207
	110,000	SunTrust Bank, 7.25%, 3/15/18(3)	113,884
	373,000	Wachovia Bank N.A., 4.80%, 11/1/14(3)	339,917
	583,000	Wachovia Bank N.A., 4.875%, 2/1/15(3)	533,437
	516,000	Wells Fargo & Co., 4.625%, 8/9/10(3)	515,605
	140,000	Wells Fargo Bank N.A., 6.45%, 2/1/11(3)	143,809
			2,249,955
COMMERCIAL SERVICES & SUPPLIES ― 0.1%
	230,000	Pitney Bowes, Inc., 5.75%, 9/15/17(3)	227,908
COMPUTERS & PERIPHERALS(1)
	100,000	Hewlett-Packard Co., 6.125%, 3/1/14(3)	109,615
CONSUMER FINANCE ― 0.5%
	250,000	American Express Centurion Bank, 4.375%, 7/30/09(3)	246,595
	300,000	American Express Centurion Bank, 5.55%, 10/17/12(3)	288,320
	340,000	General Electric Capital Corp., 6.125%, 2/22/11(3)	351,614
	220,000	General Electric Capital Corp., 4.80%, 5/1/13(3)	214,592
	450,000	General Electric Capital Corp., 5.625%, 9/15/17(3)	414,508
	220,000	John Deere Capital Corp., 4.50%, 4/3/13(3)	217,806
	532,000	John Deere Capital Corp., 5.50%, 4/13/17(3)	516,704
			2,250,139
DIVERSIFIED FINANCIAL SERVICES ― 0.6%
	580,000	Bank of America Corp., 4.375%, 12/1/10(3)	583,094
	420,000	Bank of America N.A., 5.30%, 3/15/17(3)	368,810
	360,000	Bank of America N.A., 6.00%, 10/15/36(3)	313,229
	330,000	Citigroup, Inc., 5.50%, 4/11/13(3)	301,930
	402,000	Citigroup, Inc., 5.00%, 9/15/14(3)	325,274
	320,000	Citigroup, Inc., 6.125%, 5/15/18(3)	290,442
	450,000	Pricoa Global Funding I, 5.40%, 10/18/12(3)(5)	442,064
			2,624,843
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.8%
	350,000	AT&T, Inc., 6.80%, 5/15/36(3)	365,677
	370,000	AT&T, Inc., 6.55%, 2/15/39	370,085
	70,000	BellSouth Corp., 6.875%, 10/15/31(3)	70,206
	219,000	Embarq Corp., 7.08%, 6/1/16(3)	195,178
	120,000	Qwest Corp., 7.875%, 9/1/11(3)	119,400
	200,000	Qwest Corp., 7.50%, 10/1/14(3)	183,000
	490,000	Telecom Italia Capital SA, 4.00%, 1/15/10(3)	476,168
	280,000	Telefonica Emisiones SAU, 7.05%, 6/20/36(3)	309,061
	304,000	Verizon Communications, Inc., 5.55%, 2/15/16(3)	300,966
	230,000	Verizon Communications, Inc., 5.50%, 2/15/18(3)	224,819

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	216,000	Verizon Communications, Inc., 6.25%, 4/1/37(3)	206,415
	350,000	Verizon Communications, Inc., 6.40%, 2/15/38(3)	347,799
			3,168,774
ELECTRIC UTILITIES ― 0.4%
	420,000	Carolina Power & Light Co., 5.15%, 4/1/15(3)	428,313
	$ 401,000	Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17(3)	$  350,294
	266,000	Florida Power Corp., 4.50%, 6/1/10(3)	268,608
	230,000	Florida Power Corp., 6.35%, 9/15/37(3)	247,612
	345,000	Southern California Edison Co., 5.625%, 2/1/36(3)	341,546
	190,000	Toledo Edison Co. (The), 6.15%, 5/15/37(3)	143,751
			1,780,124
ELECTRICAL EQUIPMENT ― 0.1%
	320,000	Rockwell Automation, Inc., 6.25%, 12/1/37(3)	321,887
FOOD & STAPLES RETAILING ― 0.5%
	460,000	SYSCO Corp., 4.20%, 2/12/13(3)	459,069
	370,000	Wal-Mart Stores, Inc., 3.00%, 2/3/14(3)	368,309
	468,000	Wal-Mart Stores, Inc., 5.875%, 4/5/27(3)	479,996
	330,000	Wal-Mart Stores, Inc., 6.50%, 8/15/37(3)	374,372
	220,000	Wal-Mart Stores, Inc., 6.20%, 4/15/38(3)	238,682
			1,920,428
FOOD PRODUCTS ― 0.3%
	115,000	Cargill, Inc., 5.20%, 1/22/13(3)(5)	110,076
	170,000	General Mills, Inc., 5.65%, 9/10/12(3)	176,235
	220,000	Kellogg Co., 6.60%, 4/1/11(3)	236,655
	320,000	Kellogg Co., 5.125%, 12/3/12(3)	334,921
	330,000	Kraft Foods, Inc., 6.00%, 2/11/13(3)	347,950
			1,205,837
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.4%
	710,000	Baxter Finco BV, 4.75%, 10/15/10(3)	714,197
	500,000	Baxter International, Inc., 5.90%, 9/1/16(3)	537,312
	220,000	Baxter International, Inc., 5.375%, 6/1/18(3)	227,149
	230,000	Baxter International, Inc., 6.25%, 12/1/37(3)	244,220
			1,722,878
HOTELS, RESTAURANTS & LEISURE ― 0.2%
	560,000	McDonald's Corp., 5.35%, 3/1/18(3)	583,049
	230,000	McDonald's Corp., 6.30%, 10/15/37(3)	252,658
	230,000	Yum! Brands, Inc., 6.875%, 11/15/37(3)	187,811
			1,023,518
HOUSEHOLD PRODUCTS ― 0.1%
	230,000	Kimberly-Clark Corp., 6.125%, 8/1/17(3)	246,656
INDUSTRIAL CONGLOMERATES ― 0.3%
	1,208,000	General Electric Co., 5.00%, 2/1/13(3)	1,205,994
	230,000	General Electric Co., 5.25%, 12/6/17(3)	217,718
			1,423,712
INSURANCE ― 0.5%
	423,000	Hartford Financial Services Group, Inc. (The), 5.375%, 3/15/17(3)	336,313
	460,000	Lincoln National Corp., 6.30%, 10/9/37(3)	312,376
	750,000	MetLife Global Funding I, 5.125%, 4/10/13(3)(5)	717,952
	550,000	New York Life Global Funding, 4.65%, 5/9/13(3)(5)	542,663

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	270,000	Prudential Financial, Inc., 5.40%, 6/13/35(3)	176,330
			2,085,634
MACHINERY ― 0.1%
	230,000	Caterpillar Financial Services Corp., 4.85%, 12/7/12(3)	231,212
MEDIA ― 0.8%
	489,000	Comcast Corp., 5.90%, 3/15/16(3)	477,228
	$  220,000	Comcast Corp., 5.70%, 5/15/18(3)	$  214,205
	220,000	Comcast Corp., 6.40%, 5/15/38(3)	210,791
	320,000	Pearson Dollar Finance Two plc, 6.25%, 5/6/18(3)(5)	274,922
	680,000	Rogers Cable, Inc., 6.25%, 6/15/13(3)	680,397
	650,000	Time Warner Cable, Inc., 5.40%, 7/2/12(3)	630,475
	550,000	Time Warner Cable, Inc., 6.75%, 7/1/18(3)	537,859
	195,000	Time Warner, Inc., 5.50%, 11/15/11(3)	190,423
	70,000	Time Warner, Inc., 7.625%, 4/15/31(3)	67,647
			3,283,947
METALS & MINING ― 0.1%
	350,000	ArcelorMittal, 6.125%, 6/1/18(3)	274,204
	230,000	Rio Tinto Finance USA Ltd., 5.875%, 7/15/13(3)	202,489
	197,000	Xstrata Finance Canada Ltd., 5.80%, 11/15/16(3)(5)	138,440
			615,133
MULTI-UTILITIES ― 0.5%
	230,000	CenterPoint Energy Resources Corp., 6.125%, 11/1/17(3)	192,683
	330,000	CenterPoint Energy Resources Corp., 6.25%, 2/1/37(3)	212,223
	258,000	Dominion Resources, Inc., 4.75%, 12/15/10(3)	257,617
	230,000	Dominion Resources, Inc., 6.40%, 6/15/18(3)	232,818
	460,000	NSTAR Electric Co., 5.625%, 11/15/17(3)	463,155
	420,000	Pacific Gas & Electric Co., 4.20%, 3/1/11(3)	422,635
	163,000	Pacific Gas & Electric Co., 5.80%, 3/1/37(3)	161,919
	220,000	Pacific Gas & Electric Co., 6.35%, 2/15/38(3)	233,735
			2,176,785
MULTILINE RETAIL ― 0.1%
	175,000	Federated Retail Holdings, Inc., 5.35%, 3/15/12(3)	139,924
	240,000	Kohl's Corp., 6.875%, 12/15/37(3)	180,884
			320,808
OIL, GAS & CONSUMABLE FUELS ― 1.0%
	260,000	Canadian Natural Resources Ltd., 5.70%, 5/15/17(3)	225,051
	230,000	Canadian Natural Resources Ltd., 6.75%, 2/1/39(3)	177,975
	370,000	ConocoPhillips, 6.50%, 2/1/39	369,758
	450,000	Enbridge Energy Partners LP, 6.50%, 4/15/18(3)	396,581
	785,000	Enterprise Products Operating LP, 4.95%, 6/1/10(3)	773,917
	260,000	Enterprise Products Operating LP, 6.30%, 9/15/17(3)	239,894
	340,000	Nexen, Inc., 6.40%, 5/15/37(3)	251,267
	613,000	Premcor Refining Group, Inc. (The), 6.125%, 5/1/11(3)	617,849
	200,000	Shell International Finance BV, 6.375%, 12/15/38(3)	209,826
	120,000	TransCanada PipeLines Ltd., 6.20%, 10/15/37(3)	99,900
	342,000	XTO Energy, Inc., 5.30%, 6/30/15(3)	309,183
	272,000	XTO Energy, Inc., 6.10%, 4/1/36(3)	225,229
	110,000	XTO Energy, Inc., 6.375%, 6/15/38(3)	99,518
			3,995,948
PHARMACEUTICALS ― 0.8%
	450,000	Abbott Laboratories, 5.875%, 5/15/16(3)	485,759

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value  

	210,000	Abbott Laboratories, 5.60%, 11/30/17(3)	224,523
	1,020,000	AstraZeneca plc, 5.40%, 9/15/12(3)	1,084,785
	360,000	AstraZeneca plc, 5.90%, 9/15/17(3)	387,807
	550,000	GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13(3)	576,908
	330,000	GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38(3)	368,885
	$ 272,000	Wyeth, 5.95%, 4/1/37(3)	$   291,236
			3,419,903
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.1%
	490,000	ProLogis, 5.625%, 11/15/16(3)	261,661
ROAD & RAIL ― 0.1%
	340,000	Union Pacific Corp., 5.75%, 11/15/17(3)	325,638
SOFTWARE ― 0.3%
	254,000	Intuit, Inc., 5.75%, 3/15/17(3)	200,496
	1,110,000	Oracle Corp., 5.75%, 4/15/18(3)	1,155,320
			1,355,816
SPECIALTY RETAIL ― 0.1%
	230,000	Lowe's Cos., Inc., 5.60%, 9/15/12(3)	238,515
WIRELESS TELECOMMUNICATION SERVICES ― 0.2%
	410,000	Rogers Communications, Inc., 6.80%, 8/15/18(3)	427,072
	200,000	Verizon Wireless, 8.50%, 11/15/18(3)(5)	229,776
	313,000	Vodafone Group plc, 5.625%, 2/27/17(3)	305,100
			961,948
TOTAL CORPORATE BONDS
(Cost $47,793,170)			46,251,544
COMMERCIAL MORTGAGE-BACKED SECURITIES(4) ― 3.9%
	2,169,000	Banc of America Commercial Mortgage, Inc., Series 2004-2, Class A3 SEQ, 4.05%, 11/10/38(3)	2,084,015
	900,000	Banc of America Commercial Mortgage, Inc., Series 2006-6, Class A3 SEQ, 5.37%, 10/10/45(3)	659,859
	9,798,886	Banc of America Commercial Mortgage, Inc. STRIPS-COUPON, Series 2004-1, Class XP, VRN, 0.64%, 2/2/09(3)	123,617
	1,302,353	Bear Stearns Commercial Mortgage Securities Trust, Series 2006 BBA7, Class A1, VRN, 0.44%, 2/15/09, resets monthly off the 1-month LIBOR plus 0.11% with no caps(3)(5)	1,109,754
	15,179,050	Bear Stearns Commercial Mortgage Securities Trust STRIPS-COUPON, Series 2004 T16, Class X2, VRN, 0.72%, 2/2/09(3)	300,756
	75,055	Commercial Mortgage Pass-Through Certificates, Series 2005 F10A, Class A1, VRN, 0.43%, 2/15/09, resets monthly off the 1-month LIBOR plus 0.10% with no caps(3)(5)	67,704
	500,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2000 C1, Class B, VRN, 7.70%, 2/11/09(3)	508,219
	800,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2001 CK3, Class A4 SEQ, 6.53%, 6/15/34(3)	795,021
	1,000,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2002 CKN2, Class A3 SEQ, 6.13%, 4/15/37(3)	978,690
	1,200,000	Credit Suisse Mortgage Capital Certificates, Series 2007 TF2A, Class A1, VRN, 0.51%, 2/15/09, resets monthly off the 1-month LIBOR plus 0.18% with no caps(3)(5)	973,181
	169,541	Greenwich Capital Commercial Funding Corp., Series 2006 FL4A, Class A1, VRN, 0.53%, 2/5/09, resets monthly off the 1-month LIBOR plus 0.09% with no caps(3)(5)	139,957

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares/Principal Amount                                                                                                                                                    Value

	291,861	GS Mortgage Securities Corp. II, Series 2007 EOP, Class A1, VRN, 0.52%, 2/6/09, resets monthly off the 1-month LIBOR plus 0.09% with no caps(3)(5)	216,965
	3,200,000	LB-UBS Commercial Mortgage Trust, Series 2003 C3, Class A3 SEQ, 3.85%, 5/15/27(3)	3,008,583
	308,229	LB-UBS Commercial Mortgage Trust, Series 2004 C1, Class A2 SEQ, 3.62%, 1/15/29(3)	298,406
	$ 479,519	LB-UBS Commercial Mortgage Trust, Series 2004 C4, Class A2, VRN, 4.57%, 2/11/09(3)	$  477,932
	1,266,083	LB-UBS Commercial Mortgage Trust, Series 2005 C2, Class A2 SEQ, 4.82%, 4/15/30(3)	1,233,529
	3,000,000	LB-UBS Commercial Mortgage Trust, Series 2005 C3, Class A3 SEQ, 4.65%, 7/15/30(3)	2,761,737
	176,135	Lehman Brothers Floating Rate Commercial Mortgage Trust, Series 2006 LLFA, Class A1, VRN, 0.41%, 2/15/09, resets monthly off the 1-month LIBOR plus 0.08% with no caps(3)(5)	136,101
	538,214	Merrill Lynch Floating Trust, Series 2006-1, Class A1, VRN, 0.40%, 2/15/09, resets monthly off the 1-month LIBOR plus 0.07% with no caps(3)(5)	412,437
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $17,764,474)			16,286,463
MUNICIPAL SECURITIES ― 3.2%
	1,800,000	California Infrastructure & Economic Development Bank Rev., Series 2003 A, (Bay Area Toll Bridges Seismic Retrofit), 5.00%, 1/1/28, Prerefunded at 100% of Par (Ambac)(3)(6)	2,074,968
	3,700,000	Clark County School District GO, Series 2004 D, (Building Bonds), 5.00%, 12/15/14, Prerefunded at 100% of Par (MBIA)(3)(6)	4,364,224
	3,600,000	Clark County School District GO, Series 2005 C, (Building Bonds), 5.00%, 12/15/15, Prerefunded at 100% of Par (FSA)(3)(6)	4,303,188
	1,580,000	Georgia GO, Series 2008 B, 5.00%, 7/1/18(3)	1,882,602
	800,000	Illinois GO, (Taxable Pension), 5.10%, 6/1/33(3)	696,984
TOTAL MUNICIPAL SECURITIES
(Cost $12,489,215)			13,321,966
U.S. TREASURY SECURITIES ― 2.4%
	310,000	U.S. Treasury Bonds, 6.25%, 5/15/30(3)	415,012
	929,000	U.S. Treasury Bonds, 4.75%, 2/15/37(3)	1,103,914
	2,651,390	U.S. Treasury Inflation Indexed Notes, 3.00%, 7/15/12(3)	2,746,848
	2,873,050	U.S. Treasury Inflation Indexed Notes, 2.00%, 1/15/14(3)	2,858,858
	2,736,720	U.S. Treasury Inflation Indexed Notes, 1.625%, 1/15/18(3)	2,669,305
TOTAL U.S. TREASURY SECURITIES
(Cost $9,932,527)			9,793,937
COLLATERALIZED MORTGAGE OBLIGATIONS(4) ― 2.4%
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.1%
	1,447,356	Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37(3)	868,602
	1,699,292	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/37(3)	1,265,074
	964,076	Credit Suisse First Boston Mortgage Securities Corp., Series 2003 AR28, Class 2A1, VRN, 5.01%, 2/2/09(3)	879,155
	77,903	MASTR Alternative Loans Trust, Series 2003-8, Class 4A1, 7.00%, 12/25/33(3)	70,252
	750,282	Thornburg Mortgage Securities Trust, Series 2006-5, Class A1, VRN, 0.51%, 2/25/09, resets monthly off the 1-month LIBOR plus 0.12% with no caps(3)	625,575

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares/Principal Amount                                                                                                                                                    Value

	853,507	Washington Mutual Mortgage Pass-Through Certificates, Series 2005 AR4, Class A3, VRN, 4.59%, 2/2/09(3)	810,119
			4,518,777
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS ― 1.3%
	214,805	FHLMC, Series 77, Class H, 8.50%, 9/15/20(3)	235,296
	$  211,696	FHLMC, Series 2541, Class EA SEQ, 5.00%, 3/15/16(3)	$  213,743
	1,063,588	FHLMC, Series 2567, Class OD, 5.00%, 8/15/15(3)	1,079,216
	1,200,000	FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25(3)	1,205,652
	275,367	FHLMC, Series 2937, Class KA, 4.50%, 12/15/14(3)	276,245
	2,279,426	FNMA, Series 2005-63, Class HA SEQ, 5.00%, 4/25/23(3)	2,340,172
			5,350,324
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $10,926,527)			9,869,101
U.S. GOVERNMENT AGENCY SECURITIES ― 0.6%
	2,200,000	FNMA, 5.00%, 2/13/17(3)
	(Cost $2,246,871)		2,383,531
ASSET-BACKED SECURITIES(4) ― 0.3%
	69,134	Accredited Mortgage Loan Trust, Series 2006-2, Class A1, VRN, 0.43%, 2/25/09, resets monthly off the 1-month LIBOR plus 0.04% with no caps(3)	67,851
	1,000,000	CNH Equipment Trust, Series 2007 C, Class A3A SEQ, 5.21%, 12/15/11(3)	990,312
	205,940	SLM Student Loan Trust, Series 2006-5, Class A2, VRN, 1.15%, 4/27/09, resets quarterly off the 3-month LIBOR minus 0.01% with no caps(3)	203,668
	95,055	SLM Student Loan Trust, Series 2006-10, Class A2, VRN, 1.17%, 4/27/09, resets quarterly off the 3-month LIBOR plus 0.01% with no caps(3)	94,350
TOTAL ASSET-BACKED SECURITIES
(Cost $1,370,082)			1,356,181
SOVEREIGN GOVERNMENTS & AGENCIES(1)
	145,000	Hydro Quebec, 8.40%, 1/15/22(3)
	(Cost $169,529)		200,937
TEMPORARY CASH INVESTMENTS ― 2.3%
	9,689,586	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares(3)
(Cost $9,689,586)			9,689,586
TOTAL INVESTMENT SECURITIES — 98.6%
(Cost $463,165,334)			409,998,092
OTHER ASSETS AND LIABILITIES — 1.4%			5,784,937
TOTAL NET ASSETS — 100.0%			$415,783,029

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

SWAP AGREEMENTS
Notional          Amount	Description of Agreement	Expiration Date	Unrealized Gain (Loss)
CREDIT DEFAULT - BUY PROTECTION
$ 240,000	Pay quarterly a fixed rate equal to 0.70% multiplied by the notional amount and receive from Barclays Bank plc upon each default event of Rohm & Haas Co., par value of the proportional notional amount of Rohm & Haas Co., 7.85%, 7/15/29.	March 2013	$ 9,576
970,000	Pay quarterly a fixed rate equal to 0.60% multiplied by the notional amount and receive from Deutsche Bank AG upon each default event of Marsh & McLennan Cos., Inc., par value of the proportional notional amount of Marsh & McLennan Cos., Inc., 5.375%, 7/15/14.	June 2013	2,132
2,650,000	Pay quarterly a fixed rate equal to 0.12% multiplied by the notional amount and receive from Barclays Bank plc upon each default event of Pfizer, Inc., par value of the proportional notional amount of Pfizer, Inc., 4.65%, 3/1/18.	March 2017	201,209
			$ 212,917

Notes to Schedule of Investments
	Ambac	-	Ambac Assurance Corporation
	ETF	-	Exchange Traded Fund
	FHLMC	-	Federal Home Loan Mortgage Corporation
	FNMA	-	Federal National Mortgage Association
	FSA	-	Financial Security Assurance, Inc.
	GNMA	-	Government National Mortgage Association
	GO	-	General Obligation
	LB-UBS	-	Lehman Brothers, Inc. — UBS AG
	LIBOR	-	London Interbank Offered Rate
	MASTR	-	Mortgage Asset Securitization Transactions, Inc.
	MBIA	-	MBIA Insurance Corporation
	resets	-	The frequency with which a security’s coupon changes, based on current market conditions or an underlying index. The more frequently a security resets, the less risk the investor is taking that the coupon will vary significantly from current market rates.
	SEQ	-	Sequential Payer
	SPDR	-	Standard & Poor's Depositary Receipts
	STRIPS	-	Separate Trading of Registered Interest and Principal of Securities
	VRN	-	Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

(1)	Industry is less than 0.05% of total net assets.
(2)	Non-income producing.
(3)	Security, or a portion thereof, has been segregated for swap agreements. At the period end, the aggregate value of securities pledged was $213,000.
(4)	Final maturity indicated, unless otherwise noted.
(5)	Security was purchased under Rule 144A of the Securities Act of 1933 or is a private placement and, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. The aggregate value of these securities at the period end was $6,182,967, which represented 1.5% of total net assets.
(6)	Escrowed to maturity in U.S. government securities or state and local government securities.

Balanced – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$243,283,977	-
Level 2 - Other Significant Observable Inputs	166,714,115	$ 212,917
Level 3 - Significant Unobservable Inputs	-	-
	$409,998,092	$ 212,917
* Includes swap agreements.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$469,575,537
Gross tax appreciation of investments	$ 18,785,839
Gross tax depreciation of investments	(78,363,284)
Net tax appreciation (depreciation) of investments	$(59,577,445)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Veedot® Fund

January 31, 2009

Veedot – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                    Value

COMMON STOCKS — 99.1%
AEROSPACE & DEFENSE― 4.0%
	51,500	AeroVironment, Inc.(1)	$ 1,908,590
	79,500	Applied Signal Technology, Inc.	1,394,430
			3,303,020
AIRLINES ― 1.2%
	176,500	JetBlue Airways Corp.(1)	993,695
BIOTECHNOLOGY ― 4.3%
	123,500	Alkermes, Inc.(1)	1,416,545
	22,000	Gilead Sciences, Inc.(1)	1,116,940
	14,000	Myriad Genetics, Inc.(1)	1,043,980
			3,577,465
BUILDING PRODUCTS ― 1.2%
	70,000	Trex Co., Inc.(1)	1,035,300
CHEMICALS ― 1.9%
	50,000	Scotts Miracle-Gro Co. (The), Class A	1,611,000
COMMERCIAL BANKS ― 2.4%
	145,500	Republic First Bancorp, Inc.(1)	1,094,160
	45,500	Trico Bancshares	916,370
			2,010,530
COMMERCIAL SERVICES & SUPPLIES ― 1.4%
	51,500	Tetra Tech, Inc.(1)	1,196,345
COMMUNICATIONS EQUIPMENT ― 5.3%
	132,000	Anaren, Inc.(1)	1,560,240
	280,500	BigBand Networks, Inc.(1)	1,416,525
	44,000	InterDigital, Inc.(1)	1,422,520
			4,399,285
CONSTRUCTION & ENGINEERING ― 2.8%
	35,000	Granite Construction, Inc.	1,232,700
	32,000	Michael Baker Corp.(1)	1,118,720
			2,351,420
DIVERSIFIED CONSUMER SERVICES ― 4.4%
	15,000	Apollo Group, Inc., Class A(1)	1,221,900
	13,000	ITT Educational Services, Inc.(1)	1,592,630
	4,000	Strayer Education, Inc.	865,720
			3,680,250
DIVERSIFIED FINANCIAL SERVICES ― 1.7%
	38,000	Life Partners Holdings, Inc.	1,444,000
DIVERSIFIED TELECOMMUNICATION SERVICES ― 1.5%
	52,000	Shenandoah Telecommunications Co.	1,267,760
ENERGY EQUIPMENT & SERVICES ― 1.8%
	23,000	SEACOR Holdings, Inc.(1)	1,495,920
FOOD & STAPLES RETAILING ― 1.0%
	48,500	Pantry, Inc. (The)(1)	806,555
FOOD PRODUCTS ― 4.5%
	32,000	Archer-Daniels-Midland Co.	876,160
	112,000	Calavo Growers, Inc.	1,366,400

Veedot – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                    Value

	61,000	Fresh Del Monte Produce, Inc.(1)	$ 1,470,100
			3,712,660
GAS UTILITIES ― 3.6%
	49,000	Amerigas Partners LP	1,551,340
	39,000	South Jersey Industries, Inc.	1,454,700
			3,006,040
HEALTH CARE EQUIPMENT & SUPPLIES ― 5.2%
	117,500	Cantel Medical Corp.(1)	1,761,325
	36,500	ICU Medical, Inc.(1)	1,113,615
	49,000	Thoratec Corp.(1)	1,419,530
			4,294,470
HEALTH CARE PROVIDERS & SERVICES ― 9.2%
	31,000	Emergency Medical Services Corp., Class A(1)	1,039,120
	60,500	Gentiva Health Services, Inc.(1)	1,529,440
	100,500	Odyssey HealthCare, Inc.(1)	996,960
	51,000	Omnicare, Inc.	1,425,960
	47,500	UnitedHealth Group, Inc.	1,345,675
	31,500	WellPoint, Inc.(1)	1,305,675
			7,642,830
HEALTH CARE TECHNOLOGY― 1.2%
	38,500	Computer Programs & Systems, Inc.	967,505
INSURANCE ― 3.3%
	75,000	American Physicians Service Group, Inc.	1,575,000
	3,500	Fairfax Financial Holdings Ltd.	1,139,880
			2,714,880
INTERNET & CATALOG RETAIL ― 1.0%
	59,000	PetMed Express, Inc.(1)	851,960
INTERNET SOFTWARE & SERVICES ― 1.6%
	204,000	S1 Corp.(1)	1,360,680
MULTILINE RETAIL ― 4.2%
	48,500	Dollar Tree, Inc.(1)	2,071,435
	50,500	Family Dollar Stores, Inc.	1,402,385
			3,473,820
MULTI-UTILITIES ― 1.9%
	30,500	CH Energy Group, Inc.	1,542,690
OIL, GAS & CONSUMABLE FUELS ― 12.8%
	20,500	Chevron Corp.	1,445,660
	28,500	ConocoPhillips	1,354,605
	19,500	Exxon Mobil Corp.	1,491,360
	50,500	Southwestern Energy Co.(1)	1,598,325
	36,000	Sunoco, Inc.	1,667,520
	68,000	Valero Energy Corp.	1,640,160
	39,000	XTO Energy, Inc.	1,446,510
			10,644,140
PHARMACEUTICALS ― 4.6%
	67,000	Bristol-Myers Squibb Co.	1,434,470
	151,000	King Pharmaceuticals, Inc.(1)	1,319,740
	87,500	ViroPharma, Inc.(1)	1,050,000
			3,804,210

Veedot – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                    Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 1.5%
	37,946	NVE Corp.(1)	$ 1,232,486
SOFTWARE ― 2.1%
	98,500	EPIQ Systems, Inc.(1)	1,745,420
TEXTILES, APPAREL & LUXURY GOODS ― 1.1%
	53,000	Carter's, Inc.(1)	900,470
THRIFTS & MORTGAGE FINANCE ― 3.6%
	27,000	Capitol Federal Financial	1,117,800
	64,500	First Niagara Financial Group, Inc.	842,370
	74,000	United Financial Bancorp, Inc.	1,014,540
			2,974,710
TRADING COMPANIES & DISTRIBUTORS ― 1.4%
	92,000	Beacon Roofing Supply, Inc.(1)	1,171,160
WIRELESS TELECOMMUNICATION SERVICES ― 1.4%
	109,000	USA Mobility, Inc.(1)	1,152,130
TOTAL COMMON STOCKS
(Cost $83,046,486)			82,364,806
TEMPORARY CASH INVESTMENTS — 2.4%
65,550		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	65,550
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 2.75% - 6.00%, 8/15/09 - 7/31/10, valued at $1,938,295), in a joint trading account at 0.24%, dated 1/30/09, due 2/2/09 (Delivery value $1,900,038)			1,900,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $1,965,550)			1,965,550
TOTAL INVESTMENT SECURITIES — 101.5%
(Cost $85,012,036)			84,330,356
OTHER ASSETS AND LIABILITIES — (1.5)%			(1,255,296)
TOTAL NET ASSETS — 100.0%			$83,075,060

Notes to Schedule of Investments

(1) Non-income producing.

Veedot – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of January 31, 2009:
Valuation Inputs	Value of Investment Securities
Level 1 - Quoted Prices	$      82,430,356
Level 2 - Other Significant Observable Inputs	1,900,000
Level 3 - Significant Unobservable Inputs	-
	$      84,330,356
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$      85,012,036
Gross tax appreciation of investments	$        3,429,181
Gross tax depreciation of investments	(4,110,861)
Net tax appreciation (depreciation) of investments	$        (681,680)
The cost of investment for federal income tax purposes was the same as the cost for financial reporting purposes.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

Capital Value Fund

January 31, 2009

 

Capital Value – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

COMMON STOCKS — 99.4%
AEROSPACE & DEFENSE― 1.6%
	46,900	Northrop Grumman Corp.	$ 2,256,828
	2,300	Precision Castparts Corp.	149,385
			2,406,213
BEVERAGES ― 2.6%
	63,300	Coca-Cola Co. (The)	2,704,176
	64,000	Pepsi Bottling Group, Inc.	1,234,560
			3,938,736
BIOTECHNOLOGY ― 1.4%
	39,500	Amgen, Inc.(1)	2,166,575
CAPITAL MARKETS ― 2.9%
	67,500	Bank of New York Mellon Corp. (The)	1,737,450
	19,300	Goldman Sachs Group, Inc. (The)	1,558,089
	17,600	Legg Mason, Inc.	282,656
	42,400	Morgan Stanley	857,752
			4,435,947
CHEMICALS ― 2.0%
	71,000	E.I. du Pont de Nemours & Co.	1,630,160
	38,400	PPG Industries, Inc.	1,443,072
			3,073,232
COMMERCIAL BANKS ― 2.7%
	13,100	PNC Financial Services Group, Inc.	426,012
	63,600	U.S. Bancorp.	943,824
	150,200	Wells Fargo & Co.	2,838,780
			4,208,616
COMMERCIAL SERVICES & SUPPLIES ― 1.8%
	25,300	Avery Dennison Corp.	613,019
	22,800	Pitney Bowes, Inc.	507,528
	66,000	R.R. Donnelley & Sons Co.	644,160
	32,100	Waste Management, Inc.	1,001,199
			2,765,906
COMMUNICATIONS EQUIPMENT ― 0.7%
	61,900	Cisco Systems, Inc.(1)	926,643
	35,400	Motorola, Inc.	156,822
			1,083,465
COMPUTERS & PERIPHERALS ― 1.0%
	45,800	Hewlett-Packard Co.	1,591,550
CONSUMER FINANCE ― 0.2%
	47,100	Discover Financial Services	336,765
DIVERSIFIED CONSUMER SERVICES ― 0.8%
	60,500	H&R Block, Inc.	1,254,165
DIVERSIFIED FINANCIAL SERVICES ― 5.1%
	334,999	Bank of America Corp.	2,204,293
	268,900	Citigroup, Inc.	954,595
	184,900	JPMorgan Chase & Co.	4,716,799
			7,875,687
DIVERSIFIED TELECOMMUNICATION SERVICES ― 7.6%
	276,400	AT&T, Inc.	6,804,968

Capital Value – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

	23,300	Embarq Corp.	$ 832,276
	138,900	Verizon Communications, Inc.	4,148,943
			11,786,187
ELECTRIC UTILITIES ― 3.4%
	55,500	Exelon Corp.	3,009,210
	72,800	PPL Corp.	2,232,048
			5,241,258
ENERGY EQUIPMENT & SERVICES ― 0.6%
	36,500	National Oilwell Varco, Inc.(1)	965,060
FOOD & STAPLES RETAILING ― 3.2%
	55,800	Kroger Co. (The)	1,255,500
	58,012	Walgreen Co.	1,590,109
	43,900	Wal-Mart Stores, Inc.	2,068,568
			4,914,177
FOOD PRODUCTS ― 0.9%
	64,700	Unilever NV New York Shares	1,421,459
HEALTH CARE EQUIPMENT & SUPPLIES ― 0.8%
	37,100	Medtronic, Inc.	1,242,479
HEALTH CARE PROVIDERS & SERVICES ― 0.6%
	17,200	Quest Diagnostics, Inc.	848,820
HOTELS, RESTAURANTS & LEISURE ― 0.5%
	15,400	Darden Restaurants, Inc.	403,788
	44,500	Starbucks Corp.(1)	420,080
			823,868
HOUSEHOLD DURABLES ― 0.5%
	101,300	Newell Rubbermaid, Inc.	818,504
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS ― 0.4%
	29,000	NRG Energy, Inc.(1)	677,440
INDUSTRIAL CONGLOMERATES ― 4.3%
	487,100	General Electric Co.	5,908,523
	32,200	Tyco International Ltd.	676,844
			6,585,367
INSURANCE ― 3.3%
	68,500	Allstate Corp. (The)	1,484,395
	28,000	Loews Corp.	683,200
	27,400	Torchmark Corp.	822,000
	54,700	Travelers Cos., Inc. (The)	2,113,608
			5,103,203
IT SERVICES ― 1.6%
	21,100	Fiserv, Inc.(1)	669,925
	20,300	International Business Machines Corp.	1,860,495
			2,530,420
MACHINERY ― 2.7%
	34,400	Caterpillar, Inc.	1,061,240
	40,900	Dover Corp.	1,156,652
	61,300	Ingersoll-Rand Co. Ltd., Class A	993,673
	25,800	Parker-Hannifin Corp.	985,818
			4,197,383

Capital Value – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

MEDIA ― 2.8%
	101,000	CBS Corp., Class B	$ 577,720
	51,600	Gannett Co., Inc.	297,732
	254,000	Time Warner, Inc.	2,369,820
	74,900	Viacom, Inc., Class B(1)	1,104,775
			4,350,047
METALS & MINING ― 0.8%
	31,500	Nucor Corp.	1,284,885
MULTILINE RETAIL ― 0.8%
	32,500	Kohl's Corp.(1)	1,193,075
OFFICE ELECTRONICS ― 0.5%
	111,600	Xerox Corp.	741,024
OIL, GAS & CONSUMABLE FUELS ― 19.8%
	16,500	Apache Corp.	1,237,500
	121,200	Chevron Corp.	8,547,024
	103,200	ConocoPhillips	4,905,096
	14,300	Devon Energy Corp.	880,880
	133,800	Exxon Mobil Corp.	10,233,024
	10,990	Occidental Petroleum Corp.	599,505
	83,500	Royal Dutch Shell plc ADR	4,110,705
			30,513,734
PAPER & FOREST PRODUCTS ― 0.8%
	34,600	International Paper Co.	315,552
	31,100	Weyerhaeuser Co.	850,274
			1,165,826
PHARMACEUTICALS ― 12.4%
	30,000	Abbott Laboratories	1,663,200
	48,600	Eli Lilly & Co.	1,789,452
	92,300	Johnson & Johnson	5,324,787
	92,500	Merck & Co., Inc.	2,640,875
	336,900	Pfizer, Inc.	4,912,002
	66,800	Wyeth	2,870,396
			19,200,712
PROFESSIONAL SERVICES ― 0.1%
	9,100	Robert Half International, Inc.	154,245
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.1%
	18,800	Developers Diversified Realty Corp.	90,240
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 1.1%
	59,600	Applied Materials, Inc.	558,452
	59,700	Intel Corp.	770,130
	24,800	Texas Instruments, Inc.	370,760
			1,699,342
SOFTWARE ― 1.5%
	77,100	Microsoft Corp.	1,318,410
	63,500	Oracle Corp.(1)	1,068,705
			2,387,115
SPECIALTY RETAIL ― 2.7%
	31,100	Best Buy Co., Inc.	871,422
	66,900	Gap, Inc. (The)	754,632

Capital Value – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED)

   Shares                                                                                                                                                                                      Value

	61,800	Home Depot, Inc. (The)	1,330,554
	76,100	Staples, Inc.	$ 1,213,034
			4,169,642
TEXTILES, APPAREL & LUXURY GOODS ― 0.9%
	23,600	VF Corp.	1,322,072
TOBACCO ― 1.6%
	71,500	Altria Group, Inc.	1,182,610
	22,000	Lorillard, Inc.	1,308,120
			2,490,730
WIRELESS TELECOMMUNICATION SERVICES ― 0.3%
	178,800	Sprint Nextel Corp.(1)	434,484
TOTAL COMMON STOCKS
(Cost $193,189,743)			153,489,655
CONVERTIBLE PREFERRED STOCKS — 0.1%
CAPITAL MARKETS ― 0.1%
	10,093	Legg Mason, Inc., 7.00%, 6/30/11
(Cost $190,467)			187,023
TEMPORARY CASH INVESTMENTS — 0.5%
76,766		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	76,766
Repurchase Agreement, Bank of America Securities, LLC, (collateralized by various U.S. Treasury obligations, 2.50%, 1/15/29, valued at $714,869), in a joint trading account at 0.22%, dated 1/30/09, due 2/2/09 (Delivery value $700,013)			700,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $776,766)			776,766
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $194,156,976)			154,453,444
OTHER ASSETS AND LIABILITIES(2)			49,547
TOTAL NET ASSETS — 100.0%			$154,502,991

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt

(1)	Non-income producing.
(2)	Category is less than 0.005% of total net assets.

Capital Value – Schedule of Investments

JANUARY 31 , 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities as of January 31, 2009:
Valuation Inputs	Value of Investment Securities
Level 1 - Quoted Prices	$   153,566,421
Level 2 - Other Significant Observable Inputs	887,023
Level 3 - Significant Unobservable Inputs	-
	$   154,453,444
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$   194,699,747
Gross tax appreciation of investments	$     20,265,568
Gross tax depreciation of investments	(60,511,871)
Net tax appreciation (depreciation) of investments	$  (40,246,303)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

NT Growth Fund

January 31, 2009

NT Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares                                                                                                                                                                                    Value

COMMON STOCKS — 94.1%
AEROSPACE & DEFENSE ― 3.7%
	53,100	Honeywell International, Inc.	$ 1,742,211
	55,500	Raytheon Co.	2,809,410
	8,600	Rockwell Collins, Inc.	324,048
			4,875,669
AUTO COMPONENTS ― 0.8%
	65,400	BorgWarner, Inc.	1,103,952
BEVERAGES ― 4.1%
	83,000	Coca-Cola Co. (The)	3,545,760
	35,900	PepsiCo, Inc.	1,803,257
			5,349,017
BIOTECHNOLOGY ― 2.9%
	16,000	Alexion Pharmaceuticals, Inc.(1)	589,920
	18,500	Genentech, Inc.(1)	1,502,940
	34,500	Gilead Sciences, Inc.(1)	1,751,565
			3,844,425
CAPITAL MARKETS ― 1.9%
	49,200	Morgan Stanley	995,316
	26,600	Northern Trust Corp.	1,530,032
			2,525,348
CHEMICALS ― 2.3%
	5,500	Ashland, Inc.	44,110
	13,600	Celanese Corp., Class A	144,840
	34,600	Monsanto Co.	2,631,676
	5,300	Mosaic Co. (The)	189,051
			3,009,677
COMMERCIAL SERVICES & SUPPLIES ― 0.1%
	13,400	R.R. Donnelley & Sons Co.	130,784
COMMUNICATIONS EQUIPMENT ― 4.6%
	225,800	Cisco Systems, Inc.(1)	3,380,226
	77,700	QUALCOMM, Inc.	2,684,535
			6,064,761
COMPUTERS & PERIPHERALS ― 6.6%
	36,200	Apple, Inc.(1)	3,262,706
	113,000	EMC Corp.(1)	1,247,520
	88,500	Hewlett-Packard Co.	3,075,375
	7,000	Lexmark International, Inc., Class A(1)	165,760
	33,000	NetApp, Inc.(1)	489,390
	23,800	Western Digital Corp.(1)	349,384
			8,590,135
CONSTRUCTION MATERIALS ― 0.1%
	3,500	Vulcan Materials Co.	173,110
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
	10,500	IntercontinentalExchange, Inc.(1)	597,765
DIVERSIFIED TELECOMMUNICATION SERVICES ― 0.1%
	6,700	CenturyTel, Inc.	181,838

NT Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares                                                                                                                                                                                    Value

ELECTRIC UTILITIES ― 1.5%
	6,100	Edison International	$ 198,677
	32,900	FPL Group, Inc.	1,695,995
			1,894,672
ELECTRICAL EQUIPMENT ― 1.9%
	12,500	Cooper Industries Ltd., Class A	336,375
	45,500	Emerson Electric Co.	1,487,850
	11,700	Energy Conversion Devices, Inc.(1)	294,489
	3,000	First Solar, Inc.(1)	428,400
			2,547,114
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 0.3%
	6,300	Anixter International, Inc.(1)	169,974
	9,700	Arrow Electronics, Inc.(1)	184,979
			354,953
ENERGY EQUIPMENT & SERVICES ― 2.6%
	14,400	Baker Hughes, Inc.	479,808
	6,600	ENSCO International, Inc.	180,576
	30,100	National Oilwell Varco, Inc.(1)	795,844
	23,600	Noble Corp.	640,740
	31,500	Schlumberger Ltd.	1,285,515
			3,382,483
FOOD & STAPLES RETAILING ― 2.6%
	56,500	Walgreen Co.	1,548,665
	39,800	Wal-Mart Stores, Inc.	1,875,376
			3,424,041
FOOD PRODUCTS ― 2.1%
	36,300	Kellogg Co.	1,585,947
	34,600	Nestle SA	1,196,266
			2,782,213
HEALTH CARE EQUIPMENT & SUPPLIES ― 7.4%
	11,000	Alcon, Inc.	942,040
	19,800	Baxter International, Inc.	1,161,270
	36,400	Becton, Dickinson & Co.	2,645,188
	14,800	C.R. Bard, Inc.	1,266,436
	23,600	DENTSPLY International, Inc.	635,076
	10,800	Gen-Probe, Inc.(1)	486,216
	3,700	Intuitive Surgical, Inc.(1)	381,951
	9,200	Kinetic Concepts, Inc.(1)	221,720
	34,200	Medtronic, Inc.	1,145,358
	11,800	Mettler Toledo International, Inc.(1)	785,644
			9,670,899
HEALTH CARE PROVIDERS & SERVICES― 1.9%
	11,100	CIGNA Corp.	192,696
	24,400	Express Scripts, Inc.(1)	1,311,744
	24,300	UnitedHealth Group, Inc.	688,419
	18,600	VCA Antech, Inc.(1)	350,052
			2,542,911
HOUSEHOLD DURABLES ― 0.7%
	47,500	KB Home	506,825
	12,500	Mohawk Industries, Inc.(1)	401,375
			908,200

NT Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares                                                                                                                                                                                    Value

HOUSEHOLD PRODUCTS ― 2.7%
	64,000	Procter & Gamble Co. (The)	$ 3,488,000
INSURANCE ― 1.2%
	6,600	Allstate Corp. (The)	143,022
	26,400	Chubb Corp. (The)	1,124,112
	11,700	Hartford Financial Services Group, Inc. (The)	153,972
	5,200	Reinsurance Group of America, Inc.	185,276
			1,606,382
INTERNET & CATALOG RETAIL ― 0.4%
	8,400	Amazon.com, Inc.(1)	494,088
INTERNET SOFTWARE & SERVICES ― 2.5%
	9,500	Google, Inc., Class A(1)	3,216,035
IT SERVICES ― 3.2%
	4,300	Affiliated Computer Services, Inc., Class A(1)	197,198
	7,900	Fidelity National Information Services, Inc.	125,689
	36,300	Global Payments, Inc.	1,259,973
	28,400	International Business Machines Corp.	2,602,860
			4,185,720
LIFE SCIENCES TOOLS & SERVICES ― 1.3%
	21,100	QIAGEN NV(1)	361,865
	35,600	Thermo Fisher Scientific, Inc.(1)	1,279,108
			1,640,973
MACHINERY ― 2.6%
	8,000	Flowserve Corp.	426,480
	17,500	Illinois Tool Works, Inc.	571,550
	12,600	ITT Corp.	570,528
	24,300	Navistar International Corp.(1)	737,991
	14,600	PACCAR, Inc.	385,294
	16,957	Valmont Industries, Inc.	688,115
			3,379,958
MEDIA ― 1.6%
	69,000	DIRECTV Group, Inc. (The)(1)	1,511,100
	26,800	Scripps Networks Interactive, Inc., Class A	575,396
			2,086,496
METALS & MINING ― 0.6%
	16,700	Newmont Mining Corp.	664,326
	5,100	United States Steel Corp.	153,153
			817,479
MULTILINE RETAIL ― 3.0%
	54,400	Kohl's Corp.(1)	1,997,024
	84,200	Macy's, Inc.	753,590
	39,100	Target Corp.	1,219,920
			3,970,534
MULTI-UTILITIES ― 1.1%
	39,900	Public Service Enterprise Group, Inc.	1,259,643
	4,700	Sempra Energy	206,048
			1,465,691
OIL, GAS & CONSUMABLE FUELS ― 5.6%
	13,400	Apache Corp.	1,005,000

32,200 Devon Energy Corp.  1,983,520

NT Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                              Value

	25,500	EOG Resources, Inc.	$ 1,728,135
	19,500	Exxon Mobil Corp.	1,491,360
	15,100	Occidental Petroleum Corp.	823,705
	51,000	Quicksilver Resources, Inc.(1)	353,430
			7,385,150
PERSONAL PRODUCTS ― 0.3%
	15,000	Estee Lauder Cos., Inc. (The), Class A	393,750
PHARMACEUTICALS ― 3.8%
	29,200	Abbott Laboratories	1,618,848
	8,600	Allergan, Inc.	327,832
	27,400	Johnson & Johnson	1,580,706
	26,200	Novo Nordisk AS B Shares	1,398,036
			4,925,422
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.8%
	33,600	Digital Realty Trust, Inc.	1,071,840
ROAD & RAIL ― 1.7%
	49,900	Union Pacific Corp.	2,185,121
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 4.1%
	59,400	Altera Corp.	913,572
	59,000	Applied Materials, Inc.	552,830
	61,500	Intel Corp.	793,350
	24,400	Linear Technology Corp.	571,448
	146,300	Marvell Technology Group Ltd.(1)	1,066,527
	68,200	NVIDIA Corp.(1)	542,190
	27,100	Texas Instruments, Inc.	405,145
	34,800	Xilinx, Inc.	586,380
			5,431,442
SOFTWARE ― 4.5%
	166,900	Microsoft Corp.	2,853,990
	173,300	Oracle Corp.(1)	2,916,639
	7,100	salesforce.com, inc.(1)	188,931
			5,959,560
SPECIALTY RETAIL ― 2.5%
	15,050	Advance Auto Parts, Inc.	492,587
	38,800	Carmax, Inc.(1)	320,876
	30,400	J. Crew Group, Inc.(1)	304,000
	82,200	Lowe's Cos., Inc.	1,501,794
	23,400	O'Reilly Automotive, Inc.(1)	680,238
			3,299,495
TRADING COMPANIES & DISTRIBUTORS ― 0.1%
	9,800	WESCO International, Inc.(1)	180,516
WIRELESS TELECOMMUNICATION SERVICES ― 1.8%
	70,000	American Tower Corp., Class A(1)	2,123,800
	11,700	NII Holdings, Inc.(1)	226,980
			2,350,780
TOTAL COMMON STOCKS
(Cost $136,395,500)			123,488,399
TEMPORARY CASH INVESTMENTS — 0.5%

$ 600,000 FHLB Discount Notes, 0.01%, 2/2/09(2)  600,000

NT Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares                                                                                                                                                                                    Value

	62,795	JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	$ 62,795
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $662,795)			662,795
TOTAL INVESTMENT SECURITIES — 94.6%
(Cost $137,058,295)			124,151,194
OTHER ASSETS AND LIABILITIES — 5.4%			7,059,996
TOTAL NET ASSETS — 100.0%			$131,211,190

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
1,124,362	CHF for USD	2/27/09	$ 969,628	$ 14,806
6,162,240	DKK for USD	2/27/09	1,057,152	34,708
			$2,026,780	$ 49,514
(Value on Settlement Date $2,076,294)

Notes to Schedule of Investments
	CHF	-	Swiss Franc
	DKK	-	Danish Krone
	FHLB	-	Federal Home Loan Bank
	USD	-	United States Dollar

(1)	Non-income producing.
(2)	The rate indicated is the yield to maturity at purchase.

NT Growth– Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$ 120,956,892	-
Level 2 - Other Significant Observable Inputs	3,194,302	$ 49,514
Level 3 - Significant Unobservable Inputs	-	-
	$ 124,151,194	$ 49,514
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$      145,159,781
Gross tax appreciation of investments	$             812,260
Gross tax depreciation of investments	(21,820,847)
Net tax appreciation (depreciation) of investments	$      (21,008,587)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

NT VistaSM Fund

January 31, 2009

NT Vista – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                      Value

COMMON STOCKS — 94.2%
AIR FREIGHT & LOGISTICS― 0.4%
	5,100	FedEx Corp.	$ 259,794
AIRLINES ― 2.2%
	22,200	Alaska Air Group, Inc.(1)	585,192
	9,800	Continental Airlines, Inc., Class B(1)	132,006
	28,725	Delta Air Lines, Inc.(1)	198,203
	76,800	JetBlue Airways Corp.(1)	432,384
			1,347,785
BIOTECHNOLOGY ― 3.2%
	20,600	Alexion Pharmaceuticals, Inc.(1)	759,522
	9,200	Celgene Corp.(1)	487,140
	9,100	Cephalon, Inc.(1)	702,338
			1,949,000
CAPITAL MARKETS ― 1.5%
	2,500	BlackRock, Inc.	272,000
	16,400	Knight Capital Group, Inc., Class A(1)	295,692
	11,700	Lazard Ltd., Class A	310,050
			877,742
CHEMICALS ― 5.4%
	14,500	Intrepid Potash, Inc.(1)	295,510
	15,970	Monsanto Co.	1,214,678
	9,000	Mosaic Co. (The)	321,030
	14,000	Scotts Miracle-Gro Co. (The), Class A	451,080
	5,253	Syngenta AG	1,016,584
			3,298,882
COMMERCIAL SERVICES & SUPPLIES ― 1.3%
	27,555	Waste Connections, Inc.(1)	799,646
CONSTRUCTION & ENGINEERING ― 5.4%
	28,500	AECOM Technology Corp.(1)	721,335
	7,500	Granite Construction, Inc.	264,150
	2,900	Jacobs Engineering Group, Inc.(1)	112,143
	68,506	Quanta Services, Inc.(1)	1,464,658
	10,000	Shaw Group, Inc. (The)(1)	278,000
	12,100	URS Corp.(1)	412,005
			3,252,291
CONTAINERS & PACKAGING― 2.5%
	65,663	Crown Holdings, Inc.(1)	1,231,181
	13,000	Pactiv Corp.(1)	281,060
			1,512,241
DIVERSIFIED ― 3.1%
	20,500	Midcap SPDR Trust Series 1	1,859,145
DIVERSIFIED CONSUMER SERVICES ― 8.8%
	11,900	Apollo Group, Inc., Class A(1)	969,374
	51,400	Corinthian Colleges, Inc.(1)	960,152
	11,400	DeVry, Inc.	610,812
	29,300	H&R Block, Inc.	607,389
	17,700	ITT Educational Services, Inc.(1)	2,168,427
			5,316,154

NT Vista – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                      Value

ELECTRICAL EQUIPMENT ― 0.6%
	6,700	Energy Conversion Devices, Inc.(1)	$ 168,639
	1,300	First Solar, Inc.(1)	185,640
			354,279
ENERGY EQUIPMENT & SERVICES ― 0.9%
	10,800	CARBO Ceramics, Inc.	388,260
	14,400	Weatherford International Ltd.(1)	158,832
			547,092
FOOD & STAPLES RETAILING ― 1.3%
	9,500	BJ's Wholesale Club, Inc.(1)	272,460
	23,500	Kroger Co. (The)	528,750
			801,210
FOOD PRODUCTS ― 1.8%
	15,000	Dean Foods Co.(1)	290,100
	8,600	H.J. Heinz Co.	313,900
	3,500	Kellogg Co.	152,915
	5,400	Ralcorp Holdings, Inc.(1)	319,788
			1,076,703
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.1%
	20,900	Covidien Ltd.	801,306
	10,800	Edwards Lifesciences Corp.(1)	620,892
	13,200	St. Jude Medical, Inc.(1)	480,084
			1,902,282
HEALTH CARE PROVIDERS & SERVICES ― 9.9%
	21,700	Aetna, Inc.	672,700
	26,100	Express Scripts, Inc.(1)	1,403,136
	37,300	Medco Health Solutions, Inc.(1)	1,675,889
	39,580	Omnicare, Inc.	1,106,657
	39,600	UnitedHealth Group, Inc.	1,121,868
			5,980,250
HOTELS, RESTAURANTS & LEISURE ― 1.1%
	14,332	Panera Bread Co., Class A(1)	673,317
HOUSEHOLD DURABLES ― 1.6%
	16,200	KB Home	172,854
	4,500	M.D.C. Holdings, Inc.	137,880
	700	NVR, Inc.(1)	298,263
	12,200	Pulte Homes, Inc.	123,830
	15,000	Toll Brothers, Inc.(1)	255,300
			988,127
INSURANCE ― 4.2%
	6,900	ACE Ltd.	301,254
	20,000	Aon Corp.	741,000
	12,300	Axis Capital Holdings Ltd.	298,398
	29,000	Fidelity National Financial, Inc., Class A	423,980
	8,100	PartnerRe Ltd.	530,793
	7,000	Travelers Cos., Inc. (The)	270,480
			2,565,905
INTERNET & CATALOG RETAIL ― 0.1%
	1,700	Netflix, Inc.(1)	61,438
INTERNET SOFTWARE & SERVICES ― 3.0%

NT Vista – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                      Value

	10,900	Equinix, Inc.(1)	581,515
	34,900	NetEase.com, Inc. ADR(1)	$     663,449
	14,700	Sohu.com, Inc.(1)	581,385
			1,826,349
LIFE SCIENCES TOOLS & SERVICES ― 1.9%
	32,700	Thermo Fisher Scientific, Inc.(1)	1,174,911
MACHINERY ― 0.5%
	18,300	Briggs & Stratton Corp.	270,657
MARINE ― 0.6%
	10,100	Diana Shipping, Inc.	134,229
	17,100	Eagle Bulk Shipping, Inc.	91,314
	8,800	Genco Shipping & Trading Ltd.	136,840
			362,383
MEDIA ― 0.7%
	20,500	DIRECTV Group, Inc. (The)(1)	448,950
METALS & MINING ― 1.3%
	6,500	Nucor Corp.	265,135
	13,500	Schnitzer Steel Industries, Inc., Class A	530,145
			795,280
MULTILINE RETAIL ― 4.9%
	55,900	Dollar Tree, Inc.(1)	2,387,489
	21,700	Family Dollar Stores, Inc.	602,609
			2,990,098
OIL, GAS & CONSUMABLE FUELS ― 6.9%
	14,100	Continental Resources, Inc.(1)	291,447
	5,400	EOG Resources, Inc.	365,958
	4,800	Hess Corp.	266,928
	5,000	Occidental Petroleum Corp.	272,750
	72,489	Petrohawk Energy Corp.(1)	1,428,758
	14,272	Plains Exploration & Production Co.(1)	301,425
	11,200	Range Resources Corp.	401,408
	19,000	Southwestern Energy Co.(1)	601,350
	6,700	Ultra Petroleum Corp.(1)	240,061
			4,170,085
PERSONAL PRODUCTS― 0.5%
	4,600	Chattem, Inc.(1)	310,960
PHARMACEUTICALS ― 0.8%
	15,400	Perrigo Co.	451,990
PROFESSIONAL SERVICES ― 0.2%
	2,985	FTI Consulting, Inc.(1)	122,415
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 0.5%
	19,500	Annaly Capital Management, Inc.	295,230
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 2.1%
	20,300	Altera Corp.	312,214
	37,200	Broadcom Corp., Class A(1)	589,620
	46,735	Microsemi Corp.(1)	392,574
			1,294,408
SOFTWARE ― 2.7%
	8,600	Cerner Corp.(1)	289,992

NT Vista – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

Shares                                                                                                                                                                                      Value

	19,000	McAfee, Inc.(1)	579,310
	22,700	Quest Software, Inc.(1)	$     283,069
	32,800	Symantec Corp.(1)	502,824
			1,655,195
SPECIALTY RETAIL ― 2.8%
	15,200	Children's Place Retail Stores, Inc. (The)(1)	285,912
	16,300	PetSmart, Inc.	305,951
	27,630	Ross Stores, Inc.	812,875
	14,200	TJX Cos., Inc. (The)	275,764
			1,680,502
TEXTILES, APPAREL & LUXURY GOODS ― 0.4%
	15,800	Carter's, Inc.(1)	268,442
WATER UTILITIES ―1.2%
	33,451	Aqua America, Inc.	693,774
WIRELESS TELECOMMUNICATION SERVICES ― 4.8%
	32,200	American Tower Corp., Class A(1)	976,948
	23,211	MetroPCS Communications, Inc.(1)	315,437
	82,402	SBA Communications Corp., Class A(1)	1,639,800
			2,932,185
TOTAL COMMON STOCKS
(Cost $59,279,729)			57,167,097
TEMPORARY CASH INVESTMENTS — 0.3%
69,849		JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares	69,849
Repurchase Agreement, Deutsche Bank Securities, Inc., (collateralized by various U.S. Treasury obligations, 2.75%-6.00%, 8/15/09-7/31/10, valued at $102,016), in a joint trading account at 0.24%, dated 1/30/09, due 2/2/09 (Delivery value $100,002)			100,000
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $169,849)			169,849
TOTAL INVESTMENT SECURITIES — 94.5%
(Cost $59,449,578)			57,336,946
OTHER ASSETS AND LIABILITIES — 5.5%			3,369,148
TOTAL NET ASSETS — 100.0%			$60,706,094

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Contracts to Sell		Settlement Date	Value	Unrealized Gain (Loss)
1,087,135	CHF for USD	2/27/09	$937,524	$16,139
(Value on Settlement Date $953,663)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	CHF	-	Swiss Franc
	SPDR	-	Standard & Poor's Depositary Receipts
	USD	-	United States Dollar

(1) Non-income producing.

NT Vista – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment  Securities	Unrealized Gain (Loss)  on Other Financial  Instruments*
Level 1 - Quoted Prices	$56,220,362	-
Level 2 - Other Significant Observable Inputs	1,116,584	$16,139
Level 3 - Significant Unobservable Inputs	-	-
	$57,336,946	$16,139
* Includes forward foreign currency exchange contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$61,907,102
Gross tax appreciation of investments	$  1,514,816
Gross tax depreciation of investments	(6,084,972)
Net tax appreciation (depreciation) of investments	$(4,570,156)

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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

American Century-Mason Street Mid Cap Growth Fund

January 31, 2009

Mid Cap Growth – Schedule of Investments

JANUARY 31, 2009  (UNAUDITED)

Shares                                                                                                                                                                                            Value

COMMON STOCKS — 92.3%
AEROSPACE & DEFENSE ― 1.8%
	16,600	L-3 Communications Holdings, Inc.	$ 1,311,732
	51,300	Spirit Aerosystems Holdings, Inc., Class A(1)	697,680
			2,009,412
AIR FREIGHT & LOGISTICS ― 3.7%
	56,400	C.H. Robinson Worldwide, Inc.	2,593,272
	53,220	Expeditors International of Washington, Inc.	1,480,048
			4,073,320
BIOTECHNOLOGY ― 2.1%
	44,100	Celgene Corp.(1)	2,335,095
CAPITAL MARKETS ― 5.8%
	61,320	Investment Technology Group, Inc.(1)	1,329,417
	43,200	Northern Trust Corp.	2,484,864
	96,600	Raymond James Financial, Inc.	1,788,066
	60,000	SEI Investments Co.	760,200
	2,200	T. Rowe Price Group, Inc.	60,676
			6,423,223
CHEMICALS ― 1.9%
	34,030	Praxair, Inc.	2,118,708
COMMERCIAL BANKS ― 0.4%
	116,600	Synovus Financial Corp.	461,736
COMMERCIAL SERVICES & SUPPLIES ― 3.3%
	99,100	Corrections Corp. of America(1)	1,365,598
	70,200	Ritchie Bros. Auctioneers, Inc.	1,288,872
	21,680	Stericycle, Inc.(1)	1,060,586
			3,715,056
CONSTRUCTION & ENGINEERING ― 0.5%
	27,600	Foster Wheeler Ltd.(1)	551,172
CONSTRUCTION MATERIALS ― 0.6%
	8,300	Martin Marietta Materials, Inc.	668,316
CONTAINERS & PACKAGING ― 1.2%
	71,000	Owens-Illinois, Inc.(1)	1,349,000
DIVERSIFIED CONSUMER SERVICES ― 2.8%
	59,000	DeVry, Inc.	3,161,220
DIVERSIFIED FINANCIAL SERVICES ― 0.5%
	10,112	IntercontinentalExchange, Inc.(1)	575,676
ELECTRICAL EQUIPMENT ― 0.6%
	17,000	Regal-Beloit Corp.	577,320
	3,000	Roper Industries, Inc.	123,420
			700,740
ELECTRONIC EQUIPMENT & INSTRUMENTS ― 1.8%
	75,220	Amphenol Corp., Class A	1,967,003
ENERGY EQUIPMENT & SERVICES ― 4.0%
	93,800	Cameron International Corp.(1)	2,172,408
	7,000	Diamond Offshore Drilling, Inc.	439,320
	37,400	National Oilwell Varco, Inc.(1)	988,856

Mid Cap Growth – Schedule of Investments

JANUARY 31, 2009  (UNAUDITED)

Shares                                                                                                                                                                                            Value

	36,400	Smith International, Inc.	$ 826,280
			4,426,864
HEALTH CARE EQUIPMENT & SUPPLIES ― 5.3%
	120,870	Immucor, Inc.(1)	3,349,308
	3,100	Intuitive Surgical, Inc.(1)	320,013
	34,100	Mettler Toledo International, Inc.(1)	2,270,378
			5,939,699
HEALTH CARE PROVIDERS & SERVICES ― 7.7%
	60,400	DaVita, Inc.(1)	2,838,800
	45,600	Express Scripts, Inc.(1)	2,451,456
	126,595	Psychiatric Solutions, Inc.(1)	3,291,470
			8,581,726
HOTELS, RESTAURANTS & LEISURE ― 1.9%
	91,400	Jack in the Box, Inc.(1)	2,064,726
INSURANCE ― 1.4%
	60,900	Assured Guaranty Ltd.	464,667
	99,700	MBIA, Inc.	384,842
	28,400	W.R. Berkley Corp.	752,032
			1,601,541
IT SERVICES ― 8.0%
	59,400	Alliance Data Systems Corp.(1)	2,470,446
	70,560	Cognizant Technology Solutions Corp., Class A(1)	1,321,589
	81,900	Global Payments, Inc.	2,842,749
	87,110	NeuStar, Inc., Class A(1)	1,186,438
	99,100	VeriFone Holdings, Inc.(1)	458,833
	49,700	Western Union Co. (The)	678,902
			8,958,957
LIFE SCIENCES TOOLS & SERVICES ― 0.9%
	42,800	Charles River Laboratories International, Inc.(1)	1,044,748
MACHINERY ― 1.3%
	24,600	Cummins, Inc.	589,908
	37,700	Harsco Corp.	894,244
			1,484,152
MEDIA ― 0.5%
	69,700	Focus Media Holding Ltd. ADR(1)	514,386
METALS & MINING ― 1.2%
	25,700	SPDR S&P Metals & Mining ETF	676,938
	95,600	Titanium Metals Corp.	673,980
			1,350,918
MULTILINE RETAIL ― 2.8%
	73,200	Dollar Tree, Inc.(1)	3,126,372
OIL, GAS & CONSUMABLE FUELS ― 5.8%
	62,500	Equitable Resources, Inc.	2,139,375
	55,630	Range Resources Corp.	1,993,779
	47,600	SandRidge Energy, Inc.(1)	317,016
	64,800	Southwestern Energy Co.(1)	2,050,920
			6,501,090
PROFESSIONAL SERVICES ― 0.6%

17,400 FTI Consulting, Inc.(1)  713,574

Mid Cap Growth – Schedule of Investments

JANUARY 31, 2009  (UNAUDITED)

Shares/Principal Amount                                                                                                                                                    Value

ROAD & RAIL ― 2.8%
	77,610	J.B. Hunt Transport Services, Inc.	$  1,728,375
	103,200	Knight Transportation, Inc.	1,376,688
			3,105,063
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 5.7%
	154,100	Intersil Corp., Class A	1,434,671
	66,750	KLA-Tencor Corp.	1,337,670
	97,997	Microchip Technology, Inc.	1,859,003
	88,600	Varian Semiconductor Equipment Associates, Inc.(1)	1,686,944
			6,318,288
SOFTWARE ― 6.1%
	45,900	Cerner Corp.(1)	1,547,748
	49,738	Citrix Systems, Inc.(1)	1,046,487
	44,200	FactSet Research Systems, Inc.	1,759,160
	80,500	McAfee, Inc.(1)	2,454,445
			6,807,840
SPECIALTY RETAIL ― 6.8%
	187,400	Collective Brands, Inc.(1)	1,999,558
	123,200	GameStop Corp., Class A(1)	3,052,896
	47,770	O'Reilly Automotive, Inc.(1)	1,388,674
	71,000	Urban Outfitters, Inc.(1)	1,106,180
			7,547,308
TRADING COMPANIES & DISTRIBUTORS ― 1.0%
	30,600	MSC Industrial Direct Co., Class A	1,048,356
WIRELESS TELECOMMUNICATION SERVICES ― 1.5%
	54,600	American Tower Corp., Class A(1)	1,656,564
TOTAL COMMON STOCKS
(Cost $141,227,759)			102,901,849
TEMPORARY CASH INVESTMENTS — SEGREGATED FOR FUTURES CONTRACTS(2)(3) — 3.8%
$ 700,000		FHLB Discount Notes, 0.11%, 2/6/09	699,991
	128,649	FHLB Discount Notes, 0.10%, 3/2/09	128,631
	2,400,000	FHLB Discount Notes, 0.15%, 3/11/09	2,399,568
	1,000,000	FHLB Discount Notes, 0.47%, 3/13/09	999,810
TOTAL TEMPORARY CASH INVESTMENTS — SEGREGATED FOR FUTURES CONTRACTS
(Cost $4,227,725)			4,228,000
TEMPORARY CASH INVESTMENTS(3) — 3.0%
	271,351	FHLB Discount Notes, 0.10%, 3/2/09	271,315
	3,100,000	FHLB Discount Notes, 0.18%, 3/9/09	3,099,473
TOTAL TEMPORARY CASH INVESTMENTS
(Cost $3,370,772)			3,370,788

Mid Cap Growth – Schedule of Investments

JANUARY 31, 2009  (UNAUDITED)

Shares/Principal Amount                                                                                                                                                    Value

TOTAL INVESTMENT SECURITIES — 99.1%
(Cost $148,826,256)	110,500,637
OTHER ASSETS AND LIABILITIES — 0.9%	999,536
TOTAL NET ASSETS — 100.0%	$111,500,173

Mid Cap Growth – Schedule of Investments

JANUARY 31, 2009  (UNAUDITED)

FUTURES CONTRACTS
Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
17	S&P MidCap 400 Index Futures	March 2009	$4,227,050	$(226,235)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	ETF	-	Exchange Traded Fund
	FHLB	-	Federal Home Loan Bank
	SPDR	-	Standard & Poor's Depositary Receipts

(1)	Non-income producing.
(2)	Security, or a portion thereof, has been segregated for futures contracts. At period end, the aggregate value of securities pledged was $4,228,000.
(3)	The rate indicated is the yield to maturity at purchase.

Mid Cap Growth – Schedule of Investments

JANUARY 31, 2009  (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment  Securities	Unrealized Gain (Loss) on Other Financial Instruments*
Level 1 - Quoted Prices	$102,901,849	$(226,235)
Level 2 - Other Significant Observable Inputs	7,598,788	-
Level 3 - Significant Unobservable Inputs	-	-
	$110,500,637	$(226,235)
* Includes futures contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$149,322,504
Gross tax appreciation of investments	$    6,783,698
Gross tax depreciation of investments	(45,605,565)
Net tax appreciation (depreciation) of investments	$(38,821,867)
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.

This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule.  It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes.  More information is available in the fund’s most recent annual or semiannual shareholder report.

American Century Investments®

Quarterly Portfolio Holdings

American Century-Mason Street Small Cap Growth Fund

January 31, 2009

Small Cap Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

COMMON STOCKS — 59.7%
AEROSPACE & DEFENSE ― 3.0%
	1,725	AeroVironment, Inc.(1)	$       63,929
	5,883	Astronics Corp.(1)	44,475
	848	Axsys Technologies, Inc.(1)	36,210
	3,875	Stanley, Inc.(1)	117,257
	2,867	TransDigm Group, Inc.(1)	97,707
			359,578
AIR FREIGHT & LOGISTICS ― 0.7%
	3,595	Hub Group, Inc., Class A(1)	81,606
AIRLINES ― 0.3%
	825	Allegiant Travel Co.(1)	29,502
BEVERAGES ― 0.2%
	2,160	Central European Distribution Corp.(1)	26,136
BIOTECHNOLOGY ― 2.1%
	6,475	BioMarin Pharmaceutical, Inc.(1)	124,709
	1,350	iShares Nasdaq Biotechnology Index Fund	95,283
	475	United Therapeutics Corp.(1)	32,276
			252,268
CAPITAL MARKETS ― 1.0%
	3,462	Investment Technology Group, Inc.(1)	75,056
	2,479	KBW, Inc.(1)	46,556
			121,612
CHEMICALS ― 0.7%
	6,725	Calgon Carbon Corp.(1)	84,533
COMMERCIAL BANKS ― 0.4%
	11,046	Boston Private Financial Holdings, Inc.	52,027
COMMERCIAL SERVICES & SUPPLIES ― 2.7%
	7,177	Cornell Cos, Inc.(1)	109,521
	6,239	Corrections Corp. of America(1)	85,973
	6,413	Team, Inc.(1)	126,657
			322,151
COMMUNICATIONS EQUIPMENT ― 2.3%
	2,900	Comtech Telecommunications Corp.(1)	112,520
	6,150	DG Fastchannel, Inc.(1)	89,113
	3,358	F5 Networks, Inc.(1)	74,447
			276,080
CONTAINERS & PACKAGING ― 0.8%
	2,051	Silgan Holdings, Inc.	94,018
DISTRIBUTORS ― 1.0%
	10,329	LKQ Corp.(1)	119,300
DIVERSIFIED CONSUMER SERVICES ― 2.4%
	3,509	American Public Education, Inc.(1)	137,412
	3,020	New Oriental Education & Technology Group ADR(1)	144,477
			281,889
DIVERSIFIED FINANCIAL SERVICES ― 0.2%
	725	Portfolio Recovery Associates, Inc.(1)	17,103

Small Cap Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

ELECTRIC UTILITIES ― 1.5%
	4,200	ITC Holdings Corp.	$176,316
ENERGY EQUIPMENT & SERVICES ― 1.7%
	2,034	IHS, Inc., Class A(1)	89,089
	3,991	ION Geophysical Corp.(1)	5,987
	2,141	Oceaneering International, Inc.(1)	73,779
	2,443	T-3 Energy Services, Inc.(1)	31,148
			200,003
FOOD PRODUCTS ― 1.1%
	4,125	Flowers Foods, Inc.	88,646
	1,725	TreeHouse Foods, Inc.(1)	45,523
			134,169
HEALTH CARE EQUIPMENT & SUPPLIES ― 3.7%
	6,168	Masimo Corp.(1)	171,285
	4,395	Meridian Bioscience, Inc.	93,438
	2,247	NuVasive, Inc.(1)	83,903
	3,093	Thoratec Corp.(1)	89,604
			438,230
HEALTH CARE PROVIDERS & SERVICES ― 4.0%
	2,800	athenahealth, Inc.(1)	101,024
	2,800	CardioNet, Inc.(1)	63,504
	5,385	Genoptix, Inc.(1)	182,552
	2,275	IPC The Hospitalist Co., Inc.(1)	43,543
	2,970	Psychiatric Solutions, Inc.(1)	77,220
			467,843
HEALTH CARE TECHNOLOGY ― 0.7%
	6,493	Phase Forward, Inc.(1)	87,656
HOTELS, RESTAURANTS & LEISURE ― 1.6%
	2,675	Buffalo Wild Wings, Inc.(1)	60,081
	5,450	Jack in the Box, Inc.(1)	123,115
			183,196
HOUSEHOLD DURABLES ― 0.3%
	1,025	Snap-on, Inc.	30,935
INTERNET SOFTWARE & SERVICES ― 4.6%
	3,037	Bankrate, Inc.(1)	101,314
	4,136	comScore, Inc.(1)	52,155
	1,950	j2 Global Communications, Inc.(1)	38,181
	8,698	Omniture, Inc.(1)	79,065
	11,557	Switch & Data Facilities Co., Inc.(1)	79,512
	5,932	VistaPrint Ltd.(1)	135,843
	3,786	Vocus, Inc.(1)	57,774
			543,844
IT SERVICES ― 0.4%
	4,300	Cybersource Corp.(1)	51,299
LIFE SCIENCES TOOLS & SERVICES ― 1.1%
	4,837	Illumina, Inc.(1)	132,340
MACHINERY ― 1.5%
	1,175	Astec Industries, Inc.(1)	28,870
	3,843	Bucyrus International, Inc.	59,566
	2,423	Energy Recovery, Inc.(1)	15,144

Small Cap Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

   Shares                                                                                                                                                                                         Value

	1,761	Kaydon Corp.	$    47,899
	2,171	Titan Machinery, Inc.(1)	22,036
			173,515
METALS & MINING ― 0.4%
	13,212	Apex Silver Mines Ltd.(1)	9,380
	1,578	SPDR S&P Metals & Mining ETF	41,565
			50,945
MULTI-INDUSTRY ― 0.5%
	6,075	Financial Select Sector SPDR Fund	56,133
MULTILINE RETAIL ― 1.7%
	4,551	Dollar Tree, Inc.(1)	194,373
OIL, GAS & CONSUMABLE FUELS ― 2.5%
	3,494	Arena Resources, Inc.(1)	85,114
	2,713	Carrizo Oil & Gas, Inc.(1)	37,602
	1,300	Contango Oil & Gas Co.(1)	57,980
	4,625	EXCO Resources, Inc.(1)	46,898
	2,250	Whiting Petroleum Corp.(1)	65,250
			292,844
PERSONAL PRODUCTS ― 0.8%
	3,813	Alberto-Culver Co.	93,266
PROFESSIONAL SERVICES ― 1.8%
	3,362	Hill International, Inc.(1)	18,491
	2,025	Huron Consulting Group, Inc.(1)	101,210
	4,050	ICF International, Inc.(1)	96,106
			215,807
REAL ESTATE INVESTMENT TRUSTS (REITs) ― 1.6%
	2,878	Digital Realty Trust, Inc.	91,808
	17,756	MFA Mortgage Investments, Inc.	101,742
			193,550
ROAD & RAIL ― 1.2%
	10,693	Knight Transportation, Inc.	142,645
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT ― 3.6%
	7,455	Advanced Energy Industries, Inc.(1)	66,946
	4,377	Atheros Communications, Inc.(1)	52,568
	8,955	Diodes, Inc.(1)	58,028
	6,839	Mellanox Technologies Ltd.	59,157
	1,525	Microsemi Corp.(1)	12,810
	5,102	Netlogic Microsystems, Inc.(1)	108,213
	4,132	Rubicon Technology, Inc.(1)	23,594
	19,825	TriQuint Semiconductor, Inc.(1)	40,047
			421,363
SOFTWARE ― 2.9%
	1,553	Blackboard, Inc.(1)	39,462
	2,568	Concur Technologies, Inc.(1)	63,404
	10,027	Synchronoss Technologies, Inc.(1)	85,330
	32,008	VanceInfo Technologies, Inc. ADR(1)	150,437
			338,633
SPECIALTY RETAIL ― 2.1%
	6,500	Lumber Liquidators, Inc.(1)	57,655
	2,325	O'Reilly Automotive, Inc.(1)	67,588

Small Cap Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED)

 Shares/Principal Amount                                                                                                                                                    Value

	4,075	PetSmart, Inc.	$    76,488
	6,100	Zumiez, Inc.(1)	43,615
			245,346
TEXTILES, APPAREL & LUXURY GOODS ― 0.3%
	3,400	True Religion Apparel, Inc.(1)	38,794
WIRELESS TELECOMMUNICATION SERVICES ― 0.3%
	4,791	Centennial Communications Corp.(1)	39,190
TOTAL COMMON STOCKS
(Cost $7,432,269)			7,060,038
TEMPORARY CASH INVESTMENTS - SEGREGATED FOR FUTURES CONTRACTS(2)(3) — 31.4%
$3,218,124		FHLB Discount Notes, 0.15%, 2/13/09	3,218,027
	500,000	FHLB Discount Notes, 0.17%, 2/19/09	499,973
TOTAL TEMPORARY CASH INVESTMENTS - SEGREGATED FOR FUTURES CONTRACTS
(Cost $3,717,944)			3,718,000
TEMPORARY CASH INVESTMENTS(3)— 10.0%
1,181,876 FHLB Discount Notes, 0.15%, 2/13/09 (Cost $1,181,793)			1,181,819
TOTAL INVESTMENT SECURITIES — 101.1%
(Cost $12,332,006)			11,959,857
OTHER ASSETS AND LIABILITIES — (1.1)%			(128,036)
TOTAL NET ASSETS — 100.0%			$11,831,821

FUTURES CONTRACTS
Contracts Purchased		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
84	Russell 2000 Mini Index Futures	March 2009	$3,717,840	$(85,866)

Notes to Schedule of Investments
	ADR	-	American Depositary Receipt
	ETF	-	Exchange Traded Fund
	FHLB	-	Federal Home Loan Bank
	SPDR	-	Standard & Poor's Depositary Receipts

(1)	Non-income producing.
(2)	Security, or portion thereof, has been segregated for futures contracts. At period end, the aggregate value of securities pledged was $3,718,000.
(3)	The rate indicated is the yield to maturity at purchase.

Small Cap Growth – Schedule of Investments

JANUARY 31, 2009 (UNAUDITED) 

SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Security Valuations
Securities traded primarily on a principal securities exchange are valued at the last reported sales price, or at the mean of the latest bid and asked prices where no last sales price is available. Depending on local convention or regulation, securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official close price. Debt securities not traded on a principal securities exchange are valued through a commercial pricing service or at the mean of the most recent bid and asked prices. Discount notes may be valued through a commercial pricing service or at amortized cost, which approximates fair value. Securities traded on foreign securities exchanges and over-the-counter markets are normally completed before the close of business on days that the New York Stock Exchange (the Exchange) is open and may also take place on days when the Exchange is not open. If an event occurs after the value of a security was established but before the net asset value per share was determined that was likely to materially change the net asset value, that security would be valued as determined in accordance with procedures adopted by the Board of Directors. If the fund determines that the market price of a portfolio security is not readily available, or that the valuation methods mentioned above do not reflect the security’s fair value, such security is valued as determined by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors, if such determination would materially impact a fund’s net asset value. Certain other circumstances may cause the fund to use alternative procedures to value a security such as: a security has been declared in default; trading in a security has been halted during the trading day; or there is a foreign market holiday and no trading will commence.
2. Fair Value Measurements
The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:
•     Level 1 valuation inputs consist of actual quoted prices based on an active market;    •     Level 2 valuation inputs consist of significant direct or indirect observable market data; or    •     Level 3 valuation inputs consist of significant unobservable inputs such as a fund’s own assumptions.
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the valuation inputs used to determine the fair value of the fund’s securities and other financial instruments as of January 31, 2009:
Valuation Inputs	Value of Investment Securities	Unrealized Gain (Loss) on Other Financial Instruments*
Level 1 - Quoted Prices	$7,060,038	$(85,866)
Level 2 - Other Significant Observable Inputs	4,899,819	-
Level 3 - Significant Unobservable Inputs	-	-
	$11,959,857	$(85,866)
* Includes futures contracts.
3. Federal Tax Information
As of January 31, 2009, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments	$12,999,218
Gross tax appreciation of investments	$     464,883
Gross tax depreciation of investments	(1,504,244)
Net tax appreciation (depreciation) of investments	$(1,039,361)
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.

This schedule of investments provides information about the fund's portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.

ITEM 2.  CONTROLS AND PROCEDURES.

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

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

ITEM 3.  EXHIBITS.

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

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

Registrant:	AMERICAN CENTURY MUTUAL FUNDS, INC.
By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
Date:	March 26, 2009

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

By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
		(principal executive officer)
Date:	March 26, 2009

By:	/s/ Robert J. Leach
	Name:	Robert J. Leach
	Title:	Vice President, Treasurer, and
		Chief Financial Officer
		(principal financial officer)
Date:	March 26, 2009