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Mar. 01, 2022

American Century Mutual Funds, Inc | BALANCED FUND

Balanced Fund

Investment Objective

The fund seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)


Shareholder Fees (fees paid directly from your investment)
	Investor	I	R5
Maximum Annual Account Maintenance Fee (waived if eligible investments total at least $10,000)	$25	None	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	R5
Management Fee	0.90%	0.70%	0.70%
Distribution and Service (12b-1) Fees	None	None	None
Other Expenses	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	0.90%	0.70%	0.70%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that you earn a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
Investor Class	$92	$287	$499	$1,108
I Class	$72	$224	$390	$871
R5 Class	$72	$224	$390	$871

Portfolio Turnover

The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 225% of the average value of its portfolio.

Principal Investment Strategies

For the equity portion of the fund, the fund will generally invest in large capitalization companies it believes show sustainable business improvement using a proprietary multi-factor model that combines fundamental measures of a stock’s value and growth potential with environmental, social, and governance (ESG) metrics. The model assigns each security a financial metrics score and an ESG score that are combined to create an overall score.

To measure value, the portfolio managers may use ratios of stock price-to-earnings and stock price-to-cash flow. To measure growth, the managers may use the rate of growth of a company’s earnings and cash flow and changes in its earnings estimates. The model also considers price momentum. The team arrives at an ESG score by evaluating multiple metrics of each ESG characteristic—environmental, social, and governance. The portfolio managers utilize internal data and research, as well as third party commercial data sources and scoring systems, to evaluate each security’s ESG characteristics. For example, portfolio managers will consider, among others, a company’s carbon emission profile (environmental), a company’s employee turnover rates and digital privacy (social), and a company’s corporate leadership, including board chair independence and the independence of audit and compensation committees (governance). If information on a specific metric is unavailable, the security may still be selected for the portfolio if the

portfolio managers believe they can evaluate the security qualitatively, or if the financial metrics and remaining ESG scores merit investment.

Final scores for each security are evaluated on a sector-specific basis, and the fund seeks to hold securities with the strongest scores in their respective sectors. Using this process, the portfolio managers attempt to build a portfolio of stocks that has sustainable competitive advantages, provides better returns without taking on significant additional risk, and maintains a stronger ESG profile than the S&P 500® Index.

For the fixed-income portion of the fund, the portfolio managers invest in a diversified portfolio of high- and medium-grade non-money market debt securities. These securities, which may be payable in U.S. or foreign currencies, may include corporate bonds and notes, government securities, bank loans, securities backed by mortgages or other assets and collateralized debt obligations (including collateralized loan obligations). Shorter-term debt securities round out the portfolio.

Principal Risks

•Style Risk — If at any time the market is not favoring the quantitative investment style used to manage the fund’s equity portion, that portion’s gains may not be as big as, or its losses may be bigger than, those of other equity funds using different investment styles.

•Investment Process Risk — Stocks selected by the portfolio managers using quantitative models may perform differently than expected due to the portfolio managers’ judgments regarding the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues with the construction and implementation of the models (including, for example, data problems and/or software or other implementation issues). There is no guarantee that the use of the quantitative models will result in effective investment decisions for the fund. Additionally, the commonality of portfolio holdings across quantitative investment managers may amplify losses.

•Benchmark Correlation Risk — The performance of the fund’s equity portion will be similar to the performance of the S&P 500 Index, before fees and expenses. If the S&P 500 goes down, it is likely that the fund’s performance will go down.

•ESG Risk — Because the fund considers ESG metrics in addition to fundamental financial metrics when selecting securities, its portfolio may perform differently than funds that do not use ESG metrics. ESG considerations may prioritize long term rather than short term returns. Furthermore, when analyzing ESG criteria for securities, the portfolio management team relies on the information and scoring models published by third party sources, there is a risk that this information might be incorrect or only take into account one of many ESG related components of portfolio companies. Moreover, scores and ratings across third party providers may be inconsistent or incomparable.

•Market Risk — The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

•Public Health Emergency Risk — A pandemic, caused by the infectious respiratory illness COVID-19, is causing market disruption and other economic impacts. Markets have experienced volatility, reduced liquidity, and increased trading costs. These events may continue to impact the fund and its underlying investments.

•Interest Rate Risk — Investments in debt securities are sensitive to interest rate changes. Generally, the value of debt securities and the funds that hold them decline as interest rates rise. The fund’s fixed-income investments are designed to reduce this risk. Interest rate risk, however, is generally higher for the fixed-income portion of the Balanced Fund than for funds that have shorter-weighted maturities, such as money market funds and short-term bond funds. A period of rising interest rates may negatively affect the fund’s performance.

•Credit Risk — Debt securities, even investment-grade debt securities, are subject to credit risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. As a result the fund’s share price could also decrease. Changes in the credit rating of a debt security held by the fund could have a similar effect.

•Prepayment and Extension Risk — The fund may invest in debt securities backed by mortgages or other assets. If these underlying assets are prepaid, the fund may benefit less from declining interest rates than funds of similar maturity that invest less heavily in mortgage- and asset-backed securities. Conversely, an issuer may exercise its right to pay principal on an obligation held by the fund later than expected (extend the obligation) especially in periods of rising interest rates. These events may lengthen the maturity and potentially reduce the value of these securities.

•Foreign Securities Risk — Foreign securities have certain unique risks, such as currency risk, social, political and economic risk, and foreign market and trading risk. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.

•Bank Loan Risk — The market for bank loans may not be highly liquid and the fund may have difficulty selling them. In connection with purchasing loan participations, the fund generally will have no right to enforce compliance by borrowers with loan terms nor any set off rights, and the fund may not benefit directly from any posted collateral. As a result, the fund may be subject to the credit risk of both the borrower and the lender selling the participation. Bank loan transactions may take more than seven days to settle, meaning that proceeds would be unavailable to make additional investments or meet redemptions.

•Collateralized Debt Obligations Risk — Collateralized debt obligations and collateralized loan obligations (CLOs) are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

•Derivative Risk — The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives are subject to a number of risks, including liquidity, interest rate, market, credit and correlation risk.

•Liquidity Risk — The fund may also be subject to liquidity risk. During periods of market turbulence or unusually low trading activity, in order to meet redemptions it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund’s share price. Changing regulatory and market conditions, including increases in interest rates and credit spreads may adversely affect the liquidity of the fund’s investments.

•Price Volatility Risk — The value of the fund’s shares may fluctuate significantly in the short term.

•Principal Loss Risk — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.

The blended index is considered the benchmark for the fund. It combines two widely known indices in proportion to the asset mix of the fund. Accordingly, 60% of the index is represented by the S&P 500 Index, which reflects the approximately 60% of the fund’s assets invested in stocks. The blended index’s remaining 40% is represented by the Bloomberg U.S. Aggregate Bond Index, which reflects the roughly 40% of the fund’s assets invested in fixed-income securities.

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 13.21% Lowest Performance Quarter (1Q 2020): -10.46%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years
Investor Class Return Before Taxes	16.03%	11.36%	9.85%
Return After Taxes on Distributions	9.50%	8.67%	7.63%
Return After Taxes on Distributions and Sale of Fund Shares	11.40%	8.28%	7.32%
I Class Return Before Taxes	16.25%	11.57%	10.08%
R5 Class1 Return Before Taxes	16.26%	11.57%	10.08%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	28.71%	18.46%	16.54%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)	-1.54%	3.57%	2.90%
Blended Index (reflects no deduction for fees, expenses or taxes)	15.86%	12.62%	11.14%

The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

American Century Mutual Funds, Inc | GROWTH FUND

Growth Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in Calculation of Sales Charges on page 14 of the fund’s prospectus, Appendix A of the fund’s prospectus and Sales Charges in Appendix B of the statement of additional information.

Shareholder Fees (fees paid directly from your investment)

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

5.75%

None

Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase)

None

None¹

1.00%

None

Maximum Annual Account Maintenance Fee (waived for unmatured Giftrust accounts or if eligible investments total at least $10,000)

$25

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	Y	A	C	R	R5	R6	G
Management Fee	0.96%	0.76%	0.61%	0.96%	0.96%	0.96%	0.76%	0.61%	0.61%
Distribution and Service (12b-1) Fees	None	None	None	0.25%	1.00%	0.50%	None	None	None
Other Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	0.96%	0.76%	0.61%	1.21%	1.96%	1.46%	0.76%	0.61%	0.61%
Fee Waiver2	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.61%³
Total Annual Fund Operating Expenses After Fee Waiver	0.95%	0.75%	0.60%	1.20%	1.95%	1.45%	0.75%	0.60%	0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same except, that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
Investor Class	$97	$305	$531	$1,177
I Class	$77	$242	$422	$942
Y Class	$61	$195	$340	$762
A Class	$690	$937	$1,202	$1,955
C Class	$198	$615	$1,057	$2,088
R Class	$148	$461	$797	$1,744
R5 Class	$77	$242	$422	$942
R6 Class	$61	$195	$340	$762
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

The portfolio managers look for stocks of companies they believe will increase in value over time. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flow.

The portfolio managers use a variety of analytical research tools and techniques to identify the stocks of larger-sized companies that meet their investment criteria. Under normal market conditions, the fund’s portfolio will primarily consist of securities of companies demonstrating business improvement. Analytical indicators helping to identify signs of business improvement could include accelerating earnings or revenue growth rates, increasing cash flows, or other indications of the relative strength of a company’s business. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

Although the portfolio managers intend to invest the fund’s assets primarily in U.S. securities, the fund may invest in securities of foreign companies when these securities meet the portfolio managers’ standards of selection.

The fund may write covered calls on a portion of the fund’s holdings in common stock when the portfolio managers believe call premiums are attractive relative to the price of the underlying security.

Principal Risks

•Growth Stocks Risk – Investments in growth stocks may be more volatile than other stocks and the overall stock market. These stocks are typically priced higher than other stocks because of their growth potential, which may or may not be realized.

•Style Risk – If at any time the market is not favoring the fund’s growth investment style, the fund’s gains may not be as big as, or its losses may be bigger than, those of other equity funds using different investment styles.

•Market Risk – The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

•Public Health Emergency Risk – A pandemic, caused by the infectious respiratory illness COVID-19, is causing market disruption and other economic impacts. Markets have experienced volatility, reduced liquidity, and increased trading costs. These events may continue to impact the fund and its underlying investments.

•Price Volatility Risk – The value of the fund’s shares may fluctuate significantly in the short term.

•Foreign Securities Risk – The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.

•Covered Call Risk – Writing covered calls may limit the fund’s ability to participate in price increases of the underlying securities and could lower the fund’s return.

transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. Because the G Class does not have investment performance for a full calendar year, it is not included. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 27.93% Lowest Performance Quarter (4Q 2018): -16.14%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class Return Before Taxes	27.49%	24.45%	18.20%	—	06/30/1971
Return After Taxes on Distributions	24.75%	21.96%	15.81%	—	06/30/1971
Return After Taxes on Distributions and Sale of Fund Shares	18.20%	19.37%	14.49%	—	06/30/1971
I Class Return Before Taxes	27.74%	24.70%	18.44%	—	06/16/1997
Y Class1 Return Before Taxes	27.96%	24.90%	—	18.53%	04/10/2017
A Class Return Before Taxes	19.88%	22.68%	17.21%	—	06/04/1997
C Class2 Return Before Taxes	26.24%	23.22%	17.20%	—	03/01/2010
R Class Return Before Taxes	26.88%	23.83%	17.61%	—	08/29/2003
R5 Class3 Return Before Taxes	27.76%	24.71%	18.44%	—	04/10/2017
R6 Class Return Before Taxes	27.93%	24.89%	—	18.53%	07/26/2013
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)	27.60%	25.30%	19.77%	—	—

American Century Mutual Funds, Inc | GROWTH FUND | A CLASS

Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.

American Century Mutual Funds, Inc | HERITAGE FUND

Heritage Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

5.75%

None

Maximum Deferred Sales Charge (Load)
(as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase)

None

None¹

1.00%

None

Maximum Annual Account Maintenance Fee(waived if eligible investments total at least $10,000)

$25

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	Y	A	C	R	R5	R6	G
Management Fee	1.00%	0.80%	0.65%	1.00%	1.00%	1.00%	0.80%	0.65%	0.65%
Distribution and Service (12b-1) Fees	None	None	None	0.25%	1.00%	0.50%	None	None	None
Other Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	1.00%	0.80%	0.65%	1.25%	2.00%	1.50%	0.80%	0.65%	0.65%
Fee Waiver	None	None	None	None	None	None	None	None	0.65%²
Total Annual Fund Operating Expenses After Fee Waiver	1.00%	0.80%	0.65%	1.25%	2.00%	1.50%	0.80%	0.65%	0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
Investor Class	$102	$319	$553	$1,225
I Class	$82	$256	$445	$990
Y Class	$67	$208	$363	$811
A Class	$695	$949	$1,223	$1,999
C Class	$203	$628	$1,079	$2,132
R Class	$153	$475	$819	$1,789
R5 Class	$82	$256	$445	$990
R6 Class	$82	$256	$445	$990
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

The portfolio managers look for stocks of medium-sized companies they believe will increase in value over time, using an investment strategy developed by the fund’s investment advisor. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that durable franchises in a growing industry can sustain above average earnings growth. Under normal market conditions, the fund’s portfolio will primarily consist of securities of companies with attractive returns on invested capital that are demonstrating business improvement. Analytical indicators helping to identify signs of business improvement could include accelerating earnings or revenue growth rates, increasing cash flows, or other indications of the relative strength of a company’s business. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

The fund will usually purchase common stocks of companies that are medium-sized at the time of purchase, but it will purchase securities of smaller- and larger-sized companies as well.

Also, although the portfolio managers intend to invest the fund’s assets primarily in U.S. securities, the fund may invest in securities of foreign companies when these securities meet the portfolio managers’ standards of selection.

The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains.

Principal Risks

•Mid Cap Stocks Risk – The fund invests in mid-sized and smaller companies, which may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.

•Covered Call Risk – Writing covered calls may limit the fund’s ability to participate in price increases of the underlying securities and could lower the fund’s return.

•Price Volatility Risk – The value of the fund’s shares may fluctuate significantly in the short term.

unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

•Redemption Risk –The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Investor Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. Because the G Class does not have investment performance for a full calendar year, it is not included. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 32.32% Lowest Performance Quarter (1Q 2020): -20.45%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class Return Before Taxes	11.10%	19.90%	15.65%	—	11/10/1987
Return After Taxes on Distributions	7.84%	16.21%	12.55%	—	11/10/1987
Return After Taxes on Distributions and Sale of Fund Shares	8.17%	15.15%	12.06%	—	11/10/1987
I Class Return Before Taxes	11.32%	20.13%	15.88%	—	06/16/1997
Y Class1 Return Before Taxes	11.53%	20.32%	—	14.79%	04/10/2017
A Class Return Before Taxes	4.43%	18.18%	14.69%	—	07/11/1997
C Class2 Return Before Taxes	10.05%	18.70%	14.68%	—	06/26/2001
R Class Return Before Taxes	10.56%	19.30%	15.08%	—	09/28/2007
R5 Class3 Return Before Taxes	11.36%	20.14%	15.88%	—	04/10/2017
R6 Class Return Before Taxes	11.49%	20.31%	—	14.78%	07/26/2013
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)	12.73%	19.82%	16.61%	—	—

American Century Mutual Funds, Inc | HERITAGE FUND | A CLASS

Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.

American Century Mutual Funds, Inc | NT GROWTH FUND

NT Growth Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the fund.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
			G
Management Fee			0.61%
Distribution and Service (12b-1) Fees			None
Other Expenses			0.00%
Total Annual Fund Operating Expenses			0.61%
Fee Waiver1			0.61%
Total Annual Fund Operating Expenses After Fee Waiver			0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

The portfolio managers use a variety of analytical research tools and techniques to identify the stocks of larger-sized companies that meet their investment criteria. Under normal market conditions, the fund’s portfolio will primarily consist of securities of companies demonstrating business improvement. Analytical indicators helping to identify signs of business improvement could include accelerating earnings or revenue growth rates, increasing cash flows, or other indications of the relative strength of a company’s business. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

Principal Risks

•Price Volatility Risk – The value of the fund’s shares may fluctuate significantly in the short term.

•Covered Call Risk – Writing covered calls may limit the fund’s ability to participate in price increases of the underlying securities and could lower the fund’s return.

•Redemption Risk – The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for G Class shares. The table shows how the fund’s average annual returns for the periods shown compared with those of a broad measure of market performance. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 28.09% Lowest Performance Quarter (4Q 2018): -15.46%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years
G Class Return Before Taxes	28.54%	25.58%	18.81%
Return After Taxes on Distributions	25.54%	21.77%	16.06%
Return After Taxes on Distributions and Sale of Fund Shares	17.96%	19.69%	14.86%
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)	27.60%	25.30%	19.77%

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

American Century Mutual Funds, Inc | NT HERITAGE FUND

NT Heritage Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

The following table describes the fees and expenses you may pay if you buy and hold shares of the fund.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
			G
Management Fee			0.65%
Distribution and Service (12b-1) Fees			None
Other Expenses			0.00%
Total Annual Operating Expenses			0.65%
Fee Waiver1			0.65%
Total Annual Fund Operating Expenses After Fee Waiver			0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example assumes that the fund’s operating expenses remain the same except this reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

The fund will usually purchase common stocks of companies that are medium-sized at the time of purchase, but it will purchase securities of smaller- and larger-sized companies as well.

Principal Risks

•Covered Call Risk – Writing covered calls may limit the fund’s ability to participate in price increases of the underlying securities and could lower the fund’s return.

•Price Volatility Risk – The value of the fund’s shares may fluctuate significantly in the short term.

•Redemption Risk –The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund’s transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 32.42% Lowest Performance Quarter (1Q 2020): -20.25%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years
G Class Return Before Taxes	12.13%	20.79%	16.05%
Return After Taxes on Distributions	8.70%	16.79%	13.34%
Return After Taxes on Distributions and Sale of Fund Shares	8.25%	15.59%	12.51%
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes)	12.73%	19.82%	16.61%

American Century Mutual Funds, Inc | SELECT FUND

Select Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

5.75%

None

Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase)

None

None¹

1.00%

None

Maximum Annual Account Maintenance Fee (waived if eligible investments total at least $10,000)

$25

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	Y	A	C	R	R5	R6
Management Fee	0.99%	0.79%	0.64%	0.99%	0.99%	0.99%	0.79%	0.64%
Distribution and Service (12b-1) Fees	None	None	None	0.25%	1.00%	0.50%	None	None
Other Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	0.99%	0.79%	0.64%	1.24%	1.99%	1.49%	0.79%	0.64%
Fee Waiver2	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Total Annual Fund Operating Expenses After Fee Waiver	0.95%	0.75%	0.60%	1.20%	1.95%	1.45%	0.75%	0.60%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
Investor Class	$97	$312	$544	$1,209
I Class	$77	$249	$435	$975
Y Class	$61	$201	$353	$795
A Class	$690	$943	$1,214	$1,985
C Class	$198	$622	$1,070	$2,118
R Class	$148	$468	$810	$1,775
R5 Class	$77	$249	$435	$975
R6 Class	$61	$201	$353	$795

Portfolio Turnover

Principal Investment Strategies

The portfolio managers look for stocks of companies they believe will increase in value over time. The portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flow.

The portfolio managers use a variety of analytical research tools and techniques to identify the stocks of larger-sized companies that meet their investment criteria. Under normal market conditions, the portfolio managers seek securities of companies whose earnings or revenues are not only growing, but growing at an accelerated pace. This includes companies whose growth rates, although still negative, are less negative than prior periods, and companies whose growth rates are expected to accelerate. Among other variables, the portfolio managers will consider a company’s valuation and profitability. Other analytical techniques include evaluating stock price momentum, as well as identifying additional signs of business improvement, such as increasing cash flows, or other indications of the relative strength of a company’s business. In addition to accelerating growth and other signs of business improvement, the fund also considers companies demonstrating price strength relative to their peers. This means that the portfolio managers favor companies whose securities are the strongest performers compared to the overall market. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

Principal Risks

•Covered Call Risk – Writing covered calls may limit the fund’s ability to participate in price increases of the underlying securities and could lower the fund’s return.

Market Risk – The value of the fund’s shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

•Price Volatility Risk – The value of the fund’s shares may fluctuate significantly in the short term.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 26.28% Lowest Performance Quarter (4Q 2018): -16.30%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class Return Before Taxes	25.18%	23.20%	18.19%	—	06/30/1971
Return After Taxes on Distributions	22.90%	21.27%	16.69%	—	06/30/1971
Return After Taxes on Distributions and Sale of Fund Shares	16.52%	18.58%	15.04%	—	06/30/1971
I Class Return Before Taxes	25.43%	23.45%	18.43%	—	03/13/1997
Y Class1 Return Before Taxes	25.61%	23.63%	—	18.62%	04/10/2017
A Class Return Before Taxes	17.69%	21.44%	17.21%	—	08/08/1997
C Class2 Return Before Taxes	23.93%	21.98%	17.20%	—	01/31/2003
R Class Return Before Taxes	24.55%	22.59%	17.61%	—	07/29/2005
R5 Class3 Return Before Taxes	25.44%	23.43%	18.43%	—	04/10/2017
R6 Class Return Before Taxes	25.61%	23.63%	—	18.62%	07/26/2013
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)	27.60%	25.30%	19.77%	—	—

American Century Mutual Funds, Inc | SELECT FUND | A CLASS

Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.

American Century Mutual Funds, Inc | SMALL CAP GROWTH FUND

Small Cap Growth Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Investor

Maximum Sales Charge (Load) Imposed
on Purchases (as a percentage of offering price)

None

5.75%

None

Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase)

None

None¹

1.00%

None

Maximum Annual Account Maintenance Fee
(waived if eligible investments total at least $10,000)

$25

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	Y	A	C	R	R5	R6	G
Management Fee	1.17%	0.97%	0.82%	1.17%	1.17%	1.17%	0.97%	0.82%	0.82%
Distribution and Service (12b-1) Fees	None	None	None	0.25%	1.00%	0.50%	None	None	None
Other Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	1.17%	0.97%	0.82%	1.42%	2.17%	1.67%	0.97%	0.82%	0.82%
Fee Waiver	None	None	None	None	None	None	None	None	0.82%²
Total Annual Fund Operating Expenses After Fee Waiver	1.17%	0.97%	0.82%	1.42%	2.17%	1.67%	0.97%	0.82%	0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.


	1 year	3 years	5 years	10 years
Investor Class	$119	$372	$644	$1,420
I Class	$99	$310	$537	$1,190
Y Class	$84	$262	$456	$1,014
A Class	$712	$999	$1,307	$2,178
C Class	$221	$680	$1,165	$2,310
R Class	$170	$527	$908	$1,974
R5 Class	$99	$310	$537	$1,190
R6 Class	$84	$262	$456	$1,014
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

Under normal market conditions, the fund will invest at least 80% of its net assets in small cap companies. The portfolio managers consider small cap companies to include those with a market capitalization that does not exceed that of the largest company in the Russell 2000 Growth Index.

The portfolio managers look for stocks of smaller-sized companies they believe will increase in value over time, using an investment strategy developed by the fund’s investment advisor. In implementing this strategy, the portfolio managers make their investment decisions based primarily on their analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings and revenues. The portfolio managers’ principal analytical technique involves the identification of companies with earnings and revenues that are not only growing, but growing at an accelerating pace. This includes companies whose growth rates, although still negative, are less negative than prior periods, and companies whose growth rates are expected to accelerate. In addition to accelerating growth, the fund also may consider companies whose stocks demonstrate price strength relative to their peers. This means that the portfolio managers favor companies whose securities are the strongest performers compared to the overall market. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

Principal Risks

•Small Cap Stocks Risk – The smaller companies in which the fund invests may be more volatile and subject to greater risk than larger companies. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs.

•IPO Risk – The fund’s performance may be affected by investments in initial public offerings.

•Price Volatility Risk – The value of the fund’s shares may fluctuate significantly in the short term.

•Redemption Risk – The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund's transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 34.92% Lowest Performance Quarter (4Q 2018): -21.25%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class Return Before Taxes	7.10%	21.46%	16.93%	—	06/01/2001
Return After Taxes on Distributions	1.18%	17.97%	15.24%	—	06/01/2001
Return After Taxes on Distributions and Sale of Fund Shares	5.96%	16.45%	13.91%	—	06/01/2001
I Class Return Before Taxes	7.32%	21.71%	17.15%	—	05/18/2007
Y Class1 Return Before Taxes	7.45%	21.90%	—	15.83%	04/10/2017
A Class Return Before Taxes	0.66%	19.74%	15.95%	—	01/31/2003
C Class2 Return Before Taxes	6.00%	20.26%	15.95%	—	01/31/2003
R Class Return Before Taxes	6.57%	20.86%	16.34%	—	09/28/2007
R5 Class3 Return Before Taxes	7.33%	21.72%	17.16%	—	04/10/2017
R6 Class Return Before Taxes	7.45%	21.89%	—	15.83%	07/26/2013
G Class Return Before Taxes	8.36%	—	—	26.47%	04/01/2019
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)	2.83%	14.52%	14.12%	—	—

American Century Mutual Funds, Inc | SMALL CAP GROWTH FUND | A CLASS

Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.

American Century Mutual Funds, Inc | SUSTAINABLE EQUITY FUND

Sustainable Equity Fund

Investment Objective

The fund seeks long-term capital growth.

Income is a secondary objective.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

5.75%

None

Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase)

None

None¹

1.00%

None

Maximum Annual Account Maintenance Fee (waived if eligible investments total at least $10,000)

$25

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	Y	A	C	R	R5	R6	G
Management Fee	0.79%	0.59%	0.44%	0.79%	0.79%	0.79%	0.59%	0.44%	0.44%
Distribution and Service (12b-1) Fees	None	None	None	0.25%	1.00%	0.50%	None	None	None
Other Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	0.79%	0.59%	0.44%	1.04%	1.79%	1.29%	0.59%	0.44%	0.44%
Fee Waiver	None	None	None	None	None	None	None	None	0.44%²
Total Annual Fund Operating Expenses After Fee Waiver	0.79%	0.59%	0.44%	1.04%	1.79%	1.29%	0.59%	0.44%	0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.


	1 year	3 years	5 years	10 years
Investor Class	$81	$253	$439	$978
I Class	$60	$189	$330	$738
Y Class	$45	$142	$247	$555
A Class	$675	$887	$1,117	$1,773
C Class	$182	$564	$970	$1,906
R Class	$132	$410	$708	$1,556
R5 Class	$60	$189	$330	$738
R6 Class	$45	$142	$247	$555
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

The fund will generally invest in large capitalization companies it believes show sustainable business improvement using a proprietary multi-factor model that combines fundamental measures of a stock’s value and growth potential with environmental, social, and governance (ESG) metrics. The model assigns each security a financial metrics score and an ESG score that are combined on an equal basis to create an overall score.

Under normal market conditions, the fund will invest at least 80% of its net assets in sustainable equity securities. Equity securities include common stock, preferred stock, and equity-equivalent securities, such as securities convertible into common stock, stock futures contracts or stock index futures contracts. For this purpose, the advisor defines sustainable securities as those to which the advisor’s proprietary model assigns an ESG score that is in the top three quartiles of the ESG scores the model assigns to all of the securities in the fund’s benchmark, the S&P 500® Index. The fund defines large capitalization companies as companies with capitalizations in the capitalization range of the S&P 500® Index.

When determining whether to sell a security, the portfolio managers consider among other things, a security’s price, whether a security’s risk parameters outweigh its return opportunities, general market conditions, and whether the security meets their ESG criteria.

Principal Risks

•Style Risk – If at any time the market is not favoring the fund’s investment process, the fund’s gains may not be as big as, or its losses may be bigger than, those of other equity funds using different investment styles.

•Benchmark Correlation Risk – The fund’s performance will be similar to the performance of its benchmark, the S&P 500® Index. If the fund’s benchmark goes down, it is likely that the fund’s performance will go down.

•ESG Risk – Because the fund considers ESG metrics in addition to fundamental financial metrics when selecting securities, its portfolio may perform differently than funds that do not use ESG metrics. ESG considerations may prioritize long term rather than short term returns. Furthermore, when analyzing ESG criteria for securities, if the portfolio management team relies on the

information and scoring models published by third party sources, there is a risk that this information might be incorrect or only take into account one of many ESG related components of portfolio companies. Moreover, scores and ratings across third party providers may be inconsistent or incomparable.

•Redemption Risk – The fund may need to sell securities at times it would not otherwise do so in order to meet shareholder redemption requests. Selling securities to meet such redemptions may cause the fund to experience a loss, increase the fund's transaction costs or have tax consequences. To the extent that a large shareholder (including a fund of funds or 529 college savings plan) invests in the fund, the fund may experience relatively large redemptions as such shareholder reallocates its assets.

•Principal Loss Risk – At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 21.24% Lowest Performance Quarter (1Q 2020):-18.99%

Average Annual Total Returns For the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class Return Before Taxes	28.60%	19.52%	16.27%	—	07/29/2005
Return After Taxes on Distributions	27.87%	18.75%	15.75%	—	07/29/2005
Return After Taxes on Distributions and Sale of Fund Shares	17.43%	15.69%	13.70%	—	07/29/2005
I Class Return Before Taxes	28.85%	19.76%	16.50%	—	07/29/2005
Y Class Return Before Taxes	29.01%	—	—	19.93%	04/10/2017
A Class Return Before Taxes	20.88%	17.83%	15.31%	—	11/30/2004
C Class1 Return Before Taxes	27.31%	18.34%	15.29%	—	11/30/2004
R Class Return Before Taxes	27.94%	18.93%	15.70%	—	07/29/2005
R5 Class2 Return Before Taxes	28.83%	19.76%	16.50%	—	04/10/2017
R6 Class3 Return Before Taxes	29.01%	—	—	19.93%	04/01/2019
G Class Return Before Taxes	29.60%	—	—	24.45%	04/01/2019
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	28.71%	18.46%	16.54%	—

American Century Mutual Funds, Inc | SUSTAINABLE EQUITY FUND | A CLASS

Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.

American Century Mutual Funds, Inc | ULTRA FUND

Ultra® Fund

Investment Objective

The fund seeks long-term capital growth.

Fees and Expenses

Shareholder Fees (fees paid directly from your investment)

Investor

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

None

5.75%

None

Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase)

None

None¹

1.00%

None

Maximum Annual Account Maintenance Fee (waived if eligible investments total at least $10,000)

$25

None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Investor	I	Y	A	C	R	R5	R6	G
Management Fee	0.95%	0.75%	0.60%	0.95%	0.95%	0.95%	0.75%	0.60%	0.60%
Distribution and Service (12b-1) Fees	None	None	None	0.25%	1.00%	0.50%	None	None	None
Other Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses	0.95%	0.75%	0.60%	1.20%	1.95%	1.45%	0.75%	0.60%	0.60%
Fee Waiver2	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.60%³
Total Annual Fund Operating Expenses After Fee Waiver	0.94%	0.74%	0.59%	1.19%	1.94%	1.44%	0.74%	0.59%	0.00%

Example

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund’s operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years	5 years	10 years
Investor Class	$96	$302	$525	$1,166
I Class	$76	$239	$417	$930
Y Class	$60	$191	$334	$750
A Class	$690	$934	$1,197	$1,945
C Class	$197	$612	$1,052	$2,078
R Class	$147	$458	$792	$1,733
R5 Class	$76	$239	$417	$930
R6 Class	$60	$191	$334	$750
G Class	$0	$0	$0	$0

Portfolio Turnover

Principal Investment Strategies

The portfolio managers use a variety of analytical research tools and techniques to identify the stocks of larger-sized companies that meet their investment criteria. Under normal market conditions, the portfolio managers seek securities of companies whose earnings or revenues are not only growing, but growing at an accelerated pace. This includes companies whose growth rates, although still negative, are less negative than prior periods, and companies whose growth rates are expected to accelerate. Among other variables, the portfolio managers will consider the fund’s growth and momentum profile relative to the benchmark. Other analytical techniques help identify additional signs of business improvement, such as increasing cash flows, or other indications of the relative strength of a company’s business. In addition to accelerating growth and other signs of business improvement, the fund also considers companies demonstrating price strength relative to their peers. This means that the portfolio managers favor companies whose securities are the strongest performers compared to the overall market. These techniques help the portfolio managers buy or hold the stocks of companies they believe have favorable growth prospects and sell the stocks of companies whose characteristics no longer meet their criteria.

Principal Risks

•Growth Stocks Risk — Investments in growth stocks may be more volatile than other stocks and the overall stock market. These stocks are typically priced higher than other stocks because of their growth potential, which may or may not be realized.

•Style Risk — If at any time the market is not favoring the fund’s growth investment style, the fund’s gains may not be as big as, or its losses may be bigger than, those of other equity funds using different investment styles.

•Price Volatility Risk — The value of the fund’s shares may fluctuate significantly in the short term.

•Foreign Securities Risk — The fund may invest in foreign securities, which can be riskier than investing in U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities.

•Covered Call Risk — Writing covered calls may limit the fund’s ability to participate in price increases of the underlying securities and could lower the fund’s return.

•Principal Loss Risk — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

Fund Performance

Calendar Year Total Returns

Highest Performance Quarter (2Q 2020): 32.22% Lowest Performance Quarter (4Q 2018): -16.62%

Average Annual Total ReturnsFor the calendar year ended December 31, 2021


Average Annual Total Returns For the calendar year ended December 31, 2021	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class Return Before Taxes	23.21%	26.94%	20.15%	—	11/02/1981
Return After Taxes on Distributions	21.34%	25.34%	18.78%	—	11/02/1981
Return After Taxes on Distributions and Sale of Fund Shares	15.07%	21.87%	16.81%	—	11/02/1981
I Class Return Before Taxes	23.45%	27.19%	20.39%	—	11/14/1996
Y Class1 Return Before Taxes	23.64%	27.39%	—	20.41%	04/10/2017
A Class Return Before Taxes	15.85%	25.13%	19.14%	—	10/02/1996
C Class2 Return Before Taxes	22.00%	25.68%	19.14%	—	10/29/2001
R Class Return Before Taxes	22.59%	26.31%	19.55%	—	08/29/2003
R5 Class3 Return Before Taxes	23.46%	27.19%	20.39%	—	04/10/2017
R6 Class Return Before Taxes	23.64%	27.39%	—	20.41%	07/26/2013
G Class Return Before Taxes	24.38%	—	—	35.51%	04/01/2019
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)	27.60%	25.30%	19.77%	—	—
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	28.71%	18.46%	16.54%	—	—

American Century Mutual Funds, Inc | ULTRA FUND | A CLASS

Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.