acmf_ncsrs-043013.htm

0001437749-13-008474.txt : 20130705 0001437749-13-008474.hdr.sgml : 20130704 20130705121136 ACCESSION NUMBER: 0001437749-13-008474 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130430 FILED AS OF DATE: 20130705 DATE AS OF CHANGE: 20130705 EFFECTIVENESS DATE: 20130705 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CENTURY MUTUAL FUNDS, INC. CENTRAL INDEX KEY: 0000100334 IRS NUMBER: 446006315 STATE OF INCORPORATION: MO FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-00816 FILM NUMBER: 13955270 BUSINESS ADDRESS: STREET 1: 4500 MAIN STREET CITY: KANSAS CITY STATE: MO ZIP: 64111 BUSINESS PHONE: 816-531-5575 MAIL ADDRESS: STREET 1: 4500 MAIN STREET CITY: KANSAS CITY STATE: MO ZIP: 64111 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN CENTURY MUTUAL FUNDS INC DATE OF NAME CHANGE: 19970107 FORMER COMPANY: FORMER CONFORMED NAME: TWENTIETH CENTURY INVESTORS INC DATE OF NAME CHANGE: 19920703

0000100334 S000006192 BALANCED FUND

C000017045 INVESTOR CLASS TWBIX

C000017047 INSTITUTIONAL CLASS ABINX

0000100334 S000006193 SMALL CAP GROWTH FUND

C000017048 INSTITUTIONAL CLASS ANONX

C000017049 INVESTOR CLASS ANOIX

C000017050 A CLASS ANOAX

C000017051 B CLASS ANOBX

C000017052 C CLASS ANOCX

C000055516 R CLASS ANORX

0000100334 S000006194 SELECT FUND

C000017053 INVESTOR CLASS TWCIX

C000017054 A CLASS TWCAX

C000017055 INSTITUTIONAL CLASS TWSIX

C000017058 C CLASS ACSLX

C000017059 R CLASS ASERX

0000100334 S000006195 ULTRA FUND

C000017060 INVESTOR CLASS TWCUX

C000017061 A CLASS TWUAX

C000017062 INSTITUTIONAL CLASS TWUIX

C000017063 C CLASS TWCCX

C000017064 R CLASS AULRX

0000100334 S000006196 VEEDOT FUND

C000017065 INVESTOR CLASS AMVIX

C000017066 INSTITUTIONAL CLASS AVDIX

0000100334 S000006197 VISTA FUND

C000017067 INVESTOR CLASS TWCVX

C000017068 A CLASS TWVAX

C000017069 INSTITUTIONAL CLASS TWVIX

C000017071 R CLASS AVTRX

C000088049 C CLASS AVNCX

0000100334 S000006201 CAPITAL VALUE FUND

C000017090 INVESTOR CLASS ACTIX

C000017091 A CLASS ACCVX

C000017092 INSTITUTIONAL CLASS ACPIX

0000100334 S000006202 FOCUSED GROWTH FUND

C000017093 INVESTOR CLASS AFSIX

C000055518 INSTITUTIONAL CLASS AFGNX

C000055519 A CLASS AFGAX

C000055521 C CLASS AFGCX

C000055522 R CLASS AFGRX

0000100334 S000006203 FUNDAMENTAL EQUITY FUND

C000017094 INVESTOR CLASS AFDIX

C000017095 INSTITUTIONAL CLASS AFEIX

C000017096 A CLASS AFDAX

C000017097 B CLASS AFDBX

C000017098 C CLASS AFDCX

C000017099 R CLASS AFDRX

0000100334 S000006204 ALL CAP GROWTH FUND

C000017100 INVESTOR CLASS TWGTX

C000105097 INSTITUTIONAL CLASS ACAJX

C000105098 A CLASS ACAQX

C000105099 C CLASS ACAHX

C000105100 R CLASS ACAWX

0000100334 S000006205 GROWTH FUND

C000017101 INVESTOR CLASS TWCGX

C000017102 A CLASS TCRAX

C000017103 INSTITUTIONAL CLASS TWGIX

C000017105 R CLASS AGWRX

C000088050 C CLASS TWRCX

0000100334 S000006206 HERITAGE FUND

C000017106 INVESTOR CLASS TWHIX

C000017107 A CLASS ATHAX

C000017108 INSTITUTIONAL CLASS ATHIX

C000017109 C CLASS AHGCX

C000055523 B CLASS ATHBX

C000055524 R CLASS ATHWX

0000100334 S000006207 NEW OPPORTUNITIES FUND

C000017110 INVESTOR CLASS TWNOX

C000088051 INSTITUTIONAL CLASS TWNIX

C000088052 A CLASS TWNAX

C000088053 C CLASS TWNCX

C000088054 R CLASS TWNRX

0000100334 S000010981 NT GROWTH FUND

C000030355 INSTITUTIONAL CLASS ACLTX

0000100334 S000010982 NT VISTA FUND

C000030356 INSTITUTIONAL CLASS ACLWX

N-CSRS 1 acmf20130626_ncsrs.htm FORM N-CSRS acmf_ncsrs-043013.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-00816

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, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

10-31

Date of reporting period:

04-30-2013

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMIANNUAL REPORT APRIL 30, 2013

All Cap Growth Fund

Table of Contents

President’s Letter

2

Independent Chairman’s Letter

3

Performance

4

Fund Characteristics

5

Shareholder Fee Example

6

Schedule of Investments

8

Statement of Assets and Liabilities

11

Statement of Operations

12

Statement of Changes in Net Assets

13

Notes to Financial Statements

14

Financial Highlights

20

Additional Information

22

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments^® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President's Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing our semiannual report for the six months ended April 30, 2013. This report offers a macroeconomic and financial market overview of the period (below), followed by fund performance, a schedule of fund investments, and other financial information.

For additional, updated information on fund performance, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. Also, the next annual report will provide additional perspective from our portfolio management team.

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

During the six-month period ended April 30, 2013, the U.S. capital markets benefited from improved investor confidence after uncertainties relating to the 2012 U.S. presidential election and year-end federal fiscal policy deadlines were largely resolved. In addition, continued aggressive monetary intervention by major central banks—particularly the U.S. Federal Reserve (the Fed), the European Central Bank, and the Bank of Japan—encouraged investors to take more risk and reach for yield, boosting the performance of stocks and high-yield bonds over government bonds. These aggressive monetary policies included a third round of bond buying (quantitative easing, QE3) by the Fed and extensions of other easing measures.

In this environment, U.S. mid-cap and value stocks and non-U.S. stocks achieved performance leadership for the reporting period. U.S. mid-cap and value stock indices and the MSCI EAFE Index all outpaced the S&P 500 Index’s 14.42% return. High-yield corporate bond indices led the U.S. bond market. Treasury securities and benchmarks lagged. For example, the 10-year U.S. Treasury note returned 1.52%, according to Barclays, as its yield declined slightly, from 1.69% to 1.67%, suppressed by low inflation and QE3.

Under the influence of monetary intervention, the U.S. and global economies are showing signs of improvement this year, but we still expect the U.S. recovery to be subpar, hampered by high unemployment and lingering fiscal and overseas concerns. Under these conditions, we continue to believe in a disciplined, diversified, long-term investment approach, using professionally managed stock and bond portfolios for meeting financial goals. We appreciate your continued trust in us in this challenging environment.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

In 2012, identity theft impacted 12.6 million Americans and roughly 16.5% or 2.1 million of those attacks took place in retirement or investment accounts. At a recent meeting, the board discussed the programs in place at American Century Investments to help protect shareholder accounts from identity theft and similar threats. As a part of that effort, American Century Investments’ personnel investigate possible identity theft events on an almost daily basis. In order to protect financial accounts from theft, there are several steps that every investor should take.

If you travel, take steps to ensure your mail is secure. Request a vacation hold or ask a trusted relative or friend to collect mail for you. If you are expecting financial paperwork, be mindful of when it is to arrive or have it delivered to a place other than your home. Consider using a post office box as a secure alternative.

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

Be creative with electronic passwords and keep them private. For example, think of a phrase and use the first letter of each word as your password or substitute numbers for similarly appearing letters (4 for A, 8 for G, etc.).

Finally, be alert to impersonators. Do not give personal information over the phone unless you initiated the contact. If you receive an email asking you for information regarding an account, do not respond to the email or click any links. Rather, contact the company through their official website or call the customer service number listed on your account statement.

These few precautions could prevent a major identity theft problem. If you would like to know more about protecting your American Century Investments accounts, please visit our website at www.americancentury.com/security/protect_yourself_online.jsp.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

TWGTX

9.17%

5.46%

3.37%

11.27%⁽²⁾

11.28%

11/25/83

Russell 3000
Growth Index

—

13.93%

12.83%

6.74%

8.25%

      9.51%⁽³⁾

—

Institutional Class

ACAJX

9.25%

5.64%

—

—

20.94%

9/30/11

A Class

   No sales charge*

   With sales charge*

ACAQX

9.01%

2.75%

5.20%

-0.85%

—

—

—

—

20.43%

16.02%

9/30/11

C Class

   No sales charge*

   With sales charge*

ACAHX

8.61%

7.61%

4.41%

4.41%

—

—

—

—

19.52%

19.52%

9/30/11

R Class

ACAWX

8.89%

4.90%

—

—

20.12%

9/30/11

(1)

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

(2)

Returns would have been lower if a portion of the management fee had not been waived.

(3)

Since 11/30/83, the date nearest the Investor Class’s inception for which data are available.

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

A Class

C Class

R Class

1.00%

0.80%

1.25%

2.00%

1.50%

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

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

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

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Apple, Inc.

4.7%

Philip Morris International, Inc.

3.6%

Costco Wholesale Corp.

2.9%

Catamaran Corp.

2.7%

Google, Inc. Class A

2.7%

QUALCOMM, Inc.

2.5%

Monsanto Co.

2.3%

Allergan, Inc.

2.1%

Kansas City Southern

2.0%

Express Scripts Holding Co.

1.9%

Top Five Industries

% of net assets

Internet Software and Services

6.5%

Computers and Peripherals

6.3%

Food and Staples Retailing

5.9%

Specialty Retail

5.4%

IT Services

5.1%

Types of Investments in Portfolio

% of net assets

Domestic Common Stocks

93.2%

Foreign Common Stocks*

5.8%

Total Common Stocks

99.0%

Temporary Cash Investments

0.5%

Other Assets and Liabilities

0.5%

*Includes depositary shares, dual listed securities and foreign ordinary shares.

Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,091.70

$5.19

1.00%

Institutional Class

$1,000

$1,092.50

$4.15

0.80%

A Class

$1,000

$1,090.10

$6.48

1.25%

C Class

$1,000

$1,086.10

$10.34

2.00%

R Class

$1,000

$1,088.90

$7.77

1.50%

Hypothetical

Investor Class

$1,000

$1,019.84

$5.01

1.00%

Institutional Class

$1,000

$1,020.83

$4.01

0.80%

A Class

$1,000

$1,018.60

$6.26

1.25%

C Class

$1,000

$1,014.88

$9.99

2.00%

R Class

$1,000

$1,017.36

$7.50

1.50%

(1)

Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

Shares

Value

Common Stocks — 99.0%

AEROSPACE AND DEFENSE — 2.0%

Precision Castparts Corp.
80,603 $ 15,418,548

TransDigm Group, Inc.
34,884 5,120,971

20,539,519

AUTOMOBILES — 1.3%

Ford Motor Co.
372,485 5,106,769

Harley-Davidson, Inc.
158,577 8,666,233

13,773,002

BEVERAGES — 2.0%

Brown-Forman Corp., Class B
46,198 3,256,959

Coca-Cola Co. (The)
403,850 17,094,971

20,351,930

BIOTECHNOLOGY — 3.7%

Alexion Pharmaceuticals, Inc.⁽¹⁾
50,594 4,958,212

Gilead Sciences, Inc.⁽¹⁾
288,991 14,634,504

Grifols SA⁽¹⁾
195,547 7,846,809

Medivation, Inc.⁽¹⁾
53,951 2,843,757

Onyx Pharmaceuticals, Inc.⁽¹⁾
37,478 3,552,915

Regeneron Pharmaceuticals, Inc.⁽¹⁾
17,309 3,723,858

37,560,055

BUILDING PRODUCTS — 0.5%

Lennox International, Inc.
78,685 4,878,470

CAPITAL MARKETS — 0.5%

Lazard Ltd., Class A
164,359 5,571,770

CHEMICALS — 4.5%

American Vanguard Corp.
92,575 2,669,863

Cytec Industries, Inc.
68,468 4,988,578

FMC Corp.
101,247 6,145,693

Monsanto Co.
222,762 23,795,437

Sherwin-Williams Co. (The)
32,966 6,036,404

Westlake Chemical Corp.
24,977 2,076,588

45,712,563

COMMERCIAL BANKS — 0.9%

East West Bancorp., Inc.
137,927 3,355,764

SVB Financial Group⁽¹⁾
81,849 5,820,282

9,176,046

COMMERCIAL SERVICES AND SUPPLIES — 0.2%

Cintas Corp.
39,196 1,758,725

COMMUNICATIONS EQUIPMENT — 4.9%

Cisco Systems, Inc.
721,351 15,090,663

Palo Alto Networks, Inc.⁽¹⁾
102,186 5,528,262

QUALCOMM, Inc.
411,858 25,378,690

Research In Motion Ltd.⁽¹⁾
247,189 4,026,709

50,024,324

COMPUTERS AND PERIPHERALS — 6.3%

Apple, Inc.
108,560 48,064,940

EMC Corp.⁽¹⁾
165,732 3,717,369

NetApp, Inc.⁽¹⁾
369,171 12,880,376

64,662,685

CONSTRUCTION AND ENGINEERING — 1.6%

MasTec, Inc.⁽¹⁾
214,191 5,954,510

Quanta Services, Inc.⁽¹⁾
379,584 10,430,968

16,385,478

CONSTRUCTION MATERIALS — 0.6%

Martin Marietta Materials, Inc.
33,480 3,381,145

Texas Industries, Inc.⁽¹⁾
40,661 2,589,293

5,970,438

CONSUMER FINANCE — 1.9%

Discover Financial Services
441,280 19,301,587

DIVERSIFIED CONSUMER SERVICES — 0.3%

Sotheby’s
84,391 2,994,193

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%

Verizon Communications, Inc.
307,434 16,573,767

ELECTRICAL EQUIPMENT — 1.0%

Eaton Corp. plc
160,813 9,875,526

ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 1.1%

FLIR Systems, Inc.
297,683 7,236,674

Trimble Navigation Ltd.⁽¹⁾
154,730 4,446,940

11,683,614

ENERGY EQUIPMENT AND SERVICES — 2.7%

Atwood Oceanics, Inc.⁽¹⁾
86,818 4,258,423

Cameron International Corp.⁽¹⁾
165,185 10,167,137

McDermott International, Inc.⁽¹⁾
320,492 3,422,854

National Oilwell Varco, Inc.
111,563 7,276,139

Patterson-UTI Energy, Inc.
127,519 2,689,376

27,813,929

FOOD AND STAPLES RETAILING — 5.9%

Costco Wholesale Corp.
272,201 29,514,754

Natural Grocers by Vitamin Cottage, Inc.⁽¹⁾
113,026 2,834,692

PriceSmart, Inc.
34,872 3,111,629

Wal-Mart Stores, Inc.
107,341 8,342,542

Walgreen Co.
81,700 4,044,967

Whole Foods Market, Inc.
146,221 12,914,239

60,762,823

FOOD PRODUCTS — 0.3%

Mead Johnson Nutrition Co.
43,857 3,556,364

Shares

Value

HEALTH CARE EQUIPMENT AND SUPPLIES — 2.3%

Baxter International, Inc.
131,426 $ 9,182,735

Cooper Cos., Inc. (The)
42,511 4,693,214

IDEXX Laboratories, Inc.⁽¹⁾
38,611 3,396,224

Sirona Dental Systems, Inc.⁽¹⁾
43,441 3,194,651

Teleflex, Inc.
35,737 2,792,132

23,258,956

HEALTH CARE PROVIDERS AND SERVICES — 4.6%

Catamaran Corp.⁽¹⁾
473,184 27,316,912

Express Scripts Holding Co.⁽¹⁾
329,985 19,591,210

46,908,122

HEALTH CARE TECHNOLOGY — 0.3%

Cerner Corp.⁽¹⁾
34,952 3,382,305

HOTELS, RESTAURANTS AND LEISURE — 2.9%

Marriott International, Inc. Class A
180,200 7,759,412

Norwegian Cruise Line Holdings Ltd.⁽¹⁾
84,038 2,606,018

Starbucks Corp.
311,469 18,949,774

29,315,204

HOUSEHOLD DURABLES — 0.4%

Toll Brothers, Inc.⁽¹⁾
118,637 4,070,435

INTERNET AND CATALOG RETAIL — 3.1%

Amazon.com, Inc.⁽¹⁾
46,390 11,774,246

Blue Nile, Inc.⁽¹⁾
15,640 510,333

Expedia, Inc.
74,857 4,180,015

priceline.com, Inc.⁽¹⁾
21,291 14,818,323

31,282,917

INTERNET SOFTWARE AND SERVICES — 6.5%

eBay, Inc.⁽¹⁾
172,667 9,046,024

Facebook, Inc. Class A⁽¹⁾
571,402 15,862,119

Google, Inc. Class A⁽¹⁾
32,887 27,117,634

LinkedIn Corp., Class A⁽¹⁾
69,124 13,278,029

Xoom Corp.⁽¹⁾
68,778 1,269,642

66,573,448

IT SERVICES — 5.1%

Accenture plc, Class A
157,763 12,848,219

Alliance Data Systems Corp.⁽¹⁾
91,721 15,754,916

Cognizant Technology Solutions Corp., Class A⁽¹⁾
80,840 5,238,432

MasterCard, Inc., Class A
27,553 15,234,880

Teradata Corp.⁽¹⁾
49,821 2,544,359

51,620,806

LIFE SCIENCES TOOLS AND SERVICES — 0.3%

Covance, Inc.⁽¹⁾
43,618 3,252,158

MACHINERY — 1.6%

Flowserve Corp.
53,666 $ 8,485,668

Trinity Industries, Inc.
126,145 5,324,581

Valmont Industries, Inc.
16,003 2,332,117

16,142,366

MEDIA — 1.5%

AMC Networks, Inc.⁽¹⁾
54,909 3,459,816

Discovery Communications, Inc. Class A⁽¹⁾
76,124 6,000,094

Time Warner, Inc.
105,557 6,310,197

15,770,107

METALS AND MINING — 0.9%

Freeport-McMoRan Copper & Gold, Inc.
316,814 9,640,650

OIL, GAS AND CONSUMABLE FUELS — 0.6%

Concho Resources, Inc.⁽¹⁾
42,261 3,639,940

Linn Energy LLC
77,398 2,988,337

6,628,277

PAPER AND FOREST PRODUCTS — 0.3%

Boise Cascade Co.⁽¹⁾
96,241 3,082,599

PHARMACEUTICALS — 2.8%

Allergan, Inc.
189,082 21,470,261

Perrigo Co.
49,819 5,948,887

Zoetis, Inc.
30,315 1,001,001

28,420,149

REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.4%

Realogy Holdings Corp.⁽¹⁾
84,195 4,041,360

ROAD AND RAIL — 4.9%

Avis Budget Group, Inc.⁽¹⁾
105,900 3,054,156

Canadian Pacific Railway Ltd. New York Shares
128,613 16,027,752

Genesee & Wyoming, Inc. Class A⁽¹⁾
54,668 4,657,713

Kansas City Southern
191,782 20,917,663

Union Pacific Corp.
34,200 5,060,232

49,717,516

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 0.7%

ARM Holdings plc
255,096 3,946,683

Cree, Inc.⁽¹⁾
53,245 3,012,070

6,958,753

SOFTWARE — 5.0%

CommVault Systems, Inc.⁽¹⁾
112,193 8,250,673

Microsoft Corp.
591,471 19,577,690

NetSuite, Inc.⁽¹⁾
133,503 11,742,924

Salesforce.com, Inc.⁽¹⁾
187,652 7,714,374

Splunk, Inc.⁽¹⁾
105,333 4,297,586

51,583,247

Shares Value

SPECIALTY RETAIL — 5.4%

GNC Holdings, Inc. Class A
104,334 4,729,460

Home Depot, Inc. (The)
226,269 16,596,831

Lowe’s Cos., Inc.
66,722 2,563,459

Lumber Liquidators Holdings, Inc.⁽¹⁾
64,208 5,262,488

PetSmart, Inc.
126,207 8,612,366

TJX Cos., Inc. (The)
273,454 13,336,352

Urban Outfitters, Inc.⁽¹⁾
88,764 3,678,380

54,779,336

TEXTILES, APPAREL AND LUXURY GOODS — 0.7%

Fifth & Pacific Cos., Inc.⁽¹⁾
146,300 3,016,706

Michael Kors Holdings Ltd.⁽¹⁾
76,768 4,371,170

7,387,876

TOBACCO — 4.3%

Altria Group, Inc.
195,164 7,125,438

Philip Morris International, Inc.
381,802 36,496,453

43,621,891

WIRELESS TELECOMMUNICATION SERVICES — 0.6%

SBA Communications Corp., Class A⁽¹⁾
71,572 5,653,472

TOTAL COMMON STOCKS (Cost $711,597,407)
   1,012,018,758

Temporary Cash Investments — 0.5%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $688,517), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery

value $674,990)
674,988

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $4,129,695), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery

value $4,049,935)
4,049,925

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%,

8/15/39, valued at $689,216), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value

$674,989)
674,988

SSgA U.S. Government Money Market Fund
314,318 314,318

TOTAL TEMPORARY CASH INVESTMENTS (Cost $5,714,219)
   5,714,219

TOTAL INVESTMENT SECURITIES — 99.5% (Cost $717,311,626)
   1,017,732,977

OTHER ASSETS AND LIABILITIES — 0.5%
   4,660,220

TOTAL NET ASSETS — 100.0%
   $1,022,393,197

Forward Foreign Currency Exchange Contracts

Contracts to Sell

Counterparty

Settlement Date

Value

Unrealized Gain (Loss)

4,354,343

   EUR for USD

UBS AG

5/31/13

$5,735,476

$(66,501)

1,884,522

   GBP for USD

Credit Suisse AG

5/31/13

2,926,758

   (6,786)

$8,662,234

$(73,287)

(Value on Settlement Date $8,588,947)

Notes to Schedule of Investments

EUR = Euro

GBP = British Pound

USD = United States Dollar

(1) Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $717,311,626)
$1,017,732,977

Receivable for investments sold
16,393,241

Receivable for capital shares sold
107,850

Dividends and interest receivable
492,600

1,034,726,668

Liabilities

Payable for investments purchased
10,871,501

Payable for capital shares redeemed
557,236

Unrealized loss on forward foreign currency exchange contracts
73,287

Accrued management fees
826,066

Distribution and service fees payable
5,381

12,333,471

Net Assets
$1,022,393,197

Net Assets Consist of:

Capital (par value and paid-in surplus)
$664,801,909

Disbursements in excess of net investment income
(50,079 )

Undistributed net realized gain
57,293,087

Net unrealized appreciation
300,348,280

$1,022,393,197

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$1,005,773,404

32,510,766

$30.94

Institutional Class, $0.01 Par Value

          $150,401

        4,850

$31.01

A Class, $0.01 Par Value

     $11,116,085

    360,570

   $30.83*

C Class, $0.01 Par Value

       $2,671,178

      87,554

$30.51

R Class, $0.01 Par Value

       $2,682,129

      87,304

$30.72

*Maximum offering price $32.71 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:


Dividends (net of foreign taxes withheld of $29,195)
$8,122,291

Interest
3,560

8,125,851

Expenses:


Management fees
4,914,752

Distribution and service fees:

A Class
13,012

C Class
11,555

R Class
4,568

Directors’ fees and expenses
15,983

4,959,870

Net investment income (loss)
3,165,981

Realized and Unrealized Gain (Loss)


Net realized gain (loss) on:


Investment transactions
58,105,651

Foreign currency transactions
(37,553 )

58,068,098

Change in net unrealized appreciation (depreciation) on:


Investments
26,208,500

Translation of assets and liabilities in foreign currencies
(63,690 )

26,144,810

Net realized and unrealized gain (loss)
84,212,908

Net Increase (Decrease) in Net Assets Resulting from Operations
$87,378,889

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012

Increase (Decrease) in Net Assets

April 30, 2013

October 31, 2012

Operations

Net investment income (loss)
$3,165,981 $376,319

Net realized gain (loss)
58,068,098 67,135,793

Change in net unrealized appreciation (depreciation)
26,144,810 35,926,811

Net increase (decrease) in net assets resulting from operations
87,378,889 103,438,923

Distributions to Shareholders


From net investment income:

Investor Class
(2,987,737 ) —

Institutional Class
(460 ) —

A Class
(23,405 ) —

C Class
(653 ) —

R Class
(2,856 ) —

From net realized gains:

Investor Class
(64,330,394 ) (23,595,114 )

Institutional Class
(8,390 ) (705 )

A Class
(650,947 ) (705 )

C Class
(145,569 ) (1,880 )

R Class
(112,134 ) (705 )

Decrease in net assets from distributions
(68,262,545 ) (23,599,109 )

Capital Share Transactions


Net increase (decrease) in net assets from capital share transactions
27,462,693 (39,887,723 )

Net increase (decrease) in net assets
46,579,037 39,952,091

Net Assets


Beginning of period
975,814,160 935,862,069

End of period
$1,022,393,197 $975,814,160

Disbursements in excess of net investment income
$(50,079 ) $(200,949 )

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. All Cap Growth Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

The fund offers the Investor Class, the Institutional Class, the A Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are typically valued at the closing price on the exchange where primarily traded or as of the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices is used. 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 closing price. In its determination of fair value, the fund may review several factors including: market information specific to a security; news developments in U.S. and foreign markets; the performance of particular U.S. and foreign securities, indices, comparable securities, American Depositary Receipts, Exchange-Traded Funds, and other relevant market indicators.

Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost. Forward foreign currency exchange contracts are valued at the mean of the latest bid and asked prices of the forward currency rates as provided by an independent pricing service.

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

If the fund determines that the market price for a portfolio security is not readily available or the valuation methods mentioned above do not reflect a security’s fair value, such security is valued as determined in good faith by the Board of Directors or its designee, in accordance with procedures adopted by the Board of Directors. Circumstances that may cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund’s tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended April 30, 2013 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $239,046,041 and $278,493,620, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
200,000,000 200,000,000

Sold
892,470 $26,518,763 1,442,712 $43,890,074

Issued in reinvestment of distributions
2,273,872 65,874,089 873,776 23,207,496

Redeemed
(2,244,567 ) (66,962,078 ) (4,078,501 ) (121,343,490 )

921,775 25,430,774 (1,762,013 ) (54,245,920 )

Institutional Class/Shares Authorized
25,000,000 25,000,000

Sold
2,878 87,907 1,317 40,379

Issued in reinvestment of distributions
305 8,850 27 705

Redeemed
(348 ) (10,529 ) (316 ) (9,915 )

2,835 86,228 1,028 31,169

A Class/Shares Authorized
25,000,000 25,000,000

Sold
93,977 2,797,056 396,764 12,260,804

Issued in reinvestment of distributions
22,308 644,487 27 705

Redeemed
(129,079 ) (3,880,946 ) (24,414 ) (751,345 )

(12,794 ) (439,403 ) 372,377 11,510,164

C Class/Shares Authorized
25,000,000 25,000,000

Sold
21,322 629,704 68,891 2,084,611

Issued in reinvestment of distributions
4,234 121,389 71 1,880

Redeemed
(4,189 ) (124,481 ) (3,762 ) (115,245 )

21,367 626,612 65,200 1,971,246

R Class/Shares Authorized
25,000,000 25,000,000

Sold
67,619 2,017,431 32,043 986,202

Issued in reinvestment of distributions
3,990 114,990 27 705

Redeemed
(12,850 ) (373,939 ) (4,512 ) (141,289 )

58,759 1,758,482 27,558 845,618

Net increase (decrease)
991,942 $27,462,693 (1,295,850 ) $(39,887,723 )

6. Fair Value Measurements

The fund’s securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels as follows:

•

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

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Domestic Common Stocks

   $ 952,853,893

               —

—

Foreign Common Stocks

        47,371,373

$11,793,492

—

Temporary Cash Investments

            314,318

    5,399,901

—

Total Value of Investment Securities

$1,000,539,584

$17,193,393

—

Other Financial Instruments

Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts

                    —

      $(73,287)

—

7. Derivative Instruments

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund’s exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The foreign currency risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during the period.

The value of foreign currency risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as a liability of $73,287 in unrealized loss on forward foreign currency exchange contracts. For the six months ended April 30, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $(11,466) in net realized gain (loss) on foreign currency transactions and $(63,906) in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.

8. Risk Factors

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

9. Federal Tax Information

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$718,056,373

Gross tax appreciation of investments

$306,071,219

Gross tax depreciation of investments

(6,394,615)

Net tax appreciation (depreciation) of investments

$299,676,604

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

As of October 31, 2012, the fund had late-year ordinary loss deferrals of $(210,329), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net Realized and Unrealized Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value, End
of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

Investor Class

2013⁽³⁾

$30.44

0.10

2.55

2.65

(0.10)

(2.05)

(2.15)

$30.94

9.17%

    1.00%⁽⁵⁾

    0.65%⁽⁵⁾

24%

$1,005,773

2012

$28.06

0.01

3.08

3.09

—

(0.71)

(0.71)

$30.44

11.40%

1.00%

0.04%

55%

$961,562

2011

$26.07

(0.02)

2.01

1.99

—

—

—

$28.06

7.63%

1.00%

(0.08)%

75%

$935,751

2010

$20.86

(0.05)

5.26

5.21

—

—

—

$26.07

24.98%

1.01%

(0.22)%

88%

$959,447

2009

$19.08

0.03

1.81

1.84

(0.06)

—

(0.06)

$20.86

   9.72%

1.00%

0.19%

167%

$837,839

2008

$31.53

(0.13)

(12.32)

(12.45)

—

—

—

$19.08

(39.49)%

1.00%

(0.48)%

171%

$803,771

Institutional Class

2013⁽³⁾

$30.50

0.10

2.57

2.67

(0.11)

(2.05)

(2.16)

$31.01

   9.25%

    0.80%⁽⁵⁾

    0.85%⁽⁵⁾

24%

$150

2012

$28.06

0.09

3.06

3.15

—

(0.71)

(0.71)

$30.50

11.62%

0.80%

0.24%

55%

$61

2011⁽⁴⁾

$25.32

(0.01)

2.75

2.74

—

—

—

$28.06

10.82%

    0.80%⁽⁵⁾

    (0.28)%⁽⁵⁾

    75%⁽⁶⁾

$28

A Class

2013⁽³⁾

$30.36

0.06

2.53

2.59

(0.07)

(2.05)

(2.12)

$30.83

   9.01%

    1.25%⁽⁵⁾

   0.40%⁽⁵⁾

24%

$11,116

2012

$28.05

(0.02)

3.04

3.02

—

(0.71)

(0.71)

$30.36

11.15%

1.25%

(0.21)%

55%

$11,334

2011⁽⁴⁾

$25.32

(0.02)

2.75

2.73

—

—

—

$28.05

10.78%

   1.25%⁽⁵⁾

    (0.73)%⁽⁵⁾

    75%⁽⁶⁾

$28

C Class

2013⁽³⁾

$30.11

(0.06)

2.52

2.46

(0.01)

(2.05)

(2.06)

$30.51

   8.61%

2.00%⁽⁵⁾

    (0.35)%⁽⁵⁾

24%

$2,671

2012

$28.03

(0.25)

3.04

2.79

—

(0.71)

(0.71)

$30.11

10.32%

2.00%

(0.96)%

55%

$1,993

2011⁽⁴⁾

$25.32

(0.03)

2.74

2.71

—

—

—

$28.03

10.70%

    2.00%⁽⁵⁾

    (1.48)%⁽⁵⁾

    75%⁽⁶⁾

$28

Notes to Financial Highlights

(1)

Computed using average shares outstanding throughout the period.

(2)

Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)

Six months ended April 30, 2013 (unaudited).

(4)

September 30, 2011 (commencement of sale) through October 31, 2011.

(5)

Annualized.

(6)

Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2011.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

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

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

Distributions you receive from 403(b), 457 and qualified plans are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Guidelines

American Century Investment Management, Inc., the fund’s investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the fund. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

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

Notes

Contact Us

americancentury.com

Automated Information Line

1-800-345-8765

Investor Services Representative

1-800-345-2021
or 816-531-5575

Investors Using Advisors

1-800-378-9878

Business, Not-For-Profit, Employer-Sponsored

Retirement Plans

1-800-345-3533

Banks and Trust Companies, Broker-Dealers,

Financial Professionals, Insurance Companies

1-800-345-6488

Telecommunications Device for the Deaf

1-800-634-4113

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

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

CL-SAN-78696 1306

SEMIANNUAL REPORT APRIL 30, 2013

Balanced Fund

Table of Contents

President’s Letter

2

Independent Chairman’s Letter

3

Performance

4

Fund Characteristics

5

Shareholder Fee Example

6

Schedule of Investments

8

Statement of Assets and Liabilities

26

Statement of Operations

27

Statement of Changes in Net Assets

28

Notes to Financial Statements

29

Financial Highlights

34

Additional Information

36

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

TWBIX

8.75%

11.07%

5.95%

7.07%

8.07%

10/20/88

Blended index⁽²⁾

—

8.87%

11.59%

5.87%

7.03%

8.99%⁽³⁾

—

S&P 500 Index

—

14.42%

16.89%

5.21%

7.88%

9.78%⁽³⁾

—

Barclays U.S. Aggregate Bond Index

—

0.91%

3.68%

5.72%

5.04%

7.05%⁽³⁾

—

Institutional Class

ABINX

8.90%

11.35%

6.16%

7.28%

4.53%

5/1/00

(1)

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

(2)

The blended index combines monthly returns of two widely known indices in proportion to the asset mix of the fund. The S&P 500 Index represents 60% of the index and the remaining 40% is represented by the Barclays U.S. Aggregate Bond Index.

(3)

Since 10/31/88, the date nearest the Investor Class’s inception for which data are available.

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

0.91%

0.71%

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

Fund Characteristics

APRIL 30, 2013

Top Ten Common Stocks

% of net assets

Exxon Mobil Corp.

2.1%

Apple, Inc.

2.1%

Microsoft Corp.

1.6%

Johnson & Johnson

1.5%

Pfizer, Inc.

1.3%

AT&T, Inc.

1.3%

International Business Machines Corp.

1.1%

Google, Inc. Class A

1.0%

Wal-Mart Stores, Inc.

1.0%

Oracle Corp.

0.9%

Top Five Common Stock Industries

% of net assets

Pharmaceuticals

5.1%

Oil, Gas and Consumable Fuels

4.7%

Insurance

3.9%

Computers and Peripherals

3.6%

Software

3.2%

Types of Investments in Portfolio

% of net assets

Common Stocks

59.8%

U.S. Government Agency Mortgage-Backed Securities

12.8%

U.S. Treasury Securities

11.2%

Corporate Bonds

10.0%

Commercial Mortgage-Backed Securities

1.7%

Collateralized Mortgage Obligations

1.4%

Sovereign Governments and Agencies

0.6%

Municipal Securities

0.5%

U.S. Government Agency Securities

0.2%

Temporary Cash Investments

2.6%

Other Assets and Liabilities

(0.8)%

Key Fixed-Income Portfolio Statistics

Weighted Average Life

7.0 years

Average Duration (effective)

5.0 years

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,087.50

$4.66

0.90%

Institutional Class

$1,000

$1,089.00

$3.63

0.70%

Hypothetical

Investor Class

$1,000

$1,020.33

$4.51

0.90%

Institutional Class

$1,000

$1,021.32

$3.51

0.70%

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

	Shares/Principal Amount	Value
Common Stocks — 59.8%
AEROSPACE AND DEFENSE — 2.9%
Boeing Co. (The)	60,742	$ 5,552,426
General Dynamics Corp.	56,286	4,162,913
Honeywell International, Inc.	65,428	4,811,575
Northrop Grumman Corp.	57,284	4,338,690
Raytheon Co.	19,508	1,197,401
Textron, Inc.	57,254	1,474,291
		21,537,296
AUTO COMPONENTS — 0.3%
BorgWarner, Inc.⁽¹⁾	26,235	2,050,790
Cooper Tire & Rubber Co.	15,815	393,635
		2,444,425
BEVERAGES — 0.2%
Coca-Cola Co. (The)	29,306	1,240,523
PepsiCo, Inc.	4,958	408,886
		1,649,409
BIOTECHNOLOGY — 1.0%
Amgen, Inc.	58,579	6,104,518
Celgene Corp.⁽¹⁾	3,671	433,435
United Therapeutics Corp.⁽¹⁾	8,085	539,916
		7,077,869
CAPITAL MARKETS — 1.3%
Federated Investors, Inc. Class B	36,644	841,346
Goldman Sachs Group, Inc. (The)	36,078	5,269,913
Janus Capital Group, Inc.	75,354	672,158
Waddell & Reed Financial, Inc.	60,000	2,572,200
		9,355,617
CHEMICALS — 2.7%
CF Industries Holdings, Inc.	9,390	1,751,329
E.I. du Pont de Nemours & Co.	52,234	2,847,275
Huntsman Corp.	45,661	861,166
LyondellBasell Industries NV, Class A	66,787	4,053,971
Monsanto Co.	48,330	5,162,611
NewMarket Corp.	4,213	1,132,033
PPG Industries, Inc.	27,355	4,025,015
		19,833,400
COMMERCIAL BANKS — 0.9%
Wells Fargo & Co.	180,772	6,865,720
COMMERCIAL SERVICES AND SUPPLIES — 0.1%
Deluxe Corp.	17,600	671,264
COMMUNICATIONS EQUIPMENT — 1.1%
Brocade Communications Systems, Inc.⁽¹⁾	56,666	$ 329,796
Cisco Systems, Inc.	325,375	6,806,845
QUALCOMM, Inc.	9,505	585,698
		7,722,339
COMPUTERS AND PERIPHERALS — 3.6%
Apple, Inc.	35,035	15,511,746
EMC Corp.⁽¹⁾	209,805	4,705,926
Hewlett-Packard Co.	110,361	2,273,437
Seagate Technology plc	31,547	1,157,775
Western Digital Corp.	45,689	2,525,688
		26,174,572
CONSUMER FINANCE — 0.4%
Cash America International, Inc.	61,310	2,674,955
CONTAINERS AND PACKAGING — 0.4%
Owens-Illinois, Inc.⁽¹⁾	80,611	2,118,457
Packaging Corp. of America	22,512	1,070,671
		3,189,128
DIVERSIFIED CONSUMER SERVICES — 0.1%
Coinstar, Inc.⁽¹⁾	17,864	943,398
DIVERSIFIED FINANCIAL SERVICES — 1.3%
Bank of America Corp.	41,285	508,218
Citigroup, Inc.	22,613	1,055,123
JPMorgan Chase & Co.	67,140	3,290,531
Moody’s Corp.	65,195	3,967,116
MSCI, Inc., Class A⁽¹⁾	12,880	439,208
		9,260,196
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%
AT&T, Inc.	255,536	9,572,379
CenturyLink, Inc.	51,263	1,925,951
Verizon Communications, Inc.	115,886	6,247,414
		17,745,744
ELECTRIC UTILITIES — 0.7%
Edison International	61,127	3,288,633
Portland General Electric Co.	56,633	1,826,414
		5,115,047
ELECTRICAL EQUIPMENT — 1.1%
Emerson Electric Co.	81,211	4,508,023
Rockwell Automation, Inc.	42,063	3,566,101
		8,074,124
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.4%
TE Connectivity Ltd.	60,977	2,655,548

Shares/Principal Amount

Value


ENERGY EQUIPMENT AND SERVICES — 0.1%

RPC, Inc.
29,456 $ 389,997

FOOD AND STAPLES RETAILING — 1.8%

CVS Caremark Corp.
97,723 5,685,524

Safeway, Inc.
25,874 582,683

Wal-Mart Stores, Inc.
92,785 7,211,250

13,479,457

FOOD PRODUCTS — 0.8%

General Mills, Inc.
86,675 4,370,154

Ingredion, Inc.
16,325 1,175,563

5,545,717

HEALTH CARE EQUIPMENT AND SUPPLIES — 2.8%

Abbott Laboratories
141,105 5,209,597

Becton Dickinson and Co.
40,273 3,797,744

Medtronic, Inc.
101,982 4,760,520

St. Jude Medical, Inc.
88,115 3,632,100

Stryker Corp.
22,424 1,470,566

Zimmer Holdings, Inc.
16,807 1,284,895

20,155,422

HOTELS, RESTAURANTS AND LEISURE — 0.4%

Bally Technologies, Inc.⁽¹⁾
8,558 455,970

Cracker Barrel Old Country Store, Inc.
13,117 1,085,301

International Game Technology
96,295 1,632,200

3,173,471

HOUSEHOLD DURABLES — 0.9%

Garmin Ltd.
73,716 2,585,958

Harman International Industries, Inc.
14,789 661,216

Newell Rubbermaid, Inc.
136,286 3,589,773

6,836,947

HOUSEHOLD PRODUCTS — 0.9%

Energizer Holdings, Inc.
35,349 3,414,360

Procter & Gamble Co. (The)
38,405 2,948,352

6,362,712

INDUSTRIAL CONGLOMERATES — 1.2%

Carlisle Cos., Inc.
8,211 532,647

Danaher Corp.
72,406 4,412,422

General Electric Co.
169,227 3,772,070

8,717,139

INSURANCE — 3.9%

Aflac, Inc.
80,124 4,361,951

Allied World Assurance Co. Holdings AG
21,414 1,944,605

Allstate Corp. (The)
36,741 1,809,862

American International Group, Inc.⁽¹⁾
97,612 4,043,089

Amtrust Financial Services, Inc.
3,946 $ 124,930

Axis Capital Holdings Ltd.
43,051 1,921,366

Berkshire Hathaway, Inc., Class B⁽¹⁾
17,781 1,890,476

First American Financial Corp.
36,583 979,327

HCC Insurance Holdings, Inc.
10,335 440,271

MetLife, Inc.
118,121 4,605,538

Reinsurance Group of America, Inc.
21,482 1,343,699

RenaissanceRe Holdings Ltd.
472 44,316

Torchmark Corp.
13,248 822,303

Travelers Cos., Inc. (The)
50,139 4,282,372

28,614,105

INTERNET AND CATALOG RETAIL — 0.4%

Expedia, Inc.
54,288 3,031,442

INTERNET SOFTWARE AND SERVICES — 1.0%

Google, Inc. Class A⁽¹⁾
9,040 7,454,113

IT SERVICES — 1.4%

Accenture plc, Class A
25,508 2,077,372

International Business Machines Corp.
40,571 8,217,250

10,294,622

LEISURE EQUIPMENT AND PRODUCTS — 0.7%

Hasbro, Inc.
28,749 1,361,840

Mattel, Inc.
84,117 3,840,782

5,202,622

LIFE SCIENCES TOOLS AND SERVICES — 0.2%

Thermo Fisher Scientific, Inc.
17,119 1,381,161

MACHINERY — 0.7%

Crane Co.
20,513 1,104,215

Ingersoll-Rand plc
16,905 909,489

Parker-Hannifin Corp.
29,547 2,616,978

WABCO Holdings, Inc.⁽¹⁾
9,593 692,902

5,323,584

MEDIA — 1.5%

Comcast Corp., Class A
161,992 6,690,269

DIRECTV⁽¹⁾
3,503 198,130

Thomson Reuters Corp.
4,224 141,462

Time Warner Cable, Inc.
44,146 4,144,868

11,174,729

METALS AND MINING — 0.2%

Coeur d’Alene Mines Corp.⁽¹⁾
21,007 320,147

Worthington Industries, Inc.
24,094 775,345

1,095,492

MULTILINE RETAIL — 0.2%

Dillard’s, Inc., Class A
15,198 1,252,467

Shares/Principal Amount

Value


OIL, GAS AND CONSUMABLE FUELS — 4.7%

Chevron Corp.
31,198 $ 3,806,468

Delek US Holdings, Inc.
25,959 936,860

Exxon Mobil Corp.
175,404 15,609,202

Marathon Petroleum Corp.
50,993 3,995,812

Suncor Energy, Inc.
53,934 1,680,044

Tesoro Corp.
33,921 1,811,381

Valero Energy Corp.
94,891 3,826,005

Western Refining, Inc.
88,722 2,742,397

34,408,169

PERSONAL PRODUCTS — 0.3%

Nu Skin Enterprises, Inc., Class A
46,346 2,351,133

PHARMACEUTICALS — 5.1%

AbbVie, Inc.
48,047 2,212,564

Bristol-Myers Squibb Co.
72,505 2,879,899

Eli Lilly & Co.
92,418 5,118,109

Johnson & Johnson
125,500 10,696,365

Merck & Co., Inc.
145,040 6,816,880

Pfizer, Inc.
339,449 9,867,782

37,591,599

PROFESSIONAL SERVICES — 0.5%

Dun & Bradstreet Corp.
41,206 3,644,671

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.7%

Applied Materials, Inc.
166,253 2,412,331

Broadcom Corp., Class A
108,465 3,904,740

Intel Corp.
2,314 55,420

KLA-Tencor Corp.
55,703 3,021,888

Texas Instruments, Inc.
79,026 2,861,531

12,255,910

SOFTWARE — 3.2%

Activision Blizzard, Inc.
59,411 888,195

CA, Inc.
86,467 2,332,015

Microsoft Corp.
346,224 11,460,014

Oracle Corp.
211,942 6,947,459

Symantec Corp.⁽¹⁾
86,950 2,112,885

23,740,568

SPECIALTY RETAIL — 2.8%

American Eagle Outfitters, Inc.
93,941 1,827,152

Buckle, Inc. (The)
16,893 820,155

GameStop Corp., Class A
14,419 503,223

Gap, Inc. (The)
97,665 3,710,293

Home Depot, Inc. (The)
90,822 6,661,794

PetSmart, Inc.
38,723 2,642,458

TJX Cos., Inc. (The)
90,690 4,422,951

20,588,026

TEXTILES, APPAREL AND LUXURY GOODS — 0.1%

Hanesbrands, Inc.⁽¹⁾
17,119 $ 858,689

THRIFTS AND MORTGAGE FINANCE — 0.4%

Ocwen Financial Corp.⁽¹⁾
81,831 2,993,378

TOBACCO — 1.0%

Altria Group, Inc.
87,176 3,182,796

Philip Morris International, Inc.
14,056 1,343,613

Universal Corp.
54,936 3,161,567

7,687,976

TOTAL COMMON STOCKS

(Cost $352,779,195)
   438,595,369

U.S. Government Agency Mortgage-Backed Securities⁽²⁾ — 12.8%

ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.2%

FHLMC, VRN, 1.98%, 5/15/13
$ 396,618 411,966

FHLMC, VRN, 2.08%, 5/15/13
835,384 868,957

FHLMC, VRN, 2.37%, 5/15/13
997,498 1,037,681

FHLMC, VRN, 2.58%, 5/15/13
190,191 199,642

FHLMC, VRN, 2.90%, 5/15/13
228,355 240,887

FHLMC, VRN, 3.27%, 5/15/13
191,287 202,752

FHLMC, VRN, 3.29%, 5/15/13
647,182 676,446

FHLMC, VRN, 3.81%, 5/15/13
316,568 336,212

FHLMC, VRN, 4.03%, 5/15/13
342,712 366,368

FHLMC, VRN, 5.43%, 5/15/13
300,829 322,888

FHLMC, VRN, 5.79%, 5/15/13
558,658 593,923

FHLMC, VRN, 5.97%, 5/15/13
852,601 922,532

FHLMC, VRN, 6.14%, 5/15/13
270,130 293,076

FNMA, VRN, 2.71%, 5/25/13
490,801 514,142

FNMA, VRN, 3.35%, 5/25/13
262,328 277,743

FNMA, VRN, 3.36%, 5/25/13
260,927 278,250

FNMA, VRN, 3.82%, 5/25/13
458,275 488,163

FNMA, VRN, 3.94%, 5/25/13
366,743 390,893

FNMA, VRN, 3.95%, 5/25/13
145,721 155,712

FNMA, VRN, 5.43%, 5/25/13
340,366 368,545

8,946,778

FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.6%

FHLMC, 4.50%, 1/1/19
443,464 471,896

FHLMC, 6.50%, 1/1/28
38,788 45,449

FHLMC, 5.50%, 12/1/33
392,893 438,114

FHLMC, 5.00%, 7/1/35
3,643,996 3,930,178

FHLMC, 5.50%, 1/1/38
654,995 709,812

FHLMC, 6.00%, 8/1/38
112,707 123,239

FHLMC, 4.00%, 4/1/41
1,261,653 1,392,993

FHLMC, 6.50%, 7/1/47
22,888 25,361

FNMA, 6.50%, 5/1/13
11 11

Shares/Principal Amount

Value


FNMA, 6.50%, 6/1/13
$ 445 $ 448

FNMA, 6.50%, 6/1/13
187 189

FNMA, 6.50%, 6/1/13
251 253

FNMA, 6.00%, 1/1/14
3,473 3,508

FNMA, 6.00%, 4/1/14
17,748 17,874

FNMA, 4.50%, 5/1/19
148,013 159,024

FNMA, 4.50%, 5/1/19
387,425 416,248

FNMA, 5.00%, 9/1/20
878,496 943,294

FNMA, 6.50%, 1/1/28
22,057 25,827

FNMA, 6.50%, 1/1/29
55,926 65,731

FNMA, 7.50%, 7/1/29
114,945 133,613

FNMA, 7.50%, 9/1/30
30,558 37,384

FNMA, 5.00%, 7/1/31
1,698,891 1,890,372

FNMA, 6.50%, 9/1/31
39,666 46,837

FNMA, 7.00%, 9/1/31
14,556 17,410

FNMA, 6.50%, 1/1/32
89,594 105,977

FNMA, 6.50%, 8/1/32
64,292 72,351

FNMA, 5.50%, 6/1/33
232,378 256,888

FNMA, 5.50%, 7/1/33
391,146 430,218

FNMA, 5.50%, 8/1/33
681,857 748,512

FNMA, 5.50%, 9/1/33
412,810 463,484

FNMA, 5.00%, 11/1/33
1,220,096 1,329,467

FNMA, 5.00%, 4/1/35
1,892,529 2,056,933

FNMA, 4.50%, 9/1/35
889,035 959,107

FNMA, 5.00%, 2/1/36
1,239,666 1,347,325

FNMA, 5.50%, 4/1/36
502,489 549,725

FNMA, 5.50%, 5/1/36
983,766 1,076,243

FNMA, 5.00%, 11/1/36
3,212,689 3,495,462

FNMA, 5.50%, 2/1/37
274,761 299,215

FNMA, 6.00%, 7/1/37
2,440,592 2,694,952

FNMA, 6.50%, 8/1/37
240,191 265,591

FNMA, 4.50%, 8/1/40
3,677,315 3,963,376

FNMA, 4.50%, 9/1/40
5,262,363 5,780,737

FNMA, 3.50%, 1/1/41
5,283,088 5,656,000

FNMA, 4.00%, 1/1/41
1,968,259 2,178,751

FNMA, 4.50%, 1/1/41
1,608,068 1,765,467

FNMA, 4.50%, 2/1/41
1,322,095 1,427,127

FNMA, 4.00%, 5/1/41
2,792,573 2,989,989

FNMA, 4.50%, 7/1/41
953,122 1,047,010

FNMA, 4.50%, 9/1/41
1,104,036 1,211,065

FNMA, 4.00%, 12/1/41
2,147,642 2,357,855

FNMA, 4.00%, 1/1/42
1,909,651 2,045,546

FNMA, 4.00%, 1/1/42
1,345,880 1,459,741

FNMA, 4.00%, 3/1/42
1,903,891 2,046,812

FNMA, 3.50%, 5/1/42
3,316,420 3,551,938

FNMA, 3.50%, 6/1/42
966,401 1,038,051

FNMA, 3.50%, 9/1/42
3,253,738 3,470,569

FNMA, 3.00%, 11/1/42
$2,218,393 $ 2,322,986

FNMA, 6.50%, 6/1/47
33,116 36,422

FNMA, 6.50%, 8/1/47
83,829 92,196

FNMA, 6.50%, 8/1/47
43,930 48,315

FNMA, 6.50%, 9/1/47
203,559 223,877

FNMA, 6.50%, 9/1/47
6,602 7,260

FNMA, 6.50%, 9/1/47
43,692 48,053

FNMA, 6.50%, 9/1/47
51,443 56,578

FNMA, 6.50%, 9/1/47
33,284 36,606

GNMA, 7.00%, 4/20/26
89,603 108,272

GNMA, 7.50%, 8/15/26
51,839 62,224

GNMA, 7.00%, 2/15/28
14,645 17,532

GNMA, 7.50%, 2/15/28
18,326 18,904

GNMA, 7.00%, 12/15/28
24,089 28,836

GNMA, 7.00%, 5/15/31
101,112 125,130

GNMA, 5.50%, 11/15/32
435,195 478,991

GNMA, 4.00%, 1/20/41
2,309,334 2,532,396

GNMA, 4.50%, 5/20/41
1,476,790 1,634,874

GNMA, 4.50%, 6/15/41
1,093,660 1,214,957

GNMA, 4.00%, 12/15/41
2,422,723 2,655,979

GNMA, 3.50%, 6/20/42
2,307,426 2,505,426

GNMA, 3.50%, 7/20/42
1,117,359 1,213,239

84,505,602

TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES

(Cost $89,984,996)
   93,452,380

U.S. Treasury Securities — 11.2%

U.S. Treasury Bonds, 5.50%, 8/15/28
420,000 596,334

U.S. Treasury Bonds, 5.25%, 2/15/29
489,000 680,169

U.S. Treasury Bonds, 5.375%, 2/15/31
2,900,000 4,147,000

U.S. Treasury Bonds, 4.375%, 11/15/39
2,000,000 2,609,062

U.S. Treasury Bonds, 4.375%, 5/15/41
1,850,000 2,419,743

U.S. Treasury Bonds, 3.125%, 11/15/41
1,500,000 1,579,220

U.S. Treasury Bonds, 2.75%, 11/15/42
2,180,000 2,118,347

U.S. Treasury Bonds, 3.125%, 2/15/43
1,850,000 1,941,055

U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/17
1,737,689 1,850,774

U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22
1,615,328 1,763,862

Shares/Principal Amount

Value


U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/23
$4,928,518 $ 5,322,799

U.S. Treasury Notes, 3.625%, 5/15/13
2,500,000 2,503,713

U.S. Treasury Notes, 0.75%, 9/15/13
2,400,000 2,406,281

U.S. Treasury Notes, 0.75%, 12/15/13
1,500,000 1,506,153

U.S. Treasury Notes, 1.25%, 2/15/14
1,300,000 1,311,731

U.S. Treasury Notes, 1.25%, 3/15/14
1,000,000 1,009,883

U.S. Treasury Notes, 0.50%, 8/15/14
3,000,000 3,013,242

U.S. Treasury Notes, 0.50%, 10/15/14
2,000,000 2,009,610

U.S. Treasury Notes, 0.375%, 11/15/15
1,200,000 1,203,187

U.S. Treasury Notes, 1.375%, 11/30/15
1,750,000 1,799,492

U.S. Treasury Notes, 2.125%, 12/31/15
8,750,000 9,178,619

U.S. Treasury Notes, 0.375%, 1/15/16
5,200,000 5,212,594

U.S. Treasury Notes, 0.50%, 7/31/17
500,000 499,297

U.S. Treasury Notes, 0.75%, 10/31/17
1,500,000 1,511,367

U.S. Treasury Notes, 1.875%, 10/31/17
3,300,000 3,491,555

U.S. Treasury Notes, 0.875%, 1/31/18⁽³⁾
4,500,000 4,552,385

U.S. Treasury Notes, 0.625%, 4/30/18
8,600,000 8,579,842

U.S. Treasury Notes, 2.625%, 4/30/18
875,000 959,561

U.S. Treasury Notes, 1.375%, 11/30/18
200,000 206,484

U.S. Treasury Notes, 2.625%, 8/15/20
1,871,000 2,064,678

U.S. Treasury Notes, 3.125%, 5/15/21
3,300,000 3,758,390

U.S. Treasury Notes, 1.625%, 8/15/22
100,000 100,328

TOTAL U.S. TREASURY SECURITIES

(Cost $79,469,622)
   81,906,757

Corporate Bonds — 10.0%

AEROSPACE AND DEFENSE — 0.2%

L-3 Communications Corp., 4.75%, 7/15/20
$ 90,000 $ 100,448

Lockheed Martin Corp., 4.25%, 11/15/19
250,000 281,498

Raytheon Co., 2.50%, 12/15/22
210,000 208,787

United Technologies Corp., 6.05%, 6/1/36
250,000 334,106

United Technologies Corp., 5.70%, 4/15/40
120,000 156,568

United Technologies Corp., 4.50%, 6/1/42
30,000 33,342

1,114,749

AUTOMOBILES — 0.2%

American Honda Finance Corp., 2.50%, 9/21/15⁽⁴⁾
220,000 229,364

American Honda Finance Corp., 1.50%, 9/11/17⁽⁴⁾
70,000 70,945

Daimler Finance North America LLC, 1.30%, 7/31/15⁽⁴⁾
200,000 201,566

Daimler Finance North America LLC, 2.625%, 9/15/16⁽⁴⁾
210,000 219,255

Ford Motor Co., 4.75%, 1/15/43
40,000 40,235

Ford Motor Credit Co. LLC, 5.00%, 5/15/18
410,000 458,271

Ford Motor Credit Co. LLC, 5.875%, 8/2/21
440,000 514,342

1,733,978

BEVERAGES — 0.3%

Anheuser-Busch InBev Finance, Inc., 4.00%, 1/17/43
40,000 40,990

Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19
510,000 673,637

Anheuser-Busch InBev Worldwide, Inc., 2.50%, 7/15/22
330,000 332,758

Brown-Forman Corp., 3.75%, 1/15/43
50,000 50,629

Coca-Cola Co. (The), 1.80%, 9/1/16
180,000 186,604

Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16
60,000 63,287

PepsiCo, Inc., 2.75%, 3/1/23
110,000 112,207

PepsiCo, Inc., 4.875%, 11/1/40
50,000 57,723

PepsiCo, Inc., 3.60%, 8/13/42
130,000 125,225

Shares/Principal Amount

Value


Pernod-Ricard SA, 2.95%, 1/15/17⁽⁴⁾
$ 180,000 $ 189,617

SABMiller Holdings, Inc., 2.45%, 1/15/17⁽⁴⁾
330,000 345,972

SABMiller Holdings, Inc., 3.75%, 1/15/22⁽⁴⁾
200,000 219,138

2,397,787

BIOTECHNOLOGY — 0.1%

Amgen, Inc., 2.125%, 5/15/17
250,000 259,068

Amgen, Inc., 4.10%, 6/15/21
100,000 112,518

Amgen, Inc., 3.625%, 5/15/22
130,000 141,493

Amgen, Inc., 6.40%, 2/1/39
50,000 65,320

Amgen, Inc., 5.375%, 5/15/43
160,000 191,981

Celgene Corp., 3.25%, 8/15/22
110,000 113,400

Gilead Sciences, Inc., 4.40%, 12/1/21
140,000 160,932

1,044,712

CAPITAL MARKETS — 0.1%

Bear Stearns Cos. LLC (The), 6.40%, 10/2/17
330,000 396,287

Jefferies Group, Inc., 5.125%, 4/13/18
110,000 122,409

518,696

CHEMICALS — 0.2%

Ashland, Inc., 4.75%, 8/15/22⁽⁴⁾
100,000 105,000

CF Industries, Inc., 6.875%, 5/1/18
140,000 168,729

Dow Chemical Co. (The), 5.90%, 2/15/15
110,000 119,900

Dow Chemical Co. (The), 2.50%, 2/15/16
110,000 114,678

Eastman Chemical Co., 2.40%, 6/1/17
50,000 51,872

Eastman Chemical Co., 3.60%, 8/15/22
170,000 180,815

Ecolab, Inc., 4.35%, 12/8/21
270,000 304,678

EI du Pont de Nemours & Co., 4.15%, 2/15/43
50,000 53,019

1,098,691

COMMERCIAL BANKS — 0.7%

Bank of America N.A., 5.30%, 3/15/17
870,000 979,371

Bank of Montreal, MTN, 1.45%, 4/9/18
120,000 120,336

Bank of Nova Scotia, 2.55%, 1/12/17
150,000 157,841

BB&T Corp., 5.70%, 4/30/14
60,000 63,159

BB&T Corp., 3.20%, 3/15/16
170,000 181,156

Capital One Financial Corp., 1.00%, 11/6/15
$ 90,000 $ 89,809

Capital One Financial Corp., 4.75%, 7/15/21
170,000 195,502

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.875%, 2/8/22
430,000 467,962

Fifth Third Bancorp, 6.25%, 5/1/13
170,000 170,000

HSBC Bank plc, 3.50%, 6/28/15⁽⁴⁾
140,000 148,187

Intesa Sanpaolo SpA, 3.875%, 1/16/18
40,000 40,073

JPMorgan Chase Bank N.A., 5.875%, 6/13/16
250,000 284,570

KFW, 4.125%, 10/15/14
240,000 253,288

KFW, 2.00%, 6/1/16
260,000 272,268

KFW, 2.00%, 10/4/22
300,000 302,375

Royal Bank of Scotland plc (The), 4.375%, 3/16/16
150,000 163,779

SunTrust Banks, Inc., 3.60%, 4/15/16
50,000 53,644

Toronto-Dominion Bank (The), 2.375%, 10/19/16
210,000 220,436

U.S. Bancorp., 3.44%, 2/1/16
120,000 127,835

U.S. Bancorp., MTN, 3.00%, 3/15/22
110,000 115,305

U.S. Bancorp., MTN, 2.95%, 7/15/22
60,000 60,777

Wachovia Bank N.A., 4.80%, 11/1/14
251,000 266,637

Wells Fargo & Co., 3.68%, 6/15/16
140,000 151,455

Wells Fargo & Co., 2.10%, 5/8/17
230,000 238,721

Wells Fargo & Co., 5.625%, 12/11/17
20,000 23,725

Wells Fargo & Co., 4.60%, 4/1/21
210,000 243,302

Wells Fargo & Co., MTN, 3.50%, 3/8/22
30,000 32,249

5,423,762

COMMERCIAL SERVICES AND SUPPLIES — 0.1%

Republic Services, Inc., 3.80%, 5/15/18
70,000 77,165

Republic Services, Inc., 3.55%, 6/1/22
100,000 105,990

Waste Management, Inc., 6.125%, 11/30/39
120,000 153,604

336,759

Shares/Principal Amount

Value


COMMUNICATIONS EQUIPMENT — 0.1%

Apple, Inc., 1.00%, 5/3/18⁽⁵⁾
$ 160,000 $ 159,410

Apple, Inc., 2.40%, 5/3/23⁽⁵⁾
130,000 129,827

Apple, Inc., 3.85%, 5/4/43⁽⁵⁾
30,000 29,825

Cisco Systems, Inc., 5.90%, 2/15/39
130,000 168,278

487,340

COMPUTERS AND PERIPHERALS — 0.1%

Dell, Inc., 2.30%, 9/10/15
90,000 90,233

Dell, Inc., 3.10%, 4/1/16
40,000 40,463

Hewlett-Packard Co., 4.30%, 6/1/21
240,000 243,299

373,995

CONSTRUCTION MATERIALS^†

Owens Corning, 4.20%, 12/15/22
120,000 126,873

CONSUMER FINANCE — 0.2%

American Express Centurion Bank, 6.00%, 9/13/17
250,000 299,292

American Express Credit Corp., MTN, 2.75%, 9/15/15
200,000 209,625

American Express Credit Corp., MTN, 2.375%, 3/24/17
100,000 105,113

Equifax, Inc., 3.30%, 12/15/22
140,000 140,584

PNC Bank N.A., 6.00%, 12/7/17
290,000 346,997

SLM Corp., 6.25%, 1/25/16
80,000 87,300

SLM Corp., MTN, 5.00%, 10/1/13
180,000 183,150

1,372,061

CONTAINERS AND PACKAGING^†

Ball Corp., 7.125%, 9/1/16
130,000 137,800

Ball Corp., 6.75%, 9/15/20
120,000 133,050

270,850

DIVERSIFIED CONSUMER SERVICES^†

Catholic Health Initiatives, 1.60%, 11/1/17
45,000 45,689

Catholic Health Initiatives, 2.95%, 11/1/22
110,000 112,401

Johns Hopkins University, 4.08%, 7/1/53
45,000 48,181

206,271

DIVERSIFIED FINANCIAL SERVICES — 1.7%

Bank of America Corp., 4.50%, 4/1/15
260,000 275,926

Bank of America Corp., 3.75%, 7/12/16
400,000 425,838

Bank of America Corp., 6.50%, 8/1/16
480,000 554,049

Bank of America Corp., 5.75%, 12/1/17
$ 320,000 $ 372,376

Bank of America Corp., 5.625%, 7/1/20
110,000 130,756

Bank of America Corp., 5.70%, 1/24/22
100,000 119,417

Citigroup, Inc., 6.01%, 1/15/15
520,000 563,564

Citigroup, Inc., 4.75%, 5/19/15
70,000 75,231

Citigroup, Inc., 4.45%, 1/10/17
100,000 110,686

Citigroup, Inc., 6.125%, 11/21/17
680,000 809,529

Citigroup, Inc., 1.75%, 5/1/18⁽⁵⁾
220,000 220,304

Citigroup, Inc., 4.50%, 1/14/22
200,000 226,275

Citigroup, Inc., 4.05%, 7/30/22
70,000 72,914

Deutsche Bank AG (London), 3.875%, 8/18/14
190,000 197,727

General Electric Capital Corp., 3.75%, 11/14/14
200,000 209,722

General Electric Capital Corp., 2.25%, 11/9/15
200,000 207,130

General Electric Capital Corp., 5.625%, 9/15/17
450,000 528,771

General Electric Capital Corp., 4.375%, 9/16/20
320,000 363,652

General Electric Capital Corp., 5.30%, 2/11/21
40,000 46,551

General Electric Capital Corp., MTN, 2.30%, 4/27/17
420,000 437,400

General Electric Capital Corp., MTN, 6.00%, 8/7/19
450,000 552,119

Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18
500,000 584,604

Goldman Sachs Group, Inc. (The), 2.375%, 1/22/18
290,000 295,909

Goldman Sachs Group, Inc. (The), 5.375%, 3/15/20
110,000 128,546

Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22
550,000 657,950

Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37
130,000 149,774

HSBC Holdings plc, 5.10%, 4/5/21
230,000 273,314

HSBC Holdings plc, 4.00%, 3/30/22
430,000 477,299

JPMorgan Chase & Co., 6.00%, 1/15/18
795,000 948,727

Shares/Principal Amount

Value


JPMorgan Chase & Co., 4.625%, 5/10/21
$ 460,000 $ 524,604

JPMorgan Chase & Co., 3.25%, 9/23/22
120,000 123,149

Morgan Stanley, 4.75%, 3/22/17
130,000 144,169

Morgan Stanley, 6.625%, 4/1/18
520,000 624,104

Morgan Stanley, 5.625%, 9/23/19
150,000 175,000

Morgan Stanley, 5.75%, 1/25/21
200,000 238,465

Morgan Stanley, 4.875%, 11/1/22
50,000 54,010

Morgan Stanley, 3.75%, 2/25/23
90,000 93,613

Royal Bank of Scotland Group plc, 6.125%, 12/15/22
90,000 97,199

UBS AG (Stamford Branch), 5.875%, 12/20/17
321,000 382,464

12,472,837

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%

AT&T, Inc., 2.625%, 12/1/22
120,000 119,163

AT&T, Inc., 6.55%, 2/15/39
290,000 373,859

AT&T, Inc., 4.30%, 12/15/42⁽⁴⁾
130,000 128,087

British Telecommunications plc, 5.95%, 1/15/18
270,000 323,313

CenturyLink, Inc., Series Q, 6.15%, 9/15/19
140,000 152,648

Deutsche Telekom International Finance BV, 2.25%, 3/6/17⁽⁴⁾
50,000 51,392

Deutsche Telekom International Finance BV, 6.75%, 8/20/18
210,000 260,477

Telecom Italia Capital SA, 7.00%, 6/4/18
30,000 34,961

Telefonica Emisiones SAU, 5.88%, 7/15/19
160,000 180,701

Telefonica Emisiones SAU, 5.46%, 2/16/21
100,000 110,484

Verizon Communications, Inc., 7.35%, 4/1/39
160,000 225,307

Windstream Corp., 7.875%, 11/1/17
60,000 70,350

2,030,742

ELECTRONIC EQUIPMENT, INSTRUMENTS
AND COMPONENTS — 0.1%

Jabil Circuit, Inc., 7.75%, 7/15/16
$ 200,000 $ 232,500

Jabil Circuit, Inc., 5.625%, 12/15/20
80,000 86,200

318,700

ENERGY EQUIPMENT AND SERVICES — 0.1%

Ensco plc, 3.25%, 3/15/16
120,000 127,916

Ensco plc, 4.70%, 3/15/21
130,000 148,135

Transocean, Inc., 5.05%, 12/15/16
40,000 44,646

Transocean, Inc., 2.50%, 10/15/17
140,000 142,779

Transocean, Inc., 6.50%, 11/15/20
100,000 118,782

Transocean, Inc., 6.375%, 12/15/21
50,000 60,001

Weatherford International Ltd., 9.625%, 3/1/19
120,000 158,874

801,133

FOOD AND STAPLES RETAILING — 0.2%

CVS Caremark Corp., 2.75%, 12/1/22
340,000 343,413

Kroger Co. (The), 6.40%, 8/15/17
200,000 239,116

Safeway, Inc., 4.75%, 12/1/21
70,000 76,771

Wal-Mart Stores, Inc., 5.875%, 4/5/27
468,000 623,484

Wal-Mart Stores, Inc., 5.625%, 4/15/41
110,000 142,591

Walgreen Co., 1.80%, 9/15/17
90,000 91,977

Walgreen Co., 3.10%, 9/15/22
110,000 112,081

1,629,433

FOOD PRODUCTS — 0.1%

General Mills, Inc., 4.15%, 2/15/43
90,000 94,565

Kellogg Co., 4.45%, 5/30/16
200,000 220,631

Kraft Foods Group, Inc., 6.125%, 8/23/18
81,000 98,873

Kraft Foods Group, Inc., 5.00%, 6/4/42
220,000 250,638

Mead Johnson Nutrition Co., 3.50%, 11/1/14
120,000 124,373

Mondelez International, Inc., 6.125%, 2/1/18
29,000 34,838

Mondelez International, Inc., 6.50%, 2/9/40
140,000 190,087

1,014,005

Shares/Principal Amount

Value


GAS UTILITIES — 0.5%

El Paso Corp., 7.25%, 6/1/18
$ 150,000 $ 176,127

El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20
140,000 173,307

Enbridge Energy Partners LP, 6.50%, 4/15/18
130,000 156,140

Enbridge Energy Partners LP, 5.20%, 3/15/20
100,000 114,572

Energy Transfer Partners LP, 3.60%, 2/1/23
120,000 122,735

Energy Transfer Partners LP, 6.50%, 2/1/42
180,000 217,818

Enterprise Products Operating LLC, 3.70%, 6/1/15
150,000 158,830

Enterprise Products Operating LLC, 6.30%, 9/15/17
300,000 361,047

Enterprise Products Operating LLC, 4.85%, 3/15/44
90,000 97,237

Enterprise Products Operating LLC, VRN, 7.03%, 1/15/18
120,000 139,342

Kinder Morgan Energy Partners LP, 6.85%, 2/15/20
170,000 216,502

Kinder Morgan Energy Partners LP, 6.50%, 9/1/39
130,000 165,612

Magellan Midstream Partners LP, 6.55%, 7/15/19
150,000 186,626

MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50%, 7/15/23
80,000 83,800

Plains All American Pipeline LP/PAA Finance Corp., 3.95%, 9/15/15
60,000 64,516

Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 6/1/22
180,000 194,854

Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23
190,000 192,635

TransCanada PipeLines Ltd., 2.50%, 8/1/22
200,000 199,373

Williams Cos., Inc. (The), 3.70%, 1/15/23
50,000 50,616

Williams Partners LP, 4.125%, 11/15/20
200,000 218,624

3,290,313

HEALTH CARE EQUIPMENT AND SUPPLIES^†

Medtronic, Inc., 2.75%, 4/1/23
200,000 203,785

HEALTH CARE PROVIDERS AND SERVICES — 0.2%

Aetna, Inc., 2.75%, 11/15/22
$ 130,000 $ 129,804

Express Scripts Holding Co., 2.65%, 2/15/17
510,000 536,666

Express Scripts, Inc., 7.25%, 6/15/19
360,000 460,392

NYU Hospitals Center, 4.43%, 7/1/42
90,000 89,597

UnitedHealth Group, Inc., 4.25%, 3/15/43
120,000 124,534

Universal Health Services, Inc., 7.125%, 6/30/16
160,000 183,800

WellPoint, Inc., 3.125%, 5/15/22
100,000 102,352

WellPoint, Inc., 3.30%, 1/15/23
70,000 72,358

WellPoint, Inc., 5.80%, 8/15/40
60,000 73,056

1,772,559

HOTELS, RESTAURANTS AND LEISURE^†

Royal Caribbean Cruises Ltd., 5.25%, 11/15/22
160,000 166,400

Wyndham Worldwide Corp., 2.95%, 3/1/17
110,000 113,345

279,745

HOUSEHOLD DURABLES — 0.1%

D.R. Horton, Inc., 3.625%, 2/15/18
90,000 92,475

Mohawk Industries, Inc., 3.85%, 2/1/23
100,000 104,926

Toll Brothers Finance Corp., 6.75%, 11/1/19
100,000 116,996

314,397

INDUSTRIAL CONGLOMERATES — 0.1%

Bombardier, Inc., 5.75%, 3/15/22⁽⁴⁾
80,000 85,900

General Electric Co., 5.25%, 12/6/17
230,000 271,479

General Electric Co., 2.70%, 10/9/22
110,000 113,541

General Electric Co., 4.125%, 10/9/42
90,000 95,833

566,753

INSURANCE — 0.5%

Allstate Corp. (The), 7.45%, 5/16/19
80,000 105,737

Allstate Corp. (The), 5.20%, 1/15/42
90,000 109,225

American International Group, Inc., 3.65%, 1/15/14
70,000 71,506

Shares/Principal Amount

Value


American International Group, Inc., 5.85%, 1/16/18
$ 210,000 $ 246,872

American International Group, Inc., 6.40%, 12/15/20
220,000 275,728

American International Group, Inc., 4.875%, 6/1/22
330,000 380,886

Berkshire Hathaway Finance Corp., 4.25%, 1/15/21
140,000 160,672

Berkshire Hathaway, Inc., 3.00%, 5/15/22
90,000 93,485

Berkshire Hathaway, Inc., 4.50%, 2/11/43
130,000 137,063

Genworth Holdings, Inc., 7.20%, 2/15/21
70,000 84,645

Hartford Financial Services Group, Inc., 5.125%, 4/15/22
220,000 261,239

Hartford Financial Services Group, Inc., 5.95%, 10/15/36
50,000 61,106

Hartford Financial Services Group, Inc., 4.30%, 4/15/43
90,000 90,165

ING U.S., Inc., 5.50%, 7/15/22⁽⁴⁾
140,000 159,514

International Lease Finance Corp., 5.75%, 5/15/16
80,000 87,415

Liberty Mutual Group, Inc., 4.95%, 5/1/22⁽⁴⁾
60,000 66,918

Liberty Mutual Group, Inc., 6.50%, 5/1/42⁽⁴⁾
70,000 82,734

Lincoln National Corp., 6.25%, 2/15/20
160,000 196,565

Markel Corp., 4.90%, 7/1/22
190,000 214,585

Markel Corp., 3.625%, 3/30/23
50,000 51,370

MetLife, Inc., 6.75%, 6/1/16
150,000 176,361

MetLife, Inc., 1.76%, 12/15/17
90,000 92,114

MetLife, Inc., 4.125%, 8/13/42
90,000 90,087

Metropolitan Life Global Funding I, 3.00%, 1/10/23⁽⁴⁾
100,000 102,128

Principal Financial Group, Inc., 3.30%, 9/15/22
70,000 73,170

Prudential Financial, Inc., 7.375%, 6/15/19
100,000 129,057

Prudential Financial, Inc., 5.375%, 6/21/20
70,000 83,132

Prudential Financial, Inc., 5.625%, 5/12/41
220,000 262,399

3,945,878

IT SERVICES — 0.1%

Fidelity National Information Services, Inc., 5.00%, 3/15/22
$ 100,000 $ 110,750

Fidelity National Information Services, Inc., 3.50%, 4/15/23
80,000 81,103

International Business Machines Corp., 1.95%, 7/22/16
410,000 425,846

617,699

LIFE SCIENCES TOOLS AND SERVICES^†

Thermo Fisher Scientific, Inc., 3.60%, 8/15/21
140,000 146,661

MACHINERY — 0.1%

Caterpillar Financial Services Corp., MTN, 2.85%, 6/1/22
220,000 228,249

Deere & Co., 5.375%, 10/16/29
200,000 254,741

482,990

MEDIA — 0.7%

CBS Corp., 4.85%, 7/1/42
110,000 114,545

CC Holdings GS V LLC, 3.85%, 4/15/23⁽⁴⁾
60,000 62,011

Comcast Corp., 5.90%, 3/15/16
339,000 387,762

Comcast Corp., 6.50%, 11/15/35
45,000 60,390

Comcast Corp., 6.40%, 5/15/38
230,000 308,827

DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14
155,000 163,492

DirecTV Holdings LLC/DirecTV Financing Co., Inc., 5.00%, 3/1/21
330,000 376,519

Discovery Communications LLC, 5.625%, 8/15/19
90,000 108,751

DISH DBS Corp., 7.125%, 2/1/16
50,000 55,500

DISH DBS Corp., 6.75%, 6/1/21
170,000 184,450

Interpublic Group of Cos., Inc. (The), 10.00%, 7/15/17
130,000 138,775

Lamar Media Corp., 9.75%, 4/1/14
150,000 162,000

NBCUniversal Media LLC, 5.15%, 4/30/20
90,000 109,210

NBCUniversal Media LLC, 4.375%, 4/1/21
380,000 439,167

Shares/Principal Amount

Value


News America, Inc., 3.00%, 9/15/22
$ 240,000 $ 243,966

News America, Inc., 6.90%, 8/15/39
150,000 197,591

Omnicom Group, Inc., 3.625%, 5/1/22
50,000 52,055

Qwest Corp., 7.50%, 10/1/14
200,000 216,143

SBA Telecommunications, Inc., 8.25%, 8/15/19
78,000 86,775

Time Warner Cable, Inc., 6.75%, 7/1/18
240,000 298,415

Time Warner Cable, Inc., 4.50%, 9/15/42
250,000 239,038

Time Warner, Inc., 3.15%, 7/15/15
140,000 147,141

Time Warner, Inc., 4.875%, 3/15/20
110,000 128,289

Time Warner, Inc., 3.40%, 6/15/22
70,000 74,005

Time Warner, Inc., 7.70%, 5/1/32
200,000 285,714

Time Warner, Inc., 5.375%, 10/15/41
100,000 113,977

Viacom, Inc., 4.375%, 9/15/14
150,000 157,408

Viacom, Inc., 4.50%, 3/1/21
110,000 123,487

Viacom, Inc., 3.125%, 6/15/22
40,000 41,045

Virgin Media Secured Finance plc, 6.50%, 1/15/18
200,000 214,000

Walt Disney Co. (The), MTN, 2.35%, 12/1/22
130,000 129,910

5,420,358

METALS AND MINING — 0.3%

Alcoa, Inc., 5.40%, 4/15/21
90,000 94,271

AngloGold Ashanti Holdings plc, 5.375%, 4/15/20
50,000 52,500

ArcelorMittal, 5.75%, 8/5/20
120,000 127,147

Barrick North America Finance LLC, 4.40%, 5/30/21
130,000 135,855

Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23⁽⁴⁾
70,000 70,711

Newmont Mining Corp., 3.50%, 3/15/22
100,000 98,884

Newmont Mining Corp., 6.25%, 10/1/39
120,000 133,912

Rio Tinto Finance USA Ltd., 3.50%, 11/2/20
80,000 85,224

Southern Copper Corp., 5.25%, 11/8/42
60,000 58,173

Teck Resources Ltd., 5.375%, 10/1/15
70,000 76,896

Teck Resources Ltd., 3.15%, 1/15/17
$ 110,000 $ 115,287

Vale Overseas Ltd., 5.625%, 9/15/19
310,000 358,458

Vale Overseas Ltd., 4.625%, 9/15/20
260,000 283,781

Xstrata Canada Financial Corp., 4.95%, 11/15/21⁽⁴⁾
110,000 119,998

1,811,097

MULTI-UTILITIES — 0.6%

CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42
70,000 68,634

Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17
81,000 91,889

CMS Energy Corp., 4.25%, 9/30/15
160,000 172,701

CMS Energy Corp., 8.75%, 6/15/19
180,000 244,627

Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43
90,000 92,572

Constellation Energy Group, Inc., 5.15%, 12/1/20
80,000 92,766

Consumers Energy Co., 2.85%, 5/15/22
50,000 52,532

Dominion Resources, Inc., 6.40%, 6/15/18
190,000 234,935

Dominion Resources, Inc., 2.75%, 9/15/22
210,000 213,511

Dominion Resources, Inc., 4.90%, 8/1/41
130,000 149,227

DPL, Inc., 6.50%, 10/15/16
250,000 268,750

Duke Energy Corp., 6.30%, 2/1/14
100,000 104,217

Duke Energy Corp., 3.95%, 9/15/14
130,000 136,016

Duke Energy Corp., 1.625%, 8/15/17
150,000 152,269

Duke Energy Corp., 3.55%, 9/15/21
90,000 97,107

Duke Energy Florida, Inc., 6.35%, 9/15/37
110,000 150,656

Edison International, 3.75%, 9/15/17
130,000 142,138

Exelon Generation Co. LLC, 5.20%, 10/1/19
150,000 172,403

FirstEnergy Corp., 4.25%, 3/15/23
100,000 103,518

Florida Power Corp., 3.85%, 11/15/42
220,000 219,650

Shares/Principal Amount

Value


Georgia Power Co., 4.30%, 3/15/42
$ 70,000 $ 73,586

Ipalco Enterprises, Inc., 5.00%, 5/1/18
50,000 54,250

Nisource Finance Corp., 4.45%, 12/1/21
70,000 78,373

Nisource Finance Corp., 5.25%, 2/15/43
70,000 75,862

Northern States Power Co., 3.40%, 8/15/42
70,000 67,243

Pacific Gas & Electric Co., 5.80%, 3/1/37
80,000 101,710

Pacific Gas & Electric Co., 4.45%, 4/15/42
50,000 54,298

PacifiCorp, 6.00%, 1/15/39
110,000 147,950

Progress Energy, Inc., 3.15%, 4/1/22
90,000 93,492

Public Service Company of Colorado, 4.75%, 8/15/41
50,000 58,873

Sempra Energy, 6.50%, 6/1/16
200,000 232,706

Southern California Edison Co., 5.625%, 2/1/36
60,000 76,905

Southern Power Co., 5.15%, 9/15/41
40,000 46,564

4,121,930

MULTILINE RETAIL^†

Target Corp., 4.00%, 7/1/42
70,000 71,345

OFFICE ELECTRONICS^†

Xerox Corp., 5.65%, 5/15/13
80,000 80,128

Xerox Corp., 2.95%, 3/15/17
80,000 83,022

163,150

OIL, GAS AND CONSUMABLE FUELS — 0.7%

Anadarko Petroleum Corp., 5.95%, 9/15/16
40,000 46,031

Anadarko Petroleum Corp., 6.45%, 9/15/36
90,000 115,531

Apache Corp., 2.625%, 1/15/23
260,000 258,380

Apache Corp., 4.75%, 4/15/43
80,000 84,883

BP Capital Markets plc, 3.20%, 3/11/16
120,000 128,279

BP Capital Markets plc, 2.25%, 11/1/16
180,000 187,676

BP Capital Markets plc, 4.50%, 10/1/20
100,000 116,108

Cenovus Energy, Inc., 4.50%, 9/15/14
140,000 147,053

ConocoPhillips, 5.75%, 2/1/19
240,000 294,435

ConocoPhillips Holding Co., 6.95%, 4/15/29
$ 40,000 $ 55,739

Denbury Resources, Inc., 4.625%, 7/15/23
110,000 111,238

Devon Energy Corp., 1.875%, 5/15/17
60,000 61,043

Devon Energy Corp., 5.60%, 7/15/41
180,000 208,357

EOG Resources, Inc., 5.625%, 6/1/19
150,000 183,848

Hess Corp., 6.00%, 1/15/40
80,000 93,432

Marathon Petroleum Corp., 3.50%, 3/1/16
210,000 224,703

Newfield Exploration Co., 6.875%, 2/1/20
200,000 219,000

Noble Energy, Inc., 4.15%, 12/15/21
150,000 168,004

Occidental Petroleum Corp., 2.70%, 2/15/23
70,000 71,372

Peabody Energy Corp., 7.375%, 11/1/16
40,000 46,000

Pemex Project Funding Master Trust, 6.625%, 6/15/35
50,000 63,203

Petrobras International Finance Co. - Pifco, 5.75%, 1/20/20
200,000 226,775

Petrobras International Finance Co. - Pifco, 5.375%, 1/27/21
310,000 343,917

Petroleos Mexicanos, 6.00%, 3/5/20
120,000 145,080

Petroleos Mexicanos, 4.875%, 1/24/22
80,000 91,200

Petroleos Mexicanos, 3.50%, 1/30/23⁽⁴⁾
60,000 61,200

Petroleos Mexicanos, 5.50%, 6/27/44⁽⁴⁾
50,000 54,875

Phillips 66, 4.30%, 4/1/22
230,000 257,268

Pioneer Natural Resources Co., 3.95%, 7/15/22
190,000 203,181

Shell International Finance BV, 2.375%, 8/21/22
130,000 131,158

Shell International Finance BV, 3.625%, 8/21/42
140,000 141,412

Statoil ASA, 2.45%, 1/17/23
190,000 191,337

Talisman Energy, Inc., 7.75%, 6/1/19
170,000 217,260

Tesoro Corp., 5.375%, 10/1/22
50,000 53,500

5,002,478

Shares/Principal Amount

Value


PAPER AND FOREST PRODUCTS — 0.1%

Domtar Corp., 4.40%, 4/1/22
$ 120,000 $ 123,238

Georgia-Pacific LLC, 5.40%, 11/1/20⁽⁴⁾
450,000 538,751

International Paper Co., 6.00%, 11/15/41
130,000 159,001

820,990

PHARMACEUTICALS — 0.3%

AbbVie, Inc., 1.75%, 11/6/17⁽⁴⁾
300,000 304,822

AbbVie, Inc., 4.40%, 11/6/42⁽⁴⁾
60,000 63,715

Actavis, Inc., 4.625%, 10/1/42
60,000 59,578

Bristol-Myers Squibb Co., 3.25%, 8/1/42
80,000 73,343

GlaxoSmithKline Capital plc, 2.85%, 5/8/22
250,000 260,141

Merck & Co., Inc., 2.40%, 9/15/22
250,000 252,704

Merck & Co., Inc., 3.60%, 9/15/42
140,000 138,268

Mylan, Inc., 3.125%, 1/15/23⁽⁴⁾
120,000 119,766

Roche Holdings, Inc., 6.00%, 3/1/19⁽⁴⁾
460,000 572,153

Roche Holdings, Inc., 7.00%, 3/1/39⁽⁴⁾
130,000 194,684

Sanofi, 4.00%, 3/29/21
95,000 107,910

Teva Pharmaceutical Finance IV LLC, 2.25%, 3/18/20
30,000 30,615

Watson Pharmaceuticals, Inc., 5.00%, 8/15/14
260,000 272,998

2,450,697

REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.3%

American Tower Corp., 4.50%, 1/15/18
90,000 99,868

American Tower Corp., 4.70%, 3/15/22
170,000 187,501

BRE Properties, Inc., 3.375%, 1/15/23
130,000 132,395

Developers Diversified Realty Corp., 4.75%, 4/15/18
230,000 257,924

Essex Portfolio LP, 3.625%, 8/15/22
150,000 155,104

Essex Portfolio LP, 3.25%, 5/1/23
50,000 50,425

HCP, Inc., 3.75%, 2/1/16
200,000 214,383

Health Care REIT, Inc., 2.25%, 3/15/18
110,000 112,338

Health Care REIT, Inc., 3.75%, 3/15/23
170,000 177,409

Kilroy Realty LP, 3.80%, 1/15/23
$ 190,000 $ 196,906

Simon Property Group LP, 5.75%, 12/1/15
160,000 178,583

UDR, Inc., 4.25%, 6/1/18
110,000 122,280

Ventas Realty LP/Ventas Capital Corp., 3.125%, 11/30/15
95,000 100,428

Ventas Realty LP/Ventas Capital Corp., 4.00%, 4/30/19
100,000 110,223

Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/1/21
60,000 67,733

Ventas Realty LP/Ventas Capital Corp., 3.25%, 8/15/22
90,000 91,926

WEA Finance LLC, 4.625%, 5/10/21⁽⁴⁾
90,000 102,084

2,357,510

REAL ESTATE MANAGEMENT AND DEVELOPMENT^†

ProLogis LP, 6.625%, 12/1/19
160,000 195,980

ROAD AND RAIL — 0.1%

Burlington Northern Santa Fe LLC, 3.60%, 9/1/20
176,000 193,488

Burlington Northern Santa Fe LLC, 5.05%, 3/1/41
60,000 67,903

Burlington Northern Santa Fe LLC, 4.45%, 3/15/43
180,000 190,087

CSX Corp., 4.25%, 6/1/21
110,000 125,051

Norfolk Southern Corp., 3.25%, 12/1/21
200,000 212,796

Penske Truck Leasing Co. LP / PTL Finance Corp., 2.875%, 7/17/18⁽⁴⁾
40,000 41,983

Union Pacific Corp., 4.75%, 9/15/41
150,000 169,637

1,000,945

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT^†

Intel Corp., 1.35%, 12/15/17
140,000 141,123

SOFTWARE — 0.1%

Intuit, Inc., 5.75%, 3/15/17
254,000 291,194

Oracle Corp., 2.50%, 10/15/22
260,000 260,477

551,671

SPECIALTY RETAIL — 0.1%

Home Depot, Inc. (The), 5.95%, 4/1/41
360,000 480,415

Staples, Inc., 4.375%, 1/12/23
120,000 125,162

Shares/Principal Amount

Value


United Rentals North America, Inc., 5.75%, 7/15/18
$ 70,000 $ 76,650

682,227

TEXTILES, APPAREL AND LUXURY GOODS — 0.1%

Gap, Inc. (The), 5.95%, 4/12/21
90,000 106,210

Hanesbrands, Inc., 6.375%, 12/15/20
100,000 111,125

L Brands, Inc., 6.90%, 7/15/17
100,000 115,500

PVH Corp., 4.50%, 12/15/22
120,000 124,350

457,185

TOBACCO — 0.1%

Altria Group, Inc., 9.25%, 8/6/19
127,000 177,436

Altria Group, Inc., 2.85%, 8/9/22
270,000 270,037

Philip Morris International, Inc., 4.125%, 5/17/21
180,000 203,729

651,202

WIRELESS TELECOMMUNICATION SERVICES — 0.1%

Alltel Corp., 7.875%, 7/1/32
50,000 74,455

America Movil SAB de CV, 5.00%, 3/30/20
110,000 127,196

America Movil SAB de CV, 3.125%, 7/16/22
310,000 316,290

Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18
180,000 241,544

Vodafone Group plc, 5.625%, 2/27/17
110,000 127,652

Vodafone Group plc, 2.50%, 9/26/22
70,000 68,229

955,366

TOTAL CORPORATE BONDS

(Cost $67,813,757)
   73,249,408

Commercial Mortgage-Backed Securities⁽²⁾ — 1.7%

Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A4 SEQ, 4.76%, 11/10/39
392,979 400,701

Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A3 SEQ, 4.51%, 12/10/42
164,091 164,713

Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4, VRN, 5.12%, 5/1/13
350,000 383,046

Banc of America Commercial Mortgage, Inc., Series 2005-5, Class AM, VRN, 5.18%, 5/1/13
$ 300,000 $ 331,166

Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-PARK, Class A SEQ, 2.96%, 12/10/30⁽⁴⁾
700,000 727,208

BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36⁽⁴⁾
450,000 465,434

CenterPoint Energy Transition Bond Co. LLC, Series 2012-1, Class A2 SEQ, 2.16%, 10/15/21
240,000 251,066

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AM, VRN, 5.39%, 5/1/13
275,000 302,590

Commercial Mortgage Pass-Through Certificates, Series 2004-LB2A, Class A4 SEQ, 4.72%, 3/10/39
683,513 696,700

Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C2, Class A2, VRN, 5.42%, 5/1/13
575,000 593,836

GE Capital Commercial Mortgage Corp., Series 2005-C3, Class A5, VRN, 4.98%, 5/1/13
57,825 57,999

Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4, VRN, 4.80%, 5/1/13
480,000 506,302

Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VRN, 4.86%, 5/1/13
158,000 168,478

GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6 SEQ, VRN, 5.40%, 5/1/13
600,000 622,809

GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4 SEQ, 4.76%, 7/10/39
345,000 368,125

GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A SEQ, 4.75%, 7/10/39
1,000,000 1,063,599

GS Mortgage Securities Corp. II, Series 2012-ALOH, Class A SEQ, 3.55%, 4/10/34⁽⁴⁾
525,000 566,627

Shares/Principal Amount

Value


LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A4 SEQ, 4.57%, 1/15/31
$ 346,465 $ 354,608

LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4 SEQ, 4.37%, 3/15/36
1,000,000 1,025,192

LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A4, VRN, 5.71%, 5/11/13
300,000 311,334

LB-UBS Commercial Mortgage Trust, Series 2004-C8, Class AJ, VRN, 4.86%, 5/11/13
125,000 134,051

LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class AM, VRN, 5.02%, 5/11/13
400,000 435,663

LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AM SEQ, VRN, 5.26%, 5/11/13
425,000 468,422

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, 2/15/46
175,000 180,982

Morgan Stanley Capital I, Series 2005-HQ6, Class A2A SEQ, 4.88%, 8/13/42
50,547 50,672

Morgan Stanley Capital I, Series 2005-T17, Class A5 SEQ, 4.78%, 12/13/41
804,999 846,279

Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A3 SEQ, 4.50%, 10/15/41
54,970 55,707

Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A4 SEQ, 4.80%, 10/15/41
1,100,000 1,156,151

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

(Cost $12,581,617)
   12,689,460

Collateralized Mortgage Obligations⁽²⁾ — 1.4%

PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%

ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33
79,305 82,090

Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37
534,625 414,492

Banc of America Mortgage Securities, Inc., Series 2004-7, Class 7A1, 5.00%, 8/25/19
$ 94,632 $ 96,992

Banc of America Mortgage Securities, Inc., Series 2005-1, Class 1A15, 5.50%, 2/25/35
250,000 265,241

Chase Mortgage Finance Corp., Series 2006-S4, Class A3, 6.00%, 12/25/36
127,925 131,038

Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 2.46%, 5/1/13
452,230 462,156

Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 5.32%, 5/1/13
365,245 364,365

Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35
29,883 29,956

Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR28, Class 2A1, VRN, 2.79%, 5/1/13
388,008 385,857

First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 5.40%, 5/1/13
244,982 247,026

GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.90%, 5/1/13
257,229 259,902

GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 2.66%, 5/1/13
556,081 574,990

JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 3.03%, 5/1/13
145,527 143,964

JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 2.90%, 5/1/13
607,654 595,879

JPMorgan Mortgage Trust, Series 2013-1, Class 2A2, VRN, 2.50%, 5/1/13⁽⁴⁾
678,846 695,349

MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.63%, 5/1/13
588,447 612,138

MASTR Asset Securitization Trust, Series 2003-10, Class 3A1, 5.50%, 11/25/33
149,976 158,415

PHHMC Mortgage Pass-Through Certificates, Series 2007-6, Class A1, VRN, 5.87%, 5/1/13
186,731 199,656

Shares/Principal Amount

Value


Sequoia Mortgage Trust, Series 2012-1, Class 1A1, VRN, 2.87%, 5/1/13
$ 231,124 $ 237,160

Wells Fargo Mortgage-Backed Securities Trust, Series 2004-1, Class A10, 5.50%, 2/25/34
242,969 255,390

Wells Fargo Mortgage-Backed Securities Trust, Series 2004-4, Class A9, 5.50%, 5/25/34
137,524 142,174

Wells Fargo Mortgage-Backed Securities Trust, Series 2004-K, Class 2A6, VRN, 4.73%, 5/1/13
262,371 270,270

Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36
283,023 297,760

Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR14, Class A1, VRN, 5.33%, 5/1/13
126,549 127,656

Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 1A1, VRN, 2.74%, 5/1/13
241,790 248,896

Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 2.68%, 5/1/13
277,618 286,776

Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR2, Class 3A1, VRN, 2.66%, 5/1/13
206,538 207,862

Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36
365,656 383,059

Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36
347,547 363,543

Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37
225,014 232,662

Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22
449,954 477,993

Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37
255,142 274,270

Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 6.04%, 5/1/13
$ 197,876 $ 202,472

9,727,449

U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%

FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25
701,702 783,651

FHLMC, Series 77, Class H, 8.50%, 9/15/20
60,255 66,113

849,764

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $10,400,984)
   10,577,213

Sovereign Governments and Agencies — 0.6%

BRAZIL — 0.2%

Brazilian Government International Bond, 5.875%, 1/15/19
690,000 847,320

Brazilian Government International Bond, 4.875%, 1/22/21
40,000 47,840

Brazilian Government International Bond, 5.625%, 1/7/41
130,000 163,605

1,058,765

CANADA — 0.1%

Hydro-Quebec, 8.40%, 1/15/22
145,000 209,848

Province of Ontario Canada, 5.45%, 4/27/16
150,000 171,600

Province of Ontario Canada, 1.60%, 9/21/16
110,000 113,556

495,004

CHILE^†

Chile Government International Bond, 3.25%, 9/14/21
100,000 107,500

Chile Government International Bond, 3.625%, 10/30/42
200,000 196,500

304,000

COLOMBIA^†

Colombia Government International Bond, 4.375%, 7/12/21
210,000 240,660

ITALY^†

Italy Government International Bond, 6.875%, 9/27/23
80,000 97,339

Shares/Principal Amount

Value


MEXICO — 0.2%

Mexico Government International Bond, 5.625%, 1/15/17
$ 90,000 $ 104,220

Mexico Government International Bond, 5.95%, 3/19/19
420,000 517,650

Mexico Government International Bond, 5.125%, 1/15/20
330,000 396,000

Mexico Government International Bond, 6.05%, 1/11/40
120,000 158,400

Mexico Government International Bond, MTN, 4.75%, 3/8/44
160,000 177,440

1,353,710

PERU^†

Peruvian Government International Bond, 6.55%, 3/14/37
70,000 100,275

Peruvian Government International Bond, 5.625%, 11/18/50
120,000 154,500

254,775

POLAND^†

Poland Government International Bond, 5.125%, 4/21/21
140,000 164,854

SOUTH KOREA — 0.1%

Export-Import Bank of Korea, 3.75%, 10/20/16
160,000 172,726

Korea Development Bank (The), 3.25%, 3/9/16
130,000 137,117

Korea Development Bank (The), 4.00%, 9/9/16
110,000 119,441

429,284

URUGUAY^†

Uruguay Government International Bond, 4.125%, 11/20/45
70,000 68,460

TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES

(Cost $3,941,986)
   4,466,851

Municipal Securities — 0.5%

American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 5.94%, 2/15/47
50,000 59,244

American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 7.50%, 2/15/50
75,000 103,867

Bay Area Toll Authority Toll Bridge Rev., Series 2010 S1, (Building Bonds), 6.92%, 4/1/40
$ 135,000 $ 189,423

California GO, (Building Bonds), 7.30%, 10/1/39
110,000 159,222

California GO, (Building Bonds), 7.60%, 11/1/40
30,000 45,616

Illinois GO, (Taxable Pension), 5.10%, 6/1/33
195,000 197,892

Los Angeles Community College District GO, Series 2010 D, (Election of 2008), 6.68%, 8/1/36
100,000 143,018

Los Angeles Department of Water & Power Rev., (Building Bonds), 5.72%, 7/1/39
60,000 76,376

Metropolitan Transportation Authority Rev., Series 2010 C1, (Building Bonds), 6.69%, 11/15/40
105,000 141,765

Metropolitan Transportation Authority Rev., Series 2010 E, (Building Bonds), 6.81%, 11/15/40
60,000 83,474

Missouri Highways & Transportation Commission Rev., (Building Bonds), 5.45%, 5/1/33
130,000 162,709

New Jersey State Turnpike Authority Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40
200,000 305,120

New Jersey State Turnpike Authority Rev., Series 2010 A, (Building Bonds), 7.10%, 1/1/41
95,000 140,056

New York GO, Series 2010 F1, (Building Bonds), 6.27%, 12/1/37
95,000 129,277

Ohio State University (The) Rev., Series 2011 A, 4.80%, 6/1/11
100,000 112,728

Ohio Water Development Authority Pollution Control Rev., Series 2010 B2, (Building Bonds), 4.88%, 12/1/34
110,000 129,888

Oregon State Department of Transportation Highway User Tax Rev., Series 2010 A, (Building Bonds), 5.83%, 11/15/34
70,000 92,793

Shares/Principal Amount

Value


Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51
$ 50,000 $ 58,180

Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62
245,000 258,465

Rutgers State University Rev., Series 2010 H, (Building Bonds), 5.67%, 5/1/40
205,000 262,207

Sacramento Municipal Utility District Electric Rev., Series 2010 W, (Building Bonds), 6.16%, 5/15/36
210,000 266,267

Salt River Agricultural Improvement & Power District Electric Rev., Series 2010 A, (Building Bonds), 4.84%, 1/1/41
95,000 113,635

San Francisco City & County Public Utilities Water Commission Rev., Series 2010 B, (Building Bonds), 6.00%, 11/1/40
105,000 134,920

Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 A, (Building Bonds), 5.88%, 4/1/32
120,000 150,278

Texas GO, (Building Bonds), 5.52%, 4/1/39
$ 50,000 $ 66,267

Washington GO, Series 2010 F, (Building Bonds), 5.14%, 8/1/40
20,000 24,758

TOTAL MUNICIPAL SECURITIES

(Cost $2,869,901)
   3,607,445

U.S. Government Agency Securities — 0.2%

FHLMC, 2.375%, 1/13/22
990,000 1,043,162

FNMA, 6.625%, 11/15/30
100,000 152,306

TOTAL U.S. GOVERNMENT AGENCY SECURITIES

(Cost $1,135,552)
   1,195,468

Temporary Cash Investments — 2.6%

SSgA U.S. Government Money Market Fund

(Cost $18,928,696)
18,928,696    18,928,696

TOTAL INVESTMENT SECURITIES — 100.8%

(Cost $639,906,306)
   738,669,047

OTHER ASSETS AND LIABILITIES — (0.8)%
   (5,818,844 )

TOTAL NET ASSETS — 100.0%
   $732,850,203

Futures Contracts

Contracts Sold

Expiration Date

Underlying Face
Amount at Value

Unrealized Gain (Loss)

35

U.S. Treasury 30-Year Bonds

June 2013

$5,193,125

$(40,964)

Notes to Schedule of Investments

FHLMC = Federal Home Loan Mortgage Corporation

FNMA = Federal National Mortgage Association

GNMA = Government National Mortgage Association

GO = General Obligation

MTN = Medium Term Note

SEQ = Sequential Payer

VRN = Variable Rate Note. Interest reset date is indicated. Rate shown is effective at the period end.

†

Category is less than 0.05% of total net assets.

(1)

Non-income producing.

(2)

Final maturity date indicated, unless otherwise noted.

(3)

Security, or a portion thereof, has been pledged at the custodian bank or with a broker for margin requirements on futures contracts. At the period end, the aggregate value of securities pledged was $101,164.

(4)

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 $7,167,088, which represented 1.0% of total net assets.

(5)

When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a
future date.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $639,906,306)		$738,669,047
Cash		19,125
Receivable for investments sold		3,924,895
Receivable for capital shares sold		378,927
Receivable for variation margin on futures contracts		7,656
Dividends and interest receivable		2,209,913
		745,209,563

Liabilities
Payable for investments purchased		11,326,691
Payable for capital shares redeemed		508,032
Accrued management fees		524,637
		12,359,360

Net Assets		$732,850,203

Net Assets Consist of:
Capital (par value and paid-in surplus)		$607,804,936
Undistributed net investment income		860,119
Undistributed net realized gain		25,463,371
Net unrealized appreciation		98,721,777
		$732,850,203

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$675,390,448

36,984,345

$18.26

Institutional Class, $0.01 Par Value

$57,459,755

3,145,389

$18.27

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $44,057)	$ 5,386,922
Interest	3,628,405
	9,015,327

Expenses:
Management fees	2,915,818
Directors’ fees and expenses	10,765
Other expenses	84
	2,926,667

Net investment income (loss)	6,088,660

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	29,730,831
Futures contract transactions	83,783
Foreign currency transactions	(318	)
	29,814,296

Change in net unrealized appreciation (depreciation) on:
Investments	19,976,315
Futures contracts	(40,964	)
	19,935,351

Net realized and unrealized gain (loss)	49,749,647

Net Increase (Decrease) in Net Assets Resulting from Operations	$55,838,307

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$ 6,088,660		$ 10,258,424
Net realized gain (loss)	29,814,296		29,164,383
Change in net unrealized appreciation (depreciation)	19,935,351		21,132,912
Net increase (decrease) in net assets resulting from operations	55,838,307		60,555,719

Distributions to Shareholders
From net investment income:
Investor Class	(5,942,625	)	(10,409,930	)
Institutional Class	(236,420	)	(354,593	)
From net realized gains:
Investor Class	(16,097,800	)	—
Institutional Class	(533,588	)	—
Decrease in net assets from distributions	(22,810,433	)	(10,764,523	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	70,679,571		57,785,933

Net increase (decrease) in net assets	103,707,445		107,577,129

Net Assets
Beginning of period	629,142,758		521,565,629
End of period	$732,850,203		$629,142,758

Undistributed net investment income	$860,119		$950,504

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Balanced Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek 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.

The fund offers the Investor Class and the Institutional Class. The share classes differ principally in their respective distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.

2. Significant Accounting Policies

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open.

Debt securities maturing in greater than 60 days at the time of purchase are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Debt securities maturing within 60 days at the time of purchase may be valued at cost, plus or minus any amortized discount or premium or at the evaluated mean as provided by an independent pricing service. Evaluated mean prices are commonly derived through utilization of market models, which may consider, among other factors, trade data, quotations from dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, and other relevant market information on the same or comparable securities.

Investments in open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation.

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investments, including, but not limited to, futures contracts, forward commitments, when-issued securities, swap agreements and certain forward foreign currency exchange contracts. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for margin requirements on futures contracts and swap agreements.

Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund’s tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 0.800% to 0.900% for the Investor Class. The Institutional Class is 0.200% less at each point within the range. The effective annual management fee for each class for the six months ended April 30, 2013 was 0.90% for the Investor Class and 0.70% for the Institutional Class.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the six months ended April 30, 2013 totaled $319,373,293, of which $84,682,902 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 totaled $267,302,123, of which $63,752,464 represented U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

	Six months ended April 30, 2013				Year ended October 31, 2012
	Shares		Amount		Shares		Amount
Investor Class/Shares Authorized	250,000,000				250,000,000
Sold	3,968,248		$ 69,901,902		7,196,145		$121,112,372
Issued in reinvestment of distributions	1,247,322		21,516,968		604,809		10,152,195
Redeemed	(3,241,489	)	(56,827,475	)	(4,855,798	)	(81,892,325	)
	1,974,081		34,591,395		2,945,156		49,372,242
Institutional Class/Shares Authorized	15,000,000				15,000,000
Sold	2,229,878		39,833,638		984,145		16,394,969
Issued in reinvestment of distributions	44,571		770,008		21,031		354,593
Redeemed	(258,514	)	(4,515,470	)	(485,585	)	(8,335,871	)
	2,015,935		36,088,176		519,591		8,413,691
Net increase (decrease)	3,990,016		$ 70,679,571		3,464,747		$ 57,785,933

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1		Level 2	Level 3
Investment Securities
Common Stocks	$438,595,369		—	—
U.S. Government Agency Mortgage-Backed Securities	—		$ 93,452,380	—
U.S. Treasury Securities	—		81,906,757	—
Corporate Bonds	—		73,249,408	—
Commercial Mortgage-Backed Securities	—		12,689,460	—
Collateralized Mortgage Obligations	—		10,577,213	—
Sovereign Governments and Agencies	—		4,466,851	—
Municipal Securities	—		3,607,445	—
U.S. Government Agency Securities	—		1,195,468	—
Temporary Cash Investments	18,928,696		—	—
Total Value of Investment Securities	$457,524,065		$281,144,982	—

Other Financial Instruments
Total Unrealized Gain (Loss) on Futures Contracts	$(40,964	)	—	—

7. Derivative Instruments

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility

that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund purchased and sold interest rate risk derivative instruments during the last four months of the period. The interest rate risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during that time.

The value of interest rate risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as an asset of $7,656 in receivable for variation margin on futures contracts.* For the six months ended April 30, 2013, the effect of interest rate risk derivative instruments on the Statement of Operations was $83,783 in net realized gain (loss) on futures contract transactions and $(40,964) in change in net unrealized appreciation (depreciation) on futures contracts.

*Included in the unrealized gain (loss) on futures contracts as reported in the Schedule of Investments.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$643,049,822
Gross tax appreciation of investments	$98,632,795
Gross tax depreciation of investments	(3,013,570	)
Net tax appreciation (depreciation) of investments	$95,619,225

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

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

Investor Class

2013⁽³⁾

$17.41

0.16

1.32

1.48

(0.17)

(0.46)

(0.63)

$18.26

8.75%

0.90%⁽⁴⁾

1.85%⁽⁴⁾

41%

$675,390

2012

$15.96

0.29

1.47

1.76

(0.31)

—

(0.31)

$17.41

11.12%

0.90%

1.75%

82%

$609,476

2011

$15.02

0.29

0.94

1.23

(0.29)

—

(0.29)

$15.96

8.26%

0.90%

1.84%

87%

$511,829

2010

$13.58

0.27

1.44

1.71

(0.27)

—

(0.27)

$15.02

12.70%

0.91%

1.85%

69%

$487,066

2009

$12.66

0.28

0.93

1.21

(0.29)

—

(0.29)

$13.58

9.81%

0.90%

2.21%

110%

$459,183

2008

$17.47

0.37

(3.69)

(3.32)

(0.37)

(1.12)

(1.49)

$12.66

(20.52)%

0.90%

2.42%

153%

$439,969

Institutional Class

2013⁽³⁾

$17.41

0.16

1.34

1.50

(0.18)

(0.46)

(0.64)

$18.27

8.90%

0.70%⁽⁴⁾

2.05%⁽⁴⁾

41%

$57,460

2012

$15.96

0.32

1.47

1.79

(0.34)

—

(0.34)

$17.41

11.34%

0.70%

1.95%

82%

$19,667

2011

$15.02

0.32

0.94

1.26

(0.32)

—

(0.32)

$15.96

8.48%

0.70%

2.04%

87%

$9,736

2010

$13.59

0.29

1.44

1.73

(0.30)

—

(0.30)

$15.02

12.84%

0.71%

2.05%

69%

$6,538

2009

$12.66

0.30

0.94

1.24

(0.31)

—

(0.31)

$13.59

10.11%

0.70%

2.41%

110%

$6,249

2008

$17.47

0.39

(3.68)

(3.29)

(0.40)

(1.12)

(1.52)

$12.66

(20.37)%

0.70%

2.62%

153%

$5,927

Notes to Financial Highlights

(1)

Computed using average shares outstanding throughout the period.

(2)

Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)

Six months ended April 30, 2013 (unaudited).

(4)

Annualized.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Contact Us

americancentury.com

Automated Information Line

1-800-345-8765

Investor Services Representative

1-800-345-2021
or 816-531-5575

Investors Using Advisors

1-800-378-9878

Business, Not-For-Profit, Employer-Sponsored Retirement Plans

1-800-345-3533

Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies

1-800-345-6488

Telecommunications Device for the Deaf

1-800-634-4113

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78693 1306

SEMIANNUAL REPORT APRIL 30, 2013

Capital Value Fund

Table of Contents

President’s Letter

2

Independent Chairman’s Letter

3

Performance

4

Fund Characteristics

5

Shareholder Fee Example

6

Schedule of Investments

8

Statement of Assets and Liabilities

11

Statement of Operations

12

Statement of Changes in Net Assets

13

Notes to Financial Statements

14

Financial Highlights

19

Additional Information

21

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

ACTIX

14.00%⁽²⁾

    19.37%⁽²⁾

    3.16%⁽²⁾

   6.89%⁽²⁾

5.27%

3/31/99

Russell 1000 Value Index

—

16.31%

21.80%

4.17%

8.41%

5.36%

—

Institutional Class

ACPIX

14.19%⁽²⁾

    19.75%⁽²⁾

    3.39%⁽²⁾

   7.11%⁽²⁾

5.04%

3/1/02

A Class⁽³⁾

   No sales charge*

   With sales charge*

ACCVX

13.96%⁽²⁾

7.40%⁽²⁾

    19.17%⁽²⁾

    12.33%⁽²⁾

    2.91%⁽²⁾

    1.70%⁽²⁾

—

—

   6.34%⁽²⁾

   5.70%⁽²⁾

5/14/03

*

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

(1)

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

(2)

Returns would have been lower if a portion of the management fee had not been waived.

(3)

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

A Class

1.10%

0.90%

1.35%

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Exxon Mobil Corp.

5.8%

General Electric Co.

3.7%

Chevron Corp.

3.5%

JPMorgan Chase & Co.

3.4%

Pfizer, Inc.

3.3%

Johnson & Johnson

3.1%

Wells Fargo & Co.

3.0%

Procter & Gamble Co. (The)

2.7%

Merck & Co., Inc.

2.5%

Citigroup, Inc.

2.3%

Top Five Industries

% of net assets

Oil, Gas and Consumable Fuels

14.3%

Pharmaceuticals

8.8%

Insurance

8.1%

Diversified Financial Services

6.6%

Commercial Banks

6.2%

Types of Investments in Portfolio

% of net assets

Common Stocks

99.7%

Temporary Cash Investments

0.9%

Other Assets and Liabilities

(0.6)%

Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class (after waiver)

$1,000

$1,140.00

$5.31

1.00%

Investor Class (before waiver)

$1,000

    $1,140.00⁽²⁾

$5.84

1.10%

Institutional Class (after waiver)

$1,000

$1,141.90

$4.25

0.80%

Institutional Class (before waiver)

$1,000

    $1,141.90⁽²⁾

$4.78

0.90%

A Class (after waiver)

$1,000

$1,139.60

$6.63

1.25%

A Class (before waiver)

$1,000

    $1,139.60⁽²⁾

$7.16

1.35%

Hypothetical

Investor Class (after waiver)

$1,000

$1,019.84

$5.01

1.00%

Investor Class (before waiver)

$1,000

$1,019.34

$5.51

1.10%

Institutional Class (after waiver)

$1,000

$1,020.83

$4.01

0.80%

Institutional Class (before waiver)

$1,000

$1,020.33

$4.51

0.90%

A Class (after waiver)

$1,000

$1,018.60

$6.26

1.25%

A Class (before waiver)

$1,000

$1,018.10

$6.76

1.35%

(2)

Ending account value assumes the return earned after waiver and would have been lower if a portion of the management fee had not
been waived.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

Shares

Value

Common Stocks — 99.7%

AEROSPACE AND DEFENSE — 1.6%

Honeywell International, Inc.
7,400 $544,196

Northrop Grumman Corp.
9,170 694,536

Raytheon Co.
15,220 934,203

2,172,935

AIRLINES — 0.5%

Southwest Airlines Co.
50,440 691,028

AUTO COMPONENTS — 0.2%

Autoliv, Inc.
3,630 277,405

AUTOMOBILES — 1.3%

Ford Motor Co.
128,530 1,762,146

BEVERAGES — 0.6%

PepsiCo, Inc.
9,610 792,537

BIOTECHNOLOGY — 0.5%

Amgen, Inc.
1,750 182,367

Gilead Sciences, Inc.⁽¹⁾
8,620 436,517

618,884

CAPITAL MARKETS — 4.2%

Ameriprise Financial, Inc.
18,630 1,388,494

Bank of New York Mellon Corp. (The)
28,900 815,558

BlackRock, Inc.
4,810 1,281,865

Goldman Sachs Group, Inc. (The)
12,040 1,758,683

Morgan Stanley
19,300 427,495

5,672,095

CHEMICALS — 0.9%

E.I. du Pont de Nemours & Co.
7,120 388,111

LyondellBasell Industries NV, Class A
12,840 779,388

1,167,499

COMMERCIAL BANKS — 6.2%

KeyCorp
46,600 464,602

PNC Financial Services Group, Inc. (The)
28,530 1,936,616

U.S. Bancorp
57,000 1,896,960

Wells Fargo & Co.
107,430 4,080,192

8,378,370

COMMERCIAL SERVICES AND SUPPLIES — 0.9%

ADT Corp. (The)
6,730 293,697

Avery Dennison Corp.
5,580 231,291

Tyco International Ltd.
21,790 699,895

1,224,883

COMMUNICATIONS EQUIPMENT — 3.0%

Cisco Systems, Inc.
147,140 3,078,168

QUALCOMM, Inc.
14,690 905,198

3,983,366

COMPUTERS AND PERIPHERALS — 0.6%

NetApp, Inc.⁽¹⁾
23,650 825,148

CONSUMER FINANCE — 0.7%

Capital One Financial Corp.
15,370 888,079

DIVERSIFIED FINANCIAL SERVICES — 6.6%

Bank of America Corp.
94,200 1,159,602

Citigroup, Inc.
66,970 3,124,820

JPMorgan Chase & Co.
93,650 4,589,787

8,874,209

DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%

AT&T, Inc.
75,520 2,828,979

CenturyLink, Inc.
28,960 1,088,027

Verizon Communications, Inc.
6,330 341,251

4,258,257

ELECTRIC UTILITIES — 3.5%

American Electric Power Co., Inc.
16,590 853,224

Exelon Corp.
11,800 442,618

NV Energy, Inc.
31,580 683,075

Pinnacle West Capital Corp.
13,520 823,368

PPL Corp.
28,930 965,683

Xcel Energy, Inc.
28,500 906,015

4,673,983

ELECTRICAL EQUIPMENT — 0.9%

Eaton Corp. plc
18,890 1,160,035

ENERGY EQUIPMENT AND SERVICES — 2.5%

Baker Hughes, Inc.
22,380 1,015,828

National Oilwell Varco, Inc.
21,990 1,434,188

Schlumberger Ltd.
13,190 981,732

3,431,748

FOOD AND STAPLES RETAILING — 2.8%

CVS Caremark Corp.
27,690 1,611,004

Kroger Co. (The)
33,030 1,135,572

Wal-Mart Stores, Inc.
13,200 1,025,904

3,772,480

FOOD PRODUCTS — 0.8%

Kraft Foods Group, Inc.
6,841 352,243

Mondelez International, Inc. Class A
24,490 770,210

1,122,453

Shares Value

HEALTH CARE EQUIPMENT AND SUPPLIES — 2.0%

Abbott Laboratories
18,120 $668,990

Medtronic, Inc.
42,320 1,975,498

2,644,488

HEALTH CARE PROVIDERS AND SERVICES — 2.3%

Aetna, Inc.
21,180 1,216,579

Quest Diagnostics, Inc.
10,330 581,889

WellPoint, Inc.
17,330 1,263,704

3,062,172

HOTELS, RESTAURANTS AND LEISURE — 0.6%

Carnival Corp.
23,000 793,730

HOUSEHOLD PRODUCTS — 2.7%

Procter & Gamble Co. (The)
46,610 3,578,250

INDUSTRIAL CONGLOMERATES — 3.7%

General Electric Co.
221,850 4,945,036

INSURANCE — 8.1%

Allstate Corp. (The)
26,460 1,303,420

American International Group, Inc.⁽¹⁾
17,100 708,282

Berkshire Hathaway, Inc., Class B⁽¹⁾
21,130 2,246,541

Chubb Corp. (The)
6,670 587,427

Loews Corp.
19,890 888,486

MetLife, Inc.
47,030 1,833,700

Principal Financial Group, Inc.
21,650 781,565

Prudential Financial, Inc.
21,440 1,295,405

Travelers Cos., Inc. (The)
15,330 1,309,335

10,954,161

MACHINERY — 1.3%

Dover Corp.
10,960 756,021

Ingersoll-Rand plc
5,380 289,444

PACCAR, Inc.
13,390 666,554

1,712,019

MEDIA — 3.7%

CBS Corp., Class B
19,520 893,626

Comcast Corp., Class A
37,530 1,549,989

Time Warner Cable, Inc.
7,800 732,342

Time Warner, Inc.
30,390 1,816,714

4,992,671

METALS AND MINING — 1.3%

Freeport-McMoRan Copper & Gold, Inc.
36,530 1,111,608

Nucor Corp.
14,190 618,968

1,730,576

MULTI-UTILITIES — 0.7%

PG&E Corp.
20,190 978,004

MULTILINE RETAIL — 2.3%

Macy’s, Inc.
22,570 1,006,622

Target Corp.
29,620 2,089,987

3,096,609

OIL, GAS AND CONSUMABLE FUELS — 14.3%

Apache Corp.
18,620 1,375,645

Chevron Corp.
38,380 4,682,744

Exxon Mobil Corp.
88,350 7,862,266

Marathon Petroleum Corp.
7,110 557,140

Occidental Petroleum Corp.
23,980 2,140,455

Royal Dutch Shell plc, Class A
40,600 1,381,351

Total SA ADR
25,900 1,301,216

19,300,817

PAPER AND FOREST PRODUCTS — 0.8%

International Paper Co.
22,420 1,053,292

PHARMACEUTICALS — 8.8%

Johnson & Johnson
48,460 4,130,246

Merck & Co., Inc.
70,680 3,321,960

Pfizer, Inc.
153,470 4,461,373

11,913,579

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.8%

Applied Materials, Inc.
62,600 908,326

Intel Corp.
63,530 1,521,543

2,429,869

SOFTWARE — 2.5%

Microsoft Corp.
61,390 2,032,009

Oracle Corp.
40,130 1,315,461

3,347,470

SPECIALTY RETAIL — 0.7%

Lowe’s Cos., Inc.
25,810 991,620

TOBACCO — 0.6%

Altria Group, Inc.
23,010 840,095

TOTAL COMMON STOCKS (Cost $92,832,903)
134,111,998

Shares

Value

Temporary Cash Investments — 0.9%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $145,080), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery

value $142,229)
$142,229

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $870,183), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery

value $853,377)
853,375

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%,

8/15/39, valued at $145,227), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value

$142,229)
142,229

SSgA U.S. Government Money Market Fund
66,233 66,233

TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,204,066)
   1,204,066

TOTAL INVESTMENT SECURITIES — 100.6% (Cost $94,036,969)
   135,316,064

OTHER ASSETS AND LIABILITIES — (0.6)%
   (780,282 )

TOTAL NET ASSETS — 100.0%
   $134,535,782

Forward Foreign Currency Exchange Contracts

Contracts to Sell

Counterparty

Settlement Date

Value

Unrealized Gain (Loss)

1,706,312

EUR for USD

UBS AG

5/31/13

$2,247,529

$(26,059)

(Value on Settlement Date $2,221,470)

Notes to Schedule of Investments

ADR = American Depositary Receipt

EUR = Euro

USD = United States Dollar

(1) Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $94,036,969)
$135,316,064

Foreign currency holdings, at value (cost of $12)
12

Receivable for investments sold
288,817

Receivable for capital shares sold
9,909

Dividends and interest receivable
136,802

135,751,604

Liabilities

Payable for investments purchased
255,372

Payable for capital shares redeemed
824,490

Unrealized loss on forward foreign currency exchange contracts
26,059

Accrued management fees
109,254

Distribution and service fees payable
647

1,215,822

Net Assets
$134,535,782

Net Assets Consist of:

Capital (par value and paid-in surplus)
$101,884,186

Undistributed net investment income
580,987

Accumulated net realized loss
(9,182,427 )

Net unrealized appreciation
41,253,036

$134,535,782

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$128,903,015

16,694,498

$7.72

Institutional Class, $0.01 Par Value

   $3,098,768

    400,544

$7.74

A Class, $0.01 Par Value

   $2,533,999

    329,055

   $7.70*

*Maximum offering price $8.17 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:


Dividends (net of foreign taxes withheld of $8,610)
$1,739,973

Interest
639

1,740,612

Expenses:


Management fees
693,649

Distribution and service fees — A Class
3,603

Directors’ fees and expenses
2,132

699,384

Fees waived
(63,383 )

636,001

Net investment income (loss)
1,104,611

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:


Investment transactions
2,789,608

Foreign currency transactions
(5,214 )

2,784,394

Change in net unrealized appreciation (depreciation) on:


Investments
13,079,638

Translation of assets and liabilities in foreign currencies
(22,524 )

13,057,114

Net realized and unrealized gain (loss)
15,841,508

Net Increase (Decrease) in Net Assets Resulting from Operations
$16,946,119

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012

Increase (Decrease) in Net Assets

April 30, 2013

October 31, 2012

Operations

Net investment income (loss)
$ 1,104,611 $ 2,134,197

Net realized gain (loss)
2,784,394 8,223,662

Change in net unrealized appreciation (depreciation)
13,057,114 9,278,115

Net increase (decrease) in net assets resulting from operations
16,946,119 19,635,974

Distributions to Shareholders

From net investment income:

Investor Class
(2,047,246 ) (2,040,255 )

Institutional Class
(67,677 ) (69,034 )

A Class
(47,388 ) (44,437 )

Decrease in net assets from distributions
(2,162,311 ) (2,153,726 )

Capital Share Transactions

Net increase (decrease) in net assets from capital share transactions
(4,197,089 ) (11,665,672 )

Net increase (decrease) in net assets
10,586,719 5,816,576

Net Assets

Beginning of period
123,949,063 118,132,487

End of period
$134,535,782 $123,949,063

Undistributed net investment income
$580,987 $1,638,687

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Capital Value Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

The fund offers the Investor Class, the Institutional Class and the A Class. The A Class may incur an initial sales charge. The A Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.

2. Significant Accounting Policies

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 0.900% to 1.100% for the Investor Class and A Class. The Institutional Class is 0.200% less at each point within the range. During the six months ended April 30, 2013, the investment advisor voluntarily agreed to waive 0.100% of its management fee. The investment advisor expects the fee waiver to continue through July 31, 2013, and cannot terminate it without the approval of the Board of Directors. The total amount of the waiver for each class for the six months ended April 30, 2013 was $60,160, $1,782 and $1,441 for the Investor Class, Institutional Class and A Class, respectively. The effective annual management fee before waiver for each class for the six months ended April 30, 2013 was 1.10% for the Investor Class and A Class and 0.90% for the Institutional Class. The effective annual management fee after waiver for each class for the six months ended April 30, 2013 was 1.00% for the Investor Class and A Class and 0.80% for the Institutional Class.

Distribution and Service Fees — The Board of Directors has adopted a Master Distribution and Individual Shareholder Services Plan (the plan) for the A Class, pursuant to Rule 12b-1 of the 1940 Act. The plan provides that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The fees are computed and accrued daily based on the A Class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plan during the six months ended April 30, 2013 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $12,672,519 and $16,809,482, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
200,000,000 200,000,000

Sold
1,295,095 $ 9,310,109 1,371,428 $ 8,875,075

Issued in reinvestment of distributions
281,184 1,954,229 332,121 1,949,551

Redeemed
(1,896,201 ) (13,606,002 ) (3,332,680 ) (21,270,073 )

(319,922 ) (2,341,664 ) (1,629,131 ) (10,445,447 )

Institutional Class/Shares Authorized
15,000,000 15,000,000

Sold
458 3,186 306,311 1,903,786

Issued in reinvestment of distributions
9,357 65,127 11,445 67,183

Redeemed
(180,839 ) (1,325,676 ) (351,998 ) (2,267,771 )

(171,024 ) (1,257,363 ) (34,242 ) (296,802 )

A Class/Shares Authorized
50,000,000 50,000,000

Sold
75,326 552,197 101,370 650,478

Issued in reinvestment of distributions
6,716 46,609 7,540 44,259

Redeemed
(159,651 ) (1,196,868 ) (261,248 ) (1,618,160 )

(77,609 ) (598,062 ) (152,338 ) (923,423 )

Net increase (decrease)
(568,555 ) $ (4,197,089 ) (1,815,711 ) $(11,665,672 )

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Common Stocks

$132,730,647

$1,381,351

—

Temporary Cash Investments

           66,233

1,137,833

—

Total Value of Investment Securities

$132,796,880

$2,519,184

—

Other Financial Instruments

Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts

                  —

    $(26,059)

—

7. Derivative Instruments

The value of foreign currency risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as a liability of $26,059 in unrealized loss on forward foreign currency exchange contracts. For the six months ended April 30, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $(5,597) in net realized gain (loss) on foreign currency transactions and $(22,592) in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$96,263,035

Gross tax appreciation of investments

$39,595,076

Gross tax depreciation of investments

(542,047)

Net tax appreciation (depreciation) of investments

$39,053,029

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(9,649,273), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire in 2017.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net Investment Income (Loss)⁽¹⁾

Net
Realized
and Unrealized Gain (Loss)

Total From Investment Operations

Net Investment Income

Net
Realized Gains

Total Distributions

Net Asset Value,
End of
Period

Total
Return⁽²⁾

Operating Expenses

Operating Expenses (before expense waiver)

Net Investment Income
(Loss)

Net Investment Income
(Loss)
(before expense waiver)

Portfolio Turnover
Rate

Net Assets, End of

Period (in thousands)

Investor Class

2013⁽³⁾

$6.89

0.06

0.89

0.95

(0.12)

—

(0.12)

$7.72

14.00%

   1.00%⁽⁴⁾

   1.10%⁽⁴⁾

   1.74%⁽⁴⁾

   1.64%⁽⁴⁾

10%

$128,903

2012

$5.96

0.11

0.93

1.04

(0.11)

—

(0.11)

$6.89

17.80%

1.00%

1.10%

1.76%

1.66%

32%

$117,210

2011

$5.73

0.09

0.23

0.32

(0.09)

—

(0.09)

$5.96

5.67%

1.00%

1.10%

1.53%

1.43%

37%

$111,188

2010

$5.32

0.09

0.42

0.51

(0.10)

—

(0.10)

$5.73

9.69%

1.09%

1.11%

1.56%

1.54%

27%

$137,037

2009

$5.17

0.11

0.21

0.32

(0.17)

—

(0.17)

$5.32

6.85%

1.10%

1.10%

2.33%

2.33%

19%

$158,431

2008

$8.78

0.14

(3.28)

(3.14)

(0.13)

(0.34)

(0.47)

$5.17

(37.52)%

1.10%

1.10%

1.98%

1.98%

26%

$185,569

Institutional Class

2013⁽³⁾

$6.90

0.07

0.90

0.97

(0.13)

—

(0.13)

$7.74

14.19%

   0.80%⁽⁴⁾

   0.90%⁽⁴⁾

   1.94%⁽⁴⁾

   1.84%⁽⁴⁾

10%

$3,099

2012

$5.97

0.12

0.93

1.05

(0.12)

—

(0.12)

$6.90

18.00%

0.80%

0.90%

1.96%

1.86%

32%

$3,943

2011

$5.74

0.10

0.24

0.34

(0.11)

—

(0.11)

$5.97

5.87%

0.80%

0.90%

1.73%

1.63%

37%

$3,618

2010

$5.32

0.10

0.43

0.53

(0.11)

—

(0.11)

$5.74

10.11%

0.89%

0.91%

1.76%

1.74%

27%

$3,980

2009

$5.17

0.12

0.21

0.33

(0.18)

—

(0.18)

$5.32

7.07%

0.90%

0.90%

2.53%

2.53%

19%

$8,035

2008

$8.79

0.15

(3.28)

(3.13)

(0.15)

(0.34)

(0.49)

$5.17

(37.46)%

0.90%

0.90%

2.18%

2.18%

26%

$12,030

Notes to Financial Highlights

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

Contact Us

americancentury.com

Automated Information Line

1-800-345-8765

Investor Services Representative

1-800-345-2021
or 816-531-5575

Investors Using Advisors

1-800-378-9878

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1-800-345-3533

Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies

1-800-345-6488

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1-800-634-4113

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78699 1306

SEMIANNUAL REPORT APRIL 30, 2013

Focused Growth Fund

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Notes to Financial Statements	13
Financial Highlights	18
Additional Information	21

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013
				Average Annual Returns
	Ticker Symbol	6 months⁽¹⁾	1 year	5 years	Since Inception	Inception Date
Investor Class	AFSIX	11.42%	8.70%	4.46%	5.84%	2/28/05
Russell 1000 Growth Index	—	13.71%	12.60%	6.65%	6.82%	—
Institutional Class	AFGNX	11.47%	8.93%	4.67%	3.93%	9/28/07
A Class No sales charge* With sales charge*	AFGAX	11.27% 4.88%	8.55% 2.31%	4.23% 3.00%	3.48% 2.39%	9/28/07
C Class No sales charge* With sales charge*	AFGCX	10.84% 9.84%	7.63% 7.63%	3.43% 3.43%	2.68% 2.68%	9/28/07
R Class	AFGRX	11.14%	8.25%	3.94%	3.21%	9/28/07

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

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

Total Annual Fund Operating Expenses
Investor Class	Institutional Class	A Class	C Class	R Class
1.01%	0.81%	1.26%	2.01%	1.51%

Fund Characteristics

APRIL 30, 2013
Top Ten Holdings	% of net assets
Coca-Cola Co. (The)	4.3%
Google, Inc. Class A	3.7%
Apple, Inc.	3.6%
MasterCard, Inc., Class A	3.5%
Monsanto Co.	3.5%
Schlumberger Ltd.	3.4%
Oracle Corp.	3.4%
Honeywell International, Inc.	3.3%
Comcast Corp., Class A	3.3%
Johnson & Johnson	3.2%

Top Five Industries	% of net assets
Computers and Peripherals	7.5%
Pharmaceuticals	7.3%
Media	5.8%
Aerospace and Defense	5.3%
Software	5.0%

Types of Investments in Portfolio	% of net assets
Common Stocks	97.2%
Exchange-Traded Funds	0.9%
Total Equity Exposure	98.1%
Temporary Cash Investments	1.9%
Other Assets and Liabilities	—*

*Category is less than 0.05% of total net assets.

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 11/1/12	Ending Account Value 4/30/13	Expenses Paid During Period⁽¹⁾ 11/1/12 - 4/30/13	Annualized Expense Ratio⁽¹⁾
Actual
Investor Class	$1,000	$1,114.20	$5.24	1.00%
Institutional Class	$1,000	$1,114.70	$4.19	0.80%
A Class	$1,000	$1,112.70	$6.55	1.25%
C Class	$1,000	$1,108.40	$10.46	2.00%
R Class	$1,000	$1,111.40	$7.85	1.50%
Hypothetical
Investor Class	$1,000	$1,019.84	$5.01	1.00%
Institutional Class	$1,000	$1,020.83	$4.01	0.80%
A Class	$1,000	$1,018.60	$6.26	1.25%
C Class	$1,000	$1,014.88	$9.99	2.00%
R Class	$1,000	$1,017.36	$7.50	1.50%

(1)	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

	Shares	Value
Common Stocks — 97.2%
AEROSPACE AND DEFENSE — 5.3%
Honeywell International, Inc.	7,931	$583,246
Textron, Inc.	5,946	153,110
United Technologies Corp.	2,098	191,526
		927,882
AIR FREIGHT AND LOGISTICS — 2.5%
United Parcel Service, Inc., Class B	5,048	433,320
AUTOMOBILES — 1.4%
Harley-Davidson, Inc.	4,343	237,345
BEVERAGES — 4.3%
Coca-Cola Co. (The)	17,844	755,336
BIOTECHNOLOGY — 1.0%
Alexion Pharmaceuticals, Inc.⁽¹⁾	1,871	183,358
CHEMICALS — 4.5%
Agrium, Inc.	2,043	187,282
Monsanto Co.	5,634	601,824
		789,106
COMMERCIAL BANKS — 1.1%
SunTrust Banks, Inc.	6,397	187,112
COMMUNICATIONS EQUIPMENT — 2.8%
Cisco Systems, Inc.	21,913	458,420
Research In Motion Ltd.⁽¹⁾	803	13,081
Riverbed Technology, Inc.⁽¹⁾	1,000	14,860
		486,361
COMPUTERS AND PERIPHERALS — 7.5%
Apple, Inc.	1,432	634,018
EMC Corp.⁽¹⁾	20,791	466,342
NetApp, Inc.⁽¹⁾	6,129	213,841
		1,314,201
ELECTRICAL EQUIPMENT — 0.1%
Rockwell Automation, Inc.	257	21,788
ENERGY EQUIPMENT AND SERVICES — 3.4%
Schlumberger Ltd.	8,047	598,938
FOOD AND STAPLES RETAILING — 1.8%
Wal-Mart Stores, Inc.	4,139	321,683
FOOD PRODUCTS — 1.0%
Hershey Co. (The)	1,916	170,831
HEALTH CARE EQUIPMENT AND SUPPLIES — 2.0%
Covidien plc	5,382	343,587
HEALTH CARE PROVIDERS AND SERVICES — 4.8%
AmerisourceBergen Corp.	6,758	365,743
Express Scripts Holding Co.⁽¹⁾	7,805	463,383
		829,126
HOTELS, RESTAURANTS AND LEISURE — 3.1%
Marriott International, Inc. Class A	3,087	$132,926
Starbucks Corp.	6,569	399,658
		532,584
HOUSEHOLD DURABLES — 2.1%
Mohawk Industries, Inc.⁽¹⁾	3,342	370,561
HOUSEHOLD PRODUCTS — 2.1%
Colgate-Palmolive Co.	3,010	359,424
INDUSTRIAL CONGLOMERATES — 0.2%
Danaher Corp.	543	33,090
INSURANCE — 2.5%
Travelers Cos., Inc. (The)	5,066	432,687
INTERNET AND CATALOG RETAIL — 0.9%
Amazon.com, Inc.⁽¹⁾	68	17,259
Expedia, Inc.	2,662	148,646
		165,905
INTERNET SOFTWARE AND SERVICES — 3.8%
eBay, Inc.⁽¹⁾	213	11,159
Google, Inc. Class A⁽¹⁾	782	644,814
		655,973
IT SERVICES — 3.5%
MasterCard, Inc., Class A	1,106	611,541
MACHINERY — 1.1%
Parker-Hannifin Corp.	2,202	195,031
MEDIA — 5.8%
CBS Corp., Class B	7,035	322,062
Comcast Corp., Class A	14,019	578,985
Discovery Communications, Inc. Class C⁽¹⁾	1,611	114,204
		1,015,251
OIL, GAS AND CONSUMABLE FUELS — 2.9%
Noble Energy, Inc.	737	83,494
Occidental Petroleum Corp.	4,799	428,359
		511,853
PHARMACEUTICALS — 7.3%
AbbVie, Inc.	9,305	428,495
Allergan, Inc.	2,223	252,422
Eli Lilly & Co.	761	42,144
Johnson & Johnson	6,535	556,978
		1,280,039
ROAD AND RAIL — 2.0%
Union Pacific Corp.	2,304	340,900
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 4.5%
Linear Technology Corp.	10,512	383,688
Xilinx, Inc.	10,387	393,771
		777,459

Shares

Value

SOFTWARE — 5.0%

Oracle Corp.
18,013 $590,466

Symantec Corp.⁽¹⁾
11,339 275,538

866,004

SPECIALTY RETAIL — 3.1%

GNC Holdings, Inc. Class A
1,095 49,637

Home Depot, Inc. (The)
101 7,408

Lowe’s Cos., Inc.
12,681 487,204

544,249

TEXTILES, APPAREL AND LUXURY GOODS — 0.5%

PVH Corp.
769 88,750

TOBACCO — 0.3%

Philip Morris International, Inc.
535 51,141

WIRELESS TELECOMMUNICATION SERVICES — 3.0%

SBA Communications Corp., Class A⁽¹⁾
6,630 523,704

TOTAL COMMON STOCKS

(Cost $12,874,317)
   16,956,120

Exchange-Traded Funds — 0.9%

iShares Russell 1000 Growth Index Fund

(Cost $153,568)
2,221    161,867

Temporary Cash Investments — 1.9%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $39,520), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $38,744)
$38,744

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $237,042), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $232,464)
232,463

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $39,561),

in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13
(Delivery value $38,744)
38,744

SSgA U.S. Government Money Market Fund
18,041 18,041

TOTAL TEMPORARY CASH INVESTMENTS

(Cost $327,992)
   327,992

TOTAL INVESTMENT SECURITIES — 100.0%

(Cost $13,355,877)
   17,445,979

OTHER ASSETS AND LIABILITIES^†
   (2,973 )

TOTAL NET ASSETS — 100.0%
   $17,443,006

Notes to Schedule of Investments

†	Category is less than 0.05% of total net assets.

(1)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $13,355,877)		$17,445,979
Receivable for capital shares sold		2,055
Dividends and interest receivable		9,898
		17,457,932

Liabilities
Accrued management fees		14,151
Distribution and service fees payable		775
		14,926

Net Assets		$17,443,006

Net Assets Consist of:
Capital (par value and paid-in surplus)		$12,721,609
Undistributed net investment income		15,634
Undistributed net realized gain		615,661
Net unrealized appreciation		4,090,102
		$17,443,006

	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$15,506,371	1,167,394	$13.28
Institutional Class, $0.01 Par Value	$31,007	2,333	$13.29
A Class, $0.01 Par Value	$879,598	66,351	$13.26*
C Class, $0.01 Par Value	$394,634	30,418	$12.97
R Class, $0.01 Par Value	$631,396	47,804	$13.21

*Maximum offering price $14.07 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $229)		$139,953
Interest		158
		140,111

Expenses:
Management fees		82,770
Distribution and service fees:
A Class		1,111
C Class		1,990
R Class		1,468
Directors’ fees and expenses		311
Other expenses		27
		87,677

Net investment income (loss)		52,434

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions		1,298,060
Change in net unrealized appreciation (depreciation) on investments		444,742

Net realized and unrealized gain (loss)		1,742,802

Net Increase (Decrease) in Net Assets Resulting from Operations		$1,795,236

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$52,434		$108,274
Net realized gain (loss)	1,298,060		830,859
Change in net unrealized appreciation (depreciation)	444,742		1,047,187
Net increase (decrease) in net assets resulting from operations	1,795,236		1,986,320

Distributions to Shareholders
From net investment income:
Investor Class	(98,934	)	(78,796	)
Institutional Class	(210	)	(183	)
A Class	(5,216	)	(3,082	)
C Class	(1,351	)	—
R Class	(3,125	)	(358	)
Decrease in net assets from distributions	(108,836	)	(82,419	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	(344,903	)	(2,029,094	)

Net increase (decrease) in net assets	1,341,497		(125,193	)

Net Assets
Beginning of period	16,101,509		16,226,702
End of period	$17,443,006		$16,101,509

Undistributed net investment income	$15,634		$72,036

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Focused Growth Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

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

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

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 0.800% to 1.000% for the Investor Class, A Class, C Class and R Class. The Institutional Class is 0.200% less at each point within the range. The effective annual management fee for each class for the six months ended April 30, 2013 was 1.00% for the Investor Class, A Class, C Class and R Class and 0.80% for the Institutional Class.

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended April 30, 2013 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $5,693,127 and $6,142,212, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

	Six months ended April 30, 2013				Year ended October 31, 2012
	Shares		Amount		Shares		Amount
Investor Class/Shares Authorized	50,000,000				50,000,000
Sold	86,527		$1,064,055		96,795		$1,125,652
Issued in reinvestment of distributions	7,954		97,837		7,272		76,575
Redeemed	(78,937	)	(990,846	)	(292,238	)	(3,410,412	)
	15,544		171,046		(188,171	)	(2,208,185	)
Institutional Class/Shares Authorized	10,000,000				10,000,000
Issued in reinvestment of distributions	17		210		17		183
A Class/Shares Authorized	10,000,000				10,000,000
Sold	898		11,284		46,218		566,025
Issued in reinvestment of distributions	414		5,093		272		2,868
Redeemed	(49,786	)	(590,628	)	(29,073	)	(336,864	)
	(48,474	)	(574,251	)	17,417		232,029
C Class/Shares Authorized	10,000,000				10,000,000
Sold	12,505		153,133		3,149		35,864
Issued in reinvestment of distributions	86		1,041		—		—
Redeemed	(8,641	)	(109,485	)	(9,600	)	(108,846	)
	3,950		44,689		(6,451	)	(72,982	)
R Class/Shares Authorized	10,000,000				10,000,000
Sold	945		11,887		3,022		36,167
Issued in reinvestment of distributions	255		3,125		34		358
Redeemed	(129	)	(1,609	)	(1,415	)	(16,664	)
	1,071		13,403		1,641		19,861
Net increase (decrease)	(27,892	)	$(344,903	)	(175,547	)	$(2,029,094	)

6. Fair Value Measurements

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

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

•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2	Level 3
Investment Securities
Common Stocks	$16,956,120	—	—
Exchange-Traded Funds	161,867	—	—
Temporary Cash Investments	18,041	$309,951	—
Total Value of Investment Securities	$17,136,028	$309,951	—

7. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$13,426,478
Gross tax appreciation of investments	$4,100,720
Gross tax depreciation of investments	(81,219	)
Net tax appreciation (depreciation) of investments	$4,019,501

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(603,891), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire in 2017.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net
Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment
Income

Net
Realized
Gains

Total
Distributions

Net Asset
Value, End
of Period

Total
Return⁽²⁾

Operating
Expenses

Net
Investment
Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of
Period (in thousands)

Investor Class

2013⁽³⁾

$12.00

0.04

1.32

1.36

(0.08)

—

(0.08)

$13.28

11.42%

1.00%⁽⁴⁾

0.69%⁽⁴⁾

35%

$15,506

2012

$10.70

0.08

1.28

1.36

(0.06)

—

(0.06)

$12.00

12.78%

1.01%

0.70%

59%

$13,828

2011

$10.17

0.06

0.53

0.59

(0.06)

—

(0.06)

$10.70

5.76%

1.00%

0.54%

91%

$14,335

2010

$8.73

0.04

1.40

1.44

—⁽⁵⁾

—

—⁽⁵⁾

$10.17

16.54%

1.02%

0.38%

66%

$12,739

2009

$7.73

0.04

1.01

1.05

(0.05)

—

(0.05)

$8.73

13.77%

1.00%

0.50%

125%

$12,541

2008

$12.92

0.02

(3.74)

(3.72)

(0.01)

(1.46)

(1.47)

$7.73

(32.19)%

1.00%

0.22%

130%

$8,814

Institutional Class

2013⁽³⁾

$12.01

0.06

1.31

1.37

(0.09)

—

(0.09)

$13.29

11.47%

0.80%⁽⁴⁾

0.89%⁽⁴⁾

35%

$31

2012

$10.70

0.10

1.29

1.39

(0.08)

—

(0.08)

$12.01

13.09%

0.81%

0.90%

59%

$28

2011

$10.17

0.08

0.53

0.61

(0.08)

—

(0.08)

$10.70

5.98%

0.80%

0.74%

91%

$25

2010

$8.73

0.05

1.41

1.46

(0.02)

—

(0.02)

$10.17

16.77%

0.82%

0.58%

66%

$23

2009

$7.73

0.05

1.01

1.06

(0.06)

—

(0.06)

$8.73

14.00%

0.80%

0.70%

125%

$20

2008

$12.93

0.04

(3.75)

(3.71)

(0.03)

(1.46)

(1.49)

$7.73

(32.09)%

0.80%

0.42%

130%

$17

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net
Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment
Income

Net
Realized
Gains

Total
Distributions

Net Asset
Value, End
of Period

Total
Return⁽²⁾

Operating
Expenses

Net
Investment
Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of
Period (in thousands)

A Class

2013⁽³⁾

$11.99

0.03

1.32

1.35

(0.08)

—

(0.08)

$13.26

11.27%

1.25%⁽⁴⁾

0.44%⁽⁴⁾

35%

$880

2012

$10.68

0.05

1.29

1.34

(0.03)

—

(0.03)

$11.99

12.62%

1.26%

0.45%

59%

$1,376

2011

$10.15

0.04

0.52

0.56

(0.03)

—

(0.03)

$10.68

5.51%

1.25%

0.29%

91%

$1,040

2010

$8.74

0.01

1.40

1.41

—

—

—

$10.15

16.27%

1.27%

0.13%

66%

$501

2009

$7.73

0.02

1.02

1.04

(0.03)

—

(0.03)

$8.74

13.48%

1.25%

0.25%

125%

$373

2008

$12.92

—⁽⁵⁾

(3.75)

(3.75)

—

(1.44)

(1.44)

$7.73

(32.37)%

1.25%

(0.03)%

130%

$241

C Class

2013⁽³⁾

$11.75

(0.02)

1.29

1.27

(0.05)

—

(0.05)

$12.97

10.84%

2.00%⁽⁴⁾

(0.31)%⁽⁴⁾

35%

$395

2012

$10.52

(0.03)

1.26

1.23

—

—

—

$11.75

11.69%

2.01%

(0.30)%

59%

$311

2011

$10.05

(0.05)

0.52

0.47

—

—

—

$10.52

4.68%

2.00%

(0.46)%

91%

$346

2010

$8.71

(0.06)

1.40

1.34

—

—

—

$10.05

15.38%

2.02%

(0.62)%

66%

$131

2009

$7.73

(0.04)

1.02

0.98

—

—

—

$8.71

12.68%

2.00%

(0.50)%

125%

$90

2008

$12.91

(0.08)

(3.75)

(3.83)

—

(1.35)

(1.35)

$7.73

(32.87)%

2.00%

(0.78)%

130%

$73

R Class

2013⁽³⁾

$11.95

0.01

1.32

1.33

(0.07)

—

(0.07)

$13.21

11.14%

1.50%⁽⁴⁾

0.19%⁽⁴⁾

35%

$631

2012

$10.65

0.02

1.29

1.31

(0.01)

—

(0.01)

$11.95

12.29%

1.51%

0.20%

59%

$558

2011

$10.12

0.01

0.52

0.53

—⁽⁵⁾

—

—⁽⁵⁾

$10.65

5.26%

1.50%

0.04%

91%

$480

2010

$8.73

(0.01)

1.40

1.39

—

—

—

$10.12

15.92%

1.52%

(0.12)%

66%

$24

2009

$7.73

—⁽⁵⁾

1.02

1.02

(0.02)

—

(0.02)

$8.73

13.19%

1.50%

0.00%⁽⁶⁾

125%

$20

2008

$12.92

(0.02)

(3.76)

(3.78)

—

(1.41)

(1.41)

$7.73

(32.56)%

1.50%

(0.28)%

130%

$17

Notes to Financial Highlights

(1)	Computed using average shares outstanding throughout the period.
(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)	Six months ended April 30, 2013 (unaudited).
(4)	Annualized.
(5)	Per-share amount was less than $0.005.
(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

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American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78698 1306

SEMIANNUAL REPORT APRIL 30, 2013

Fundamental Equity Fund

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Notes to Financial Statements	15
Financial Highlights	20
Additional Information	23

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013
				Average Annual Returns
	Ticker Symbol	6 months⁽¹⁾	1 year	5 years	Since Inception	Inception Date
A Class No sales charge* With sales charge*	AFDAX	13.68% 7.16%	16.11% 9.46%	4.86% 3.63%	7.89% 7.14%	11/30/04
S&P 500 Index	—	14.42%	16.89%	5.21%	5.92%	—
Investor Class	AFDIX	13.87%	16.47%	5.12%	7.68%	7/29/05
Institutional Class	AFEIX	13.91%	16.66%	5.33%	7.89%	7/29/05
B Class No sales charge* With sales charge*	AFDBX	13.28% 8.28%	15.25% 11.25%	4.07% 3.90%	7.08% 7.08%	11/30/04
C Class No sales charge* With sales charge*	AFDCX	13.20% 12.20%	15.25% 15.25%	4.07% 4.07%	7.08% 7.08%	11/30/04
R Class	AFDRX	13.58%	15.86%	4.59%	7.13%	7/29/05

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year to 0.00% after the sixth year. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

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

Total Annual Fund Operating Expenses
Investor Class	Institutional Class	A Class	B Class	C Class	R Class
1.01%	0.81%	1.26%	2.01%	2.01%	1.51%

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

Fund Characteristics

APRIL 30, 2013
Top Ten Holdings	% of net assets
Exxon Mobil Corp.	4.2%
Apple, Inc.	2.9%
JPMorgan Chase & Co.	2.7%
International Business Machines Corp.	2.7%
Microsoft Corp.	2.5%
Chevron Corp.	2.3%
Amgen, Inc.	2.0%
Home Depot, Inc. (The)	1.9%
Procter & Gamble Co. (The)	1.9%
Wells Fargo & Co.	1.8%

Top Five Industries	% of net assets
Oil, Gas and Consumable Fuels	9.7%
Pharmaceuticals	5.4%
IT Services	5.0%
Media	4.7%
Insurance	4.7%

Types of Investments in Portfolio	% of net assets
Common Stocks	97.6%
Exchange-Traded Funds	1.6%
Total Equity Exposure	99.2%
Temporary Cash Investments	0.9%
Other Assets and Liabilities	(0.1)%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 11/1/12	Ending Account Value 4/30/13	Expenses Paid During Period⁽¹⁾ 11/1/12 - 4/30/13	Annualized Expense Ratio⁽¹⁾
Actual
Investor Class	$1,000	$1,138.70	$5.36	1.01%
Institutional Class	$1,000	$1,139.10	$4.30	0.81%
A Class	$1,000	$1,136.80	$6.68	1.26%
B Class	$1,000	$1,132.80	$10.63	2.01%
C Class	$1,000	$1,132.00	$10.63	2.01%
R Class	$1,000	$1,135.80	$8.00	1.51%
Hypothetical
Investor Class	$1,000	$1,019.79	$5.06	1.01%
Institutional Class	$1,000	$1,020.78	$4.06	0.81%
A Class	$1,000	$1,018.55	$6.31	1.26%
B Class	$1,000	$1,014.83	$10.04	2.01%
C Class	$1,000	$1,014.83	$10.04	2.01%
R Class	$1,000	$1,017.31	$7.55	1.51%

(1)	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

	Shares	Value
Common Stocks — 97.6%
AEROSPACE AND DEFENSE — 3.8%
Boeing Co. (The)	9,309	$850,936
General Dynamics Corp.	17,785	1,315,379
Honeywell International, Inc.	46,408	3,412,844
Lockheed Martin Corp.	2,660	263,579
Northrop Grumman Corp.	7,585	574,488
United Technologies Corp.	11,555	1,054,856
		7,472,082
AIR FREIGHT AND LOGISTICS — 0.8%
United Parcel Service, Inc., Class B	18,042	1,548,725
AIRLINES — 0.2%
Allegiant Travel Co.	4,218	379,198
AUTOMOBILES — 0.6%
Ford Motor Co.	88,190	1,209,085
BEVERAGES — 1.8%
Coca-Cola Enterprises, Inc.	10,120	370,696
Dr Pepper Snapple Group, Inc.	30,906	1,509,140
PepsiCo, Inc.	20,000	1,649,400
		3,529,236
BIOTECHNOLOGY — 2.2%
Amgen, Inc.	38,252	3,986,241
Gilead Sciences, Inc.⁽¹⁾	7,008	354,885
		4,341,126
CAPITAL MARKETS — 0.4%
Ameriprise Financial, Inc.	3,634	270,842
Legg Mason, Inc.	17,970	572,524
		843,366
CHEMICALS — 1.7%
Ashland, Inc.	1,302	110,943
CF Industries Holdings, Inc.	6,913	1,289,344
E.I. du Pont de Nemours & Co.	7,076	385,713
Eastman Chemical Co.	1,948	129,834
LyondellBasell Industries NV, Class A	20,625	1,251,938
Monsanto Co.	431	46,039
PPG Industries, Inc.	970	142,726
		3,356,537
COMMERCIAL BANKS — 2.5%
Bank of Hawaii Corp.	7,194	343,082
PNC Financial Services Group, Inc. (The)	15,995	1,085,741
Wells Fargo & Co.	94,683	3,596,060
		5,024,883
COMMERCIAL SERVICES AND SUPPLIES — 0.2%
Knoll, Inc.	19,082	$296,916
COMMUNICATIONS EQUIPMENT — 1.5%
Cisco Systems, Inc.	80,426	1,682,512
Motorola Solutions, Inc.	3,295	188,474
QUALCOMM, Inc.	12,268	755,954
Research In Motion Ltd.⁽¹⁾	24,639	401,369
		3,028,309
COMPUTERS AND PERIPHERALS — 3.9%
Apple, Inc.	12,862	5,694,650
EMC Corp.⁽¹⁾	68,839	1,544,059
Hewlett-Packard Co.	12,073	248,704
Seagate Technology plc	7,164	262,919
		7,750,332
CONSTRUCTION AND ENGINEERING — 0.2%
EMCOR Group, Inc.	8,050	301,070
Fluor Corp.	2,220	126,496
Foster Wheeler AG⁽¹⁾	1,622	34,224
		461,790
CONSUMER FINANCE — 1.5%
American Express Co.	6,118	418,532
Capital One Financial Corp.	28,186	1,628,587
Discover Financial Services	21,375	934,943
		2,982,062
DIVERSIFIED FINANCIAL SERVICES — 4.2%
Citigroup, Inc.	61,767	2,882,048
JPMorgan Chase & Co.	109,534	5,368,262
		8,250,310
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.7%
AT&T, Inc.	80,765	3,025,457
Verizon Communications, Inc.	43,998	2,371,932
		5,397,389
ELECTRIC UTILITIES — 1.6%
FirstEnergy Corp.	18,357	855,436
Northeast Utilities	15,287	692,960
Xcel Energy, Inc.	49,686	1,579,518
		3,127,914
ELECTRICAL EQUIPMENT — 1.1%
Belden, Inc.	9,932	490,839
Emerson Electric Co.	31,805	1,765,496
		2,256,335
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.1%
Jabil Circuit, Inc.	8,979	159,826

Shares

Value

ENERGY EQUIPMENT AND SERVICES — 1.0%

Halliburton Co.
13,825 $591,295

National Oilwell Varco, Inc.
11,987 781,792

Patterson-UTI Energy, Inc.
21,715 457,969

Schlumberger Ltd.
1,350 100,481

1,931,537

FOOD AND STAPLES RETAILING — 2.0%

Kroger Co. (The)
2,198 75,567

Safeway, Inc.
10,775 242,653

Sysco Corp.
1,557 54,277

Wal-Mart Stores, Inc.
33,726 2,621,185

Walgreen Co.
19,444 962,672

3,956,354

FOOD PRODUCTS — 1.7%

Archer-Daniels-Midland Co.
5,937 201,502

ConAgra Foods, Inc.
16,365 578,830

Green Mountain Coffee Roasters, Inc.⁽¹⁾
4,259 244,467

Kraft Foods Group, Inc.
1,400 72,086

Mondelez International, Inc. Class A
4,202 132,153

Smithfield Foods, Inc.⁽¹⁾
27,151 695,065

Tyson Foods, Inc., Class A
56,986 1,403,565

3,327,668

GAS UTILITIES — 0.1%

Questar Corp.
9,030 229,272

HEALTH CARE EQUIPMENT AND SUPPLIES — 1.5%

Abbott Laboratories
45,604 1,683,699

Baxter International, Inc.
2,022 141,277

Covidien plc
1,364 87,078

Medtronic, Inc.
5,451 254,453

ResMed, Inc.
10,245 491,965

Stryker Corp.
5,057 331,638

2,990,110

HEALTH CARE PROVIDERS AND SERVICES — 4.2%

Aetna, Inc.
19,667 1,129,672

AmerisourceBergen Corp.
50,131 2,713,090

Cardinal Health, Inc.
40,541 1,792,723

Express Scripts Holding Co.⁽¹⁾
4,727 280,642

UnitedHealth Group, Inc.
38,219 2,290,465

8,206,592

HOTELS, RESTAURANTS AND LEISURE — 1.3%

Bally Technologies, Inc.⁽¹⁾
3,765 200,599

Cheesecake Factory, Inc. (The)
2,791 111,138

Starbucks Corp.
9,634 586,133

Wyndham Worldwide Corp.
17,731 $1,065,278

Wynn Resorts Ltd.
4,654 638,994

Yum! Brands, Inc.
522 35,559

2,637,701

HOUSEHOLD DURABLES — 0.2%

Tupperware Brands Corp.
3,824 307,067

HOUSEHOLD PRODUCTS — 2.3%

Colgate-Palmolive Co.
1,710 204,191

Kimberly-Clark Corp.
6,362 656,495

Procter & Gamble Co. (The)
48,773 3,744,303

4,604,989

INDUSTRIAL CONGLOMERATES — 1.5%

General Electric Co.
133,326 2,971,837

INSURANCE — 4.7%

ACE Ltd.
10,193 908,604

Aflac, Inc.
10,667 580,711

American Financial Group, Inc.
5,192 250,618

American International Group, Inc.⁽¹⁾
16,426 680,365

Assurant, Inc.
10,255 487,523

Chubb Corp. (The)
6,167 543,128

MetLife, Inc.
8,399 327,477

Principal Financial Group, Inc.
15,797 570,272

Prudential Financial, Inc.
43,296 2,615,944

Travelers Cos., Inc. (The)
7,491 639,806

Unum Group
60,107 1,676,384

9,280,832

INTERNET AND CATALOG RETAIL — 1.1%

Amazon.com, Inc.⁽¹⁾
3,391 860,670

Expedia, Inc.
16,477 920,076

priceline.com, Inc.⁽¹⁾
189 131,542

TripAdvisor, Inc.⁽¹⁾
3,314 174,250

2,086,538

INTERNET SOFTWARE AND SERVICES — 1.8%

AOL, Inc.
4,415 170,596

eBay, Inc.⁽¹⁾
6,362 333,305

Google, Inc. Class A⁽¹⁾
3,620 2,984,943

3,488,844

IT SERVICES — 5.0%

Accenture plc, Class A
17,591 1,432,611

Computer Sciences Corp.
1,276 59,780

International Business Machines Corp.
26,344 5,335,714

Visa, Inc., Class A
12,667 2,133,883

Western Union Co. (The)
59,854 886,438

9,848,426

Shares

Value

LEISURE EQUIPMENT AND PRODUCTS — 0.3%

Hasbro, Inc.
13,567 $642,669

LIFE SCIENCES TOOLS AND SERVICES — 0.3%

Agilent Technologies, Inc.
8,917 369,521

Thermo Fisher Scientific, Inc.
2,661 214,689

584,210

MACHINERY — 1.7%

AGCO Corp.
3,140 167,205

Cummins, Inc.
5,715 608,019

Dover Corp.
28,950 1,996,971

Oshkosh Corp.⁽¹⁾
1,530 60,067

Wabtec Corp.
4,869 510,953

3,343,215

MEDIA — 4.7%

CBS Corp., Class B
21,505 984,499

Comcast Corp., Class A
86,858 3,587,235

Gannett Co., Inc.
4,642 93,583

Omnicom Group, Inc.
4,834 288,928

Time Warner Cable, Inc.
12,268 1,151,842

Time Warner, Inc.
46,847 2,800,514

Viacom, Inc., Class B
6,815 436,092

9,342,693

METALS AND MINING — 0.3%

Freeport-McMoRan Copper & Gold, Inc.
11,166 339,781

Reliance Steel & Aluminum Co.
4,025 261,907

601,688

MULTI-UTILITIES — 1.4%

Ameren Corp.
3,704 134,270

CenterPoint Energy, Inc.
56,537 1,395,333

DTE Energy Co.
16,137 1,176,065

Public Service Enterprise Group, Inc.
2,141 78,382

2,784,050

MULTILINE RETAIL — 0.4%

Dillard’s, Inc., Class A
2,941 242,368

Macy’s, Inc.
14,414 642,864

885,232

OIL, GAS AND CONSUMABLE FUELS — 9.7%

Chevron Corp.
37,212 4,540,236

ConocoPhillips
35,734 2,160,120

Exxon Mobil Corp.
93,142 8,288,707

Hess Corp.
5,790 417,922

HollyFrontier Corp.
22,366 1,105,999

Murphy Oil Corp.
8,503 527,951

Occidental Petroleum Corp.
18,269 $1,630,691

Peabody Energy Corp.
9,996 200,520

Valero Energy Corp.
7,854 316,673

WPX Energy, Inc.⁽¹⁾
2,422 37,856

19,226,675

PAPER AND FOREST PRODUCTS — 1.0%

International Paper Co.
41,581 1,953,475

PHARMACEUTICALS — 5.4%

AbbVie, Inc.
45,604 2,100,064

Bristol-Myers Squibb Co.
72,016 2,860,476

Hospira, Inc.⁽¹⁾
8,582 284,236

Johnson & Johnson
38,892 3,314,765

Merck & Co., Inc.
1,785 83,895

Pfizer, Inc.
71,169 2,068,883

10,712,319

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.3%

American Tower Corp.
15,205 1,277,068

Public Storage
6,035 995,775

Simon Property Group, Inc.
1,441 256,599

2,529,442

ROAD AND RAIL — 1.3%

CSX Corp.
8,322 204,638

Ryder System, Inc.
16,422 953,625

Union Pacific Corp.
9,153 1,354,278

2,512,541

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.6%

Altera Corp.
31,089 995,159

Intel Corp.
59,036 1,413,912

Texas Instruments, Inc.
18,198 658,950

3,068,021

SOFTWARE — 3.5%

Microsoft Corp.
146,655 4,854,281

Oracle Corp.
36,500 1,196,470

Red Hat, Inc.⁽¹⁾
772 37,002

Symantec Corp.⁽¹⁾
35,634 865,906

6,953,659

SPECIALTY RETAIL — 3.8%

AutoZone, Inc.⁽¹⁾
769 314,590

Chico’s FAS, Inc.
13,284 242,699

Gap, Inc. (The)
27,572 1,047,460

Home Depot, Inc. (The)
51,780 3,798,063

L Brands, Inc.
2,229 112,364

Lowe’s Cos., Inc.
17,655 678,305

Pier 1 Imports, Inc.
52,577 1,220,312

7,413,793

Shares

Value

TEXTILES, APPAREL AND LUXURY GOODS — 0.1%

Coach, Inc.
3,968 $233,556

TOBACCO — 1.4%


Altria Group, Inc.
8,647 315,702

Lorillard, Inc.
5,405 231,821

Philip Morris International, Inc.
23,492 2,245,600

2,793,123

TOTAL COMMON STOCKS

(Cost $120,691,974)
   192,863,549

Exchange-Traded Funds — 1.6%

SPDR S&P 500 ETF Trust

(Cost $2,891,352)
20,002    3,193,919

Temporary Cash Investments — 0.9%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $216,630), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $212,374)
212,373

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $1,299,336), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $1,274,241)
$1,274,238

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $216,850),

in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $212,373)
212,373

SSgA U.S. Government Money Market Fund
98,895 98,895

TOTAL TEMPORARY CASH INVESTMENTS

(Cost $1,797,879)
   1,797,879

TOTAL INVESTMENT SECURITIES — 100.1%

(Cost $125,381,205)
   197,855,347

OTHER ASSETS AND LIABILITIES — (0.1)%
   (112,619 )

TOTAL NET ASSETS — 100.0%
   $197,742,728

Notes to Schedule of Investments

(1)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $125,381,205)	$197,855,347
Receivable for capital shares sold	67,351
Dividends and interest receivable	207,991
	198,130,689

Liabilities
Payable for capital shares redeemed	188,941
Accrued management fees	158,838
Distribution and service fees payable	40,182
	387,961

Net Assets	$197,742,728

Net Assets Consist of:
Capital (par value and paid-in surplus)	$229,821,161
Undistributed net investment income	492,025
Accumulated net realized loss	(105,044,600	)
Net unrealized appreciation	72,474,142
	$197,742,728

	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$52,060,658	3,125,373	$16.66
Institutional Class, $0.01 Par Value	$10,096,179	604,893	$16.69
A Class, $0.01 Par Value	$112,042,841	6,742,096	$16.62*
B Class, $0.01 Par Value	$3,154,022	192,693	$16.37
C Class, $0.01 Par Value	$16,018,094	978,295	$16.37
R Class, $0.01 Par Value	$4,370,934	264,109	$16.55

*Maximum offering price $17.63 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $9,641)		$2,310,896
Interest		733
		2,311,629

Expenses:
Management fees		894,882
Distribution and service fees:
A Class		132,633
B Class		15,544
C Class		75,770
R Class		9,157
Directors’ fees and expenses		5,387
		1,133,373

Net investment income (loss)		1,178,256

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions		3,646,962
Change in net unrealized appreciation (depreciation) on investments		18,841,846

Net realized and unrealized gain (loss)		22,488,808

Net Increase (Decrease) in Net Assets Resulting from Operations		$23,667,064

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$1,178,256		$2,015,649
Net realized gain (loss)	3,646,962		7,398,862
Change in net unrealized appreciation (depreciation)	18,841,846		15,225,088
Net increase (decrease) in net assets resulting from operations	23,667,064		24,639,599

Distributions to Shareholders
From net investment income:
Investor Class	(505,892	)	(478,590	)
Institutional Class	(124,491	)	(111,278	)
A Class	(1,279,655	)	(981,254	)
B Class	(32,227	)	(7,176	)
C Class	(153,858	)	(32,405	)
R Class	(34,693	)	(13,234	)
Decrease in net assets from distributions	(2,130,816	)	(1,623,937	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	2,064,885		(20,705,063	)

Net increase (decrease) in net assets	23,601,133		2,310,599

Net Assets
Beginning of period	174,141,595		171,830,996
End of period	$197,742,728		$174,141,595

Undistributed net investment income	$492,025		$1,444,585

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Fundamental Equity Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth. Income is a secondary objective.

The fund offers the Investor Class, the Institutional Class, the A Class, the B Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class, B Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is charged a lower unified management fee.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost.

cause the fund to use these procedures to value a security include, but are not limited to: a security has been declared in default; trading in a security has been halted during the trading day; there is a foreign market holiday and no trading occurred; or an event occurred between the close of a foreign exchange and the NYSE that may affect the value of a security.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 0.800% to 1.000% for the Investor Class, A Class, B Class, C Class and R Class. The Institutional Class is 0.200% less at each point within the range. The effective annual management fee for each class for the six months ended April 30, 2013 was 1.00% for the Investor Class, A Class, B Class, C Class and R Class and 0.80% for the Institutional Class.

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended April 30, 2013 are detailed in the Statement of Operations.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $23,981,649 and $23,046,767, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

	Six months ended April 30, 2013				Year ended October 31, 2012
	Shares		Amount		Shares		Amount
Investor Class/Shares Authorized	200,000,000				200,000,000
Sold	933,013		$14,527,185		1,342,007		$18,814,978
Issued in reinvestment of distributions	31,320		469,801		35,466		454,676
Redeemed	(419,232	)	(6,469,588	)	(2,344,052	)	(31,995,934	)
	545,101		8,527,398		(966,579	)	(12,726,280	)
Institutional Class/Shares Authorized	25,000,000				25,000,000
Sold	33,117		511,607		679,623		8,808,345
Issued in reinvestment of distributions	8,288		124,491		8,687		111,278
Redeemed	(57,854	)	(889,859	)	(74,872	)	(1,040,106	)
	(16,449	)	(253,761	)	613,438		7,879,517
A Class/Shares Authorized	150,000,000				150,000,000
Sold	551,291		8,501,823		1,044,206		14,687,028
Issued in reinvestment of distributions	77,769		1,164,981		71,129		911,874
Redeemed	(1,031,346	)	(15,885,866	)	(2,172,087	)	(30,183,533	)
	(402,286	)	(6,219,062	)	(1,056,752	)	(14,584,631	)
B Class/Shares Authorized	25,000,000				25,000,000
Sold	4,142		63,983		2,968		40,429
Issued in reinvestment of distributions	1,991		29,471		521		6,630
Redeemed	(30,230	)	(464,768	)	(31,934	)	(443,468	)
	(24,097	)	(371,314	)	(28,445	)	(396,409	)
C Class/Shares Authorized	50,000,000				50,000,000
Sold	69,580		1,062,807		134,302		1,852,399
Issued in reinvestment of distributions	6,759		100,029		1,594		20,313
Redeemed	(122,791	)	(1,869,703	)	(205,903	)	(2,860,466	)
	(46,452	)	(706,867	)	(70,007	)	(987,754	)
R Class/Shares Authorized	10,000,000				10,000,000
Sold	110,853		1,676,227		103,146		1,481,207
Issued in reinvestment of distributions	2,324		34,693		1,034		13,234
Redeemed	(40,104	)	(622,429	)	(103,525	)	(1,383,947	)
	73,073		1,088,491		655		110,494
Net increase (decrease)	128,890		$2,064,885		(1,507,690	)	$(20,705,063	)

6. Fair Value Measurements

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

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

•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2	Level 3
Investment Securities
Common Stocks	$192,863,549	—	—
Exchange-Traded Funds	3,193,919	—	—
Temporary Cash Investments	98,895	$1,698,984	—
Total Value of Investment Securities	$196,156,363	$1,698,984	—

7. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$	129,349,937
Gross tax appreciation of investments	$	69,987,600
Gross tax depreciation of investments		(1,482,190	)
Net tax appreciation (depreciation) of investments	$	68,505,410

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(104,635,769), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers of $(31,004,542) and $(73,631,227) expire in 2016 and 2017, respectively.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2013⁽³⁾	$14.82	0.12	1.91	2.03	(0.19)	—	(0.19)	$16.66	13.87%	1.01%⁽⁴⁾	1.54%⁽⁴⁾	13%	$52,061
2012	$12.97	0.20	1.81	2.01	(0.16)	—	(0.16)	$14.82	15.65%	1.01%	1.39%	18%	$38,250
2011	$11.95	0.14	1.02	1.16	(0.14)	—	(0.14)	$12.97	9.72%	1.01%	1.11%	18%	$45,991
2010	$10.57	0.12	1.40	1.52	(0.14)	—	(0.14)	$11.95	14.47%	1.02%	1.06%	29%	$41,698
2009	$9.93	0.12	0.66	0.78	(0.14)	—	(0.14)	$10.57	8.16%	1.01%	1.37%	64%	$37,918
2008	$15.68	0.15	(5.42)	(5.27)	(0.12)	(0.36)	(0.48)	$9.93	(34.56)%	1.01%	1.15%	97%	$37,535
Institutional Class
2013⁽³⁾	$14.85	0.14	1.90	2.04	(0.20)	—	(0.20)	$16.69	13.91%	0.81%⁽⁴⁾	1.74%⁽⁴⁾	13%	$10,096
2012	$12.99	0.21	1.83	2.04	(0.18)	—	(0.18)	$14.85	15.93%	0.81%	1.59%	18%	$9,225
2011	$11.96	0.17	1.02	1.19	(0.16)	—	(0.16)	$12.99	10.02%	0.81%	1.31%	18%	$103
2010	$10.59	0.15	1.38	1.53	(0.16)	—	(0.16)	$11.96	14.57%	0.82%	1.26%	29%	$120
2009	$9.94	0.16	0.65	0.81	(0.16)	—	(0.16)	$10.59	8.47%	0.81%	1.57%	64%	$274
2008	$15.70	0.19	(5.44)	(5.25)	(0.15)	(0.36)	(0.51)	$9.94	(34.45)%	0.81%	1.35%	97%	$589

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net
Asset Value, Beginning
of Period

Net
Investment
Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From
Investment
Operations

Net
Investment
Income

Net
Realized
Gains

Total
Distributions

Net Asset
Value, End
of Period

Total
Return⁽²⁾

Operating
Expenses

Net
Investment
Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of
Period (in thousands)

A Class

2013⁽³⁾

$14.80

0.10

1.90

2.00

(0.18)

—

(0.18)

$16.62

13.68%

1.26%⁽⁴⁾

1.29%⁽⁴⁾

13%

$112,043

2012

$12.94

0.16

1.82

1.98

(0.12)

—

(0.12)

$14.80

15.48%

1.26%

1.14%

18%

$105,718

2011

$11.93

0.11

1.01

1.12

(0.11)

—

(0.11)

$12.94

9.38%

1.26%

0.86%

18%

$106,159

2010

$10.56

0.09

1.39

1.48

(0.11)

—

(0.11)

$11.93

14.10%

1.27%

0.81%

29%

$129,960

2009

$9.91

0.11

0.66

0.77

(0.12)

—

(0.12)

$10.56

8.00%

1.26%

1.12%

64%

$159,959

2008

$15.65

0.12

(5.41)

(5.29)

(0.09)

(0.36)

(0.45)

$9.91

(34.73)%

1.26%

0.90%

97%

$218,469

B Class

2013⁽³⁾

$14.60

0.04

1.88

1.92

(0.15)

—

(0.15)

$16.37

13.28%

2.01%⁽⁴⁾

0.54%⁽⁴⁾

13%

$3,154

2012

$12.77

0.06

1.80

1.86

(0.03)

—

(0.03)

$14.60

14.60%

2.01%

0.39%

18%

$3,165

2011

$11.77

0.01

1.00

1.01

(0.01)

—

(0.01)

$12.77

8.59%

2.01%

0.11%

18%

$3,133

2010

$10.42

0.01

1.37

1.38

(0.03)

—

(0.03)

$11.77

13.23%

2.02%

0.06%

29%

$3,838

2009

$9.78

0.03

0.66

0.69

(0.05)

—

(0.05)

$10.42

7.17%

2.01%

0.37%

64%

$4,043

2008

$15.45

0.02

(5.36)

(5.34)

—

(0.33)

(0.33)

$9.78

(35.23)%

2.01%

0.15%

97%

$4,195

C Class

2013⁽³⁾

$14.61

0.04

1.87

1.91

(0.15)

—

(0.15)

$16.37

13.20%

2.01%⁽⁴⁾

0.54%⁽⁴⁾

13%

$16,018

2012

$12.78

0.05

1.81

1.86

(0.03)

—

(0.03)

$14.61

14.59%

2.01%

0.39%

18%

$14,967

2011

$11.77

0.01

1.01

1.02

(0.01)

—

(0.01)

$12.78

8.68%

2.01%

0.11%

18%

$13,990

2010

$10.42

0.01

1.37

1.38

(0.03)

—

(0.03)

$11.77

13.23%

2.02%

0.06%

29%

$14,816

2009

$9.79

0.03

0.65

0.68

(0.05)

—

(0.05)

$10.42

7.06%

2.01%

0.37%

64%

$15,311

2008

$15.46

0.02

(5.36)

(5.34)

—

(0.33)

(0.33)

$9.79

(35.20)%

2.01%

0.15%

97%

$18,919

Notes to Financial Highlights

(1)	Computed using average shares outstanding throughout the period.
(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)	Six months ended April 30, 2013 (unaudited).
(4)	Annualized.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

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

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78697 1306

SEMIANNUAL REPORT APRIL 30, 2013

Growth Fund

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Financial Highlights	19
Additional Information	22

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013
				Average Annual Returns
	Ticker Symbol	6 months⁽¹⁾	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWCGX	11.62%	8.05%	5.18%	7.97%	13.34%	6/30/71⁽²⁾
Russell 1000 Growth Index	—	13.71%	12.60%	6.65%	8.07%	N/A⁽³⁾	—
Institutional Class	TWGIX	11.76%	8.28%	5.40%	8.18%	5.72%	6/16/97
A Class⁽⁴⁾ No sales charge* With sales charge*	TCRAX	11.53% 5.10%	7.81% 1.63%	4.93% 3.69%	7.71% 7.07%	5.59% 5.19%	6/4/97
C Class No sales charge* With sales charge*	TWRCX	11.07% 10.07%	6.98% 6.98%	— —	— —	11.37% 11.37%	3/1/10
R Class	AGWRX	11.37%	7.52%	4.66%	—	6.70%	8/29/03

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

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

(3)	Benchmark data first available 12/29/78.

(4)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Total Annual Fund Operating Expenses
Investor Class	Institutional Class	A Class	C Class	R Class
0.97%	0.77%	1.22%	1.97%	1.47%

Fund Characteristics

APRIL 30, 2013
Top Ten Holdings	% of net assets
Apple, Inc.	5.6%
Google, Inc. Class A	2.9%
Philip Morris International, Inc.	2.7%
Coca-Cola Co. (The)	2.4%
Microsoft Corp.	2.2%
PepsiCo, Inc.	2.2%
MasterCard, Inc., Class A	1.9%
Oracle Corp.	1.9%
McDonald’s Corp.	1.8%
Union Pacific Corp.	1.8%

Top Five Industries	% of net assets
Computers and Peripherals	7.9%
Software	7.1%
Beverages	5.6%
Pharmaceuticals	5.4%
Aerospace and Defense	4.9%

Types of Investments in Portfolio	% of net assets
Common Stocks	98.9%
Temporary Cash Investments	0.5%
Other Assets and Liabilities	0.6%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 11/1/12	Ending Account Value 4/30/13	Expenses Paid During Period⁽¹⁾ 11/1/12 – 4/30/13	Annualized Expense Ratio⁽¹⁾
Actual
Investor Class	$1,000	$1,116.20	$5.09	0.97%
Institutional Class	$1,000	$1,117.60	$4.04	0.77%
A Class	$1,000	$1,115.30	$6.40	1.22%
C Class	$1,000	$1,110.70	$10.31	1.97%
R Class	$1,000	$1,113.70	$7.70	1.47%
Hypothetical
Investor Class	$1,000	$1,019.98	$4.86	0.97%
Institutional Class	$1,000	$1,020.98	$3.86	0.77%
A Class	$1,000	$1,018.75	$6.11	1.22%
C Class	$1,000	$1,015.03	$9.84	1.97%
R Class	$1,000	$1,017.51	$7.35	1.47%

(1)	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

	Shares	Value
Common Stocks — 98.9%
AEROSPACE AND DEFENSE — 4.9%
Honeywell International, Inc.	2,250,300	$ 165,487,062
Precision Castparts Corp.	549,000	105,018,210
Textron, Inc.	1,615,834	41,607,726
United Technologies Corp.	1,665,000	151,997,850
		464,110,848
AIR FREIGHT AND LOGISTICS — 1.6%
United Parcel Service, Inc., Class B	1,773,766	152,260,073
AIRLINES — 0.3%
Alaska Air Group, Inc.⁽¹⁾	520,200	32,065,128
AUTOMOBILES — 0.8%
Harley-Davidson, Inc.	1,343,500	73,422,275
BEVERAGES — 5.6%
Beam, Inc.	597,600	38,670,696
Brown-Forman Corp., Class B	375,300	26,458,650
Coca-Cola Co. (The)	5,431,900	229,932,327
Monster Beverage Corp.⁽¹⁾	576,400	32,508,960
PepsiCo, Inc.	2,465,400	203,321,538
		530,892,171
BIOTECHNOLOGY — 3.9%
Alexion Pharmaceuticals, Inc.⁽¹⁾	632,200	61,955,600
Amgen, Inc.	1,150,400	119,883,184
Gilead Sciences, Inc.⁽¹⁾	2,582,800	130,792,992
Regeneron Pharmaceuticals, Inc.⁽¹⁾	271,200	58,345,968
		370,977,744
CAPITAL MARKETS — 0.8%
Franklin Resources, Inc.	506,600	78,350,756
CHEMICALS — 2.8%
Agrium, Inc.	475,000	43,543,250
Huntsman Corp.	1,382,800	26,079,608
Monsanto Co.	1,535,000	163,968,700
W.R. Grace & Co.⁽¹⁾	410,500	31,653,655
		265,245,213
COMMERCIAL BANKS — 0.8%
SunTrust Banks, Inc.	2,431,900	71,133,075
COMMERCIAL SERVICES AND SUPPLIES — 0.5%
Tyco International Ltd.	1,454,600	46,721,752
COMMUNICATIONS EQUIPMENT — 2.5%
Cisco Systems, Inc.	3,245,800	67,902,136
Palo Alto Networks, Inc.⁽¹⁾	440,100	23,809,410
QUALCOMM, Inc.	1,157,800	71,343,636
Research In Motion Ltd.⁽¹⁾	1,731,400	28,204,506
Riverbed Technology, Inc.⁽¹⁾	3,024,900	44,950,014
		236,209,702
COMPUTERS AND PERIPHERALS — 7.9%
Apple, Inc.	1,182,100	$ 523,374,775
EMC Corp.⁽¹⁾	5,171,600	115,998,988
NetApp, Inc.⁽¹⁾	3,015,500	105,210,795
		744,584,558
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
Verizon Communications, Inc.	2,468,966	133,101,957
ELECTRICAL EQUIPMENT — 1.0%
Regal-Beloit Corp.	257,200	20,221,064
Rockwell Automation, Inc.	850,000	72,063,000
		92,284,064
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.8%
Avnet, Inc.⁽¹⁾	800,600	26,219,650
Trimble Navigation Ltd.⁽¹⁾	1,603,166	46,074,991
		72,294,641
ENERGY EQUIPMENT AND SERVICES — 2.6%
Cameron International Corp.⁽¹⁾	1,018,600	62,694,830
Core Laboratories NV	200,700	29,057,346
Oceaneering International, Inc.	1,115,300	78,260,601
Schlumberger Ltd.	957,300	71,251,839
		241,264,616
FOOD AND STAPLES RETAILING — 2.9%
Costco Wholesale Corp.	965,200	104,656,636
Wal-Mart Stores, Inc.	1,337,100	103,919,412
Whole Foods Market, Inc.	782,500	69,110,400
		277,686,448
FOOD PRODUCTS — 1.4%
Annie’s, Inc.⁽¹⁾	406,800	15,372,972
Hershey Co. (The)	277,400	24,732,984
Mead Johnson Nutrition Co.	817,600	66,299,184
Pinnacle Foods, Inc.⁽¹⁾	963,000	22,986,810
		129,391,950
HEALTH CARE EQUIPMENT AND SUPPLIES — 2.3%
CareFusion Corp.⁽¹⁾	798,400	26,698,496
Cooper Cos., Inc. (The)	232,600	25,679,040
Covidien plc	535,000	34,154,400
DENTSPLY International, Inc.	514,300	21,780,605
IDEXX Laboratories, Inc.⁽¹⁾	389,400	34,251,624
Intuitive Surgical, Inc.⁽¹⁾	95,600	47,062,924
ResMed, Inc.	535,400	25,709,908
		215,336,997
HEALTH CARE PROVIDERS AND SERVICES — 1.0%
AmerisourceBergen Corp.	225,500	12,204,060
Express Scripts Holding Co.⁽¹⁾	1,358,300	80,642,271
		92,846,331

Shares

Value

HOTELS, RESTAURANTS AND LEISURE — 3.6%

Marriott International, Inc. Class A
2,082,900 $ 89,689,674

McDonald’s Corp.
1,632,600 166,753,764

Starbucks Corp.
1,372,900 83,527,236

339,970,674

HOUSEHOLD DURABLES — 0.7%

Mohawk Industries, Inc.⁽¹⁾
552,100 61,216,848

HOUSEHOLD PRODUCTS — 0.6%

Colgate-Palmolive Co.
344,400 41,124,804

Procter & Gamble Co. (The)
242,700 18,632,079

59,756,883

INDUSTRIAL CONGLOMERATES — 0.8%

Danaher Corp.
1,195,000 72,823,300

INSURANCE — 0.8%

Travelers Cos., Inc. (The)
917,100 78,329,511

INTERNET AND CATALOG RETAIL — 1.6%

Amazon.com, Inc.⁽¹⁾
354,300 89,924,883

Expedia, Inc.
1,130,397 63,121,368

153,046,251

INTERNET SOFTWARE AND SERVICES — 4.3%

eBay, Inc.⁽¹⁾
2,560,200 134,128,878

Google, Inc. Class A⁽¹⁾
325,900 268,727,363

402,856,241

IT SERVICES — 3.4%

International Business Machines Corp.
691,700 140,096,918

MasterCard, Inc., Class A
320,400 177,158,772

317,255,690

LIFE SCIENCES TOOLS AND SERVICES — 0.5%

Waters Corp.⁽¹⁾
527,200 48,713,280

MACHINERY — 1.9%

Caterpillar, Inc.
483,800 40,963,346

Flowserve Corp.
206,100 32,588,532

Lincoln Electric Holdings, Inc.
484,000 25,535,840

Parker-Hannifin Corp.
882,800 78,189,596

177,277,314

MEDIA — 4.4%

CBS Corp., Class B
1,344,400 61,546,632

Comcast Corp., Class A
3,238,900 133,766,570

Discovery Communications, Inc. Class C⁽¹⁾
675,800 47,907,462

Scripps Networks Interactive, Inc. Class A
830,000 55,261,400

Viacom, Inc., Class B
1,833,200 117,306,468

415,788,532

METALS AND MINING — 0.7%

Coeur d’Alene Mines Corp.⁽¹⁾
905,000 13,792,200

Nucor Corp.
1,128,000 49,203,360

62,995,560

MULTI-UTILITIES — 0.4%

DTE Energy Co.
536,800 $ 39,121,984

OIL, GAS AND CONSUMABLE FUELS — 2.4%

EOG Resources, Inc.
667,100 80,825,836

Noble Energy, Inc.
660,600 74,839,374

Occidental Petroleum Corp.
796,600 71,104,516

226,769,726

PERSONAL PRODUCTS — 0.7%

Estee Lauder Cos., Inc. (The), Class A
904,500 62,727,075

PHARMACEUTICALS — 5.4%

AbbVie, Inc.
2,916,500 134,304,825

Allergan, Inc.
563,600 63,996,780

Bristol-Myers Squibb Co.
3,279,600 130,265,712

Eli Lilly & Co.
1,256,300 69,573,894

Johnson & Johnson
1,021,300 87,045,399

Zoetis, Inc.
700,300 23,123,906

508,310,516

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.6%

American Campus Communities, Inc.
866,500 38,680,560

Simon Property Group, Inc.
652,100 116,119,447

154,800,007

REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.5%

CBRE Group, Inc.⁽¹⁾
1,900,700 46,034,954

ROAD AND RAIL — 1.8%

Union Pacific Corp.
1,126,300 166,647,348

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.1%

Freescale Semiconductor Ltd.⁽¹⁾
2,109,200 32,650,416

Linear Technology Corp.
2,184,366 79,729,359

Teradyne, Inc.⁽¹⁾
3,112,100 51,162,924

Xilinx, Inc.
931,400 35,309,374

198,852,073

SOFTWARE — 7.1%

Cadence Design Systems, Inc.⁽¹⁾
3,494,400 48,222,720

CommVault Systems, Inc.⁽¹⁾
310,700 22,848,878

Electronic Arts, Inc.⁽¹⁾
2,668,600 46,994,046

Microsoft Corp.
6,227,133 206,118,102

NetSuite, Inc.⁽¹⁾
350,400 30,821,184

Oracle Corp.
5,342,000 175,110,760

Salesforce.com, Inc.⁽¹⁾
1,173,600 48,246,696

Splunk, Inc.⁽¹⁾
659,100 26,891,280

Symantec Corp.⁽¹⁾
2,519,167 61,215,758

666,469,424

Shares

Value

SPECIALTY RETAIL — 3.9%

Chico’s FAS, Inc.
1,506,500 $ 27,523,755

Foot Locker, Inc.
790,100 27,550,787

GNC Holdings, Inc. Class A
1,634,500 74,091,885

Home Depot, Inc. (The)
1,181,500 86,663,025

Lowe’s Cos., Inc.
2,670,200 102,589,084

Urban Outfitters, Inc.⁽¹⁾
1,265,400 52,438,176

370,856,712

TEXTILES, APPAREL AND LUXURY GOODS — 0.6%

PVH Corp.
468,600 54,081,126

TOBACCO — 2.7%

Philip Morris International, Inc.
2,656,900 253,973,071

WIRELESS TELECOMMUNICATION SERVICES — 0.6%

SBA Communications Corp., Class A⁽¹⁾
702,634 55,501,060

TOTAL COMMON STOCKS

(Cost $7,486,927,062)
   9,314,355,459

Temporary Cash Investments — 0.5%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $5,996,007), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $5,878,208)
5,878,188

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $35,963,811), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $35,269,218)
35,269,130

Repurchase Agreement, Goldman Sachs
& Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $6,002,102), in a joint trading account at 0.08%,

dated 4/30/13, due 5/1/13 (Delivery value $5,878,202)
$ 5,878,189

SSgA U.S. Government Money Market Fund
2,734,767 2,734,767

TOTAL TEMPORARY CASH INVESTMENTS

(Cost $49,760,274)
   49,760,274

TOTAL INVESTMENT SECURITIES — 99.4%

(Cost $7,536,687,336)
   9,364,115,733

OTHER ASSETS AND LIABILITIES — 0.6%
   53,107,263

TOTAL NET ASSETS — 100.0%
   $9,417,222,996

Notes to Schedule of Investments

(1)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $7,536,687,336)		$9,364,115,733
Receivable for investments sold		126,834,848
Receivable for capital shares sold		3,632,541
Dividends and interest receivable		5,150,902
		9,499,734,024

Liabilities
Payable for investments purchased		67,102,639
Payable for capital shares redeemed		8,204,569
Accrued management fees		6,980,962
Distribution and service fees payable		222,858
		82,511,028

Net Assets		$9,417,222,996

Net Assets Consist of:
Capital (par value and paid-in surplus)		$7,324,036,564
Undistributed net investment income		10,795,849
Undistributed net realized gain		254,962,148
Net unrealized appreciation		1,827,428,435
		$9,417,222,996

	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$5,944,040,035	201,756,649	$29.46
Institutional Class, $0.01 Par Value	$2,547,546,109	85,557,332	$29.78
A Class, $0.01 Par Value	$777,757,801	26,896,986	$28.92*
C Class, $0.01 Par Value	$14,273,638	494,901	$28.84
R Class, $0.01 Par Value	$133,605,413	4,655,742	$28.70

*Maximum offering price $30.68 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $125,428)		$81,884,307
Interest		22,846
		81,907,153

Expenses:
Management fees		40,901,089
Distribution and service fees:
A Class		916,065
C Class		70,064
R Class		303,860
Directors’ fees and expenses		161,950
Other expenses		3,692
		42,356,720

Net investment income (loss)		39,550,433

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions		277,343,815

Change in net unrealized appreciation (depreciation) on:
Investments		684,085,392
Translation of assets and liabilities in foreign currencies		22
		684,085,414

Net realized and unrealized gain (loss)		961,429,229

Net Increase (Decrease) in Net Assets Resulting from Operations		$1,000,979,662

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$39,550,433		$50,211,379
Net realized gain (loss)	277,343,815		325,855,193
Change in net unrealized appreciation (depreciation)	684,085,414		547,946,103
Net increase (decrease) in net assets resulting from operations	1,000,979,662		924,012,675

Distributions to Shareholders
From net investment income:
Investor Class	(50,120,019	)	(26,416,678	)
Institutional Class	(20,798,230	)	(14,792,971	)
A Class	(5,972,503	)	(1,716,972	)
C Class	(86,748	)	—
R Class	(890,390	)	(11,579	)
From net realized gains:
Investor Class	(177,112,347	)	(188,116,335	)
Institutional Class	(69,134,932	)	(75,859,024	)
A Class	(22,912,075	)	(23,798,326	)
C Class	(448,307	)	(518,181	)
R Class	(3,737,327	)	(2,911,202	)
Decrease in net assets from distributions	(351,212,878	)	(334,141,268	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	105,226,577		(108,468,943	)

Net increase (decrease) in net assets	754,993,361		481,402,464

Net Assets
Beginning of period	8,662,229,635		8,180,827,171
End of period	$9,417,222,996		$8,662,229,635

Undistributed net investment income	$10,795,849		$49,113,306

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Growth Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost.

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The strategy assets of the fund include the assets of NT Growth Fund, one fund in a series issued by the corporation. The annual management fee schedule ranges from 0.800% to 1.000% for the Investor Class, A Class, C Class and R Class. The Institutional Class is 0.200% less at each point within the range. The effective annual management fee for each class for the six months ended April 30, 2013 was 0.97% for the Investor Class, A Class, C Class and R Class and 0.77% for the Institutional Class.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $2,792,907,644 and $3,063,991,963, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

	Six months ended April 30, 2013				Year ended October 31, 2012
	Shares		Amount		Shares		Amount
Investor Class/Shares Authorized	800,000,000				800,000,000
Sold	9,424,204		$ 262,728,587		30,597,197		$ 815,590,046
Issued in reinvestment of distributions	8,131,994		221,190,204		8,543,449		208,801,900
Redeemed	(19,381,127	)	(545,098,491	)	(43,315,016	)	(1,179,529,361	)
	(1,824,929	)	(61,179,700	)	(4,174,370	)	(155,137,415	)
Institutional Class/Shares Authorized	250,000,000				250,000,000
Sold	14,032,191		393,384,313		28,226,797		760,524,181
Issued in reinvestment of distributions	3,154,202		86,645,932		3,536,090		87,129,253
Redeemed	(12,273,795	)	(346,961,358	)	(30,746,180	)	(858,219,071	)
	4,912,598		133,068,887		1,016,707		(10,565,637	)
A Class/Shares Authorized	310,000,000				310,000,000
Sold	2,900,570		79,330,855		7,679,409		199,942,589
Issued in reinvestment of distributions	1,010,735		27,006,835		969,672		23,340,001
Redeemed	(2,986,361	)	(82,029,813	)	(7,375,216	)	(194,657,631	)
	924,944		24,307,877		1,273,865		28,624,959
C Class/Shares Authorized	20,000,000				20,000,000
Sold	20,514		558,241		75,173		1,960,969
Issued in reinvestment of distributions	12,908		344,918		14,143		342,255
Redeemed	(60,619	)	(1,666,269	)	(143,783	)	(3,804,971	)
	(27,197	)	(763,110	)	(54,467	)	(1,501,747	)
R Class/Shares Authorized	30,000,000				30,000,000
Sold	736,883		20,191,534		2,150,364		56,736,953
Issued in reinvestment of distributions	167,967		4,457,853		111,295		2,666,644
Redeemed	(544,842	)	(14,856,764	)	(1,112,835	)	(29,292,700	)
	360,008		9,792,623		1,148,824		30,110,897
Net increase (decrease)	4,345,424		$ 105,226,577		(789,441	)	$(108,468,943	)

6. Fair Value Measurements

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

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

•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2	Level 3
Investment Securities
Common Stocks	$9,314,355,459	—	—
Temporary Cash Investments	2,734,767	$47,025,507	—
Total Value of Investment Securities	$9,317,090,226	$47,025,507	—

7. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$7,556,239,643
Gross tax appreciation of investments	$1,870,857,229
Gross tax depreciation of investments	(62,981,139	)
Net tax appreciation (depreciation) of investments	$1,807,876,090

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

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2013⁽³⁾	$27.48	0.12	2.98	3.10	(0.25)	(0.87)	(1.12)	$29.46	11.62%	0.97%⁽⁴⁾	0.86%⁽⁴⁾	31%	$5,944,040
2012	$25.88	0.14	2.50	2.64	(0.13)	(0.91)	(1.04)	$27.48	10.67%	0.97%	0.54%	74%	$5,593,916
2011	$24.00	0.16	1.81	1.97	(0.09)	—	(0.09)	$25.88	8.20%	0.98%	0.58%	79%	$5,377,431
2010	$20.28	0.10	3.68	3.78	(0.06)	—	(0.06)	$24.00	18.65%	1.00%	0.43%	86%	$4,440,152
2009	$17.69	0.09	2.58	2.67	(0.08)	—	(0.08)	$20.28	15.25%	1.00%	0.50%	114%	$3,372,274
2008	$26.78	0.04	(9.10)	(9.06)	(0.03)	—	(0.03)	$17.69	(33.86)%	1.00%	0.16%	129%	$2,617,302
Institutional Class
2013⁽³⁾	$27.75	0.15	3.01	3.16	(0.26)	(0.87)	(1.13)	$29.78	11.76%	0.77%⁽⁴⁾	1.06%⁽⁴⁾	31%	$2,547,546
2012	$26.13	0.20	2.51	2.71	(0.18)	(0.91)	(1.09)	$27.75	10.86%	0.77%	0.74%	74%	$2,237,708
2011	$24.23	0.20	1.84	2.04	(0.14)	—	(0.14)	$26.13	8.42%	0.78%	0.78%	79%	$2,080,463
2010	$20.47	0.14	3.72	3.86	(0.10)	—	(0.10)	$24.23	18.90%	0.80%	0.63%	86%	$1,106,748
2009	$17.86	0.12	2.61	2.73	(0.12)	—	(0.12)	$20.47	15.45%	0.80%	0.70%	114%	$549,496
2008	$27.03	0.08	(9.17)	(9.09)	(0.08)	—	(0.08)	$17.86	(33.71)%	0.80%	0.36%	129%	$286,262

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net Realized and Unrealized Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value, End
of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

A Class⁽⁵⁾

2013⁽³⁾

$27.00

0.08

2.94

3.02

(0.23)

(0.87)

(1.10)

$28.92

11.53%

1.22%⁽⁴⁾

0.61%⁽⁴⁾

31%

$777,758

2012

$25.45

0.07

2.46

2.53

(0.07)

(0.91)

(0.98)

$27.00

10.37%

1.22%

0.29%

74%

$701,313

2011

$23.60

0.08

1.79

1.87

(0.02)

—

(0.02)

$25.45

7.93%

1.23%

0.33%

79%

$628,634

2010

$19.94

0.04

3.62

3.66

—⁽⁶⁾

—

—⁽⁶⁾

$23.60

18.37%

1.25%

0.18%

86%

$369,142

2009

$17.40

0.04

2.54

2.58

(0.04)

—

(0.04)

$19.94

14.99%

1.25%

0.25%

114%

$214,371

2008

$26.36

(0.02)

(8.94)

(8.96)

—

—

—

$17.40

(34.03)%

1.25%

(0.09)%

129%

$141,441

C Class

2013⁽³⁾

$26.98

(0.02)

2.92

2.90

(0.17)

(0.87)

(1.04)

$28.84

11.07%

1.97%⁽⁴⁾

(0.14)%⁽⁴⁾

31%

$14,274

2012

$25.55

(0.12)

2.46

2.34

—

(0.91)

(0.91)

$26.98

9.55%

1.97%

(0.46)%

74%

$14,084

2011

$23.85

(0.12)

1.82

1.70

—

—

—

$25.55

7.13%

1.98%

(0.42)%

79%

$14,730

2010⁽⁷⁾

$22.10

(0.10)

1.85

1.75

—

—

—

$23.85

7.92%

2.00%⁽⁴⁾

(0.66)%⁽⁴⁾

86%⁽⁸⁾

$6,219

R Class

2013⁽³⁾

$26.82

0.05

2.91

2.96

(0.21)

(0.87)

(1.08)

$28.70

11.37%

1.47%⁽⁴⁾

0.36%⁽⁴⁾

31%

$133,605

2012

$25.28

0.01

2.44

2.45

—⁽⁶⁾

(0.91)

(0.91)

$26.82

10.12%

1.47%

0.04%

74%

$115,208

2011

$23.49

—⁽⁶⁾

1.79

1.79

—

—

—

$25.28

7.62%

1.48%

0.08%

79%

$79,569

2010

$19.90

(0.02)

3.61

3.59

—

—

—

$23.49

18.10%

1.50%

(0.07)%

86%

$20,325

2009

$17.35

(0.01)

2.56

2.55

—⁽⁶⁾

—

—⁽⁶⁾

$19.90

14.67%

1.50%

0.00%⁽⁹⁾

114%

$7,656

2008

$26.37

(0.08)

(8.94)

(9.02)

—

—

—

$17.35

(34.21)%

1.50%

(0.34)%

129%

$3,280

Notes to Financial Highlights

(1)	Computed using average shares outstanding throughout the period.
(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)	Six months ended April 30, 2013 (unaudited).
(4)	Annualized.
(5)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.
(6)	Per-share amount was less than $0.005.
(7)	March 1, 2010 (commencement of sale) through October 31, 2010.
(8)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2010.
(9)	Ratio was less than 0.005%.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
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Telecommunications Device for the Deaf	1-800-634-4113

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78695 1306

SEMIANNUAL REPORT APRIL 30, 2013

Heritage Fund

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Financial Highlights	20
Additional Information	23

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013
				Average Annual Returns
	Ticker Symbol	6 months⁽¹⁾	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWHIX	12.00%	7.41%	4.89%	12.25%	11.51%	11/10/87
Russell Midcap Growth Index	—	17.74%	14.42%	6.79%	10.95%	10.81%⁽²⁾	—
Russell Midcap Index	—	18.90%	19.20%	7.23%	11.62%	12.08%⁽²⁾	—
Institutional Class	ATHIX	12.10%	7.61%	5.10%	12.46%	8.81%	6/16/97
A Class⁽³⁾ No sales charge* With sales charge*	ATHAX	11.88% 5.43%	7.15% 1.01%	4.63% 3.41%	11.97% 11.31%	8.04% 7.64%	7/11/97
B Class No sales charge* With sales charge*	ATHBX	11.48% 6.48%	6.34% 2.34%	3.86% 3.68%	— —	2.89% 2.74%	9/28/07
C Class No sales charge* With sales charge*	AHGCX	11.40% 10.40%	6.32% 6.32%	3.85% 3.85%	11.15% 11.15%	6.24% 6.24%	6/26/01
R Class	ATHWX	11.70%	6.84%	4.37%	—	3.40%	9/28/07

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year to 0.00% after the sixth year. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

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

(2)	Since 10/31/87, the date nearest the Investor Class’s inception for which data are available.

(3)	Prior to September 4, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Total Annual Fund Operating Expenses
Investor Class	Institutional Class	A Class	B Class	C Class	R Class
1.01%	0.81%	1.26%	2.01%	2.01%	1.51%

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

Fund Characteristics

APRIL 30, 2013
Top Ten Holdings	% of net assets
Catamaran Corp.	3.2%
Kansas City Southern	2.3%
Alliance Data Systems Corp.	2.2%
SBA Communications Corp., Class A	2.1%
Whole Foods Market, Inc.	1.7%
LinkedIn Corp., Class A	1.7%
Costco Wholesale Corp.	1.6%
Harley-Davidson, Inc.	1.6%
NetSuite, Inc.	1.6%
Canadian Pacific Railway Ltd. New York Shares	1.5%

Top Five Industries	% of net assets
Specialty Retail	6.4%
Chemicals	5.3%
Road and Rail	4.8%
Media	4.6%
Biotechnology	4.5%

Types of Investments in Portfolio	% of net assets
Domestic Common Stocks	91.9%
Foreign Common Stocks*	7.9%
Total Common Stocks	99.8%
Temporary Cash Investments	0.1%
Other Assets and Liabilities	0.1%

*Includes depositary shares, dual listed securities and foreign ordinary shares.

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 11/1/12	Ending Account Value 4/30/13	Expenses Paid During Period⁽¹⁾ 11/1/12 - 4/30/13	Annualized Expense Ratio⁽¹⁾
Actual
Investor Class	$1,000	$1,120.00	$5.26	1.00%
Institutional Class	$1,000	$1,121.00	$4.21	0.80%
A Class	$1,000	$1,118.80	$6.57	1.25%
B Class	$1,000	$1,114.80	$10.49	2.00%
C Class	$1,000	$1,114.00	$10.48	2.00%
R Class	$1,000	$1,117.00	$7.87	1.50%
Hypothetical
Investor Class	$1,000	$1,019.84	$5.01	1.00%
Institutional Class	$1,000	$1,020.83	$4.01	0.80%
A Class	$1,000	$1,018.60	$6.26	1.25%
B Class	$1,000	$1,014.88	$9.99	2.00%
C Class	$1,000	$1,014.88	$9.99	2.00%
R Class	$1,000	$1,017.36	$7.50	1.50%

(1)	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

	Shares	Value
Common Stocks — 99.8%
AEROSPACE AND DEFENSE — 1.5%
TransDigm Group, Inc.	270,947	$39,775,019
Triumph Group, Inc.	263,382	21,044,222
		60,819,241
AUTO COMPONENTS — 1.1%
BorgWarner, Inc.⁽¹⁾	578,659	45,233,774
AUTOMOBILES — 1.6%
Harley-Davidson, Inc.	1,225,528	66,975,105
BEVERAGES — 0.6%
Brown-Forman Corp., Class B	330,770	23,319,285
BIOTECHNOLOGY — 4.5%
Alexion Pharmaceuticals, Inc.⁽¹⁾	533,332	52,266,536
Grifols SA⁽¹⁾	1,032,820	41,444,465
Medivation, Inc.⁽¹⁾	368,097	19,402,393
Onyx Pharmaceuticals, Inc.⁽¹⁾	257,409	24,402,373
Regeneron Pharmaceuticals, Inc.⁽¹⁾	216,598	46,598,894
		184,114,661
BUILDING PRODUCTS — 1.8%
Fortune Brands Home & Security, Inc.⁽¹⁾	1,070,048	38,939,047
Lennox International, Inc.	585,567	36,305,154
		75,244,201
CAPITAL MARKETS — 2.1%
KKR & Co. LP	1,166,203	24,490,263
Lazard Ltd. Class A	937,959	31,796,810
Raymond James Financial, Inc.	732,709	30,348,807
		86,635,880
CHEMICALS — 5.3%
Airgas, Inc.	388,602	37,558,383
American Vanguard Corp.	375,266	10,822,671
Cytec Industries, Inc.	411,496	29,981,599
Eastman Chemical Co.	282,493	18,828,159
FMC Corp.	902,523	54,783,146
Sherwin-Williams Co. (The)	304,889	55,828,225
Westlake Chemical Corp.	153,988	12,802,562
		220,604,745
COMMERCIAL BANKS — 1.4%
East West Bancorp., Inc.	972,699	23,665,767
SVB Financial Group⁽¹⁾	456,587	32,467,901
		56,133,668
COMMERCIAL SERVICES AND SUPPLIES — 1.3%
Cintas Corp.	373,244	16,747,458
Stericycle, Inc.⁽¹⁾	347,293	37,618,778
		54,366,236
COMMUNICATIONS EQUIPMENT — 1.0%
Palo Alto Networks, Inc.⁽¹⁾	392,330	$21,225,053
Research In Motion Ltd.⁽¹⁾	1,188,798	19,365,519
		40,590,572
COMPUTERS AND PERIPHERALS — 1.5%
NetApp, Inc.⁽¹⁾	1,750,897	61,088,796
CONSTRUCTION AND ENGINEERING — 2.7%
Chicago Bridge & Iron Co. NV New York Shares	363,518	19,553,633
MasTec, Inc.⁽¹⁾	1,504,540	41,826,212
Quanta Services, Inc.⁽¹⁾	1,801,861	49,515,141
		110,894,986
CONSTRUCTION MATERIALS — 1.0%
Martin Marietta Materials, Inc.	242,631	24,503,305
Texas Industries, Inc.⁽¹⁾	274,331	17,469,398
		41,972,703
CONSUMER FINANCE — 1.4%
Discover Financial Services	1,340,899	58,650,922
DIVERSIFIED CONSUMER SERVICES — 0.5%
Sotheby’s	566,877	20,112,796
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.8%
tw telecom, inc., Class A⁽¹⁾	1,262,458	34,187,363
ELECTRICAL EQUIPMENT — 0.9%
Eaton Corp. plc	633,369	38,895,190
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 2.2%
FLIR Systems, Inc.	1,521,957	36,998,774
Trimble Navigation Ltd.⁽¹⁾	1,852,328	53,235,907
		90,234,681
ENERGY EQUIPMENT AND SERVICES — 2.2%
Atwood Oceanics, Inc.⁽¹⁾	516,809	25,349,481
Cameron International Corp.⁽¹⁾	607,489	37,390,948
McDermott International, Inc.⁽¹⁾	1,299,586	13,879,578
Patterson-UTI Energy, Inc.	745,550	15,723,650
		92,343,657
FOOD AND STAPLES RETAILING — 3.9%
Costco Wholesale Corp.	625,008	67,769,617
PriceSmart, Inc.	235,610	21,023,480
Whole Foods Market, Inc.	793,827	70,110,801
		158,903,898
FOOD PRODUCTS — 1.8%
Hain Celestial Group, Inc. (The)⁽¹⁾	319,920	20,874,780
McCormick & Co., Inc.	281,498	20,250,966
Mead Johnson Nutrition Co.	430,010	34,869,511
		75,995,257

Shares

Value

HEALTH CARE EQUIPMENT AND SUPPLIES — 2.6%

Cooper Cos., Inc. (The)
326,888 $36,088,435

IDEXX Laboratories, Inc.⁽¹⁾
326,489 28,717,972

Sirona Dental Systems, Inc.⁽¹⁾
306,781 22,560,675

Teleflex, Inc.
241,284 18,851,519

106,218,601

HEALTH CARE PROVIDERS AND SERVICES — 3.8%

AmerisourceBergen Corp.
107,204 5,801,881

Catamaran Corp.⁽¹⁾
2,288,692 132,126,189

Express Scripts Holding Co.⁽¹⁾
288,665 17,138,041

155,066,111

HEALTH CARE TECHNOLOGY — 0.8%

Cerner Corp.⁽¹⁾
353,564 34,214,388

HOTELS, RESTAURANTS AND LEISURE — 3.0%

Bally Technologies, Inc.⁽¹⁾
293,988 15,663,681

Marriott International, Inc. Class A
681,048 29,325,927

Norwegian Cruise Line Holdings Ltd.⁽¹⁾
652,810 20,243,638

Panera Bread Co., Class A⁽¹⁾
173,370 30,726,365

Wyndham Worldwide Corp.
459,076 27,581,286

123,540,897

HOUSEHOLD DURABLES — 0.8%

Toll Brothers, Inc.⁽¹⁾
916,260 31,436,881

HOUSEHOLD PRODUCTS — 1.2%

Church & Dwight Co., Inc.
797,211 50,933,811

INSURANCE — 0.5%

Cincinnati Financial Corp.
437,476 21,396,951

INTERNET AND CATALOG RETAIL — 1.9%

Blue Nile, Inc.⁽¹⁾
63,459 2,070,667

Expedia, Inc.
563,293 31,454,281

priceline.com, Inc.⁽¹⁾
63,916 44,484,897

78,009,845

INTERNET SOFTWARE AND SERVICES — 2.7%

Equinix, Inc.⁽¹⁾
182,556 39,085,240

LinkedIn Corp., Class A⁽¹⁾
358,670 68,896,920

Xoom Corp.⁽¹⁾
277,050 5,114,343

113,096,503

IT SERVICES — 3.3%

Alliance Data Systems Corp.⁽¹⁾
522,724 89,788,301

Cognizant Technology Solutions Corp., Class A⁽¹⁾
282,194 18,286,171

Teradata Corp.⁽¹⁾
513,225 26,210,401

134,284,873

LIFE SCIENCES TOOLS AND SERVICES — 0.5%

Covance, Inc.⁽¹⁾
300,410 22,398,570

MACHINERY — 2.4%

Flowserve Corp.
302,998 $47,910,044

Trinity Industries, Inc.
824,485 34,801,512

Valmont Industries, Inc.
121,281 17,674,280

100,385,836

MEDIA — 4.6%

AMC Networks, Inc.⁽¹⁾
391,389 24,661,421

Discovery Communications, Inc. Class A⁽¹⁾
735,198 57,948,307

Liberty Global, Inc. Class A⁽¹⁾
744,355 53,868,971

Scripps Networks Interactive, Inc. Class A
308,971 20,571,289

Sirius XM Radio, Inc.
10,221,095 33,218,559

190,268,547

OIL, GAS AND CONSUMABLE FUELS — 2.9%

Cabot Oil & Gas Corp.
830,258 56,499,057

Concho Resources, Inc.⁽¹⁾
404,130 34,807,717

Linn Energy LLC
783,375 30,246,109

121,552,883

PAPER AND FOREST PRODUCTS — 0.3%

Boise Cascade Co.⁽¹⁾
386,345 12,374,630

PHARMACEUTICALS — 2.1%

Actavis, Inc.⁽¹⁾
432,200 45,696,506

Perrigo Co.
312,554 37,322,073

Zoetis, Inc.
122,468 4,043,894

87,062,473

REAL ESTATE MANAGEMENT AND DEVELOPMENT — 1.2%

CBRE Group, Inc.⁽¹⁾
1,189,794 28,816,811

Realogy Holdings Corp.⁽¹⁾
435,842 20,920,416

49,737,227

ROAD AND RAIL — 4.8%

Avis Budget Group, Inc.⁽¹⁾
715,489 20,634,703

Canadian Pacific Railway Ltd. New York Shares
508,746 63,399,926

Genesee & Wyoming, Inc. Class A⁽¹⁾
220,480 18,784,896

Kansas City Southern
879,928 95,973,747

198,793,272

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 3.0%

ARM Holdings plc
1,425,802 22,059,102

Cree, Inc.⁽¹⁾
359,636 20,344,608

NXP Semiconductor NV⁽¹⁾
992,284 27,337,424

Xilinx, Inc.
1,377,425 52,218,182

121,959,316

Shares

Value

SOFTWARE — 3.7%

CommVault Systems, Inc.⁽¹⁾
539,802 $39,697,039

NetSuite, Inc.⁽¹⁾
732,927 64,468,259

Salesforce.com, Inc.⁽¹⁾
468,233 19,249,059

Splunk, Inc.⁽¹⁾
679,812 27,736,329

151,150,686

SPECIALTY RETAIL — 6.4%

DSW, Inc., Class A
359,536 23,772,520

GNC Holdings, Inc. Class A
696,975 31,593,877

Lumber Liquidators Holdings, Inc.⁽¹⁾
404,528 33,155,115

O’Reilly Automotive, Inc.⁽¹⁾
236,307 25,360,467

PetSmart, Inc.
741,568 50,604,601

Ross Stores, Inc.
459,374 30,350,840

Tractor Supply Co.
378,947 40,611,750

Urban Outfitters, Inc.⁽¹⁾
707,128 29,303,384

264,752,554

TEXTILES, APPAREL AND LUXURY GOODS — 3.1%

Fifth & Pacific Cos., Inc.⁽¹⁾
987,132 20,354,662

Hanesbrands, Inc.⁽¹⁾
173,896 8,722,623

Michael Kors Holdings Ltd.⁽¹⁾
508,949 28,979,556

PVH Corp.
309,866 35,761,635

Under Armour, Inc. Class A⁽¹⁾
562,298 32,095,970

125,914,446

TRADING COMPANIES AND DISTRIBUTORS — 1.0%

United Rentals, Inc.⁽¹⁾
773,421 40,689,679

WIRELESS TELECOMMUNICATION SERVICES — 2.1%

SBA Communications Corp., Class A⁽¹⁾
1,085,608 85,752,176

TOTAL COMMON STOCKS

(Cost $2,928,356,911)
   4,118,308,773

Temporary Cash Investments — 0.1%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $366,958), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $359,749)
$359,748

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $2,201,001), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $2,158,491)
2,158,486

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $367,331),

in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $359,749)
359,748

SSgA U.S. Government Money Market Fund
167,365 167,365

TOTAL TEMPORARY CASH INVESTMENTS

(Cost $3,045,347)
   3,045,347

TOTAL INVESTMENT SECURITIES — 99.9%

(Cost $2,931,402,258)
   4,121,354,120

OTHER ASSETS AND LIABILITIES — 0.1%
   2,580,899

TOTAL NET ASSETS — 100.0%
   $4,123,935,019

Forward Foreign Currency Exchange Contracts
Contracts to Sell		Counterparty	Settlement Date	Value	Unrealized Gain (Loss)
23,104,758	EUR for USD	UBS AG	5/31/13	$30,433,248	$(352,863)
10,581,855	GBP for USD	Credit Suisse AG	5/31/13	16,434,157	(38,102)
				$46,867,405	$(390,965)

(Value on Settlement Date $46,476,440)

Notes to Schedule of Investments

EUR = Euro

GBP = British Pound

USD = United States Dollar

(1)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $2,931,402,258)	$4,121,354,120
Receivable for investments sold	73,128,943
Receivable for capital shares sold	2,214,675
Dividends and interest receivable	319,696
	4,197,017,434

Liabilities
Payable for investments purchased	43,316,205
Payable for capital shares redeemed	25,724,663
Unrealized loss on forward foreign currency exchange contracts	390,965
Accrued management fees	3,319,449
Distribution and service fees payable	331,133
	73,082,415

Net Assets	$4,123,935,019

Net Assets Consist of:
Capital (par value and paid-in surplus)	$2,751,662,544
Accumulated net investment loss	(18,961,297	)
Undistributed net realized gain	201,672,077
Net unrealized appreciation	1,189,561,695
	$4,123,935,019

	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$2,701,716,774	109,740,439	$24.62
Institutional Class, $0.01 Par Value	$219,478,650	8,680,444	$25.28
A Class, $0.01 Par Value	$1,027,747,306	43,167,405	$23.81	*
B Class, $0.01 Par Value	$3,068,704	130,590	$23.50
C Class, $0.01 Par Value	$123,630,979	5,649,290	$21.88
R Class, $0.01 Par Value	$48,292,606	2,007,898	$24.05

*Maximum offering price $25.26 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $66,451)	$16,971,149
Interest	31,216
	17,002,365

Expenses:
Management fees	19,422,477
Distribution and service fees:
A Class	1,228,055
B Class	14,768
C Class	597,785
R Class	107,031
Directors’ fees and expenses	85,634
Other expenses	97
	21,455,847

Net investment income (loss)	(4,453,482	)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	204,893,490
Foreign currency transactions	(154,710	)
	204,738,780

Change in net unrealized appreciation (depreciation) on:
Investments	248,371,623
Translation of assets and liabilities in foreign currencies	(336,011	)
	248,035,612

Net realized and unrealized gain (loss)	452,774,392

Net Increase (Decrease) in Net Assets Resulting from Operations	$448,320,910

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$(4,453,482	)	$(13,891,414	)
Net realized gain (loss)	204,738,780		102,815,352
Change in net unrealized appreciation (depreciation)	248,035,612		244,308,417
Net increase (decrease) in net assets resulting from operations	448,320,910		333,232,355

Distributions to Shareholders
From net realized gains:
Investor Class	(51,872,462	)	—
Institutional Class	(4,009,776	)	—
A Class	(20,688,079	)	—
B Class	(62,664	)	—
C Class	(2,690,270	)	—
R Class	(839,874	)	—
Decrease in net assets from distributions	(80,163,125	)	—

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	(63,996,087	)	(190,310,717	)

Net increase (decrease) in net assets	304,161,698		142,921,638

Net Assets
Beginning of period	3,819,773,321		3,676,851,683
End of period	$4,123,935,019		$3,819,773,321

Accumulated net investment loss	$(18,961,297	)	$(14,507,815	)

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Heritage Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $1,244,452,548 and $1,315,573,217, respectively.

For the six months ended April 30, 2013, the fund incurred net realized gains of $5,505,798 from redemptions in kind. A redemption in kind occurs when a fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

	Six months ended April 30, 2013				Year ended October 31, 2012
	Shares		Amount		Shares		Amount
Investor Class/Shares Authorized	400,000,000				400,000,000
Sold	9,934,761		$230,304,787		19,486,686		$426,699,628
Issued in reinvestment of distributions	2,209,351		49,666,229		—		—
Redeemed	(13,775,330	)	(320,296,743	)	(24,914,434	)	(542,065,205	)
	(1,631,218	)	(40,325,727	)	(5,427,748	)	(115,365,577	)
Institutional Class/Shares Authorized	40,000,000				40,000,000
Sold	1,525,307		36,059,375		2,555,946		57,612,871
Issued in reinvestment of distributions	173,645		4,005,998		—		—
Redeemed	(1,188,212	)	(28,624,283	)	(1,849,797	)	(41,541,916	)
	510,740		11,441,090		706,149		16,070,955
A Class/Shares Authorized	200,000,000				200,000,000
Sold	4,769,571		107,422,300		10,998,704		231,930,600
Issued in reinvestment of distributions	915,571		19,922,827		—		—
Redeemed	(7,262,021	)	(162,905,268	)	(15,090,587	)	(318,897,294	)
	(1,576,879	)	(35,560,141	)	(4,091,883	)	(86,966,694	)
B Class/Shares Authorized	35,000,000				35,000,000
Sold	2,290		51,459		1,456		31,946
Issued in reinvestment of distributions	2,775		59,744		—		—
Redeemed	(16,116	)	(352,404	)	(39,468	)	(846,918	)
	(11,051	)	(241,201	)	(38,012	)	(814,972	)
C Class/Shares Authorized	35,000,000				35,000,000
Sold	579,304		12,013,572		1,184,385		23,287,065
Issued in reinvestment of distributions	106,299		2,131,290		—		—
Redeemed	(887,654	)	(18,449,580	)	(1,565,557	)	(30,740,596	)
	(202,051	)	(4,304,718	)	(381,172	)	(7,453,531	)
R Class/Shares Authorized	30,000,000				30,000,000
Sold	462,079		10,536,300		835,511		17,682,981
Issued in reinvestment of distributions	38,176		839,874		—		—
Redeemed	(280,574	)	(6,381,564	)	(632,717	)	(13,463,879	)
	219,681		4,994,610		202,794		4,219,102
Net increase (decrease)	(2,690,778	)	$(63,996,087	)	(9,029,872	)	$(190,310,717	)

6. Fair Value Measurements

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

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

•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2		Level 3
Investment Securities
Domestic Common Stocks	$3,793,022,515	—		—
Foreign Common Stocks	261,782,691	$63,503,567		—
Temporary Cash Investments	167,365	2,877,982		—
Total Value of Investment Securities	$4,054,972,571	$66,381,549		—

Other Financial Instruments
Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts	—	$(390,965	)	—

7. Derivative Instruments

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund’s exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The foreign currency risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during the period.

The value of foreign currency risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as a liability of $390,965 in unrealized loss on forward foreign currency exchange contracts. For the six months ended April 30, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $(165,773) in net realized gain (loss) on foreign currency transactions and $(337,995) in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.

8. Risk Factors

The fund invests in common stocks of small companies. Because of this, it may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

9. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$2,934,632,491
Gross tax appreciation of investments	$1,206,980,926
Gross tax depreciation of investments	(20,259,297	)
Net tax appreciation (depreciation) of investments	$1,186,721,629

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

As of October 31, 2012, the fund had late-year ordinary loss deferrals of $(14,560,785), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net
Asset Value,
Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total
From
Investment
Operations

Net
Investment
Income

Net
Realized
Gains

Total
Distributions

Net Asset
Value, End
of Period

Total
Return⁽²⁾

Operating
Expenses

Net
Investment
Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of
Period (in thousands)

Investor Class

2013⁽³⁾

$22.44

(0.02)

2.67

2.65

—

(0.47)

(0.47)

$24.62

12.00%

1.00%⁽⁴⁾

(0.14)%⁽⁴⁾

32%

$2,701,717

2012

$20.51

(0.06)

1.99

1.93

—

—

—

$22.44

9.41%

1.01%

(0.28)%

72%

$2,499,048

2011

$19.21

(0.07)

1.37

1.30

—

—

—

$20.51

6.77%

1.01%

(0.35)%

95%

$2,395,881

2010

$14.32

(0.07)

4.96

4.89

—

—

—

$19.21

34.15%

1.01%

(0.45)%

114%

$1,886,729

2009

$13.15

(0.02)

1.32

1.30

(0.13)

—

(0.13)

$14.32

10.16%

1.01%

(0.19)%

155%

$1,342,418

2008

$22.83

(0.09)

(8.53)

(8.62)

—

(1.06)

(1.06)

$13.15

(39.54)%

1.00%

(0.47)%

172%

$1,261,784

Institutional Class

2013⁽³⁾

$23.01

0.01

2.73

2.74

—

(0.47)

(0.47)

$25.28

12.10%

0.80%⁽⁴⁾

0.06%⁽⁴⁾

32%

$219,479

2012

$20.99

(0.01)

2.03

2.02

—

—

—

$23.01

9.62%

0.81%

(0.08)%

72%

$187,984

2011

$19.62

(0.03)

1.40

1.37

—

—

—

$20.99

6.98%

0.81%

(0.15)%

95%

$156,681

2010

$14.60

(0.04)

5.07

5.03

(0.01)

—

(0.01)

$19.62

34.44%

0.81%

(0.25)%

114%

$115,261

2009

$13.41

—⁽⁵⁾

1.34

1.34

(0.15)

—

(0.15)

$14.60

10.33%

0.81%

0.01%

155%

$92,343

2008

$23.21

(0.05)

(8.69)

(8.74)

—

(1.06)

(1.06)

$13.41

(39.41)%

0.80%

(0.27)%

172%

$86,835

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net
Asset Value,
Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total
From
Investment
Operations

Net
Investment
Income

Net
Realized
Gains

Total
Distributions

Net Asset
Value, End
of Period

Total
Return⁽²⁾

Operating
Expenses

Net
Investment
Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of
Period (in thousands)

A Class

2013⁽³⁾

$21.74

(0.04)

2.58

2.54

—

(0.47)

(0.47)

$23.81

11.88%

1.25%⁽⁴⁾

(0.39)%⁽⁴⁾

32%

$1,027,747

2012

$19.92

(0.11)

1.93

1.82

—

—

—

$21.74

9.08%

1.26%

(0.53)%

72%

$972,795

2011

$18.70

(0.12)

1.34

1.22

—

—

—

$19.92

6.58%

1.26%

(0.60)%

95%

$973,051

2010

$13.98

(0.11)

4.83

4.72

—

—

—

$18.70

33.76%

1.26%

(0.70)%

114%

$803,692

2009

$12.84

(0.06)

1.30

1.24

(0.10)

—

(0.10)

$13.98

9.89%

1.26%

(0.44)%

155%

$518,768

2008

$22.37

(0.13)

(8.34)

(8.47)

—

(1.06)

(1.06)

$12.84

(39.69)%

1.25%

(0.72)%

172%

$351,962

B Class

2013⁽³⁾

$21.54

(0.12)

2.55

2.43

—

(0.47)

(0.47)

$23.50

11.48%

2.00%⁽⁴⁾

(1.14)%⁽⁴⁾

32%

$3,069

2012

$19.89

(0.27)

1.92

1.65

—

—

—

$21.54

8.30%

2.01%

(1.28)%

72%

$3,051

2011

$18.81

(0.28)

1.36

1.08

—

—

—

$19.89

5.74%

2.01%

(1.35)%

95%

$3,574

2010

$14.16

(0.24)

4.89

4.65

—

—

—

$18.81

32.84%

2.01%

(1.45)%

114%

$3,997

2009

$13.01

(0.16)

1.33

1.17

(0.02)

—

(0.02)

$14.16

8.99%

2.01%

(1.19)%

155%

$3,425

2008

$22.82

(0.26)

(8.49)

(8.75)

—

(1.06)

(1.06)

$13.01

(40.16)%

2.00%

(1.47)%

172%

$1,770

C Class

2013⁽³⁾

$20.09

(0.12)

2.38

2.26

—

(0.47)

(0.47)

$21.88

11.40%

2.00%⁽⁴⁾

(1.14)%⁽⁴⁾

32%

$123,631

2012

$18.55

(0.25)

1.79

1.54

—

—

—

$20.09

8.30%

2.01%

(1.28)%

72%

$117,580

2011

$17.55

(0.26)

1.26

1.00

—

—

—

$18.55

5.75%

2.01%

(1.35)%

95%

$115,641

2010

$13.21

(0.22)

4.56

4.34

—

—

—

$17.55

32.85%

2.01%

(1.45)%

114%

$85,381

2009

$12.13

(0.14)

1.24

1.10

(0.02)

—

(0.02)

$13.21

9.07%

2.01%

(1.19)%

155%

$51,745

2008

$21.35

(0.26)

(7.90)

(8.16)

—

(1.06)

(1.06)

$12.13

(40.16)%

2.00%

(1.47)%

172%

$32,812

Notes to Financial Highlights

(1)	Computed using average shares outstanding throughout the period.
(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)	Six months ended April 30, 2013 (unaudited).
(4)	Annualized.
(5)	Per-share amount was less than $0.005.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

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American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78704 1306

SEMIANNUAL REPORT APRIL 30, 2013

New Opportunities Fund

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Financial Highlights	21
Additional Information	23

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013
				Average Annual Returns
	Ticker Symbol	6 months⁽¹⁾	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	TWNOX	15.38%	11.93%	5.43%	9.11%	7.02%	12/26/96
Russell 2500 Growth Index	—	16.79%	15.08%	7.82%	11.29%	7.04%	—
Institutional Class	TWNIX	15.54%	12.11%	—	—	14.96%	3/1/10
A Class No sales charge* With sales charge*	TWNAX	15.10% 8.52%	11.51% 5.08%	— —	— —	14.42% 12.30%	3/1/10
C Class No sales charge* With sales charge*	TWNCX	14.79% 13.79%	10.73% 10.73%	— —	— —	13.56% 13.56%	3/1/10
R Class	TWNRX	15.09%	11.34%	—	—	14.15%	3/1/10

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

Total Annual Fund Operating Expenses
Investor Class	Institutional Class	A Class	C Class	R Class
1.53%	1.33%	1.78%	2.53%	2.03%

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

Fund Characteristics

APRIL 30, 2013
Top Ten Holdings	% of net assets
United Rentals, Inc.	1.2%
Standard Pacific Corp.	1.1%
Lithia Motors, Inc., Class A	1.1%
Middleby Corp.	1.0%
M.D.C. Holdings, Inc.	1.0%
Gulfport Energy Corp.	1.0%
Alliance Data Systems Corp.	0.9%
Catamaran Corp.	0.9%
Netflix, Inc.	0.9%
Sinclair Broadcast Group, Inc., Class A	0.8%

Top Five Industries	% of net assets
Software	6.0%
Biotechnology	5.4%
Real Estate Investment Trusts (REITs)	4.9%
Machinery	4.1%
Specialty Retail	3.9%

Types of Investments in Portfolio	% of net assets
Common Stocks	98.0%
Temporary Cash Investments	1.7%
Other Assets and Liabilities	0.3%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 11/1/12	Ending Account Value 4/30/13	Expenses Paid During Period⁽¹⁾ 11/1/12 - 4/30/13	Annualized Expense Ratio⁽¹⁾
Actual
Investor Class	$1,000	$1,153.80	$8.01	1.50%
Institutional Class	$1,000	$1,155.40	$6.95	1.30%
A Class	$1,000	$1,151.00	$9.33	1.75%
C Class	$1,000	$1,147.90	$13.31	2.50%
R Class	$1,000	$1,150.90	$10.67	2.00%
Hypothetical
Investor Class	$1,000	$1,017.36	$7.50	1.50%
Institutional Class	$1,000	$1,018.35	$6.51	1.30%
A Class	$1,000	$1,016.12	$8.75	1.75%
C Class	$1,000	$1,012.40	$12.47	2.50%
R Class	$1,000	$1,014.88	$9.99	2.00%

(1)	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

	Shares	Value
Common Stocks — 98.0%
AEROSPACE AND DEFENSE — 2.3%
B/E Aerospace, Inc.⁽¹⁾	19,966	$1,252,667
TransDigm Group, Inc.	9,203	1,351,000
Triumph Group, Inc.	16,592	1,325,701
		3,929,368
AUTO COMPONENTS — 0.7%
American Axle & Manufacturing Holdings, Inc.⁽¹⁾	56,640	757,277
Goodyear Tire & Rubber Co. (The)⁽¹⁾	29,124	363,904
		1,121,181
AUTOMOBILES — 0.2%
Winnebago Industries, Inc.⁽¹⁾	22,732	416,450
BEVERAGES — 0.1%
Boston Beer Co., Inc., Class A⁽¹⁾	973	164,748
BIOTECHNOLOGY — 5.4%
Acorda Therapeutics, Inc.⁽¹⁾	7,758	306,984
Alkermes plc⁽¹⁾	19,808	606,323
Arena Pharmaceuticals, Inc.⁽¹⁾	34,986	288,285
ARIAD Pharmaceuticals, Inc.⁽¹⁾	24,729	441,907
BioMarin Pharmaceutical, Inc.⁽¹⁾	16,764	1,099,718
Cepheid, Inc.⁽¹⁾	10,219	389,650
Cubist Pharmaceuticals, Inc.⁽¹⁾	10,184	467,649
Incyte Corp. Ltd.⁽¹⁾	17,151	379,895
Infinity Pharmaceuticals, Inc.⁽¹⁾	5,519	237,814
Ironwood Pharmaceuticals, Inc.⁽¹⁾	16,671	253,566
Isis Pharmaceuticals, Inc.⁽¹⁾	20,891	467,749
Keryx Biopharmaceuticals, Inc.⁽¹⁾	19,200	156,480
Medivation, Inc.⁽¹⁾	10,708	564,419
Myriad Genetics, Inc.⁽¹⁾	14,221	396,055
Onyx Pharmaceuticals, Inc.⁽¹⁾	9,239	875,857
Pharmacyclics, Inc.⁽¹⁾	7,884	642,546
Seattle Genetics, Inc.⁽¹⁾	15,055	556,282
Theravance, Inc.⁽¹⁾	10,910	368,213
United Therapeutics Corp.⁽¹⁾	7,863	525,091
		9,024,483
BUILDING PRODUCTS — 2.4%
American Woodmark Corp.⁽¹⁾	12,314	414,366
Apogee Enterprises, Inc.	30,811	785,065
Builders FirstSource, Inc.⁽¹⁾	151,196	935,903
Fortune Brands Home & Security, Inc.⁽¹⁾	26,739	$973,032
Lennox International, Inc.	14,066	872,092
		3,980,458
CAPITAL MARKETS — 2.1%
Affiliated Managers Group, Inc.⁽¹⁾	4,749	739,324
Eaton Vance Corp.	13,935	555,728
HFF, Inc., Class A	26,433	553,771
Lazard Ltd. Class A	13,643	462,498
SEI Investments Co.	16,167	463,346
Triangle Capital Corp.	25,250	706,243
		3,480,910
CHEMICALS — 2.0%
Albemarle Corp.	8,794	538,632
H.B. Fuller Co.	15,558	589,648
International Flavors & Fragrances, Inc.	9,937	767,037
Valspar Corp. (The)	11,463	731,569
W.R. Grace & Co.⁽¹⁾	8,242	635,541
		3,262,427
COMMERCIAL BANKS — 2.6%
Banco Latinoamericano de Comercio Exterior SA E Shares	10,146	230,213
Cathay General Bancorp.	35,028	690,402
First Financial Bankshares, Inc.	12,808	632,843
Home Bancshares, Inc.	24,123	958,165
Pinnacle Financial Partners, Inc.⁽¹⁾	32,011	776,907
Signature Bank⁽¹⁾	7,964	570,302
Texas Capital Bancshares, Inc.⁽¹⁾	11,930	497,004
		4,355,836
COMMERCIAL SERVICES AND SUPPLIES — 1.9%
Deluxe Corp.	31,484	1,200,800
G&K Services, Inc., Class A	22,756	1,069,305
Mobile Mini, Inc.⁽¹⁾	11,893	334,550
US Ecology, Inc.	18,587	505,566
		3,110,221
COMMUNICATIONS EQUIPMENT — 0.9%
Aruba Networks, Inc.⁽¹⁾	46,446	1,044,571
InterDigital, Inc.	3,950	175,419
Riverbed Technology, Inc.⁽¹⁾	15,988	237,582
		1,457,572
COMPUTERS AND PERIPHERALS — 0.3%
NCR Corp.⁽¹⁾	18,655	508,722

Shares

Value

CONSTRUCTION AND ENGINEERING — 0.6%

MasTec, Inc.⁽¹⁾
38,323 $1,065,379

CONSTRUCTION MATERIALS — 1.5%

Eagle Materials, Inc.
20,266 1,373,021

Headwaters, Inc.⁽¹⁾
110,232 1,197,120

2,570,141

CONTAINERS AND PACKAGING — 0.8%

Ball Corp.
19,400 855,928

Packaging Corp. of America
10,816 514,409

1,370,337

DISTRIBUTORS — 1.1%

LKQ Corp.⁽¹⁾
38,829 935,002

Pool Corp.
19,284 945,302

1,880,304

DIVERSIFIED CONSUMER SERVICES — 0.3%

Grand Canyon Education, Inc.⁽¹⁾
20,166 515,645

DIVERSIFIED FINANCIAL SERVICES — 0.4%

MarketAxess Holdings, Inc.
4,735 200,385

MSCI, Inc., Class A⁽¹⁾
14,977 510,716

711,101

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%

tw telecom, inc., Class A⁽¹⁾
18,806 509,267

ELECTRIC UTILITIES — 0.3%

ITC Holdings Corp.
6,230 574,531

ELECTRICAL EQUIPMENT — 1.1%

Acuity Brands, Inc.
5,216 380,559

Belden, Inc.
9,766 482,636

Franklin Electric Co., Inc.
11,230 363,515

Hubbell, Inc., Class B
6,924 664,427

1,891,137

ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 2.4%

Audience, Inc.⁽¹⁾
23,096 341,590

Cognex Corp.
12,242 486,007

FLIR Systems, Inc.
13,105 318,583

Littelfuse, Inc.
8,053 562,261

RealD, Inc.⁽¹⁾
28,730 430,088

Trimble Navigation Ltd.⁽¹⁾
38,604 1,109,479

Vishay Intertechnology, Inc.⁽¹⁾
54,859 770,220

4,018,228

ENERGY EQUIPMENT AND SERVICES — 2.9%

Bristow Group, Inc.
6,596 416,867

Dresser-Rand Group, Inc.⁽¹⁾
9,107 506,440

Dril-Quip, Inc.⁽¹⁾
14,333 1,199,816

Geospace Technologies Corp.⁽¹⁾
3,490 $294,451

Hornbeck Offshore Services, Inc.⁽¹⁾
17,495 785,875

Matrix Service Co.⁽¹⁾
19,185 288,351

Oceaneering International, Inc.
18,631 1,307,337

4,799,137

FOOD AND STAPLES RETAILING — 0.6%

Andersons, Inc. (The)
13,138 716,284

United Natural Foods, Inc.⁽¹⁾
6,161 307,680

1,023,964

FOOD PRODUCTS — 2.1%

Flowers Foods, Inc.
13,820 455,231

Hain Celestial Group, Inc. (The)⁽¹⁾
10,088 658,242

J&J Snack Foods Corp.
6,715 503,759

Post Holdings, Inc.⁽¹⁾
19,412 850,051

TreeHouse Foods, Inc.⁽¹⁾
16,767 1,068,226

3,535,509

HEALTH CARE EQUIPMENT AND SUPPLIES — 3.5%

Align Technology, Inc.⁽¹⁾
11,540 382,205

Cooper Cos., Inc. (The)
2,684 296,314

Cyberonics, Inc.⁽¹⁾
5,173 224,612

Haemonetics Corp.⁽¹⁾
14,601 562,138

HeartWare International, Inc.⁽¹⁾
2,898 281,686

IDEXX Laboratories, Inc.⁽¹⁾
7,994 703,152

Masimo Corp.
9,928 199,156

Mettler-Toledo International, Inc.⁽¹⁾
4,535 947,634

ResMed, Inc.
20,362 977,783

STERIS Corp.
16,002 665,523

Thoratec Corp.⁽¹⁾
9,857 356,823

Volcano Corp.⁽¹⁾
9,902 200,911

5,797,937

HEALTH CARE PROVIDERS AND SERVICES — 2.6%

Air Methods Corp.
12,065 441,458

Catamaran Corp.⁽¹⁾
26,914 1,553,745

Centene Corp.⁽¹⁾
8,514 393,347

Chemed Corp.
3,621 295,546

HealthSouth Corp.⁽¹⁾
10,087 277,393

MWI Veterinary Supply, Inc.⁽¹⁾
3,790 446,121

Owens & Minor, Inc.
6,727 219,098

Patterson Cos., Inc.
13,170 499,802

WellCare Health Plans, Inc.⁽¹⁾
3,759 219,187

4,345,697

Shares

Value

HEALTH CARE TECHNOLOGY — 0.9%

athenahealth, Inc.⁽¹⁾
5,686 $547,334

HMS Holdings Corp.⁽¹⁾
23,466 591,578

Medidata Solutions, Inc.⁽¹⁾
4,586 304,327

1,443,239

HOTELS, RESTAURANTS AND LEISURE — 3.4%

AFC Enterprises, Inc.⁽¹⁾
14,623 466,181

Bloomin’ Brands, Inc.⁽¹⁾
23,540 511,995

Cedar Fair LP
21,381 898,002

Domino’s Pizza, Inc.
15,090 832,968

Panera Bread Co., Class A⁽¹⁾
3,476 616,052

Papa John’s International, Inc.⁽¹⁾
19,267 1,213,821

Six Flags Entertainment Corp.
15,874 1,156,738

5,695,757

HOUSEHOLD DURABLES — 3.7%

M.D.C. Holdings, Inc.
45,241 1,701,062

M/I Homes, Inc.⁽¹⁾
30,786 757,336

NVR, Inc.⁽¹⁾
657 676,710

Ryland Group, Inc. (The)
12,560 565,954

Standard Pacific Corp.⁽¹⁾
208,490 1,886,834

Tupperware Brands Corp.
6,821 547,726

6,135,622

INDUSTRIAL CONGLOMERATES — 0.1%

Raven Industries, Inc.
4,549 152,619

INSURANCE — 1.6%

AMERISAFE, Inc.
13,389 437,285

Amtrust Financial Services, Inc.
5,695 180,304

Arthur J Gallagher & Co.
17,945 761,765

Brown & Brown, Inc.
21,688 672,111

ProAssurance Corp.
12,564 615,510

2,666,975

INTERNET AND CATALOG RETAIL — 1.2%

HSN, Inc.
10,252 539,050

Netflix, Inc.⁽¹⁾
6,789 1,466,899

2,005,949

INTERNET SOFTWARE AND SERVICES — 2.2%

Angie’s List, Inc.⁽¹⁾
20,878 506,083

CoStar Group, Inc.⁽¹⁾
9,521 1,032,172

OpenTable, Inc.⁽¹⁾
5,434 300,989

ValueClick, Inc.⁽¹⁾
28,753 887,318

Web.com Group, Inc.⁽¹⁾
59,166 1,029,488

3,756,050

IT SERVICES — 3.8%

Alliance Data Systems Corp.⁽¹⁾
9,110 $1,564,825

Broadridge Financial Solutions, Inc.
13,045 328,473

Computer Task Group, Inc.
15,273 313,402

FleetCor Technologies, Inc.⁽¹⁾
11,741 902,883

Gartner, Inc.⁽¹⁾
10,603 613,384

Global Payments, Inc.
9,506 441,078

Heartland Payment Systems, Inc.
21,971 722,626

MAXIMUS, Inc.
6,490 517,188

Total System Services, Inc.
15,174 358,410

VeriFone Systems, Inc.⁽¹⁾
10,294 221,115

WEX, Inc.⁽¹⁾
4,870 369,049

6,352,433

LEISURE EQUIPMENT AND PRODUCTS — 0.9%

Brunswick Corp.
11,171 353,674

Polaris Industries, Inc.
12,559 1,082,460

1,436,134

LIFE SCIENCES TOOLS AND SERVICES — 0.7%

Bruker Corp.⁽¹⁾
17,328 307,918

Charles River Laboratories International, Inc.⁽¹⁾
6,242 271,465

PAREXEL International Corp.⁽¹⁾
7,512 307,616

Techne Corp.
5,719 366,817

1,253,816

MACHINERY — 4.1%

Chart Industries, Inc.⁽¹⁾
3,677 311,846

CLARCOR, Inc.
2,875 148,638

Donaldson Co., Inc.
18,136 659,788

ITT Corp.
30,298 836,225

John Bean Technologies Corp.
12,973 269,060

Lincoln Electric Holdings, Inc.
10,304 543,639

Lindsay Corp.
2,842 218,322

Middleby Corp.⁽¹⁾
11,544 1,726,752

Mueller Water Products, Inc. Class A
103,197 610,926

Standex International Corp.
4,429 234,294

WABCO Holdings, Inc.⁽¹⁾
9,967 719,916

Wabtec Corp.
5,941 623,449

6,902,855

MEDIA — 1.3%

Regal Entertainment Group Class A
44,167 792,356

Sinclair Broadcast Group, Inc., Class A
51,648 1,384,166

2,176,522

Shares

Value

METALS AND MINING — 0.5%

Compass Minerals International, Inc.
3,932 $340,275

Royal Gold, Inc.
7,842 435,859

776,134

MULTILINE RETAIL — 0.1%

Dillard’s, Inc., Class A
1,220 100,540

OIL, GAS AND CONSUMABLE FUELS — 1.9%

Global Partners LP
10,030 358,071

Gulfport Energy Corp.⁽¹⁾
31,774 1,658,285

Kodiak Oil & Gas Corp.⁽¹⁾
31,687 248,109

Rosetta Resources, Inc.⁽¹⁾
23,213 996,070

3,260,535

PAPER AND FOREST PRODUCTS — 0.4%

Louisiana-Pacific Corp.⁽¹⁾
21,073 381,843

Neenah Paper, Inc.
11,182 321,594

703,437

PERSONAL PRODUCTS — 1.0%

Herbalife Ltd.
13,284 527,508

Nu Skin Enterprises, Inc., Class A
5,293 268,514

Prestige Brands Holdings, Inc.⁽¹⁾
30,513 822,325

1,618,347

PHARMACEUTICALS — 1.3%

Endo Health Solutions Inc.⁽¹⁾
11,917 436,639

Impax Laboratories, Inc.⁽¹⁾
11,601 203,018

Jazz Pharmaceuticals plc⁽¹⁾
6,821 398,005

Medicines Co. (The)⁽¹⁾
9,869 333,177

Salix Pharmaceuticals Ltd.⁽¹⁾
9,538 498,742

VIVUS, Inc.⁽¹⁾
17,904 237,944

2,107,525

PROFESSIONAL SERVICES — 2.4%

Equifax, Inc.
13,256 811,267

Huron Consulting Group, Inc.⁽¹⁾
20,145 841,658

On Assignment, Inc.⁽¹⁾
43,983 1,067,468

Robert Half International, Inc.
17,337 569,000

WageWorks, Inc.⁽¹⁾
26,010 666,116

3,955,509

REAL ESTATE INVESTMENT TRUSTS (REITs) — 4.9%

Brandywine Realty Trust
38,076 568,475

Camden Property Trust
8,640 625,018

CBL & Associates Properties, Inc.
25,449 614,339

Essex Property Trust, Inc.
4,705 738,920

Federal Realty Investment Trust
6,546 765,947

Geo Group, Inc. (The)
15,090 565,120

Hersha Hospitality Trust
61,957 $370,503

National Retail Properties, Inc.
27,514 1,091,755

Omega Healthcare Investors, Inc.
20,286 666,801

PennyMac Mortgage Investment Trust
12,747 321,862

Rayonier, Inc.
14,547 864,383

Sovran Self Storage, Inc.
8,753 600,456

Weingarten Realty Investors
13,411 456,913

8,250,492

ROAD AND RAIL — 1.5%

Avis Budget Group, Inc.⁽¹⁾
12,600 363,384

Hertz Global Holdings, Inc.⁽¹⁾
48,030 1,156,563

Saia, Inc.⁽¹⁾
14,939 611,304

Swift Transportation Co.⁽¹⁾
23,464 328,965

2,460,216

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.7%

Cavium Networks, Inc.⁽¹⁾
6,502 204,488

Cirrus Logic, Inc.⁽¹⁾
6,788 131,076

Diodes, Inc.⁽¹⁾
22,991 465,798

LSI Corp.⁽¹⁾
62,347 407,749

Photronics, Inc.⁽¹⁾
58,563 462,062

Power Integrations, Inc.
17,031 705,254

Semtech Corp.⁽¹⁾
23,885 765,992

Skyworks Solutions, Inc.⁽¹⁾
30,313 669,008

Ultratech, Inc.⁽¹⁾
21,596 636,434

4,447,861

SOFTWARE — 6.0%

ANSYS, Inc.⁽¹⁾
10,936 884,285

Aspen Technology, Inc.⁽¹⁾
34,545 1,052,931

Bottomline Technologies (de), Inc.⁽¹⁾
19,626 514,201

CommVault Systems, Inc.⁽¹⁾
5,407 397,631

Concur Technologies, Inc.⁽¹⁾
4,907 358,751

FactSet Research Systems, Inc.
4,082 383,994

Fortinet, Inc.⁽¹⁾
17,071 306,595

Informatica Corp.⁽¹⁾
35,740 1,176,918

Interactive Intelligence, Inc.⁽¹⁾
12,211 505,902

MICROS Systems, Inc.⁽¹⁾
8,987 381,139

Monotype Imaging Holdings, Inc.
32,230 747,414

Nuance Communications, Inc.⁽¹⁾
29,650 564,536

PROS Holdings, Inc.⁽¹⁾
9,762 253,031

QLIK Technologies, Inc.⁽¹⁾
20,845 542,178

Shares

Value

SolarWinds, Inc.⁽¹⁾
10,800 $549,180

Solera Holdings, Inc.
7,825 450,563

Synchronoss Technologies, Inc.⁽¹⁾
7,500 212,550

TIBCO Software, Inc.⁽¹⁾
10,402 201,903

Tyler Technologies, Inc.⁽¹⁾
6,997 442,490

Ultimate Software Group, Inc.⁽¹⁾
1,876 181,203

10,107,395

SPECIALTY RETAIL — 3.9%

American Eagle Outfitters, Inc.
18,630 362,354

Ascena Retail Group, Inc.⁽¹⁾
16,873 312,151

Cabela’s, Inc.⁽¹⁾
7,184 461,213

Conn’s, Inc.⁽¹⁾
13,356 578,448

Dick’s Sporting Goods, Inc.
11,211 539,249

DSW, Inc., Class A
3,562 235,519

Lithia Motors, Inc., Class A
35,693 1,767,517

Penske Automotive Group, Inc.
18,775 580,523

Sally Beauty Holdings, Inc.⁽¹⁾
17,577 528,365

Tractor Supply Co.
4,431 474,870

Ulta Salon Cosmetics & Fragrance, Inc.⁽¹⁾
7,674 672,626

6,512,835

TEXTILES, APPAREL AND LUXURY GOODS — 2.5%

Fifth & Pacific Cos., Inc.⁽¹⁾
26,920 555,090

Fossil, Inc.⁽¹⁾
6,855 672,613

Hanesbrands, Inc.⁽¹⁾
11,760 589,882

Iconix Brand Group, Inc.⁽¹⁾
28,374 812,915

PVH Corp.
8,813 1,017,108

Under Armour, Inc. Class A⁽¹⁾
9,552 545,228

4,192,836

TRADING COMPANIES AND DISTRIBUTORS — 2.9%

Applied Industrial Technologies, Inc.
5,114 216,066

Beacon Roofing Supply, Inc.⁽¹⁾
19,262 734,460

DXP Enterprises, Inc.⁽¹⁾
3,805 254,478

H&E Equipment Services, Inc.
37,157 756,517

MSC Industrial Direct Co., Inc. Class A
5,501 433,479

United Rentals, Inc.⁽¹⁾
37,079 1,950,726

Watsco, Inc.
5,900 497,842

4,843,568

WIRELESS TELECOMMUNICATION SERVICES — 0.7%

SBA Communications Corp., Class A⁽¹⁾
14,526 $1,147,409

TOTAL COMMON STOCKS

(Cost $128,552,198)
   163,883,300

Temporary Cash Investments — 1.7%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $330,001), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $323,518)
323,517

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $1,979,335), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $1,941,107)
1,941,102

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $330,337),

in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13
(Delivery value $323,518)
323,517

SSgA U.S. Government Money Market Fund
150,650 150,650

TOTAL TEMPORARY CASH INVESTMENTS

(Cost $2,738,786)
   2,738,786

TOTAL INVESTMENT SECURITIES — 99.7%

(Cost $131,290,984)
   166,622,086

OTHER ASSETS AND LIABILITIES — 0.3%
   576,412

TOTAL NET ASSETS — 100.0%
   $167,198,498

Notes to Schedule of Investments

(1)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $131,290,984)	$166,622,086
Receivable for investments sold	3,032,927
Receivable for capital shares sold	11,446
Dividends and interest receivable	34,426
	169,700,885

Liabilities
Payable for investments purchased	2,247,840
Payable for capital shares redeemed	52,234
Accrued management fees	202,110
Distribution and service fees payable	203
	2,502,387

Net Assets	$167,198,498

Net Assets Consist of:
Capital (par value and paid-in surplus)	$160,117,835
Accumulated net investment loss	(744,293	)
Accumulated net realized loss	(27,506,146	)
Net unrealized appreciation	35,331,102
	$167,198,498

	Net assets	Shares outstanding	Net asset value per share
Investor Class, $0.01 Par Value	$166,643,481	17,770,874	$9.38
Institutional Class, $0.01 Par Value	$38,858	4,119	$9.43
A Class, $0.01 Par Value	$300,284	32,278	$9.30	*
C Class, $0.01 Par Value	$140,689	15,490	$9.08
R Class, $0.01 Par Value	$75,186	8,149	$9.23

*Maximum offering price $9.87 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends	$942,820
Interest	1,750
	944,570

Expenses:
Management fees	1,191,388
Distribution and service fees:
A Class	333
C Class	512
R Class	169
Directors’ fees and expenses	2,630
	1,195,032

Net investment income (loss)	(250,462	)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	8,559,860
Change in net unrealized appreciation (depreciation) on investments	14,522,369

Net realized and unrealized gain (loss)	23,082,229

Net Increase (Decrease) in Net Assets Resulting from Operations	$22,831,767

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$(250,462	)	$(363,859	)
Net realized gain (loss)	8,559,860		5,704,469
Change in net unrealized appreciation (depreciation)	14,522,369		8,180,114
Net increase (decrease) in net assets resulting from operations	22,831,767		13,520,724

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	(10,566,660	)	(17,127,334	)

Redemption Fees
Increase in net assets from redemption fees	2,338		2,645

Net increase (decrease) in net assets	12,267,445		(3,603,965	)

Net Assets
Beginning of period	154,931,053		158,535,018
End of period	$167,198,498		$154,931,053

Accumulated net investment loss	$(744,293	)	$(493,831	)

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. New Opportunities Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

Redemption — The fund may impose a 2.00% redemption fee on shares held less than 60 days. The fee may not be applicable to all classes. The redemption fee is retained by the fund and helps cover transaction costs that long-term investors may bear when the fund sells securities to meet investor redemptions. Prior to November 14, 2011, the redemption fee applied to shares held less than 180 days.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The annual management fee schedule ranges from 1.100% to 1.500% for the Investor Class, A Class, C Class and R Class. The Institutional Class is 0.200% less at each point within the range. The effective annual management fee for each class for the six months ended April 30, 2013 was 1.50% for the Investor Class, A Class, C Class and R Class and 1.30% for the Institutional Class.

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $48,101,549 and $57,766,446, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

	Six months ended April 30, 2013				Year ended October 31, 2012
	Shares		Amount		Shares		Amount
Investor Class/Shares Authorized	200,000,000				200,000,000
Sold	549,616		$4,875,884		621,604		$4,915,018
Redeemed	(1,784,682	)	(15,518,923	)	(2,782,961	)	(22,002,462	)
	(1,235,066	)	(10,643,039	)	(2,161,357	)	(17,087,444	)
Institutional Class/Shares Authorized	25,000,000				25,000,000
A Class/Shares Authorized	25,000,000				25,000,000
Sold	7,616		66,543		8,432		64,452
Redeemed	(4,934	)	(42,169	)	(16,755	)	(130,048	)
	2,682		24,374		(8,323	)	(65,596	)
C Class/Shares Authorized	25,000,000				25,000,000
Sold	5,439		48,008		2,447		18,044
Redeemed	—		—		(130	)	(992	)
	5,439		48,008		2,317		17,052
R Class/Shares Authorized	25,000,000				25,000,000
Sold	465		3,997		1,932		14,548
Redeemed	—		—		(726	)	(5,894	)
	465		3,997		1,206		8,654
Net increase (decrease)	(1,226,480	)	$(10,566,660	)	(2,166,157	)	$(17,127,334	)

6. Fair Value Measurements

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

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

•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2	Level 3
Investment Securities
Common Stocks	$163,883,300	—	—
Temporary Cash Investments	150,650	$2,588,136	—
Total Value of Investment Securities	$164,033,950	$2,588,136	—

7. Risk Factors

The fund invests in common stocks of small companies. Because of this, it may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$131,443,058
Gross tax appreciation of investments	$38,227,100
Gross tax depreciation of investments	(3,048,072	)
Net tax appreciation (depreciation) of investments	$35,179,028

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(36,035,605), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers of $(2,607,639) and $(33,427,966) expire in 2016 and 2017, respectively.

As of October 31, 2012, the fund had late-year ordinary loss deferrals of $(396,818), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Ratio to Average Net Assets of:

Net
Asset Value, Beginning
of Period

Net
Investment
Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From
Investment
Operations

Net Asset
Value, End
of Period

Total
Return⁽²⁾

Operating
Expenses⁽³⁾

Net
Investment
Income
(Loss)

Portfolio
Turnover Rate

Net Assets,
End of
Period (in
thousands)

Investor Class

2013⁽⁴⁾

$8.13

(0.01)

1.26

1.25

$9.38

15.38%

1.50%⁽⁵⁾

(0.31)%⁽⁵⁾

31%

$166,643

2012

$7.47

(0.02)

0.68

0.66

$8.13

8.84%

1.50%

(0.22)%

63%

$154,517

2011

$6.86

(0.07)

0.68

0.61

$7.47

8.89%

1.50%

(0.95)%

107%

$158,117

2010

$5.06

(0.04)

1.84

1.80

$6.86

33.57%

1.51%

(0.59)%

181%

$146,747

2009

$5.12

(0.02)

(0.04)

(0.06)

$5.06

(1.17)%

1.50%

(0.51)%

206%

$119,287

2008

$8.58

(0.05)

(3.41)

(3.46)

$5.12

(40.33)%

1.50%

(0.66)%

159%

$146,932

Institutional Class

2013⁽⁴⁾

$8.17

(0.01)

1.27

1.26

$9.43

15.54%

1.30%⁽⁵⁾

(0.11)%⁽⁵⁾

31%

$39

2012

$7.49

—⁽⁶⁾

0.68

0.68

$8.17

9.08%

1.30%

(0.02)%

63%

$34

2011

$6.87

(0.06)

0.68

0.62

$7.49

9.02%

1.30%

(0.75)%

107%

$31

2010⁽⁷⁾

$6.07

(0.01)

0.81

0.80

$6.87

13.18%

1.31%⁽⁵⁾

(0.29)%⁽⁵⁾

181%⁽⁸⁾

$28

A Class

2013⁽⁴⁾

$8.08

(0.03)

1.25

1.22

$9.30

15.10%

1.75%⁽⁵⁾

(0.56)%⁽⁵⁾

31%

$300

2012

$7.44

(0.04)

0.68

0.64

$8.08

8.60%

1.75%

(0.47)%

63%

$239

2011

$6.85

(0.09)

0.68

0.59

$7.44

8.61%

1.75%

(1.20)%

107%

$282

2010⁽⁷⁾

$6.07

(0.03)

0.81

0.78

$6.85

12.85%

1.76%⁽⁵⁾

(0.67)%⁽⁵⁾

181%⁽⁸⁾

$121

Notes to Financial Highlights

(1)	Computed using average shares outstanding throughout the period.
(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.
(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.
(4)	Six months ended April 30, 2013 (unaudited).
(5)	Annualized.
(6)	Per-share amount was less than $0.005.
(7)	March 1, 2010 (commencement of sale) through October 31, 2010.
(8)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2010.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

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

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78700 1306

SEMIANNUAL REPORT APRIL 30, 2013

NT Growth Fund

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Fund Characteristics	5
Shareholder Fee Example	6
Schedule of Investments	8
Statement of Assets and Liabilities	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Notes to Financial Statements	14
Financial Highlights	18
Additional Information	19

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013
				Average Annual Returns
	Ticker Symbol	6 months⁽¹⁾	1 year	5 years	Since Inception	Inception Date
Institutional Class	ACLTX	11.91%	8.42%	5.43%	6.78%	5/12/06
Russell 1000 Growth Index	—	13.71%	12.60%	6.65%	6.70%	—

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

Total Annual Fund Operating Expenses

Institutional Class 0.77%

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

Fund Characteristics

APRIL 30, 2013
Top Ten Holdings	% of net assets
Apple, Inc.	5.6%
Coca-Cola Co. (The)	3.3%
PepsiCo, Inc.	3.0%
Google, Inc. Class A	2.8%
Microsoft Corp.	2.2%
MasterCard, Inc., Class A	1.9%
Oracle Corp.	1.9%
Union Pacific Corp.	1.8%
McDonald’s Corp.	1.8%
Honeywell International, Inc.	1.8%

Top Five Industries	% of net assets
Computers and Peripherals	7.9%
Beverages	7.4%
Software	7.0%
Pharmaceuticals	5.4%
Aerospace and Defense	4.9%

Types of Investments in Portfolio	% of net assets
Common Stocks	98.0%
Exchange-Traded Funds	0.8%
Total Equity Exposure	98.8%
Temporary Cash Investments	0.6%
Other Assets and Liabilities	0.6%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 11/1/12	Ending Account Value 4/30/13	Expenses Paid During Period⁽¹⁾ 11/1/12 – 4/30/13	Annualized Expense Ratio⁽¹⁾
Actual
Institutional Class	$1,000	$1,119.10	$4.05	0.77%
Hypothetical
Institutional Class	$1,000	$1,020.98	$3.86	0.77%

(1)	Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period.

Schedule of Investments

APRIL 30, 2013 (Unaudited)

	Shares	Value
Common Stocks — 98.0%
AEROSPACE AND DEFENSE — 4.9%
Honeywell International, Inc.	200,993	$ 14,781,025
Precision Castparts Corp.	49,036	9,380,096
Textron, Inc.	141,877	3,653,333
United Technologies Corp.	148,048	13,515,302
		41,329,756
AIR FREIGHT AND LOGISTICS — 1.6%
United Parcel Service, Inc., Class B	158,430	13,599,631
AIRLINES — 0.3%
Alaska Air Group, Inc.⁽¹⁾	45,434	2,800,552
AUTOMOBILES — 0.8%
Harley-Davidson, Inc.	120,207	6,569,313
BEVERAGES — 7.4%
Beam, Inc.	52,044	3,367,767
Brown-Forman Corp., Class B	32,684	2,304,222
Coca-Cola Co. (The)	665,672	28,177,896
Monster Beverage Corp.⁽¹⁾	50,513	2,848,933
PepsiCo, Inc.	310,851	25,635,882
		62,334,700
BIOTECHNOLOGY — 3.9%
Alexion Pharmaceuticals, Inc.⁽¹⁾	56,489	5,535,922
Amgen, Inc.	102,747	10,707,265
Gilead Sciences, Inc.⁽¹⁾	229,657	11,629,831
Regeneron Pharmaceuticals, Inc.⁽¹⁾	23,767	5,113,232
		32,986,250
CAPITAL MARKETS — 0.8%
Franklin Resources, Inc.	44,396	6,866,285
CHEMICALS — 2.8%
Agrium, Inc.	41,367	3,792,113
Huntsman Corp.	116,386	2,195,040
Monsanto Co.	135,877	14,514,381
W.R. Grace & Co.⁽¹⁾	35,975	2,774,032
		23,275,566
COMMERCIAL BANKS — 0.7%
SunTrust Banks, Inc.	211,790	6,194,857
COMMERCIAL SERVICES AND SUPPLIES — 0.5%
Tyco International Ltd.	127,043	4,080,621
COMMUNICATIONS EQUIPMENT — 2.5%
Cisco Systems, Inc.	284,960	5,961,363
Palo Alto Networks, Inc.⁽¹⁾	38,638	2,090,316
QUALCOMM, Inc.	103,592	6,383,339
Research In Motion Ltd.⁽¹⁾	146,519	2,386,795
Riverbed Technology, Inc.⁽¹⁾	263,433	$ 3,914,614
		20,736,427
COMPUTERS AND PERIPHERALS — 7.9%
Apple, Inc.	105,624	46,765,026
EMC Corp.⁽¹⁾	461,918	10,360,821
NetApp, Inc.⁽¹⁾	266,930	9,313,187
		66,439,034
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%
Verizon Communications, Inc.	220,524	11,888,449
ELECTRICAL EQUIPMENT — 1.0%
Regal-Beloit Corp.	22,571	1,774,532
Rockwell Automation, Inc.	75,917	6,436,243
		8,210,775
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.7%
Avnet, Inc.⁽¹⁾	68,257	2,235,417
Trimble Navigation Ltd.⁽¹⁾	139,445	4,007,649
		6,243,066
ENERGY EQUIPMENT AND SERVICES — 2.5%
Cameron International Corp.⁽¹⁾	90,572	5,574,707
Core Laboratories NV	17,479	2,530,610
Oceaneering International, Inc.	97,740	6,858,416
Schlumberger Ltd.	85,513	6,364,732
		21,328,465
FOOD AND STAPLES RETAILING — 2.9%
Costco Wholesale Corp.	85,824	9,305,896
Wal-Mart Stores, Inc.	119,427	9,281,867
Whole Foods Market, Inc.	68,365	6,037,997
		24,625,760
FOOD PRODUCTS — 1.3%
Annie’s, Inc.⁽¹⁾	34,535	1,305,077
Hershey Co. (The)	24,018	2,141,445
Mead Johnson Nutrition Co.	72,401	5,870,997
Pinnacle Foods, Inc.⁽¹⁾	83,364	1,989,899
		11,307,418
HEALTH CARE EQUIPMENT AND SUPPLIES — 2.2%
CareFusion Corp.⁽¹⁾	70,070	2,343,141
Cooper Cos., Inc. (The)	19,596	2,163,398
Covidien plc	47,790	3,050,914
DENTSPLY International, Inc.	43,114	1,825,878
IDEXX Laboratories, Inc.⁽¹⁾	34,201	3,008,320
Intuitive Surgical, Inc.⁽¹⁾	8,554	4,211,049
ResMed, Inc.	46,920	2,253,098
		18,855,798

Shares

Value

HEALTH CARE PROVIDERS AND SERVICES — 1.0%

AmerisourceBergen Corp.
20,147 $ 1,090,355

Express Scripts Holding Co.⁽¹⁾
121,321 7,202,828

8,293,183

HOTELS, RESTAURANTS AND LEISURE — 3.6%

Marriott International, Inc. Class A
182,943 7,877,526

McDonald’s Corp.
145,168 14,827,459

Starbucks Corp.
122,076 7,427,104

30,132,089

HOUSEHOLD DURABLES — 0.6%

Mohawk Industries, Inc.⁽¹⁾
48,081 5,331,221

HOUSEHOLD PRODUCTS — 1.5%

Colgate-Palmolive Co.
93,454 11,159,342

Procter & Gamble Co. (The)
21,683 1,664,604

12,823,946

INDUSTRIAL CONGLOMERATES — 0.8%

Danaher Corp.
106,257 6,475,302

INSURANCE — 0.8%


Travelers Cos., Inc. (The)
82,753 7,067,934

INTERNET AND CATALOG RETAIL — 1.6%

Amazon.com, Inc.⁽¹⁾
31,700 8,045,777

Expedia, Inc.
100,965 5,637,886

13,683,663

INTERNET SOFTWARE AND SERVICES — 4.3%

eBay, Inc.⁽¹⁾
228,657 11,979,340

Google, Inc. Class A⁽¹⁾
28,978 23,894,390

35,873,730

IT SERVICES — 3.4%


International Business Machines Corp.
61,805 12,517,985

MasterCard, Inc., Class A
28,362 15,682,200

28,200,185

LIFE SCIENCES TOOLS AND SERVICES — 0.5%

Waters Corp.⁽¹⁾
46,878 4,331,527

MACHINERY — 1.8%


Caterpillar, Inc.
42,022 3,558,003

Flowserve Corp.
17,949 2,838,096

Lincoln Electric Holdings, Inc.
42,151 2,223,887

Parker-Hannifin Corp.
78,145 6,921,302

15,541,288

MEDIA — 4.4%


CBS Corp., Class B
117,081 5,359,968

Comcast Corp., Class A
289,293 11,947,801

Discovery Communications, Inc. Class C⁽¹⁾
59,224 4,198,389

Scripps Networks Interactive, Inc. Class A
72,491 $ 4,826,451

Viacom, Inc., Class B
163,738 10,477,595

36,810,204

METALS AND MINING — 0.6%

Coeur d’Alene Mines Corp.⁽¹⁾
74,250 1,131,570

Nucor Corp.
99,185 4,326,450

5,458,020

MULTI-UTILITIES — 0.4%


DTE Energy Co.
47,237 3,442,633

OIL, GAS AND CONSUMABLE FUELS — 2.4%

EOG Resources, Inc.
59,590 7,219,924

Noble Energy, Inc.
59,010 6,685,243

Occidental Petroleum Corp.
71,158 6,351,563

20,256,730

PERSONAL PRODUCTS — 0.7%

Estee Lauder Cos., Inc. (The), Class A
78,788 5,463,948

PHARMACEUTICALS — 5.4%

AbbVie, Inc.
261,504 12,042,259

Allergan, Inc.
51,057 5,797,522

Bristol-Myers Squibb Co.
292,928 11,635,100

Eli Lilly & Co.
110,342 6,110,740

Johnson & Johnson
91,220 7,774,681

Zoetis, Inc.
62,574 2,066,194

45,426,496

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.6%

American Campus Communities, Inc.
75,034 3,349,518

Simon Property Group, Inc.
57,396 10,220,505

13,570,023

REAL ESTATE MANAGEMENT AND DEVELOPMENT — 0.5%

CBRE Group, Inc.⁽¹⁾
165,528 4,009,088

ROAD AND RAIL — 1.8%


Union Pacific Corp.
100,657 14,893,210

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.1%

Freescale Semiconductor Ltd.⁽¹⁾
182,599 2,826,633

Linear Technology Corp.
192,578 7,029,097

Teradyne, Inc.⁽¹⁾
273,573 4,497,540

Xilinx, Inc.
83,188 3,153,657

17,506,927

SOFTWARE — 7.0%


Cadence Design Systems, Inc.⁽¹⁾
305,197 4,211,719

CommVault Systems, Inc.⁽¹⁾
26,162 1,923,954

Electronic Arts, Inc.⁽¹⁾
234,286 4,125,776

Shares

Value

Microsoft Corp.
553,704 $ 18,327,602

NetSuite, Inc.⁽¹⁾
31,297 2,752,884

Oracle Corp.
477,138 15,640,584

Salesforce.com, Inc.⁽¹⁾
105,005 4,316,756

Splunk, Inc.⁽¹⁾
55,298 2,256,158

Symantec Corp.⁽¹⁾
221,851 5,390,979

58,946,412

SPECIALTY RETAIL — 3.9%

Chico’s FAS, Inc.
128,278 2,343,639

Foot Locker, Inc.
69,006 2,406,239

GNC Holdings, Inc. Class A
145,991 6,617,772

Home Depot, Inc. (The)
104,585 7,671,310

Lowe’s Cos., Inc.
237,429 9,122,022

Urban Outfitters, Inc.⁽¹⁾
111,141 4,605,683

32,766,665

TEXTILES, APPAREL AND LUXURY GOODS — 0.6%

PVH Corp.
40,568 4,681,953

WIRELESS TELECOMMUNICATION SERVICES — 0.6%

SBA Communications Corp., Class A⁽¹⁾
61,683 4,872,340

TOTAL COMMON STOCKS

(Cost $663,220,936)
   825,531,440

Exchange-Traded Funds — 0.8%

iShares Russell 1000 Growth Index Fund

(Cost $6,218,599)
93,338    6,802,474

Temporary Cash Investments — 0.6%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $570,952), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $559,735)
559,733

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $3,424,546), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $3,358,405)
$ 3,358,397

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $571,532),

in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $559,734)
559,733

SSgA U.S. Government Money Market Fund
260,646 260,646

TOTAL TEMPORARY CASH INVESTMENTS

(Cost $4,738,509)
   4,738,509

TOTAL INVESTMENT SECURITIES — 99.4%

(Cost $674,178,044)
   837,072,423

OTHER ASSETS AND LIABILITIES — 0.6%
            5,036,696

TOTAL NET ASSETS — 100.0%
   $842,109,119

Notes to Schedule of Investments

(1)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)
Assets
Investment securities, at value (cost of $674,178,044)		$837,072,423
Receivable for investments sold		11,703,090
Receivable for capital shares sold		19,583
Dividends and interest receivable		492,690
		849,287,786

Liabilities
Payable for investments purchased		6,660,385
Payable for capital shares redeemed		1,837
Accrued management fees		516,445
		7,178,667

Net Assets		$842,109,119

Institutional Class Capital Shares, $0.01 Par Value
Shares authorized		150,000,000
Shares outstanding		61,493,788

Net Asset Value Per Share		$13.69

Net Assets Consist of:
Capital (par value and paid-in surplus)		$669,584,155
Undistributed net investment income		1,340,904
Undistributed net realized gain		8,288,715
Net unrealized appreciation		162,895,345
		$842,109,119

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $10,296)		$ 6,442,459
Interest		3,930
		6,446,389

Expenses:
Management fees		2,798,505
Directors’ fees and expenses		12,015
Other expenses		198
		2,810,718

Net investment income (loss)		3,635,671

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions		16,182,821
Futures contract transactions		72,241
		16,255,062

Change in net unrealized appreciation (depreciation) on:
Investments		64,285,766
Translation of assets and liabilities in foreign currencies		7
		64,285,773

Net realized and unrealized gain (loss)		80,540,835

Net Increase (Decrease) in Net Assets Resulting from Operations		$84,176,506

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$ 3,635,671		$ 3,955,607
Net realized gain (loss)	16,255,062		18,575,373
Change in net unrealized appreciation (depreciation)	64,285,773		26,570,366
Net increase (decrease) in net assets resulting from operations	84,176,506		49,101,346

Distributions to Shareholders
From net investment income	(5,233,236	)	(3,102,332	)
From net realized gains	(21,042,732	)	(11,931,445	)
Decrease in net assets from distributions	(26,275,968	)	(15,033,777	)

Capital Share Transactions
Proceeds from shares sold	137,113,957		204,409,917
Proceeds from reinvestment of distributions	26,275,968		15,033,777
Payments for shares redeemed	(15,087,809	)	(79,449,649	)
Net increase (decrease) in net assets from capital share transactions	148,302,116		139,994,045

Net increase (decrease) in net assets	206,202,654		174,061,614

Net Assets
Beginning of period	635,906,465		461,844,851
End of period	$842,109,119		$635,906,465

Undistributed net investment income	$1,340,904		$2,938,469

Transactions in Shares of the Fund
Sold	10,584,269		16,207,107
Issued in reinvestment of distributions	2,082,089		1,326,900
Redeemed	(1,152,521	)	(6,301,169	)
Net increase (decrease) in shares of the fund	11,513,837		11,232,838

See Notes to Financial Statements.

Notes to Financial Statements

April 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. NT Growth Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth. The fund is not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard for the tobacco industry.

2. Significant Accounting Policies

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover futures contracts. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for margin requirements on futures contracts.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund’s assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts) that have very similar investment teams and investment strategies (strategy assets). The strategy assets of the fund include the assets of Growth Fund, one fund in a series issued by the corporation. The annual management fee schedule ranges from 0.600% to 0.800%. The effective annual management fee for the six months ended April 30, 2013 was 0.77%.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, American Century Investment Services, Inc., and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 100% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $373,584,538 and $254,213,032, respectively.

5. Fair Value Measurements

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

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

•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2	Level 3
Investment Securities
Common Stocks	$825,531,440	—	—
Exchange-Traded Funds	6,802,474	—	—
Temporary Cash Investments	260,646	$4,477,863	—
Total Value of Investment Securities	$832,594,560	$4,477,863	—

6. Derivative Instruments

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

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended April 30, 2013, the effect of equity price risk derivative instruments on the Statement of Operations was $72,241 in net realized gain (loss) on futures contract transactions.

7. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$683,640,970
Gross tax appreciation of investments	$158,875,968
Gross tax depreciation of investments	(5,444,515	)
Net tax appreciation (depreciation) of investments	$153,431,453

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

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Institutional Class
2013⁽³⁾	$12.72	0.06	1.41	1.47	(0.10)	(0.40)	(0.50)	$13.69	11.91%	0.77%⁽⁴⁾	0.99%⁽⁴⁾	35%	$842,109
2012	$11.92	0.09	1.09	1.18	(0.08)	(0.30)	(0.38)	$12.72	10.33%	0.77%	0.71%	87%	$635,906
2011	$11.06	0.09	0.85	0.94	(0.08)	—	(0.08)	$11.92	8.48%	0.78%	0.78%	95%	$461,845
2010	$9.34	0.06	1.71	1.77	(0.05)	—	(0.05)	$11.06	18.94%	0.79%	0.63%	95%	$340,417
2009	$8.13	0.06	1.21	1.27	(0.06)	—	(0.06)	$9.34	15.88%	0.80%	0.67%	132%	$208,337
2008	$12.87	0.04	(4.19)	(4.15)	(0.03)	(0.56)	(0.59)	$8.13	(33.68)%	0.80%	0.38%	136%	$83,440

Notes to Financial Highlights

(1)	Computed using average shares outstanding throughout the period.
(2)	Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)	Six months ended April 30, 2013 (unaudited).
(4)	Annualized.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

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

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78706 1306

“”

SEMIANNUAL REPORT APRIL 30, 2013

NT Vista^SM Fund

Table of Contents

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

Since

Inception

Inception

Date

Institutional Class

ACLWX

13.38%

8.18%

0.81%

2.97%

5/12/06

Russell Midcap Growth Index

—

17.74%

14.42%

6.79%

6.33%

—

(1)

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

Total Annual Fund Operating Expenses

Institutional Class 0.81%

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Catamaran Corp.

2.6%

Alliance Data Systems Corp.

2.4%

Kansas City Southern

2.0%

SBA Communications Corp., Class A

2.0%

Canadian Pacific Railway Ltd. New York Shares

1.9%

Affiliated Managers Group, Inc.

1.9%

Tractor Supply Co.

1.6%

Perrigo Co.

1.5%

Cabot Oil & Gas Corp.

1.5%

Quanta Services, Inc.

1.4%

Top Five Industries

% of net assets

Specialty Retail

8.1%

Chemicals

5.8%

Road and Rail

5.1%

Health Care Providers and Services

4.1%

Media

4.1%

Types of Investments in Portfolio

% of net assets

Domestic Common Stocks

89.5%

Foreign Common Stocks*

7.1%

Exchange-Traded Funds

0.5%

Total Equity Exposure

97.1%

Temporary Cash Investments

2.8%

Other Assets and Liabilities

0.1%

*Includes depositary shares, dual listed securities and foreign ordinary shares.

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value
11/1/12

Ending
Account Value
4/30/13

Expenses Paid
During Period ⁽¹⁾

11/1/12 – 4/30/13

Annualized

Expense Ratio ⁽¹⁾

Actual

Institutional Class

$1,000

$1,133.80

$4.23

0.80%

Hypothetical

Institutional Class

$1,000

$1,020.83

$4.01

0.80%

Schedule of Investments

APRIL 30, 2013 (Unaudited)

Shares

Value

Common Stocks — 96.6%

AEROSPACE AND DEFENSE — 1.9%

B/E Aerospace, Inc.⁽¹⁾

48,650

$ 3,052,301

TransDigm Group, Inc.

31,500

4,624,200

7,676,501

AUTO COMPONENTS — 2.0%

BorgWarner, Inc.⁽¹⁾

33,685

2,633,156

Delphi Automotive plc

112,950

5,219,420

7,852,576

AUTOMOBILES — 1.0%

Harley-Davidson, Inc.

69,060

3,774,129

BEVERAGES — 1.0%

Beam, Inc.

31,410

2,032,541

Constellation Brands, Inc., Class A⁽¹⁾

40,130

1,980,416

4,012,957

BIOTECHNOLOGY — 3.3%

Alexion Pharmaceuticals, Inc.⁽¹⁾

53,115

5,205,270

Grifols SA⁽¹⁾

69,840

2,802,503

Onyx Pharmaceuticals, Inc.⁽¹⁾

14,160

1,342,368

Regeneron Pharmaceuticals, Inc.⁽¹⁾

17,130

3,685,348

13,035,489

BUILDING PRODUCTS — 1.9%

Fortune Brands Home & Security, Inc.⁽¹⁾

105,850

3,851,882

Lennox International, Inc.

55,998

3,471,876

7,323,758

CAPITAL MARKETS — 2.9%

Affiliated Managers Group, Inc.⁽¹⁾

47,420

7,382,346

KKR & Co. LP

100,140

2,102,940

Raymond James Financial, Inc.

45,360

1,878,811

11,364,097

CHEMICALS — 5.8%

Airgas, Inc.

31,600

3,054,140

Celanese Corp.

68,160

3,367,786

Cytec Industries, Inc.

34,970

2,547,914

Eastman Chemical Co.

76,040

5,068,066

FMC Corp.

64,010

3,885,407

Sherwin-Williams Co. (The)

16,030

2,935,253

Westlake Chemical Corp.

22,060

1,834,068

22,692,634

COMMERCIAL BANKS — 0.5%

CIT Group, Inc.⁽¹⁾

44,188

1,878,432

COMMERCIAL SERVICES AND SUPPLIES — 1.1%

Stericycle, Inc.⁽¹⁾

41,830

4,531,026

COMPUTERS AND PERIPHERALS — 0.9%

NetApp, Inc.⁽¹⁾

97,560

$ 3,403,868

CONSTRUCTION AND ENGINEERING — 2.5%

Chicago Bridge & Iron Co. NV New York Shares

45,110

2,426,467

MasTec, Inc.⁽¹⁾

77,520

2,155,056

Quanta Services, Inc.⁽¹⁾

199,260

5,475,665

10,057,188

CONSTRUCTION MATERIALS — 1.8%

Eagle Materials, Inc.

32,360

2,192,390

Martin Marietta Materials, Inc.

23,750

2,398,512

Texas Industries, Inc.⁽¹⁾

37,670

2,398,826

6,989,728

CONSUMER FINANCE — 1.0%

Discover Financial Services

89,730

3,924,790

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%

tw telecom, inc., Class A⁽¹⁾

73,820

1,999,046

ELECTRICAL EQUIPMENT — 1.3%

AMETEK, Inc.

54,360

2,212,996

Eaton Corp. plc

46,000

2,824,860

5,037,856

ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 1.4%

Trimble Navigation Ltd.⁽¹⁾

189,580

5,448,529

ENERGY EQUIPMENT AND SERVICES — 2.5%

Atwood Oceanics, Inc.⁽¹⁾

52,460

2,573,163

Cameron International Corp.⁽¹⁾

36,910

2,271,811

Oceaneering International, Inc.

55,789

3,914,714

Patterson-UTI Energy, Inc.

53,890

1,136,540

9,896,228

FOOD AND STAPLES RETAILING — 2.0%

Costco Wholesale Corp.

24,560

2,663,041

Whole Foods Market, Inc.

57,950

5,118,144

7,781,185

FOOD PRODUCTS — 1.7%

Hain Celestial Group, Inc. (The)⁽¹⁾

40,280

2,628,270

Mead Johnson Nutrition Co.

48,420

3,926,378

6,554,648

GAS UTILITIES — 0.3%

ONEOK, Inc.

24,900

1,278,864

HEALTH CARE EQUIPMENT AND SUPPLIES — 2.0%

Cooper Cos., Inc. (The)

25,250

2,787,600

Edwards Lifesciences Corp.⁽¹⁾

11,810

753,360

IDEXX Laboratories, Inc.⁽¹⁾

19,350

1,702,026

Mettler-Toledo International, Inc.⁽¹⁾

12,280

2,566,029

7,809,015

Shares

Value

HEALTH CARE PROVIDERS AND SERVICES — 4.1%

AmerisourceBergen Corp.

74,780

$ 4,047,094

Catamaran Corp.⁽¹⁾

175,810

10,149,511

Team Health Holdings, Inc.⁽¹⁾

50,690

1,889,723

16,086,328

HEALTH CARE TECHNOLOGY — 1.2%

Cerner Corp.⁽¹⁾

49,700

4,809,469

HOTELS, RESTAURANTS AND LEISURE — 2.3%

Dunkin’ Brands Group, Inc.

50,080

1,943,605

Norwegian Cruise Line Holdings Ltd.⁽¹⁾

65,653

2,035,899

Panera Bread Co., Class A⁽¹⁾

10,630

1,883,955

Wyndham Worldwide Corp.

55,940

3,360,875

9,224,334

HOUSEHOLD DURABLES — 1.6%

Lennar Corp., Class A

46,020

1,896,945

Mohawk Industries, Inc.⁽¹⁾

17,080

1,893,830

Toll Brothers, Inc.⁽¹⁾

79,070

2,712,892

6,503,667

HOUSEHOLD PRODUCTS — 1.2%

Church & Dwight Co., Inc.

71,560

4,571,968

INSURANCE — 0.5%

Cincinnati Financial Corp.

40,260

1,969,117

INTERNET AND CATALOG RETAIL — 1.4%

Expedia, Inc.

33,370

1,863,381

priceline.com, Inc.⁽¹⁾

5,000

3,479,950

5,343,331

INTERNET SOFTWARE AND SERVICES — 1.8%

Equinix, Inc.⁽¹⁾

10,460

2,239,486

LinkedIn Corp., Class A⁽¹⁾

25,690

4,934,792

7,174,278

IT SERVICES — 3.2%

Alliance Data Systems Corp.⁽¹⁾

56,090

9,634,579

Teradata Corp.⁽¹⁾

55,510

2,834,896

12,469,475

LIFE SCIENCES TOOLS AND SERVICES — 0.5%

Covance, Inc.⁽¹⁾

28,720

2,141,363

MACHINERY — 1.4%

Trinity Industries, Inc.

57,680

2,434,673

Valmont Industries, Inc.

20,120

2,932,087

5,366,760

MEDIA — 4.1%

CBS Corp., Class B

45,520

2,083,905

Discovery Communications, Inc. Class A⁽¹⁾

54,450

4,291,749

Liberty Global, Inc. Class A⁽¹⁾

70,200

5,080,374

Scripps Networks Interactive, Inc. Class A

28,520

1,898,862

Sirius XM Radio, Inc.

819,040

2,661,880

16,016,770

OIL, GAS AND CONSUMABLE FUELS — 2.6%

Cabot Oil & Gas Corp.

87,510

5,955,055

Concho Resources, Inc.⁽¹⁾

32,020

2,757,883

Oasis Petroleum, Inc.⁽¹⁾

48,820

1,671,109

10,384,047

PHARMACEUTICALS — 2.6%

Actavis, Inc.⁽¹⁾

41,540

4,392,024

Perrigo Co.

50,420

6,020,652

10,412,676

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.3%

Digital Realty Trust, Inc.

29,645

2,090,566

Ventas, Inc.

37,140

2,957,458

5,048,024

REAL ESTATE MANAGEMENT AND DEVELOPMENT — 1.3%

CBRE Group, Inc.⁽¹⁾

156,390

3,787,766

Realogy Holdings Corp.⁽¹⁾

29,394

1,410,912

5,198,678

ROAD AND RAIL — 5.1%

Canadian Pacific Railway Ltd. New York Shares

60,470

7,535,771

Genesee & Wyoming, Inc. Class A⁽¹⁾

38,555

3,284,886

Hertz Global Holdings, Inc.⁽¹⁾

64,907

1,562,961

Kansas City Southern

72,120

7,866,128

20,249,746

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.8%

ARM Holdings plc

203,420

3,147,185

Avago Technologies Ltd.

57,380

1,833,865

NXP Semiconductor NV⁽¹⁾

75,230

2,072,586

Xilinx, Inc.

101,300

3,840,283

10,893,919

SOFTWARE — 2.9%

Citrix Systems, Inc.⁽¹⁾

32,850

2,042,285

CommVault Systems, Inc.⁽¹⁾

39,010

2,868,795

NetSuite, Inc.⁽¹⁾

52,590

4,625,816

Splunk, Inc.⁽¹⁾

46,244

1,886,755

11,423,651

SPECIALTY RETAIL — 8.1%

DSW, Inc., Class A

48,750

3,223,350

GNC Holdings, Inc. Class A

91,799

4,161,248

Lumber Liquidators Holdings, Inc.⁽¹⁾

28,830

2,362,907

Shares

Value

O’Reilly Automotive, Inc.⁽¹⁾

28,330

$ 3,040,375

PetSmart, Inc.

72,970

4,979,473

Ross Stores, Inc.

58,040

3,834,703

Signet Jewelers Ltd.

28,660

1,969,802

Tractor Supply Co.

58,340

6,252,298

Urban Outfitters, Inc.⁽¹⁾

46,870

1,942,293

31,766,449

TEXTILES, APPAREL AND LUXURY GOODS — 3.1%

Hanesbrands, Inc.⁽¹⁾

75,626

3,793,400

Michael Kors Holdings Ltd.⁽¹⁾

53,060

3,021,237

PVH Corp.

31,030

3,581,172

Under Armour, Inc. Class A⁽¹⁾

33,460

1,909,897

12,305,706

TRADING COMPANIES AND DISTRIBUTORS — 2.2%

Fastenal Co.

52,100

2,555,505

United Rentals, Inc.⁽¹⁾

87,431

4,599,745

W.W. Grainger, Inc.

6,220

1,533,043

8,688,293

WIRELESS TELECOMMUNICATION SERVICES — 2.0%

SBA Communications Corp., Class A⁽¹⁾

98,002

7,741,178

TOTAL COMMON STOCKS (Cost $286,565,964)

380,111,771

Exchange-Traded Funds — 0.5%

iShares Russell Midcap Growth Index Fund (Cost $1,885,704)

27,070

1,918,451

Temporary Cash Investments — 2.8%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $1,357,684), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $1,331,010)

$ 1,331,006

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $8,143,335), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $7,986,057)

7,986,037

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at

$1,359,064), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $1,331,009)

1,331,006

SSgA U.S. Government Money Market Fund

619,799

619,799

TOTAL TEMPORARY CASH INVESTMENTS (Cost $11,267,848)

11,267,848

TOTAL INVESTMENT SECURITIES — 99.9% (Cost $299,719,516)

393,298,070

OTHER ASSETS AND LIABILITIES — 0.1%

293,255

TOTAL NET ASSETS — 100.0%

$393,591,325

Forward Foreign Currency Exchange Contracts

Contracts to Sell

Counterparty

Settlement Date

Value

Unrealized Gain (Loss)

1,762,517

EUR for USD

UBS AG

5/31/13

$2,321,562

$(26,918)

1,703,134

GBP for USD

Credit Suisse AG

5/31/13

2,645,053

(6,132)

$4,966,615

$(33,050)

(Value on Settlement Date $4,933,565)

Notes to Schedule of Investments

EUR = Euro

GBP = British Pound

USD = United States Dollar

(1)

Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $299,719,516)

$393,298,070

Receivable for investments sold

6,650,331

Receivable for capital shares sold

48,886

Dividends and interest receivable

33,267

400,030,554

Liabilities

Payable for investments purchased

6,154,768

Unrealized loss on forward foreign currency exchange contracts

33,050

Accrued management fees

251,411

6,439,229

Net Assets

$393,591,325

Institutional Class Capital Shares, $0.01 Par Value

Shares authorized

150,000,000

Shares outstanding

32,781,330

Net Asset Value Per Share

$12.01

Net Assets Consist of:

Capital (par value and paid-in surplus)

$301,384,753

Disbursements in excess of net investment income

(438,760)

Accumulated net realized loss

(900,339)

Net unrealized appreciation

93,545,671

$393,591,325

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:

Dividends (net of foreign taxes withheld of $5,182)

$ 1,490,872

Interest

4,029

1,494,901

Expenses:

Management fees

1,360,741

Directors’ fees and expenses

5,597

1,366,338

Net investment income (loss)

128,563

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment transactions

3,184,047

Foreign currency transactions

85,131

3,269,178

Change in net unrealized appreciation (depreciation) on:

Investments

39,963,317

Translation of assets and liabilities in foreign currencies

(25,506)

39,937,811

Net realized and unrealized gain (loss)

43,206,989

Net Increase (Decrease) in Net Assets Resulting from Operations

$43,335,552

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012

Increase (Decrease) in Net Assets

April 30, 2013

October 31, 2012

Operations

Net investment income (loss)

$ 128,563

$ (63,225)

Net realized gain (loss)

3,269,178

(1,777,922)

Change in net unrealized appreciation (depreciation)

39,937,811

19,907,387

Net increase (decrease) in net assets resulting from operations

43,335,552

18,066,240

Distributions to Shareholders

From net investment income

(530,477)

—

From net realized gains

—

(3,557,528)

Decrease in net assets from distributions

(530,477)

(3,557,528)

Capital Share Transactions

Proceeds from shares sold

56,348,959

98,603,911

Proceeds from reinvestment of distributions

530,477

3,557,528

Payments for shares redeemed

(3,522,561)

(34,300,835)

Net increase (decrease) in net assets from capital share transactions

53,356,875

67,860,604

Net increase (decrease) in net assets

96,161,950

82,369,316

Net Assets

Beginning of period

297,429,375

215,060,059

End of period

$393,591,325

$297,429,375

Disbursements in excess of net investment income

$(438,760)

$(36,846)

Transactions in Shares of the Fund

Sold

5,016,288

9,510,793

Issued in reinvestment of distributions

48,534

375,663

Redeemed

(317,654)

(3,298,873)

Net increase (decrease) in shares of the fund

4,747,168

6,587,583

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. NT Vista Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth. The fund is not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard for the tobacco industry.

2. Significant Accounting Policies

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, American Century Investment Services, Inc., and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 100% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $160,529,807 and $112,277,830, respectively.

5. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

	Level 1	Level 2		Level 3
Investment Securities
Domestic Common Stocks	$351,977,748	—		—
Foreign Common Stocks	22,184,335	$ 5,949,688		—
Exchange-Traded Funds	1,918,451	—		—
Temporary Cash Investments	619,799	10,648,049		—
Total Value of Investment Securities	$376,700,333	$16,597,737		—

Other Financial Instruments
Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts	—	$ (33,050	)	—

6. Derivative Instruments

The value of foreign currency risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as a liability of $33,050 in unrealized loss on forward foreign currency exchange contracts. For the six months ended April 30, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $83,285 in net realized gain (loss) on foreign currency transactions and $(25,374) in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.

7. Risk Factors

The fund invests in common stocks of small companies. Because of this, it may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments	$301,680,473
Gross tax appreciation of investments	$93,249,162
Gross tax depreciation of investments	(1,631,565	)
Net tax appreciation (depreciation) of investments	$91,617,597

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(1,460,271), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

As of October 31, 2012, the fund had late-year ordinary loss deferrals of $(44,522), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

Notes to Financial Highlights

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78707 1306

SEMIANNUAL REPORT APRIL 30, 2013

Select Fund

Table of Contents

President’s Letter

2

Independent Chairman’s Letter

3

Performance

4

Fund Characteristics

5

Shareholder Fee Example

6

Schedule of Investments

8

Statement of Assets and Liabilities

10

Statement of Operations

11

Statement of Changes in Net Assets

12

Notes to Financial Statements

13

Financial Highlights

19

Additional Information

22

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months ⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

TWCIX

9.10%

6.72%

4.91%

6.13%

12.11%

6/30/71⁽²⁾

Russell 1000
Growth Index

—

13.71%

12.60%

6.65%

8.07%

N/A⁽³⁾

—

Institutional Class

TWSIX

9.23%

6.95%

5.13%

6.34%

5.44%

3/13/97

A Class⁽⁴⁾

   No sales charge*

   With sales charge*

TWCAX

8.98%

2.72%

6.47%

0.34%

4.65%

3.42%

5.87%

5.24%

3.80%

3.40%

8/8/97

C Class

   No sales charge*

   With sales charge*

ACSLX

8.56%

7.56%

5.65%

5.65%

3.87%

3.87%

5.07%

5.07%

5.66%

5.66%

1/31/03

R Class

ASERX

8.85%

6.20%

4.39%

—

3.97%

7/29/05

(1)

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

(2)

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

(3)

Benchmark data first available 12/29/78.

(4)

Prior to September 4, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

A Class

C Class

R Class

1.00%

0.80%

1.25%

2.00%

1.50%

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Apple, Inc.

6.9%

Google, Inc. Class A

5.0%

Gilead Sciences, Inc.

3.4%

Monsanto Co.

2.9%

Costco Wholesale Corp.

2.7%

Walt Disney Co. (The)

2.6%

TJX Cos., Inc. (The)

2.6%

Biogen Idec, Inc.

2.4%

Philip Morris International, Inc.

2.4%

MasterCard, Inc., Class A

2.3%

Top Five Industries

% of net assets

Computers and Peripherals

8.8%

Biotechnology

7.0%

Specialty Retail

6.7%

Internet Software and Services

6.5%

Machinery

6.0%

Types of Investments in Portfolio

% of net assets

Common Stocks

99.5%

Temporary Cash Investments

0.3%

Other Assets and Liabilities

0.2%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,091.00

$5.18

1.00%

Institutional Class

$1,000

$1,092.30

$4.15

0.80%

A Class

$1,000

$1,089.80

$6.48

1.25%

C Class

$1,000

$1,085.60

$10.34

2.00%

R Class

$1,000

$1,088.50

$7.77

1.50%

Hypothetical

Investor Class

$1,000

$1,019.84

$5.01

1.00%

Institutional Class

$1,000

$1,020.83

$4.01

0.80%

A Class

$1,000

$1,018.60

$6.26

1.25%

C Class

$1,000

$1,014.88

$9.99

2.00%

R Class

$1,000

$1,017.36

$7.50

1.50%

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

Shares

Value

Common Stocks — 99.5%

AEROSPACE AND DEFENSE — 2.3%

Rockwell Collins, Inc.
357,700 $22,506,484

United Technologies Corp.
278,500 25,424,265

47,930,749

AIR FREIGHT AND LOGISTICS — 2.0%

United Parcel Service, Inc., Class B
476,000 40,859,840

BEVERAGES — 2.0%

Diageo plc
1,309,695 39,955,900

BIOTECHNOLOGY — 7.0%

Biogen Idec, Inc.⁽¹⁾
221,900 48,580,567

Gilead Sciences, Inc.⁽¹⁾
1,359,300 68,834,952

Vertex Pharmaceuticals, Inc.⁽¹⁾
325,100 24,974,182

142,389,701

CAPITAL MARKETS — 2.1%

Franklin Resources, Inc.
279,800 43,273,868

CHEMICALS — 3.7%

Monsanto Co.
548,000 58,537,360

Potash Corp. of Saskatchewan, Inc.
387,800 16,326,380

74,863,740

COMMUNICATIONS EQUIPMENT — 2.1%

QUALCOMM, Inc.
685,600 42,246,672

COMPUTERS AND PERIPHERALS — 8.8%

Apple, Inc.
316,600 140,174,650

EMC Corp.⁽¹⁾
1,780,700 39,941,101

180,115,751

DIVERSIFIED FINANCIAL SERVICES — 1.0%

JPMorgan Chase & Co.
418,900 20,530,289

ELECTRICAL EQUIPMENT — 1.6%

Emerson Electric Co.
589,900 32,745,349

ENERGY EQUIPMENT AND SERVICES — 1.9%

National Oilwell Varco, Inc.
192,900 12,580,938

Schlumberger Ltd.
346,700 25,804,881

38,385,819

FOOD AND STAPLES RETAILING — 3.6%

Costco Wholesale Corp.
511,500 55,461,945

Whole Foods Market, Inc.
212,500 18,768,000

74,229,945

FOOD PRODUCTS — 2.6%

Mead Johnson Nutrition Co.
390,600 31,673,754

Mondelez International, Inc. Class A
694,100 21,829,445

53,503,199

HEALTH CARE EQUIPMENT AND SUPPLIES — 0.7%

Intuitive Surgical, Inc.⁽¹⁾
29,200 14,374,868

HEALTH CARE PROVIDERS AND SERVICES — 3.3%

Express Scripts Holding Co.⁽¹⁾
499,000 29,625,630

UnitedHealth Group, Inc.
641,100 38,421,123

68,046,753

HOTELS, RESTAURANTS AND LEISURE — 2.7%

McDonald’s Corp.
312,000 31,867,680

Panera Bread Co., Class A⁽¹⁾
131,500 23,305,745

55,173,425

HOUSEHOLD PRODUCTS — 1.2%

Procter & Gamble Co. (The)
320,800 24,627,816

INSURANCE — 1.5%

Travelers Cos., Inc. (The)
348,200 29,739,762

INTERNET AND CATALOG RETAIL — 3.0%

Amazon.com, Inc.⁽¹⁾
138,400 35,127,304

Expedia, Inc.
454,373 25,372,189

60,499,493

INTERNET SOFTWARE AND SERVICES — 6.5%

Baidu, Inc. ADR⁽¹⁾
122,600 10,525,210

Facebook, Inc. Class A⁽¹⁾
744,700 20,672,872

Google, Inc. Class A⁽¹⁾
123,500 101,834,395

133,032,477

IT SERVICES — 5.1%

FleetCor Technologies, Inc.⁽¹⁾
276,800 21,285,920

MasterCard, Inc., Class A
86,700 47,939,031

Teradata Corp.⁽¹⁾
691,300 35,304,691

104,529,642

LEISURE EQUIPMENT AND PRODUCTS — 0.6%

Hasbro, Inc.
262,700 12,444,099

MACHINERY — 6.0%

Graco, Inc.
328,800 19,902,264

Joy Global, Inc.
271,400 15,339,528

Middleby Corp.⁽¹⁾
72,000 10,769,760

Nordson Corp.
214,800 14,926,452

Parker-Hannifin Corp.
411,700 36,464,269

Xylem, Inc.
913,500 25,349,625

122,751,898

MEDIA — 2.6%

Walt Disney Co. (The)
839,100 52,729,044

MULTILINE RETAIL — 1.0%

Nordstrom, Inc.
367,800 20,813,802

OIL, GAS AND CONSUMABLE FUELS — 1.7%

Exxon Mobil Corp.
207,100 18,429,829

Occidental Petroleum Corp.
185,700 16,575,582

35,005,411

Shares Value

PERSONAL PRODUCTS — 2.0%

Estee Lauder Cos., Inc. (The), Class A
582,400 $40,389,440

PHARMACEUTICALS — 3.6%

Allergan, Inc.
343,200 38,970,360

Bristol-Myers Squibb Co.
850,800 33,793,776

72,764,136

PROFESSIONAL SERVICES — 1.0%

IHS, Inc. Class A⁽¹⁾
103,200 10,054,776

Verisk Analytics, Inc. Class A⁽¹⁾
175,300 10,744,137

20,798,913

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.6%

American Tower Corp.
391,200 32,856,888

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.9%

Broadcom Corp., Class A
902,600 32,493,600

Linear Technology Corp.
718,600 26,228,900

58,722,500

SOFTWARE — 2.2%

Microsoft Corp.
277,000 9,168,700

Oracle Corp.
1,076,200 35,277,836

44,446,536

SPECIALTY RETAIL — 6.7%

AutoZone, Inc.⁽¹⁾
65,000 26,590,850

Home Depot, Inc. (The)
294,600 21,608,910

L Brands, Inc.
729,100 36,753,931

TJX Cos., Inc. (The)
1,076,800 52,515,536

137,469,227

TEXTILES, APPAREL AND LUXURY GOODS — 0.5%

Coach, Inc.
185,200 10,900,872

TOBACCO — 2.4%

Philip Morris International, Inc.
504,800 48,253,832

TOTAL COMMON STOCKS (Cost $1,268,727,945)
   2,031,401,656

Temporary Cash Investments — 0.3%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury

obligations, 2.125%, 12/31/15, valued at $844,051), in a joint trading account at 0.12%, dated 4/30/13,

due 5/1/13 (Delivery value $827,468)
827,465

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury

obligations, 2.125%, 12/31/15, valued at $5,062,582), in a joint trading account at 0.09%, dated 4/30/13,

due 5/1/13 (Delivery value $4,964,804)
4,964,792

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations,

4.50%, 8/15/39, valued at $844,909), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13

(Delivery value $827,467)
827,465

SSgA U.S. Government Money Market Fund
357,040 357,040

TOTAL TEMPORARY CASH INVESTMENTS (Cost $6,976,762)
   6,976,762

TOTAL INVESTMENT SECURITIES — 99.8% (Cost $1,275,704,707)
   2,038,378,418

OTHER ASSETS AND LIABILITIES — 0.2%
   3,225,553

TOTAL NET ASSETS — 100.0%
   $2,041,603,971

Forward Foreign Currency Exchange Contracts

Contracts to Sell

Counterparty

Settlement Date

Value

Unrealized Gain (Loss)

21,724,893

GBP for USD

Credit Suisse AG

5/31/13

$33,739,861

$(78,226)

(Value on Settlement Date $33,661,635)

Notes to Schedule of Investments

ADR = American Depositary Receipt

GBP = British Pound

USD = United States Dollar

(1) Non-income producing.

See Notes to Financial Statements.

Statements of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $1,275,704,707)
$2,038,378,418

Foreign currency holdings, at value (cost of $143,528)
143,408

Receivable for investments sold
4,928,297

Receivable for capital shares sold
330,762

Dividends and interest receivable
827,042

2,044,607,927

Liabilities

Payable for investments purchased
614,317

Payable for capital shares redeemed
651,112

Unrealized loss on forward foreign currency exchange contracts
78,226

Accrued management fees
1,644,953

Distribution and service fees payable
15,348

3,003,956

Net Assets
$2,041,603,971

Net Assets Consist of:

Capital (par value and paid-in surplus)
$1,355,178,101

Undistributed net investment income
6,216,920

Accumulated net realized loss
(82,386,415 )

Net unrealized appreciation
762,595,365

$2,041,603,971

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$1,952,664,398

41,410,304

$47.15

Institutional Class, $0.01 Par Value

    $37,369,137

    782,673

$47.75

A Class, $0.01 Par Value

    $41,427,086

    892,853

   $46.40*

C Class, $0.01 Par Value

     $7,323,142

    166,272

$44.04

R Class, $0.01 Par Value

     $2,820,208

     60,800

$46.39

*Maximum offering price $49.23 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:


Dividends (net of foreign taxes withheld of $50,352)
$20,937,977

Interest
12,394

20,950,371

Expenses:


Management fees
9,732,789

Distribution and service fees:

A Class
56,010

C Class
32,319

R Class
5,300

Directors’ fees and expenses
33,060

Other expenses
54

9,859,532

Net investment income (loss)
11,090,839

Realized and Unrealized Gain (Loss)


Net realized gain (loss) on:


Investment transactions
42,522,494

Foreign currency transactions
1,112,347

43,634,841

Change in net unrealized appreciation (depreciation) on:


Investments
117,786,989

Translation of assets and liabilities in foreign currencies
(3,785 )

117,783,204

Net realized and unrealized gain (loss)
161,418,045

Net Increase (Decrease) in Net Assets Resulting from Operations
$172,508,884

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012

Increase (Decrease) in Net Assets

April 30, 2013

October 31, 2012

Operations

Net investment income (loss)
$11,090,839 $7,639,322

Net realized gain (loss)
43,634,841 51,189,081

Change in net unrealized appreciation (depreciation)
117,783,204 142,407,731

Net increase (decrease) in net assets resulting from operations
172,508,884 201,236,134

Distributions to Shareholders


From net investment income:

Investor Class
(13,028,356 ) (4,659,009 )

Institutional Class
(140,890 ) (23,035 )

A Class
(295,191 ) (7,931 )

C Class
(26,359 ) —

R Class
(12,375 ) —

Decrease in net assets from distributions
(13,503,171 ) (4,689,975 )

Capital Share Transactions


Net increase (decrease) in net assets from capital share transactions
(48,251,283 ) (61,750,287 )

Net increase (decrease) in net assets
110,754,430 134,795,872

Net Assets


Beginning of period
1,930,849,541 1,796,053,669

End of period
$2,041,603,971 $1,930,849,541

Undistributed net investment income
$6,216,920 $8,629,252

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Select Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $268,172,561 and $295,604,606, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
300,000,000 300,000,000

Sold
1,049,220 $47,193,439 2,187,738 $93,774,628

Issued in reinvestment of distributions
281,233 12,430,501 117,261 4,458,282

Redeemed
(2,693,739 ) (120,671,107 ) (4,641,009 ) (195,137,515 )

(1,363,286 ) (61,047,167 ) (2,336,010 ) (96,904,605 )

Institutional Class/Shares Authorized
40,000,000 40,000,000

Sold
465,545 21,058,630 285,373 12,571,675

Issued in reinvestment of distributions
2,051 91,713 596 22,905

Redeemed
(67,019 ) (3,067,838 ) (33,480 ) (1,449,400 )

400,577 18,082,505 252,489 11,145,180

A Class/Shares Authorized
75,000,000 75,000,000

Sold
185,868 8,085,408 614,826 25,736,761

Issued in reinvestment of distributions
6,596 287,136 209 7,821

Redeemed
(358,048 ) (15,969,292 ) (194,157 ) (8,068,061 )

(165,584 ) (7,596,748 ) 420,878 17,676,521

C Class/Shares Authorized
25,000,000 25,000,000

Sold
36,445 1,525,092 135,986 5,492,534

Issued in reinvestment of distributions
337 13,997 — —

Redeemed
(9,545 ) (403,010 ) (12,415 ) (502,300 )

27,237 1,136,079 123,571 4,990,234

R Class/Shares Authorized
50,000,000 50,000,000

Sold
31,365 1,371,091 34,430 1,429,554

Issued in reinvestment of distributions
284 12,375 — —

Redeemed
(4,810 ) (209,418 ) (2,001 ) (87,171 )

26,839 1,174,048 32,429 1,342,383

Net increase (decrease)
(1,074,217 ) $(48,251,283 ) (1,506,643 ) $(61,750,287 )

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Common Stocks

$1,991,445,756

$39,955,900

—

Temporary Cash Investments

            357,040

    6,619,722

—

Total Value of Investment Securities

$1,991,802,796

$46,575,622

—

Other Financial Instruments

Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts

                   —

      $(78,226)

—

7. Derivative Instruments

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund’s exposure to foreign currency exchange rate fluctuations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon the termination of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on foreign currency transactions and change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The foreign currency risk derivative instruments held at period end as disclosed on the Schedule of Investments are indicative of the fund’s typical volume during the period.

The value of foreign currency risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as a liability of $78,226 in unrealized loss on forward foreign currency exchange contracts. For the six months ended April 30, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $1,131,874 in net realized gain (loss) on foreign currency transactions and $1,017 in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$1,279,436,887

Gross tax appreciation of investments

$764,918,560

Gross tax depreciation of investments

(5,977,029)

Net tax appreciation (depreciation) of investments

$758,941,531

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(122,855,395), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers of $(102,366,341) and $(20,489,054) expire in 2017 and 2018, respectively.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

Investor Class

2013⁽³⁾

$43.52

0.26

3.68

3.94

(0.31)

—

(0.31)

$47.15

9.10%

   1.00%⁽⁴⁾

   1.14%⁽⁴⁾

14%

$1,952,664

2012

$39.14

0.17

4.31

4.48

(0.10)

—

(0.10)

$43.52

11.50%

1.00%

0.41%

17%

$1,861,545

2011

$35.54

0.10

3.62

3.72

(0.12)

—

(0.12)

$39.14

10.49%

1.00%

0.26%

17%

$1,765,718

2010

$30.58

0.11

5.01

5.12

(0.16)

—

(0.16)

$35.54

16.78%

1.01%

0.34%

35%

$1,722,138

2009

$26.25

0.19

4.40

4.59

(0.26)

—

(0.26)

$30.58

17.77%

1.00%

0.75%

31%

$1,591,621

2008

$45.58

0.07

(16.10)

(16.03)

—

(3.30)

(3.30)

$26.25

(37.71)%

1.00%

0.19%

64%

$1,448,954

Institutional Class

2013⁽³⁾

$44.04

0.22

3.82

4.04

(0.33)

—

(0.33)

$47.75

9.23%

   0.80%⁽⁴⁾

   1.34%⁽⁴⁾

14%

$37,369

2012

$39.60

0.24

4.38

4.62

(0.18)

—

(0.18)

$44.04

11.73%

0.80%

0.61%

17%

$16,828

2011

$35.95

0.18

3.67

3.85

(0.20)

—

(0.20)

$39.60

10.73%

0.80%

0.46%

17%

$5,133

2010

$30.94

0.18

5.06

5.24

(0.23)

—

(0.23)

$35.95

17.02%

0.81%

0.54%

35%

$4,563

2009

$26.56

0.28

4.41

4.69

(0.31)

—

(0.31)

$30.94

18.00%

0.80%

0.95%

31%

$3,950

2008

$45.98

0.15

(16.27)

(16.12)

—

(3.30)

(3.30)

$26.56

(37.60)%

0.80%

0.39%

64%

$94,419

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

A Class

2013⁽³⁾

$42.85

0.20

3.63

3.83

(0.28)

—

(0.28)

$46.40

8.98%

   1.25%⁽⁴⁾

   0.89%⁽⁴⁾

14%

$41,427

2012

$38.54

0.06

4.26

4.32

(0.01)

—

(0.01)

$42.85

11.22%

1.25%

0.16%

17%

$45,355

2011

$34.99

—⁽⁵⁾

3.58

3.58

(0.03)

—

(0.03)

$38.54

10.23%

1.25%

0.01%

17%

$24,573

2010

$30.11

0.03

4.93

4.96

(0.08)

—

(0.08)

$34.99

16.48%

1.26%

0.09%

35%

$20,666

2009

$25.85

0.13

4.33

4.46

(0.20)

—

(0.20)

$30.11

17.47%

1.25%

0.50%

31%

$19,824

2008

$45.05

(0.02)

(15.88)

(15.90)

—

(3.30)

(3.30)

$25.85

(37.88)%

1.25%

(0.06)%

64%

$19,450

C Class

2013⁽³⁾

$40.75

0.01

3.47

3.48

(0.19)

—

(0.19)

$44.04

8.56%

   2.00%⁽⁴⁾

   0.14%⁽⁴⁾

14%

$7,323

2012

$36.92

(0.25)

4.08

3.83

—

—

—

$40.75

10.37%

2.00%

(0.59)%

17%

$5,666

2011

$33.74

(0.28)

3.46

3.18

—

—

—

$36.92

9.43%

2.00%

(0.74)%

17%

$571

2010

$29.19

(0.20)

4.75

4.55

—

—

—

$33.74

15.63%

2.01%

(0.66)%

35%

$390

2009

$25.05

(0.06)

4.22

4.16

(0.02)

—

(0.02)

$29.19

16.58%

2.00%

(0.25)%

31%

$314

2008

$44.07

(0.29)

(15.43)

(15.72)

—

(3.30)

(3.30)

$25.05

(38.34)%

2.00%

(0.81)%

64%

$394

R Class

2013⁽³⁾

$42.86

0.08

3.70

3.78

(0.25)

—

(0.25)

$46.39

8.85%

   1.50%⁽⁴⁾

   0.64%⁽⁴⁾

14%

$2,820

2012

$38.64

(0.06)

4.28

4.22

—

—

—

$42.86

10.92%

1.50%

(0.09)%

17%

$1,456

2011

$35.14

(0.08)

3.58

3.50

—

—

—

$38.64

9.96%

1.50%

(0.24)%

17%

$59

2010

$30.24

(0.05)

4.95

4.90

—

—

—

$35.14

16.20%

1.51%

(0.16)%

35%

$29

2009

$25.96

0.06

4.36

4.42

(0.14)

—

(0.14)

$30.24

17.17%

1.50%

0.25%

31%

$43

2008

$45.33

(0.11)

(15.96)

(16.07)

—

(3.30)

(3.30)

$25.96

(38.03)%

1.50%

(0.31)%

64%

$32

Notes to Financial Highlights

(1)

Computed using average shares outstanding throughout the period.

(2)

Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)

Six months ended April 30, 2013 (unaudited).

(4)

Annualized.

(5)

Per-share amount was less than $0.005.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78694 1306

SEMIANNUAL REPORT APRIL 30, 2013

Small Cap Growth Fund

Table of Contents

President’s Letter

2

Independent Chairman’s Letter

3

Performance

4

Fund Characteristics

5

Shareholder Fee Example

6

Schedule of Investments

8

Statement of Assets and Liabilities

13

Statement of Operations

14

Statement of Changes in Net Assets

15

Notes to Financial Statements

16

Financial Highlights

21

Additional Information

24

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

ANOIX

15.26%

12.19%

5.26%

11.02%

7.50%

6/1/01

Russell 2000
Growth Index

—

16.60%

15.67%

7.81%

10.52%

5.35%

—

Institutional Class

ANONX

15.39%

12.35%

5.44%

—

3.82%

5/18/07

A Class

   No sales charge*

   With sales charge*

ANOAX

15.22%

8.56%

11.98%

5.56%

5.00%

3.75%

10.74%

10.10%

10.50%

   9.87%

1/31/03

B Class

   No sales charge*

   With sales charge*

ANOBX

14.74%

9.74%

11.08%

7.08%

4.22%

4.05%

9.93%

9.93%

  9.68%

  9.68%

1/31/03

C Class

   No sales charge*

   With sales charge*

ANOCX

14.68%

13.68%

11.05%

11.05%

4.21%

4.21%

9.93%

9.93%

     9.71%⁽²⁾

   9.71%⁽²⁾

1/31/03

R Class

ANORX

15.04%

11.52%

4.71%

—

1.74%

9/28/07

*

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. B Class shares redeemed within six years of purchase are subject to a CDSC that declines from 5.00% during the first year to 0.00% after the sixth year. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

(1)

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

(2)

Returns would have been lower if a portion of the distribution and service fees had not been waived.

Total Annual Fund Operating Expenses

Investor Class

Institutional

Class

A Class

B Class

C Class

R Class

1.46%

1.26%

1.71%

2.46%

2.46%

1.96%

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

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Gulfport Energy Corp.

1.4%

Middleby Corp.

1.3%

Standard Pacific Corp.

1.2%

United Rentals, Inc.

1.2%

M/I Homes, Inc.

1.2%

Lithia Motors, Inc., Class A

1.1%

Eagle Materials, Inc.

1.1%

Papa John’s International, Inc.

1.1%

M.D.C. Holdings, Inc.

1.0%

Triumph Group, Inc.

1.0%

Top Five Industries

% of net assets

Biotechnology

6.6%

Software

5.2%

Health Care Equipment and Supplies

4.9%

Hotels, Restaurants and Leisure

4.1%

Real Estate Investment Trusts (REITs)

4.1%

Types of Investments in Portfolio

% of net assets

Common Stocks

97.7%

Temporary Cash Investments

2.6%

Other Assets and Liabilities

(0.3)%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,152.60

$7.63

1.43%

Institutional Class

$1,000

$1,153.90

$6.57

1.23%

A Class

$1,000

$1,152.20

$8.96

1.68%

B Class

$1,000

$1,147.40

$12.94

2.43%

C Class

$1,000

$1,146.80

$12.93

2.43%

R Class

$1,000

$1,150.40

$10.29

1.93%

Hypothetical

Investor Class

$1,000

$1,017.70

$7.15

1.43%

Institutional Class

$1,000

$1,018.70

$6.16

1.23%

A Class

$1,000

$1,016.46

$8.40

1.68%

B Class

$1,000

$1,012.74

$12.13

2.43%

C Class

$1,000

$1,012.74

$12.13

2.43%

R Class

$1,000

$1,015.22

$9.64

1.93%

Schedule of Investments

APRIL 30, 2013 (Unaudited)

Shares

Value

Common Stocks — 97.7%

AEROSPACE AND DEFENSE — 1.0%

Triumph Group, Inc.

46,439

$ 3,710,476

AUTO COMPONENTS — 0.6%

American Axle & Manufacturing Holdings, Inc.⁽¹⁾

158,401

2,117,821

AUTOMOBILES — 0.4%

Winnebago Industries, Inc.⁽¹⁾

73,733

1,350,789

BEVERAGES — 0.2%

Boston Beer Co., Inc., Class A⁽¹⁾

4,883

826,790

BIOTECHNOLOGY — 6.6%

Acorda Therapeutics, Inc.⁽¹⁾

29,332

1,160,667

Aegerion Pharmaceuticals, Inc.⁽¹⁾

20,122

845,929

Alkermes plc⁽¹⁾

76,423

2,339,308

Alnylam Pharmaceuticals, Inc.⁽¹⁾

33,505

802,445

ArenaPharmaceuticals, Inc.⁽¹⁾

128,563

1,059,359

Cepheid, Inc.⁽¹⁾

41,707

1,590,288

Cubist Pharmaceuticals, Inc.⁽¹⁾

40,728

1,870,230

Dendreon Corp.⁽¹⁾

117,035

551,235

Exact Sciences Corp.⁽¹⁾

48,926

456,969

Exelixis, Inc.⁽¹⁾

134,901

700,136

Halozyme Therapeutics, Inc.⁽¹⁾

69,080

417,243

ImmunoGen, Inc.⁽¹⁾

48,671

779,709

Infinity Pharmaceuticals, Inc.⁽¹⁾

18,472

795,958

Ironwood Pharmaceuticals, Inc.⁽¹⁾

53,356

811,545

Isis Pharmaceuticals, Inc.⁽¹⁾

72,752

1,628,917

Keryx Biopharmaceuticals, Inc.⁽¹⁾

54,001

440,108

Neurocrine Biosciences, Inc.⁽¹⁾

55,755

643,413

Opko Health, Inc.⁽¹⁾

95,756

637,735

PDL BioPharma, Inc.

83,258

644,417

Pharmacyclics, Inc.⁽¹⁾

32,436

2,643,534

Seattle Genetics, Inc.⁽¹⁾

59,500

2,198,525

Theravance, Inc.⁽¹⁾

41,128

1,388,070

24,405,740

BUILDING PRODUCTS — 2.8%

American Woodmark Corp.⁽¹⁾

44,157

1,485,883

Apogee Enterprises, Inc.

97,368

2,480,937

Builders FirstSource, Inc.⁽¹⁾

442,315

2,737,930

Fortune Brands Home & Security, Inc.⁽¹⁾

50,144

1,824,740

Lennox International, Inc.

30,617

1,898,254

10,427,744

CAPITAL MARKETS — 0.9%

HFF, Inc., Class A

67,030

1,404,278

Triangle Capital Corp.

70,547

1,973,200

3,377,478

CHEMICALS — 0.7%

Flotek Industries, Inc.⁽¹⁾

46,629

747,929

H.B. Fuller Co.

47,180

1,788,122

2,536,051

COMMERCIAL BANKS — 3.5%

Banco Latinoamericano de Comercio Exterior SA E Shares

38,582

875,425

Cathay General Bancorp.

105,918

2,087,644

First Financial Bankshares, Inc.

36,126

1,784,986

Home Bancshares, Inc.

70,897

2,816,029

Pinnacle Financial Partners, Inc.⁽¹⁾

91,130

2,211,725

Signature Bank⁽¹⁾

25,618

1,834,505

Texas Capital Bancshares, Inc.⁽¹⁾

33,797

1,407,983

13,018,297

COMMERCIAL SERVICES AND SUPPLIES — 2.4%

Deluxe Corp.

89,252

3,404,071

G&K Services, Inc., Class A

65,362

3,071,361

Mobile Mini, Inc.⁽¹⁾

32,886

925,083

US Ecology, Inc.

59,474

1,617,693

9,018,208

COMMUNICATIONS EQUIPMENT — 1.4%

Aruba Networks, Inc.⁽¹⁾

141,829

3,189,734

InterDigital, Inc.

29,481

1,309,251

Ixia⁽¹⁾

48,073

791,763

5,290,748

COMPUTERS AND PERIPHERALS — 0.2%

Electronics for Imaging, Inc.⁽¹⁾

32,931

879,916

CONSTRUCTION AND ENGINEERING — 0.8%

MasTec, Inc.⁽¹⁾

102,120

2,838,936

CONSTRUCTION MATERIALS — 2.0%

Eagle Materials, Inc.

60,941

4,128,752

Headwaters, Inc.⁽¹⁾

300,866

3,267,405

7,396,157

Shares

Value

CONTAINERS AND PACKAGING — 0.3%

Packaging Corp. of America

21,890

$ 1,041,088

DISTRIBUTORS — 0.7%

Pool Corp.

54,477

2,670,463

DIVERSIFIED CONSUMER SERVICES — 0.4%

Grand Canyon Education, Inc.⁽¹⁾

63,278

1,618,018

DIVERSIFIED FINANCIAL SERVICES — 0.2%

MarketAxess Holdings, Inc.

20,979

887,831

ELECTRICAL EQUIPMENT — 1.3%

Acuity Brands, Inc.

24,110

1,759,066

Belden, Inc.

31,812

1,572,149

Franklin Electric Co., Inc.

44,044

1,425,704

4,756,919

ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 2.1%

Audience, Inc.⁽¹⁾

63,444

938,337

Cognex Corp.

37,775

1,499,668

Littelfuse, Inc.

26,294

1,835,847

OSI Systems, Inc.⁽¹⁾

8,414

482,122

RealD, Inc.⁽¹⁾

76,370

1,143,259

Vishay Intertechnology, Inc.⁽¹⁾

132,560

1,861,142

7,760,375

ENERGY EQUIPMENT AND SERVICES — 2.2%

Bristow Group, Inc.

15,756

995,779

Dril-Quip, Inc.⁽¹⁾

41,748

3,494,725

Geospace Technologies Corp.⁽¹⁾

8,170

689,303

Hornbeck Offshore Services, Inc.⁽¹⁾

48,762

2,190,389

Matrix Service Co.⁽¹⁾

56,601

850,713

8,220,909

FOOD AND STAPLES RETAILING — 1.3%

Andersons, Inc. (The)

38,236

2,084,627

Casey’s General Stores, Inc.

21,820

1,263,596

United Natural Foods, Inc.⁽¹⁾

28,037

1,400,168

4,748,391

FOOD PRODUCTS — 2.6%

Hain Celestial Group, Inc. (The)⁽¹⁾

32,451

2,117,428

J&J Snack Foods Corp.

24,839

1,863,422

Post Holdings, Inc.⁽¹⁾

59,931

2,624,378

TreeHouse Foods, Inc.⁽¹⁾

45,621

2,906,514

9,511,742

HEALTH CARE EQUIPMENT AND SUPPLIES — 4.9%

Abaxis, Inc.

17,779

758,986

Align Technology, Inc.⁽¹⁾

47,631

1,577,539

Analogic Corp.

8,559

680,269

Arthrocare Corp.⁽¹⁾

17,916

620,789

Conceptus, Inc.⁽¹⁾

20,150

624,851

Cyberonics, Inc.⁽¹⁾

19,324

839,048

DexCom, Inc.⁽¹⁾

48,716

799,430

Endologix, Inc.⁽¹⁾

41,779

627,521

Haemonetics Corp.⁽¹⁾

47,919

1,844,881

HeartWare International, Inc.⁽¹⁾

10,677

1,037,804

ICU Medical, Inc.⁽¹⁾

9,845

593,161

Insulet Corp.⁽¹⁾

35,371

892,764

Masimo Corp.

38,299

768,278

Meridian Bioscience, Inc.

33,994

689,738

Neogen Corp.⁽¹⁾

17,884

909,044

NxStage Medical, Inc.⁽¹⁾

46,527

519,707

Orthofix International NV⁽¹⁾

13,084

423,922

STERIS Corp.

48,662

2,023,853

Volcano Corp.⁽¹⁾

39,119

793,724

West Pharmaceutical Services, Inc.

15,948

1,018,439

18,043,748

HEALTH CARE PROVIDERS AND SERVICES — 3.5%

Acadia Healthcare Co., Inc.⁽¹⁾

19,436

613,206

Accretive Health, Inc.⁽¹⁾

31,889

336,110

Air Methods Corp.

38,107

1,394,335

Bio-Reference Labs, Inc.⁽¹⁾

21,915

558,833

Centene Corp.⁽¹⁾

34,791

1,607,344

Chemed Corp.

13,612

1,111,011

Emeritus Corp.⁽¹⁾

25,488

655,042

HealthSouth Corp.⁽¹⁾

46,126

1,268,465

IPC The Hospitalist Co., Inc.⁽¹⁾

13,585

619,748

Landauer, Inc.

8,606

480,817

MWI Veterinary Supply, Inc.⁽¹⁾

12,370

1,456,073

Owens & Minor, Inc.

31,048

1,011,233

Team Health Holdings, Inc.⁽¹⁾

22,860

852,221

WellCare Health Plans, Inc.⁽¹⁾

15,978

931,677

12,896,115

HEALTH CARE TECHNOLOGY — 1.7%

athenahealth, Inc.⁽¹⁾

23,748

2,285,982

Computer Programs & Systems, Inc.

10,197

534,935

HMS Holdings Corp.⁽¹⁾

79,417

2,002,103

Medidata Solutions, Inc.⁽¹⁾

15,737

1,044,307

Quality Systems, Inc.

32,769

585,582

6,452,909

HOTELS, RESTAURANTS AND LEISURE — 4.1%

AFC Enterprises, Inc.⁽¹⁾

55,082

1,756,014

Bloomin’ Brands, Inc.⁽¹⁾

52,170

1,134,698

Shares

Value

Cedar Fair LP

63,931

$ 2,685,102

Domino’s Pizza, Inc.

43,240

2,386,848

Papa John’s International, Inc.⁽¹⁾

63,028

3,970,764

Six Flags Entertainment Corp.

45,185

3,292,631

15,226,057

HOUSEHOLD DURABLES — 3.4%

M.D.C. Holdings, Inc.

102,130

3,840,088

M/I Homes, Inc.⁽¹⁾

174,361

4,289,280

Standard Pacific Corp.⁽¹⁾

493,975

4,470,474

12,599,842

INDUSTRIAL CONGLOMERATES — 0.2%

Raven Industries, Inc.

20,194

677,509

INSURANCE — 0.9%

AMERISAFE, Inc.

37,257

1,216,814

Amtrust Financial Services, Inc.

23,129

732,264

ProAssurance Corp.

27,886

1,366,135

3,315,213

INTERNET AND CATALOG RETAIL — 0.5%

HSN, Inc.

32,856

1,727,568

INTERNET SOFTWARE AND SERVICES — 3.5%

Angie’s List, Inc.⁽¹⁾

59,875

1,451,370

CoStar Group, Inc.⁽¹⁾

27,094

2,937,260

Market Leader, Inc.⁽¹⁾

133,374

1,336,407

NIC, Inc.

50,796

855,405

OpenTable, Inc.⁽¹⁾

17,732

982,175

ValueClick, Inc.⁽¹⁾

95,917

2,959,999

Web.com Group, Inc.⁽¹⁾

151,839

2,641,999

13,164,615

IT SERVICES — 2.5%

Computer Task Group, Inc.

46,326

950,609

FleetCor Technologies, Inc.⁽¹⁾

33,053

2,541,776

Heartland Payment Systems, Inc.

66,000

2,170,740

MAXIMUS, Inc.

24,001

1,912,640

WEX, Inc.⁽¹⁾

22,078

1,673,071

9,248,836

LEISURE EQUIPMENT AND PRODUCTS — 0.7%

Brunswick Corp.

50,613

1,602,408

Polaris Industries, Inc.

13,276

1,144,258

2,746,666

LIFE SCIENCES TOOLS AND SERVICES — 0.5%

Luminex Corp.⁽¹⁾

35,121

584,062

PAREXEL International Corp.⁽¹⁾

33,649

1,377,927

1,961,989

MACHINERY — 3.9%

Chart Industries, Inc.⁽¹⁾

16,770

1,422,264

CLARCOR, Inc.

19,921

1,029,916

Graham Corp.

31,270

759,861

ITT Corp.

75,395

2,080,902

John Bean Technologies Corp.

41,307

856,707

Lindsay Corp.

13,556

1,041,372

Middleby Corp.⁽¹⁾

32,385

4,844,148

Mueller Water Products, Inc. Class A

266,736

1,579,077

Standex International Corp.

18,978

1,003,936

14,618,183

MEDIA — 1.4%

Entravision Communications Corp., Class A

257,254

993,001

Regal Entertainment Group Class A

109,530

1,964,968

Sinclair Broadcast Group, Inc., Class A

81,854

2,193,687

5,151,656

MULTILINE RETAIL — 0.1%

Dillard’s, Inc., Class A

6,334

521,985

OIL, GAS AND CONSUMABLE FUELS — 2.7%

Global Partners LP

27,303

974,717

Gulfport Energy Corp.⁽¹⁾

96,189

5,020,104

Kodiak Oil & Gas Corp.⁽¹⁾

151,385

1,185,345

Rosetta Resources, Inc.⁽¹⁾

64,697

2,776,148

9,956,314

PAPER AND FOREST PRODUCTS — 1.2%

KapStone Paper and Packaging Corp.

80,238

2,373,440

Louisiana-Pacific Corp.⁽¹⁾

50,832

921,076

Neenah Paper, Inc.

41,861

1,203,922

4,498,438

PERSONAL PRODUCTS — 0.6%

Prestige Brands Holdings, Inc.⁽¹⁾

77,496

2,088,517

PHARMACEUTICALS — 2.4%

Akorn, Inc.⁽¹⁾

43,815

659,416

Auxilium Pharmaceuticals, Inc.⁽¹⁾

33,062

493,616

Impax Laboratories, Inc.⁽¹⁾

44,597

780,447

Jazz Pharmaceuticals plc⁽¹⁾

27,178

1,585,836

Medicines Co. (The)⁽¹⁾

36,793

1,242,132

Nektar Therapeutics⁽¹⁾

60,455

655,332

Optimer Pharmaceuticals, Inc.⁽¹⁾

41,018

633,318

Questcor Pharmaceuticals, Inc.

36,826

1,132,031

Shares

Value

Santarus, Inc.⁽¹⁾

42,761

$ 785,520

VIVUS, Inc.⁽¹⁾

66,596

885,061

8,852,709

PROFESSIONAL SERVICES — 2.5%

Barrett Business Services, Inc.

44,798

2,371,606

Huron Consulting Group, Inc.⁽¹⁾

53,551

2,237,361

On Assignment, Inc.⁽¹⁾

120,171

2,916,550

WageWorks, Inc.⁽¹⁾

64,900

1,662,089

9,187,606

REAL ESTATE INVESTMENT TRUSTS (REITs) — 4.1%

Brandywine Realty Trust

83,569

1,247,685

CBL & Associates Properties, Inc.

74,797

1,805,600

Geo Group, Inc. (The)

37,420

1,401,379

Hersha Hospitality Trust

169,326

1,012,569

National Retail Properties, Inc.

69,025

2,738,912

Omega Healthcare Investors, Inc.

76,707

2,521,359

PennyMac Mortgage Investment Trust

48,650

1,228,412

Sovran Self Storage, Inc.

26,271

1,802,191

Weingarten Realty Investors

37,755

1,286,313

15,044,420

ROAD AND RAIL — 1.2%

Avis Budget Group, Inc.⁽¹⁾

60,900

1,756,356

Saia, Inc.⁽¹⁾

40,440

1,654,805

Swift Transportation Co.⁽¹⁾

64,357

902,285

4,313,446

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 3.3%

Cavium Networks, Inc.⁽¹⁾

28,860

907,647

Cirrus Logic, Inc.⁽¹⁾

26,806

517,624

Diodes, Inc.⁽¹⁾

56,684

1,148,418

Photronics, Inc.⁽¹⁾

198,666

1,567,475

Power Integrations, Inc.

42,303

1,751,767

Semtech Corp.⁽¹⁾

84,498

2,709,851

Skyworks Solutions, Inc.⁽¹⁾

75,950

1,676,216

Ultratech, Inc.⁽¹⁾

65,655

1,934,853

12,213,851

SOFTWARE — 5.2%

Aspen Technology, Inc.⁽¹⁾

105,189

3,206,161

Bottomline Technologies (de), Inc.⁽¹⁾

48,352

1,266,823

CommVault Systems, Inc.⁽¹⁾

25,559

1,879,609

Informatica Corp.⁽¹⁾

49,322

1,624,174

Interactive Intelligence, Inc.⁽¹⁾

31,431

1,302,186

Monotype Imaging Holdings, Inc.

77,759

1,803,231

PROS Holdings, Inc.⁽¹⁾

41,013

1,063,057

QLIK Technologies, Inc.⁽¹⁾

72,336

1,881,459

SolarWinds, Inc.⁽¹⁾

23,233

1,181,398

Synchronoss Technologies, Inc.⁽¹⁾

25,264

715,982

Tangoe, Inc.⁽¹⁾

63,292

813,935

Tyler Technologies, Inc.⁽¹⁾

19,010

1,202,192

Ultimate Software Group, Inc.⁽¹⁾

12,851

1,241,278

19,181,485

SPECIALTY RETAIL — 3.0%

Cabela’s, Inc.⁽¹⁾

28,995

1,861,479

Conn’s, Inc.⁽¹⁾

35,792

1,550,152

DSW, Inc., Class A

7,884

521,290

Lithia Motors, Inc., Class A

83,774

4,148,488

Penske Automotive Group, Inc.

48,986

1,514,647

Tractor Supply Co.

14,715

1,577,007

11,173,063

TEXTILES, APPAREL AND LUXURY GOODS — 1.3%

Fifth & Pacific Cos., Inc.⁽¹⁾

68,160

1,405,459

G-III Apparel Group Ltd.⁽¹⁾

17,682

718,950

Iconix Brand Group, Inc.⁽¹⁾

87,963

2,520,140

4,644,549

THRIFTS AND MORTGAGE FINANCE — 0.2%

Rockville Financial, Inc.

55,421

720,473

TRADING COMPANIES AND DISTRIBUTORS — 3.6%

Applied Industrial Technologies, Inc.

18,296

773,006

Beacon Roofing Supply, Inc.⁽¹⁾

59,033

2,250,928

DXP Enterprises, Inc.⁽¹⁾

31,467

2,104,513

H&E Equipment Services, Inc.

110,586

2,251,531

United Rentals, Inc.⁽¹⁾

84,908

4,467,010

Watsco, Inc.

18,729

1,580,353

13,427,341

TOTAL COMMON STOCKS

(Cost $264,746,649)

362,065,990

Temporary Cash Investments — 2.6%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $1,173,645), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $1,150,588)

1,150,584

Shares

Value

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15,

valued at $7,039,478), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $6,903,519)

$ 6,903,502

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at

$1,174,838), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $1,150,587)

1,150,584

SSgA U.S. Government Money Market Fund

535,740

535,740

TOTAL TEMPORARY CASH INVESTMENTS (Cost $9,740,410)

9,740,410

TOTAL INVESTMENT SECURITIES — 100.3% (Cost $274,487,059)

371,806,400

OTHER ASSETS AND LIABILITIES — (0.3)%

(1,086,293)

TOTAL NET ASSETS — 100.0%

$370,720,107

Notes to Schedule of Investments

(1)

Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $274,487,059)
$371,806,400

Receivable for investments sold
5,417,036

Receivable for capital shares sold
181,004

Dividends and interest receivable
106,989

377,511,429

Liabilities

Payable for investments purchased
6,173,201

Payable for capital shares redeemed
176,015

Accrued management fees
410,499

Distribution and service fees payable
31,607

6,791,322

Net Assets
$370,720,107

Net Assets Consist of:

Capital (par value and paid-in surplus)
$492,729,754

Accumulated net investment loss
(1,442,863 )

Accumulated net realized loss
(217,886,125 )

Net unrealized appreciation
97,319,341

$370,720,107

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$164,827,502

16,302,571

$10.11

Institutional Class, $0.01 Par Value

$90,549,318

8,856,683

$10.22

A Class, $0.01 Par Value

$100,622,163

10,138,298

    $9.92*

B Class, $0.01 Par Value

   $1,265,238

     134,346

$9.42

C Class, $0.01 Par Value

$11,862,729

1,255,035

$9.45

R Class, $0.01 Par Value

   $1,593,157

    161,866

$9.84

* Maximum offering price $10.53 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:


Dividends
$ 2,532,471

Interest
4,259

2,536,730

Expenses:


Management fees
2,416,904

Distribution and service fees:

A Class
120,935

B Class
6,933

C Class
56,616

R Class
3,898

Directors’ fees and expenses
7,860

2,613,146

Net investment income (loss)
(76,416 )

Realized and Unrealized Gain (Loss)


Net realized gain (loss) on investment transactions
25,956,585

Change in net unrealized appreciation (depreciation) on investments
24,083,307

Net realized and unrealized gain (loss)
50,039,892

Net Increase (Decrease) in Net Assets Resulting from Operations
$ 49,963,476

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012

Increase (Decrease) in Net Assets

April 30, 2013

October 31, 2012

Operations

Net investment income (loss)
$ (76,416 ) $ (666,499 )

Net realized gain (loss)
25,956,585 31,132,021

Change in net unrealized appreciation (depreciation)
24,083,307 2,658,560

Net increase (decrease) in net assets resulting from operations
49,963,476 33,124,082

Distributions to Shareholders


From net investment income:

Investor Class
(290,567 ) —

Institutional Class
(245,683 ) —

A Class
(133,149 ) —

R Class
(1,075 ) —

Decrease in net assets from distributions
(670,474 ) —

Capital Share Transactions


Net increase (decrease) in net assets from capital share transactions
(31,847,046 ) (83,545,081 )

Redemption Fees


Increase in net assets from redemption fees
12,220 24,643

Net increase (decrease) in net assets
17,458,176 (50,396,356 )

Net Assets


Beginning of period
353,261,931 403,658,287

End of period
$ 370,720,107 $ 353,261,931

Accumulated net investment loss
$ (1,442,863 ) $ (695,973 )

See Notes to Financial Statements.

Notes to Financial Statements

April 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Small Cap Growth Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

Redemption — The fund may impose a 2.00% redemption fee on shares held less than 60 days. The fee may not be applicable to all classes. The redemption fee is retained by the fund and helps cover transaction costs that long-term investors may bear when the fund sells securities to meet investor redemptions. Prior to November 14, 2011, the redemption fee applied to shares held less than 180 days.

3. Fees and Transactions with Related Parties

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, B Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the B Class and C Class will each pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended April 30, 2013 are detailed in the Statement of Operations.

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

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $126,325,253 and $158,128,447, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
165,000,000 165,000,000

Sold
2,324,146 $ 22,344,821 2,453,283 $ 21,315,951

Issued in reinvestment of distributions
24,882 222,449 — —

Redeemed
(2,434,520 ) (22,455,111 ) (6,694,205 ) (56,972,418 )

(85,492 ) 112,159 (4,240,922 ) (35,656,467 )

Institutional Class/Shares Authorized
150,000,000 150,000,000

Sold
415,554 3,879,882 1,541,330 13,151,985

Issued in reinvestment of distributions
15,913 143,690 — —

Redeemed
(2,392,846 ) (22,786,010 ) (3,700,610 ) (31,789,664 )

(1,961,379 ) (18,762,438 ) (2,159,280 ) (18,637,679 )

A Class/Shares Authorized
110,000,000 110,000,000

Sold
659,600 6,207,961 959,987 8,050,146

Issued in reinvestment of distributions
14,402 126,446 — —

Redeemed
(1,966,276 ) (17,793,321 ) (4,114,005 ) (34,423,505 )

(1,292,274 ) (11,458,914 ) (3,154,018 ) (26,373,359 )

B Class/Shares Authorized
20,000,000 20,000,000

Sold
232 2,093 2,663 22,559

Redeemed
(63,574 ) (551,267 ) (93,983 ) (748,733 )

(63,342 ) (549,174 ) (91,320 ) (726,174 )

C Class/Shares Authorized
20,000,000 20,000,000

Sold
74,320 666,455 140,410 1,130,008

Redeemed
(189,609 ) (1,662,526 ) (432,945 ) (3,478,706 )

(115,289 ) (996,071 ) (292,535 ) (2,348,698 )

R Class/Shares Authorized
20,000,000 20,000,000

Sold
15,650 146,010 90,711 749,242

Issued in reinvestment of distributions
123 1,075 — —

Redeemed
(37,192 ) (339,693 ) (67,748 ) (551,946 )

(21,419 ) (192,608 ) 22,963 197,296

Net increase (decrease)
(3,539,195 ) $(31,847,046 ) (9,915,112 ) $(83,545,081 )

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Common Stocks

$362,065,990

—

—

Temporary Cash Investments

535,740

$9,204,670

—

Total Value of Investment Securities

$362,601,730

$9,204,670

—

7. Risk Factors

The fund concentrates its investments in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$276,219,425

Gross tax appreciation of investments

$99,664,355

Gross tax depreciation of investments

(4,077,380)

Net tax appreciation (depreciation) of investments

$95,586,975

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(242,009,573), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire as follows:

2014

2016

2017

$(4,467,024)

$(125,173,360)

$(112,369,189)

As of October 31, 2012, the fund had late-year ordinary loss deferrals of $(403,039), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses⁽³⁾

Net
Investment Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of Period (in thousands)

Investor Class

2013⁽⁴⁾

$8.79

—⁽⁵⁾

1.34

1.34

(0.02)

—

(0.02)

$10.11

15.26%

   1.43%⁽⁶⁾

0.01%⁽⁶⁾

36%

$164,828

2012

$8.06

(0.01)

0.74

0.73

—

—

—

$8.79

9.06%

1.42%

(0.12)%

62%

$144,021

2011

$7.45

(0.07)

0.68

0.61

—

—

—

$8.06

8.19%

1.40%

(0.84)%

108%

$166,243

2010

$5.47

(0.03)

2.01

1.98

—

—

—

$7.45

36.20%

1.42%

(0.48)%

183%

$142,793

2009

$5.57

(0.02)

(0.08)

(0.10)

—

—

—

$5.47

(1.80)%

1.41%

(0.40)%

204%

$170,125

2008

$9.42

(0.04)

(3.73)

(3.77)

—

(0.08)

(0.08)

$5.57

(40.34)%

1.36%

(0.49)%

148%

$222,017

Institutional Class

2013⁽⁴⁾

$8.88

0.01

1.35

1.36

(0.02)

—

(0.02)

$10.22

15.39%

   1.23%⁽⁶⁾

   0.21%⁽⁶⁾

36%

$90,549

2012

$8.13

0.01

0.74

0.75

—

—

—

$8.88

9.23%

1.22%

0.08%

62%

$96,092

2011

$7.50

(0.05)

0.68

0.63

—

—

—

$8.13

8.40%

1.20%

(0.64)%

108%

$105,520

2010

$5.49

(0.02)

2.03

2.01

—

—

—

$7.50

36.61%

1.22%

(0.28)%

183%

$114,513

2009

$5.59

(0.01)

(0.09)

(0.10)

—

—

—

$5.49

   (1.79)%

1.21%

(0.20)%

204%

$108,261

2008

$9.43

(0.02)

(3.74)

(3.76)

—

(0.08)

(0.08)

$5.59

(40.19)%

1.16%

(0.29)%

148%

$91,791

A Class

2013⁽⁴⁾

$8.63

(0.01)

1.31

1.30

(0.01)

—

(0.01)

$9.92

15.22%

   1.68%⁽⁶⁾

   (0.24)%⁽⁶⁾

36%

$100,622

2012

$7.94

(0.03)

0.72

0.69

—

—

—

$8.63

   8.69%

1.67%

(0.37)%

62%

$98,665

2011

$7.35

(0.09)

0.68

0.59

—

—

—

$7.94

   8.03%

1.65%

(1.09)%

108%

$115,741

2010

$5.41

(0.05)

1.99

1.94

—

—

—

$7.35

35.86%

1.67%

(0.73)%

183%

$126,763

2009

$5.53

(0.03)

(0.09)

(0.12)

—

—

—

$5.41

   (2.17)%

1.66%

(0.65)%

204%

$114,026

2008

$9.37

(0.06)

(3.70)

(3.76)

—

(0.08)

(0.08)

$5.53

(40.45)%

1.61%

(0.74)%

148%

$129,791

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses⁽³⁾

Net
Investment Income
(Loss)

Portfolio
Turnover
Rate

Net Assets,
End of Period (in thousands)

B Class

2013⁽⁴⁾

$8.21

(0.04)

1.25

1.21

—

—

—

$9.42

14.74%

   2.43%⁽⁶⁾

   (0.99)%⁽⁶⁾

36%

$1,265

2012

$7.60

(0.09)

0.70

0.61

—

—

—

$8.21

   8.03%

2.42%

(1.12)%

62%

$1,623

2011

$7.10

(0.15)

0.65

0.50

—

—

—

$7.60

   7.04%

2.40%

(1.84)%

108%

$2,197

2010

$5.26

(0.09)

1.93

1.84

—

—

—

$7.10

34.98%

2.42%

(1.48)%

183%

$3,107

2009

$5.41

(0.07)

(0.08)

(0.15)

—

—

—

$5.26

   (2.77)%

2.41%

(1.40)%

204%

$2,976

2008

$9.25

(0.11)

(3.65)

(3.76)

—

(0.08)

(0.08)

$5.41

(40.97)%

2.36%

(1.49)%

148%

$2,846

C Class

2013⁽⁴⁾

$8.24

(0.04)

1.25

1.21

—

—

—

$9.45

14.68%

   2.43%⁽⁶⁾

   (0.99)%⁽⁶⁾

36%

$11,863

2012

$7.63

(0.09)

0.70

0.61

—

—

—

$8.24

   7.99%

2.42%

(1.12)%

62%

$11,291

2011

$7.13

(0.15)

0.65

0.50

—

—

—

$7.63

   7.01%

2.40%

(1.84)%

108%

$12,691

2010

$5.28

(0.09)

1.94

1.85

—

—

—

$7.13

35.04%

2.42%

(1.48)%

183%

$13,476

2009

$5.44

(0.07)

(0.09)

(0.16)

—

—

—

$5.28

   (2.94)%

2.41%

(1.40)%

204%

$11,608

2008

$9.29

(0.11)

(3.66)

(3.77)

—

(0.08)

(0.08)

$5.44

(40.91)%

2.36%

(1.49)%

148%

$12,983

R Class

2013⁽⁴⁾

$8.56

(0.02)

1.31

1.29

(0.01)

—

(0.01)

$9.84

15.04%

   1.93%⁽⁶⁾

   (0.49)%⁽⁶⁾

36%

$1,593

2012

$7.89

(0.04)

0.71

0.67

—

—

—

$8.56

   8.49%

1.92%

(0.62)%

62%

$1,570

2011

$7.33

(0.11)

0.67

0.56

—

—

—

$7.89

   7.64%

1.90%

(1.34)%

108%

$1,266

2010

$5.41

(0.06)

1.98

1.92

—

—

—

$7.33

35.49%

1.92%

(0.98)%

183%

$998

2009

$5.54

(0.06)

(0.07)

(0.13)

—

—

—

$5.41

   (2.35)%

1.91%

(0.90)%

204%

$545

2008

$9.42

(0.06)

(3.74)

(3.80)

—

(0.08)

(0.08)

$5.54

(40.66)%

1.86%

(0.99)%

148%

$108

Notes to Financial Highlights

(1)

Computed using average shares outstanding throughout the period.

(2)

Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)

Ratio of operating expenses to average net assets does not include any fees and expenses of the acquired funds.

(4)

Six months ended April 30, 2013 (unaudited).

(5)

Per-share amount was less than $0.005.

(6)

Annualized.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78705 1306

SEMIANNUAL REPORT APRIL 30, 2013

Ultra^® Fund

Table of Contents

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

TWCUX

10.95%

8.46%

5.02%

6.25%

11.11%

11/2/81

Russell 1000
Growth Index

—

13.71%

12.60%

6.65%

8.07%

10.36%

—

S&P 500 Index

—

14.42%

16.89%

5.21%

7.88%

11.42%

—

Institutional Class

TWUIX

11.01%

8.66%

5.23%

6.46%

5.41%

11/14/96

A Class⁽²⁾

   No sales charge*

   With sales charge*

TWUAX

10.78%

4.40%

8.17%

1.93%

4.75%

3.52%

5.99%

5.37%

5.16%

4.79%

10/2/96

C Class

   No sales charge*

   With sales charge*

TWCCX

10.35%

9.35%

7.39%

7.39%

3.97%

3.97%

5.21%

5.21%

3.20%

3.20%

10/29/01

R Class

AULRX

10.68%

7.92%

4.50%

—

4.79%

8/29/03

(1)

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

(2)

Prior to September 4, 2007, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

A Class

C Class

R Class

0.99%

0.79%

1.24%

1.99%

1.49%

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

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Apple, Inc.

7.2%

Google, Inc. Class A

5.1%

Gilead Sciences, Inc.

3.5%

Philip Morris International, Inc.

2.7%

Amazon.com, Inc.

2.5%

Monsanto Co.

2.5%

Costco Wholesale Corp.

2.4%

QUALCOMM, Inc.

2.4%

Starbucks Corp.

2.3%

MasterCard, Inc., Class A

2.1%

Top Five Industries

% of net assets

Internet Software and Services

8.8%

Computers and Peripherals

8.5%

Biotechnology

6.3%

Machinery

5.6%

Food and Staples Retailing

4.8%

Types of Investments in Portfolio

% of net assets

Common Stocks

98.7%

Temporary Cash Investments

1.5%

Other Assets and Liabilities

(0.2)%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,109.50

$5.18

0.99%

Institutional Class

$1,000

$1,110.10

$4.13

0.79%

A Class

$1,000

$1,107.80

$6.48

1.24%

C Class

$1,000

$1,103.50

$10.38

1.99%

R Class

$1,000

$1,106.80

$7.78

1.49%

Hypothetical

Investor Class

$1,000

$1,019.89

$4.96

0.99%

Institutional Class

$1,000

$1,020.88

$3.96

0.79%

A Class

$1,000

$1,018.65

$6.21

1.24%

C Class

$1,000

$1,014.93

$9.94

1.99%

R Class

$1,000

$1,017.41

$7.45

1.49%

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

Shares

Value

Common Stocks — 98.7%

AEROSPACE AND DEFENSE — 2.6%

Boeing Co. (The)
952,000 $87,022,320

United Technologies Corp.
976,000 89,099,040

176,121,360

AUTO COMPONENTS — 0.5%

BorgWarner, Inc.⁽¹⁾
457,000 35,723,690

AUTOMOBILES — 0.7%

Tesla Motors, Inc.⁽¹⁾
904,000 48,806,960

BEVERAGES — 1.5%

Coca-Cola Co. (The)
2,430,000 102,861,900

BIOTECHNOLOGY — 6.3%

Alexion Pharmaceuticals, Inc.⁽¹⁾
544,000 53,312,000

Celgene Corp.⁽¹⁾
1,113,000 131,411,910

Gilead Sciences, Inc.⁽¹⁾
4,640,000 234,969,600

419,693,510

CAPITAL MARKETS — 2.1%

Franklin Resources, Inc.
429,000 66,349,140

T. Rowe Price Group, Inc.
994,000 72,065,000

138,414,140

CHEMICALS — 4.3%

Ecolab, Inc.
761,001 64,395,905

Monsanto Co.
1,550,000 165,571,000

Potash Corp. of Saskatchewan, Inc.
1,299,000 54,687,900

284,654,805

COMMUNICATIONS EQUIPMENT — 2.4%

Palo Alto Networks, Inc.⁽¹⁾
19,106 1,033,635

QUALCOMM, Inc.
2,538,000 156,391,560

157,425,195

COMPUTERS AND PERIPHERALS — 8.5%

Apple, Inc.
1,085,000 480,383,750

EMC Corp.⁽¹⁾
3,843,000 86,198,490

566,582,240

CONSUMER FINANCE — 1.0%

American Express Co.
935,000 63,963,350

DIVERSIFIED FINANCIAL SERVICES — 0.9%

JPMorgan Chase & Co.
1,282,000 62,830,820

ELECTRICAL EQUIPMENT — 2.9%

Eaton Corp. plc
1,376,999 84,561,508

Emerson Electric Co.
1,957,000 108,633,070

193,194,578

ENERGY EQUIPMENT AND SERVICES — 1.9%

Core Laboratories NV
264,000 38,221,920

Schlumberger Ltd.
1,143,000 85,073,490

123,295,410

FOOD AND STAPLES RETAILING — 4.8%

Costco Wholesale Corp.
1,446,000 156,789,780

Wal-Mart Stores, Inc.
1,234,000 95,906,480

Whole Foods Market, Inc.
763,000 67,388,160

320,084,420

FOOD PRODUCTS — 1.9%

Mead Johnson Nutrition Co.
731,000 59,276,790

Nestle SA
974,000 69,556,464

128,833,254

HEALTH CARE EQUIPMENT AND SUPPLIES — 1.9%

HeartWare International, Inc.⁽¹⁾
137,000 13,316,400

Intuitive Surgical, Inc.⁽¹⁾
94,556 46,548,973

St. Jude Medical, Inc.
473,000 19,497,060

Varian Medical Systems, Inc.⁽¹⁾
684,000 44,555,760

123,918,193

HEALTH CARE PROVIDERS AND SERVICES — 3.4%

Express Scripts Holding Co.⁽¹⁾
2,189,000 129,960,930

UnitedHealth Group, Inc.
1,568,000 93,970,240

223,931,170

HEALTH CARE TECHNOLOGY — 1.0%

Cerner Corp.⁽¹⁾
696,000 67,351,920

HOTELS, RESTAURANTS AND LEISURE — 3.9%

McDonald’s Corp.
1,010,000 103,161,400

Starbucks Corp.
2,554,000 155,385,360

258,546,760

HOUSEHOLD PRODUCTS — 1.3%

Colgate-Palmolive Co.
716,000 85,497,560

INSURANCE — 1.2%

MetLife, Inc.
2,047,000 79,812,530

INTERNET AND CATALOG RETAIL — 2.5%

Amazon.com, Inc.⁽¹⁾
654,000 165,991,740

INTERNET SOFTWARE AND SERVICES — 8.8%

Baidu, Inc. ADR⁽¹⁾
368,000 31,592,800

Facebook, Inc. Class A⁽¹⁾
2,544,000 70,621,440

Google, Inc. Class A⁽¹⁾
411,313 339,156,360

LinkedIn Corp., Class A⁽¹⁾
561,000 107,762,490

Tencent Holdings Ltd.
987,000 33,857,516

582,990,606

IT SERVICES — 2.7%

MasterCard, Inc., Class A
247,000 136,573,710

Teradata Corp.⁽¹⁾
783,000 39,987,810

176,561,520

MACHINERY — 5.6%

Shares

Value

Cummins, Inc.
710,000 $75,536,900

Donaldson Co., Inc.
872,028 31,724,379

Joy Global, Inc.
1,167,000 65,958,840

Parker-Hannifin Corp.
1,062,000 94,061,340

WABCO Holdings, Inc.⁽¹⁾
885,000 63,923,550

Wabtec Corp.
424,000 44,494,560

375,699,569

MEDIA — 2.6%

Time Warner, Inc.
1,421,000 84,947,380

Walt Disney Co. (The)
1,396,000 87,724,640

172,672,020

OIL, GAS AND CONSUMABLE FUELS — 2.4%

EOG Resources, Inc.
331,000 40,103,960

Exxon Mobil Corp.
745,000 66,297,550

Occidental Petroleum Corp.
599,000 53,466,740

159,868,250

PERSONAL PRODUCTS — 1.5%

Estee Lauder Cos., Inc. (The), Class A
1,438,000 99,725,300

PHARMACEUTICALS — 1.5%

Pfizer, Inc.
3,543,000 102,995,010

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.6%

Altera Corp.
1,474,000 47,182,740

Linear Technology Corp.
1,531,000 55,881,500

103,064,240

SOFTWARE — 4.6%

Microsoft Corp.
805,000 26,645,500

NetSuite, Inc.⁽¹⁾
416,000 36,591,360

Oracle Corp.
3,680,000 120,630,400

Salesforce.com, Inc.⁽¹⁾
1,732,000 71,202,520

VMware, Inc., Class A⁽¹⁾
418,000 29,469,000

Workday, Inc.⁽¹⁾
389,000 24,370,850

308,909,630

SPECIALTY RETAIL — 3.8%

O’Reilly Automotive, Inc.⁽¹⁾
685,000 73,514,200

Tiffany & Co.
676,000 49,807,680

TJX Cos., Inc. (The)
2,616,000 127,582,320

250,904,200

Shares/

Principal

Amount

Value

TEXTILES, APPAREL AND LUXURY GOODS — 3.4%

Burberry Group plc
1,729,000 $35,881,510

Lululemon Athletica, Inc.⁽¹⁾
436,000 33,192,680

NIKE, Inc., Class B
1,688,000 107,356,800

Under Armour, Inc. Class A⁽¹⁾
895,000 51,086,600

227,517,590

TOBACCO — 2.7%

Philip Morris International, Inc.
1,871,000 178,848,890

TOTAL COMMON STOCKS (Cost $3,580,325,857)
   6,567,292,330

Temporary Cash Investments — 1.5%

Federal Home Loan Bank Discount Notes, 0.00%, 5/1/13⁽²⁾
$70,000,000 70,000,000

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $3,398,214), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery

value $3,331,451)
3,331,440

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $20,382,352), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery

value $19,988,694)
19,988,644

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%,

8/15/39, valued at $3,401,668), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value

$3,331,448)
3,331,441

SSgA U.S. Government Money Market Fund
1,551,311 1,551,311

TOTAL TEMPORARY CASH INVESTMENTS (Cost $98,202,836)
   98,202,836

TOTAL INVESTMENT SECURITIES — 100.2% (Cost $3,678,528,693)
   6,665,495,166

OTHER ASSETS AND LIABILITIES — (0.2)%
   (11,522,582 )

TOTAL NET ASSETS — 100.0%
   $6,653,972,584

Forward Foreign Currency Exchange Contracts

Contracts to Sell

Counterparty

Settlement Date

Value

Unrealized Gain (Loss)

54,931,165

CHF for USD

Credit Suisse AG

5/31/13

$59,093,973

$(798,272)

19,487,559

GBP for USD

Credit Suisse AG

5/31/13

30,265,168

(70,169)

$89,359,141

$(868,441)

(Value on Settlement Date $88,490,700)

Notes to Schedule of Investments

ADR = American Depositary Receipt

CHF = Swiss Franc

GBP = British Pound

USD = United States Dollar

(1)

Non-income producing.

(2)

The rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $3,678,528,693)
$6,665,495,166

Foreign currency holdings, at value (cost of $204,797)
201,438

Receivable for capital shares sold
717,151

Dividends and interest receivable
2,188,048

6,668,601,803

Liabilities

Payable for investments purchased
4,510,910

Payable for capital shares redeemed
3,915,220

Unrealized loss on forward foreign currency exchange contracts
868,441

Accrued management fees
5,317,777

Distribution and service fees payable
16,871

14,629,219

Net Assets
$6,653,972,584

Net Assets Consist of:

Capital (par value and paid-in surplus)
$3,829,185,263

Undistributed net investment income
15,266,409

Accumulated net realized loss
(176,565,673 )

Net unrealized appreciation
2,986,086,585

$6,653,972,584

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$6,504,150,510

229,444,383

$28.35

Institutional Class, $0.01 Par Value

    $77,510,787

    2,666,955

$29.06

A Class, $0.01 Par Value

    $64,912,375

    2,364,614

$27.45*

C Class, $0.01 Par Value

     $1,666,367

         66,307

$25.13

R Class, $0.01 Par Value

     $5,732,545

       210,861

$27.19

*Maximum offering price $29.12 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:


Dividends (net of foreign taxes withheld of $460,443)
$56,036,983

Interest
41,797

56,078,780

Expenses:


Management fees
31,587,382

Distribution and service fees:

A Class
79,158

C Class
7,879

R Class
14,399

Directors’ fees and expenses
106,480

Other expenses
203

31,795,501

Net investment income (loss)
24,283,279

Realized and Unrealized Gain (Loss)


Net realized gain (loss) on:


Investment transactions
299,853,832

Foreign currency transactions
2,012,816

301,866,648

Change in net unrealized appreciation (depreciation) on:


Investments
345,001,437

Translation of assets and liabilities in foreign currencies
(676,793 )

344,324,644

Net realized and unrealized gain (loss)
646,191,292

Net Increase (Decrease) in Net Assets Resulting from Operations
$670,474,571

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012

Increase (Decrease) in Net Assets

April 30, 2013

October 31, 2012

Operations

Net investment income (loss)
$24,283,279 $16,322,659

Net realized gain (loss)
301,866,648 67,018,612

Change in net unrealized appreciation (depreciation)
344,324,644 500,109,640

Net increase (decrease) in net assets resulting from operations
670,474,571 583,450,911

Distributions to Shareholders


From net investment income:

Investor Class
(31,423,524 ) —

Institutional Class
(288,697 ) —

A Class
(284,451 ) —

C Class
(3,847 ) —

R Class
(22,083 ) —

Decrease in net assets from distributions
(32,022,602 ) —

Capital Share Transactions


Net increase (decrease) in net assets from capital share transactions
(301,629,328 ) (371,178,954 )

Net increase (decrease) in net assets
336,822,641 212,271,957

Net Assets


Beginning of period
6,317,149,943 6,104,877,986

End of period
$6,653,972,584 $6,317,149,943

Undistributed net investment income
$15,266,409 $23,005,732

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Ultra Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $755,656,010 and $1,012,219,361, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
3,500,000,000 3,500,000,000

Sold
4,100,347 $111,319,024 10,917,537 $271,182,938

Issued in reinvestment of distributions
1,154,983 30,456,895 — —

Redeemed
(16,991,592 ) (456,838,279 ) (25,327,027 ) (633,737,852 )

(11,736,262 ) (315,062,360 ) (14,409,490 ) (362,554,914 )

Institutional Class/Shares Authorized
200,000,000 200,000,000

Sold
1,089,034 30,021,426 565,669 14,453,949

Issued in reinvestment of distributions
10,077 272,290 — —

Redeemed
(421,806 ) (11,667,533 ) (778,943 ) (20,325,791 )

677,305 18,626,183 (213,274 ) (5,871,842 )

A Class/Shares Authorized
100,000,000 100,000,000

Sold
176,007 4,593,321 632,383 15,355,125

Issued in reinvestment of distributions
10,500 268,378 — —

Redeemed
(371,698 ) (9,679,392 ) (821,416 ) (19,845,648 )

(185,191 ) (4,817,693 ) (189,033 ) (4,490,523 )

C Class/Shares Authorized
50,000,000 50,000,000

Sold
6,390 151,482 33,458 754,820

Issued in reinvestment of distributions
95 2,235 — —

Redeemed
(4,329 ) (104,210 ) (1,562 ) (34,436 )

2,156 49,507 31,896 720,384

R Class/Shares Authorized
50,000,000 50,000,000

Sold
57,648 1,469,472 106,133 2,600,422

Issued in reinvestment of distributions
863 21,866 — —

Redeemed
(74,519 ) (1,916,303 ) (63,922 ) (1,582,481 )

(16,008 ) (424,965 ) 42,211 1,017,941

Net increase (decrease)
(11,258,000 ) $(301,629,328 ) (14,737,690 ) $(371,178,954 )

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Common Stocks

$6,427,996,840

$139,295,490

—

Temporary Cash Investments

         1,551,311

    96,651,525

—

Total Value of Investment Securities

$6,429,548,151

$235,947,015

—

Other Financial Instruments

Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts

                   —

      $(868,441)

—

7. Derivative Instruments

The value of foreign currency risk derivative instruments as of April 30, 2013, is disclosed on the Statement of Assets and Liabilities as a liability of $868,441 in unrealized loss on forward foreign currency exchange contracts. For the six months ended April 30, 2013, the effect of foreign currency risk derivative instruments on the Statement of Operations was $1,903,615 in net realized gain (loss) on foreign currency transactions and $(575,865) in change in net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$3,723,936,731

Gross tax appreciation of investments

$2,949,091,005

Gross tax depreciation of investments

(7,532,570)

Net tax appreciation (depreciation) of investments

$2,941,558,435

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(426,609,938), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire in 2017.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment
Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

Investor Class

2013⁽³⁾

$25.68

0.10

2.70

2.80

(0.13)

—

(0.13)

$28.35

10.95%

   0.99%⁽⁴⁾

   0.76%⁽⁴⁾

12%

$6,504,151

2012

$23.42

0.06

2.20

2.26

—

—

—

$25.68

9.65%

0.99%

0.26%

13%

$6,194,268

2011

$21.22

0.04

2.20

2.24

(0.04)

—

(0.04)

$23.42

10.59%

0.99%

0.16%

13%

$5,984,972

2010

$17.82

0.05

3.44

3.49

(0.09)

—

(0.09)

$21.22

19.63%

1.00%

0.25%

24%

$5,906,158

2009

$15.67

0.11

2.12

2.23

(0.08)

—

(0.08)

$17.82

14.35%

1.00%

0.69%

53%

$5,435,051

2008

$33.48

0.08

(9.95)

(9.87)

—

(7.94)

(7.94)

$15.67

(38.02)%

0.99%

0.36%

152%

$5,275,836

Institutional Class

2013⁽³⁾

$26.32

0.12

2.77

2.89

(0.15)

—

(0.15)

$29.06

11.01%

   0.79%⁽⁴⁾

   0.96%⁽⁴⁾

12%

$77,511

2012

$23.95

0.12

2.25

2.37

—

—

—

$26.32

9.90%

0.79%

0.46%

13%

$52,362

2011

$21.69

0.08

2.27

2.35

(0.09)

—

(0.09)

$23.95

10.85%

0.79%

0.36%

13%

$52,751

2010

$18.22

0.09

3.51

3.60

(0.13)

—

(0.13)

$21.69

19.81%

0.80%

0.45%

24%

$45,791

2009

$16.02

0.14

2.17

2.31

(0.11)

—

(0.11)

$18.22

14.58%

0.80%

0.89%

53%

$73,933

2008

$33.98

0.15

(10.17)

(10.02)

—

(7.94)

(7.94)

$16.02

(37.89)%

0.79%

0.56%

152%

$76,339

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Distributions From:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net
Investment Income
(Loss)⁽¹⁾

Net
Realized and Unrealized
Gain (Loss)

Total From Investment Operations

Net
Investment Income

Net
Realized
Gains

Total Distributions

Net Asset Value,
End of Period

Total
Return⁽²⁾

Operating Expenses

Net
Investment
Income
(Loss)

Portfolio Turnover
Rate

Net Assets,
End of Period (in thousands)

A Class

2013⁽³⁾

$24.89

0.07

2.60

2.67

(0.11)

—

(0.11)

$27.45

10.78%

   1.24%⁽⁴⁾

   0.51%⁽⁴⁾

12%

$64,912

2012

$22.75

—⁽⁵⁾

2.14

2.14

—

—

—

$24.89

9.41%

1.24%

0.01%

13%

$63,461

2011

$20.62

(0.02)

2.15

2.13

—

—

—

$22.75

10.33%

1.24%

(0.09)%

13%

$62,304

2010

$17.33

—⁽⁵⁾

3.33

3.33

(0.04)

—

(0.04)

$20.62

19.24%

1.25%

    0.00%⁽⁶⁾

24%

$68,109

2009

$15.23

0.07

2.07

2.14

(0.04)

—

(0.04)

$17.33

14.14%

1.25%

0.44%

53%

$77,484

2008

$32.83

0.03

(9.69)

(9.66)

—

(7.94)

(7.94)

$15.23

(38.19)%

1.24%

0.11%

152%

$85,723

C Class

2013⁽³⁾

$22.83

(0.03)

2.39

2.36

(0.06)

—

(0.06)

$25.13

10.35%

   1.99%⁽⁴⁾

   (0.24)%⁽⁴⁾

12%

$1,666

2012

$21.02

(0.17)

1.98

1.81

—

—

—

$22.83

8.61%

1.99%

(0.74)%

13%

$1,464

2011

$19.20

(0.17)

1.99

1.82

—

—

—

$21.02

9.48%

1.99%

(0.84)%

13%

$678

2010

$16.22

(0.13)

3.11

2.98

—

—

—

$19.20

18.45%

2.00%

(0.75)%

24%

$789

2009

$14.32

(0.04)

1.94

1.90

—

—

—

$16.22

13.20%

2.00%

(0.31)%

53%

$884

2008

$31.54

(0.13)

(9.15)

(9.28)

–

(7.94)

(7.94)

$14.32

(38.63)%

1.99%

(0.64)%

152%

$891

R Class

2013⁽³⁾

$24.66

0.03

2.60

2.63

(0.10)

—

(0.10)

$27.19

10.68%

   1.49%⁽⁴⁾

   0.26%⁽⁴⁾

12%

$5,733

2012

$22.60

(0.06)

2.12

2.06

—

—

—

$24.66

9.12%

1.49%

(0.24)%

13%

$5,595

2011

$20.54

(0.08)

2.14

2.06

—

—

—

$22.60

10.03%

1.49%

(0.34)%

13%

$4,173

2010

$17.26

(0.05)

3.33

3.28

—

—

—

$20.54

19.00%

1.50%

(0.25)%

24%

$3,260

2009

$15.17

0.03

2.07

2.10

(0.01)

—

(0.01)

$17.26

13.84%

1.50%

0.19%

53%

$3,056

2008

$32.80

(0.03)

(9.66)

(9.69)

—

(7.94)

(7.94)

$15.17

(38.35)%

1.49%

(0.14)%

152%

$3,276

Notes to Financial Highlights

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78701 1306

SEMIANNUAL REPORT APRIL 30, 2013

Veedot^® Fund

Table of Contents

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

(1)

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

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

1.26%

1.06%

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Wal-Mart Stores, Inc.

1.6%

Plains All American Pipeline LP

1.5%

Walgreen Co.

1.5%

CVS Caremark Corp.

1.4%

General Mills, Inc.

1.4%

Ocwen Financial Corp.

1.4%

Viacom, Inc., Class B

1.3%

TE Connectivity Ltd.

1.3%

Hewlett-Packard Co.

1.3%

Kroger Co. (The)

1.3%

Top Five Industries

% of net assets

Oil, Gas and Consumable Fuels

10.6%

Health Care Providers and Services

9.0%

Insurance

6.0%

Food and Staples Retailing

5.9%

Aerospace and Defense

5.2%

Types of Investments in Portfolio

% of net assets

Common Stocks

99.2%

Temporary Cash Investments

1.0%

Other Assets and Liabilities

(0.2)%

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,156.50

$6.68

1.25%

Institutional Class

$1,000

$1,157.00

$5.62

1.05%

Hypothetical

Investor Class

$1,000

$1,018.60

$6.26

1.25%

Institutional Class

$1,000

$1,019.59

$5.26

1.05%

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

Shares

Value

Common Stocks — 99.2%

AEROSPACE AND DEFENSE — 5.2%

B/E Aerospace, Inc.⁽¹⁾
8,772 $550,355

Boeing Co. (The)
10,167 929,366

General Dynamics Corp.
11,087 819,995

Northrop Grumman Corp.
10,876 823,748

Raytheon Co.
12,995 797,633

3,921,097

AIR FREIGHT AND LOGISTICS — 1.2%

United Parcel Service, Inc., Class B
10,206 876,083

AUTOMOBILES — 0.8%

Tesla Motors, Inc.⁽¹⁾
11,368 613,758

BIOTECHNOLOGY — 0.6%

Amgen, Inc.
4,274 445,394

BUILDING PRODUCTS — 0.4%

Fortune Brands Home & Security, Inc.⁽¹⁾
8,667 315,392

CAPITAL MARKETS — 1.8%

Apollo Global Management LLC
34,003 915,361

FXCM, Inc., Class A
30,044 407,096

1,322,457

CHEMICALS — 1.1%

Air Products & Chemicals, Inc.
4,026 350,101

Sherwin-Williams Co. (The)
2,726 499,158

849,259

COMMERCIAL BANKS — 0.5%

Bank of Hawaii Corp.
7,710 367,690

COMMERCIAL SERVICES AND SUPPLIES — 2.2%

Stericycle, Inc.⁽¹⁾
7,808 845,762

Waste Management, Inc.
20,162 826,239

1,672,001

COMMUNICATIONS EQUIPMENT — 1.0%

Cisco Systems, Inc.
37,682 788,307

COMPUTERS AND PERIPHERALS — 3.4%

Apple, Inc.
1,864 825,286

Hewlett-Packard Co.
46,666 961,319

Seagate Technology plc
20,824 764,241

2,550,846

CONSUMER FINANCE — 0.7%

Portfolio Recovery Associates, Inc.⁽¹⁾
4,216 517,514

CONTAINERS AND PACKAGING — 0.5%

Ball Corp.
8,238 363,461

DIVERSIFIED CONSUMER SERVICES — 1.0%

Ascent Capital Group, Inc. Class A⁽¹⁾
11,177 743,159

DIVERSIFIED FINANCIAL SERVICES — 1.2%

IntercontinentalExchange, Inc.⁽¹⁾
5,325 867,602

ELECTRIC UTILITIES — 2.0%

Duke Energy Corp.
3,740 281,248

NextEra Energy, Inc.
9,750 799,793

Southern Co.
7,884 380,245

1,461,286

ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 2.8%

Corning, Inc.
51,986 753,797

Plexus Corp.⁽¹⁾
12,940 348,992

TE Connectivity Ltd.
22,565 982,706

2,085,495

ENERGY EQUIPMENT AND SERVICES — 0.8%

Ensco plc Class A
9,895 570,744

FOOD AND STAPLES RETAILING — 5.9%

CVS Caremark Corp.
18,263 1,062,542

Fresh Market, Inc. (The)⁽¹⁾
2,169 88,777

Kroger Co. (The)
27,421 942,734

Wal-Mart Stores, Inc.
15,699 1,220,126

Walgreen Co.
22,229 1,100,558

4,414,737

FOOD PRODUCTS — 4.1%

Campbell Soup Co.
17,943 832,735

General Mills, Inc.
20,489 1,033,055

Green Mountain Coffee Roasters, Inc.⁽¹⁾
10,207 585,882

Kellogg Co.
9,226 600,059

3,051,731

HEALTH CARE EQUIPMENT AND SUPPLIES — 1.2%

Becton Dickinson and Co.
9,653 910,278

HEALTH CARE PROVIDERS AND SERVICES — 9.0%

Aetna, Inc.
13,030 748,443

Amsurg Corp.⁽¹⁾
25,725 863,331

Cardinal Health, Inc.
20,758 917,919

CIGNA Corp.
13,785 912,153

Magellan Health Services, Inc.⁽¹⁾
14,683 751,182

McKesson Corp.
7,735 818,518

UnitedHealth Group, Inc.
14,130 846,811

WellPoint, Inc.
12,125 884,155

6,742,512

Shares Value

HOTELS, RESTAURANTS AND LEISURE — 1.9%

Hyatt Hotels Corp. Class A⁽¹⁾
4,130 $176,268

McDonald’s Corp.
8,144 831,828

Panera Bread Co., Class A⁽¹⁾
2,380 421,808

1,429,904

HOUSEHOLD PRODUCTS — 1.0%

Colgate-Palmolive Co.
6,106 729,117

INDUSTRIAL CONGLOMERATES — 1.0%

3M Co.
6,897 722,185

INSURANCE — 6.0%

ACE Ltd.
9,242 823,832

Aflac, Inc.
3,281 178,618

CNO Financial Group, Inc.
64,102 725,635

Fairfax Financial Holdings Ltd.
1,897 759,900

Marsh & McLennan Cos., Inc.
19,953 758,413

MetLife, Inc.
9,124 355,745

Progressive Corp. (The)
16,320 412,733

StanCorp Financial Group, Inc.
10,992 474,634

4,489,510

INTERNET AND CATALOG RETAIL — 0.5%

Shutterfly, Inc.⁽¹⁾
8,847 393,957

INTERNET SOFTWARE AND SERVICES — 0.9%

Sohu.com, Inc.⁽¹⁾
12,758 656,272

IT SERVICES — 4.5%

CACI International, Inc., Class A⁽¹⁾
13,124 767,623

Computer Sciences Corp.
7,674 359,527

International Business Machines Corp.
3,520 712,941

NeuStar, Inc., Class A⁽¹⁾
17,654 774,481

Visa, Inc., Class A
4,495 757,227

3,371,799

MACHINERY — 1.0%

Caterpillar, Inc.
8,521 721,473

MEDIA — 2.1%

Time Warner Cable, Inc.
5,885 552,542

Viacom, Inc., Class B
15,630 1,000,164

1,552,706

METALS AND MINING — 0.3%

Newmont Mining Corp.
6,286 203,666

MULTI-UTILITIES — 2.2%

Consolidated Edison, Inc.
11,725 746,296

Dominion Resources, Inc.
14,358 885,602

1,631,898

MULTILINE RETAIL — 1.2%

Macy’s, Inc.
15,195 677,697

Target Corp.
3,165 223,322

901,019

OIL, GAS AND CONSUMABLE FUELS — 10.6%

Alpha Natural Resources, Inc.⁽¹⁾
40,399 299,761

Anadarko Petroleum Corp.
4,657 394,727

Cabot Oil & Gas Corp.
10,778 733,443

Chevron Corp.
7,594 926,544

Devon Energy Corp.
11,384 626,803

EOG Resources, Inc.
5,711 691,945

Exxon Mobil Corp.
9,588 853,236

Kinder Morgan Energy Partners LP
2,904 256,859

Occidental Petroleum Corp.
8,570 764,958

Phillips 66
9,636 587,314

Plains All American Pipeline LP
19,718 1,132,207

Western Refining, Inc.
19,946 616,531

7,884,328

PAPER AND FOREST PRODUCTS — 0.8%

International Paper Co.
12,180 572,216

PERSONAL PRODUCTS — 0.7%

Nu Skin Enterprises, Inc., Class A
9,996 507,097

PHARMACEUTICALS — 1.9%

AbbVie, Inc.
14,360 661,278

Bristol-Myers Squibb Co.
5,385 213,892

Teva Pharmaceutical Industries Ltd. ADR
14,850 568,607

1,443,777

REAL ESTATE INVESTMENT TRUSTS (REITs) — 4.1%

BioMed Realty Trust, Inc.
32,846 739,363

Equity Residential
13,093 760,179

Essex Property Trust, Inc.
4,972 780,853

Kimco Realty Corp.
32,869 781,625

3,062,020

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.4%

Cree, Inc.⁽¹⁾
3,888 219,944

Intel Corp.
33,927 812,552

Micron Technology, Inc.⁽¹⁾
77,884 733,667

1,766,163

SOFTWARE — 2.1%

Microsoft Corp.
26,764 885,889

Pegasystems, Inc.
26,307 665,830

1,551,719

Shares Value

SPECIALTY RETAIL — 2.0%

Childrens Place Retail Stores, Inc. (The)⁽¹⁾
16,024 $783,894

Gap, Inc. (The)
19,230 730,548

1,514,442

THRIFTS AND MORTGAGE FINANCE — 1.7%

Ocwen Financial Corp.⁽¹⁾
27,824 1,017,802

TFS Financial Corp.⁽¹⁾
24,544 266,793

1,284,595

TOBACCO — 1.1%

Lorillard, Inc.
18,881 809,806

WIRELESS TELECOMMUNICATION SERVICES — 1.8%

China Mobile Ltd. ADR
13,381 739,167

SBA Communications Corp., Class A⁽¹⁾
8,081 638,318

1,377,485

TOTAL COMMON STOCKS

(Cost $65,109,469)
   74,027,957

Temporary Cash Investments — 1.0%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $88,683), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery

value $86,940)
$86,940

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $531,916), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery

value $521,642)
521,641

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%,

8/15/39, valued at $88,773), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value

$86,940)
86,940

SSgA U.S. Government Money Market Fund
40,485 40,485

TOTAL TEMPORARY CASH INVESTMENTS (Cost $736,006)
   736,006

TOTAL INVESTMENT SECURITIES — 100.2% (Cost $65,845,475)
   74,763,963

OTHER ASSETS AND LIABILITIES — (0.2)%
   (144,236 )

TOTAL NET ASSETS — 100.0%
   $74,619,727

Notes to Schedule of Investments

ADR = American Depositary Receipt

(1) Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $65,845,475)
$74,763,963

Receivable for investments sold
1,385,580

Receivable for capital shares sold
3,696

Dividends and interest receivable
57,302

76,210,541

Liabilities

Payable for investments purchased
1,498,726

Payable for capital shares redeemed
16,693

Accrued management fees
75,395

1,590,814

Net Assets
$74,619,727

Net Assets Consist of:

Capital (par value and paid-in surplus)
$87,217,752

Disbursements in excess of net investment income
(41,059 )

Accumulated net realized loss
(21,475,454 )

Net unrealized appreciation
8,918,488

$74,619,727

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$74,516,870

9,516,172

$7.83

Institutional Class, $0.01 Par Value

$102,857

12,884

$7.98

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $15,911)	$853,594
Interest	219
	853,813

Expenses:
Management fees	443,188
Directors’ fees and expenses	1,172
Other expenses	414
	444,774

Net investment income (loss)	409,039

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	3,253,358
Foreign currency transactions	(16	)
	3,253,342

Change in net unrealized appreciation (depreciation) on investments	6,780,749

Net realized and unrealized gain (loss)	10,034,091

Net Increase (Decrease) in Net Assets Resulting from Operations	$10,443,130

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED) AND YEAR ENDED OCTOBER 31, 2012
Increase (Decrease) in Net Assets	April 30, 2013		October 31, 2012
Operations
Net investment income (loss)	$409,039		$1,013,800
Net realized gain (loss)	3,253,342		5,601,717
Change in net unrealized appreciation (depreciation)	6,780,749		1,553,975
Net increase (decrease) in net assets resulting from operations	10,443,130		8,169,492

Distributions to Shareholders
From net investment income:
Investor Class	(1,340,681	)	(1,049,869	)
Institutional Class	(3,138	)	(2,838	)
Decrease in net assets from distributions	(1,343,819	)	(1,052,707	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions	(6,949,447	)	(7,672,085	)

Redemption Fees
Increase in net assets from redemption fees	328		4,869

Net increase (decrease) in net assets	2,150,192		(550,431	)

Net Assets
Beginning of period	72,469,535		73,019,966
End of period	$74,619,727		$72,469,535

Undistributed (disbursements in excess of) net investment income	$(41,059	)	$893,721

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Veedot Fund (the fund) is one fund in a series issued by the corporation. The fund is nondiversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost.

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $58,829,779 and $66,525,484, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
200,000,000 200,000,000

Sold
134,110 $ 976,997 1,064,167 $7,149,708

Issued in reinvestment of distributions
189,568 1,313,705 164,796 1,018,441

Redeemed
(1,292,111 ) (9,168,608 ) (2,398,214 ) (15,808,396 )

(968,433 ) (6,877,906 ) (1,169,251 ) (7,640,247 )

Institutional Class/Shares Authorized
100,000,000 100,000,000

Sold
1,349 9,623 6,618 44,677

Issued in reinvestment of distributions
444 3,138 451 2,838

Redeemed
(11,454 ) (84,302 ) (11,136 ) (79,353 )

(9,661 ) (71,541 ) (4,067 ) (31,838 )

Net increase (decrease)
(978,094 ) $(6,949,447 ) (1,173,318 ) $(7,672,085 )

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Common Stocks

$74,027,957

—

—

Temporary Cash Investments

40,485

$695,521

—

Total Value of Investment Securities

$74,068,442

$695,521

—

7. Risk Factors

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

8. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$66,068,854

Gross tax appreciation of investments

$9,407,437

Gross tax depreciation of investments

(712,328)

Net tax appreciation (depreciation) of investments

$8,695,109

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(24,672,908), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers of $(1,988,145) and $(22,684,763) expire in 2017 and 2018, respectively.

Financial Highlights


For a Share Outstanding Throughout the Years Ended October 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2013⁽³⁾	$6.90	0.04	1.02	1.06	(0.13)	$7.83	15.65%	1.25%⁽⁴⁾	1.15%⁽⁴⁾	82%	$74,517
2012	$6.25	0.09	0.65	0.74	(0.09)	$6.90	12.03%	1.26%	1.35%	257%	$72,311
2011	$5.68	0.05	0.53	0.58	(0.01)	$6.25	10.16%	1.25%	0.82%	280%	$72,851
2010	$4.71	—⁽⁵⁾	0.97	0.97	—⁽⁵⁾	$5.68	20.66%	1.26%	(0.06)%	260%	$78,441
2009	$5.34	—⁽⁵⁾	(0.63)	(0.63)	—	$4.71	(11.80)%	1.25%	(0.03)%	320%	$75,603
2008	$9.25	(0.02)	(3.89)	(3.91)	—	$5.34	(42.27)%	1.25%	(0.27)%	257%	$98,991
Institutional Class
2013⁽³⁾	$7.03	0.05	1.04	1.09	(0.14)	$7.98	15.70%	1.05%⁽⁴⁾	1.35%⁽⁴⁾	82%	$103
2012	$6.37	0.10	0.66	0.76	(0.10)	$7.03	12.18%	1.06%	1.55%	257%	$158
2011	$5.78	0.06	0.55	0.61	(0.02)	$6.37	10.55%	1.05%	1.02%	280%	$169
2010	$4.79	0.01	0.99	1.00	(0.01)	$5.78	20.97%	1.06%	0.14%	260%	$2,981
2009	$5.43	0.01	(0.65)	(0.64)	—	$4.79	(11.79)%	1.05%	0.17%	320%	$3,089
2008	$9.38	(0.01)	(3.94)	(3.95)	—	$5.43	(42.11)%	1.05%	(0.07)%	257%	$4,864

Notes to Financial Highlights

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78702 1306

SEMIANNUAL REPORT APRIL 30, 2013

Vista^SM Fund

Table of Contents

President's Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rally since November Elections, Further Aggressive Monetary Intervention

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman's Letter

Don Pratt

Dear Fellow Shareholders,

When discarding documents, be sure to shred or otherwise destroy any receipts, credit offers, bank statements, insurance forms, or similar documents containing personal or financial information.

If you have any thoughts you would like to share with the board, send them to dhpratt@fundboardchair.com. Thank you for your loyalty as an American Century Investments shareholder.

Best regards,

Don Pratt

Performance

Total Returns as of April 30, 2013

Average Annual Returns

Ticker

Symbol

6 months⁽¹⁾

1 year

5 years

10 years

Since

Inception

Inception

Date

Investor Class

TWCVX

13.36%

7.99%

0.29%

8.87%

9.12%

11/25/83

Russell Midcap
Growth Index

—

17.74%

14.42%

6.79%

10.95%

N/A⁽²⁾

—

Institutional Class

TWVIX

13.45%

8.17%

0.49%

9.08%

5.68%

11/14/96

A Class⁽³⁾

   No sales charge*

   With sales charge*

TWVAX

13.27%

6.73%

7.71%

1.51%

0.05%

-1.13%

8.61%

7.97%

4.74%

4.37%

10/2/96

C Class

   No sales charge*

   With sales charge*

AVNCX

12.77%

11.77%

6.87%

6.87%

—

—

—

—

10.78%

10.78%

3/1/10

R Class

AVTRX

13.09%

7.41%

-0.21%

—

4.09%

7/29/05

(1)

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

(2)

Benchmark data first available 12/31/85.

(3)

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Total Annual Fund Operating Expenses

Investor Class

Institutional Class

A Class

C Class

R Class

1.01%

0.81%

1.26%

2.01%

1.51%

Fund Characteristics

APRIL 30, 2013

Top Ten Holdings

% of net assets

Catamaran Corp.

2.6%

Alliance Data Systems Corp.

2.4%

Kansas City Southern

2.0%

SBA Communications Corp., Class A

2.0%

Canadian Pacific Railway Ltd. New York Shares

1.9%

Affiliated Managers Group, Inc.

1.9%

Tractor Supply Co.

1.6%

Perrigo Co.

1.5%

Cabot Oil & Gas Corp.

1.5%

Quanta Services, Inc.

1.4%

Top Five Industries

% of net assets

Specialty Retail

8.0%

Chemicals

5.7%

Road and Rail

5.1%

Health Care Providers and Services

4.1%

Media

4.1%

Types of Investments in Portfolio

% of net assets

Domestic Common Stocks

90.1%

Foreign Common Stocks*

7.1%

Total Common Stocks

97.2%

Temporary Cash Investments

2.4%

Other Assets and Liabilities

0.4%

*Includes depositary shares, dual listed securities and foreign ordinary shares.

Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2012 to April 30, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

Beginning
Account Value

11/1/12

Ending
Account Value

4/30/13

Expenses Paid

During Period⁽¹⁾

11/1/12 – 4/30/13

Annualized
Expense Ratio⁽¹⁾

Actual

Investor Class

$1,000

$1,133.60

$5.29

1.00%

Institutional Class

$1,000

$1,134.50

$4.23

0.80%

A Class

$1,000

$1,132.70

$6.61

1.25%

C Class

$1,000

$1,127.70

$10.55

2.00%

R Class

$1,000

$1,130.90

$7.93

1.50%

Hypothetical

Investor Class

$1,000

$1,019.84

$5.01

1.00%

Institutional Class

$1,000

$1,020.83

$4.01

0.80%

A Class

$1,000

$1,018.60

$6.26

1.25%

C Class

$1,000

$1,014.88

$9.99

2.00%

R Class

$1,000

$1,017.36

$7.50

1.50%

Schedule of Investments

APRIL 30, 2013 (UNAUDITED)

Shares

Value

Common Stocks — 97.2%

AEROSPACE AND DEFENSE — 1.9%

B/E Aerospace, Inc.⁽¹⁾
178,000 $ 11,167,720

TransDigm Group, Inc.
114,000 16,735,200

27,902,920

AUTO COMPONENTS — 2.0%

BorgWarner, Inc.⁽¹⁾
123,000 9,614,910

Delphi Automotive plc
407,800 18,844,438

28,459,348

AUTOMOBILES — 0.9%

Harley-Davidson, Inc.
248,000 13,553,200

BEVERAGES — 1.0%

Beam, Inc.
114,000 7,376,940

Constellation Brands, Inc., Class A⁽¹⁾
146,400 7,224,840

14,601,780

BIOTECHNOLOGY — 3.3%

Alexion Pharmaceuticals, Inc.⁽¹⁾
193,200 18,933,600

Grifols SA⁽¹⁾
253,600 10,176,329

Onyx Pharmaceuticals, Inc.⁽¹⁾
52,200 4,948,560

Regeneron Pharmaceuticals, Inc.⁽¹⁾
61,700 13,274,138

47,332,627

BUILDING PRODUCTS — 1.8%

Fortune Brands Home & Security, Inc.⁽¹⁾
380,700 13,853,673

Lennox International, Inc.
203,829 12,637,398

26,491,071

CAPITAL MARKETS — 2.9%

Affiliated Managers Group, Inc.⁽¹⁾
171,000 26,621,280

KKR & Co. LP
363,000 7,623,000

Raymond James Financial, Inc.
170,300 7,053,826

41,298,106

CHEMICALS — 5.7%

Airgas, Inc.
114,200 11,037,430

Celanese Corp.
248,000 12,253,680

Cytec Industries, Inc.
127,600 9,296,936

Eastman Chemical Co.
274,000 18,262,100

FMC Corp.
231,000 14,021,700

Sherwin-Williams Co. (The)
58,000 10,620,380

Westlake Chemical Corp.
80,500 6,692,770

82,184,996

COMMERCIAL BANKS — 0.5%

CIT Group, Inc.⁽¹⁾
164,700 7,001,397

COMMERCIAL SERVICES AND SUPPLIES — 1.2%

Stericycle, Inc.⁽¹⁾
152,200 16,486,304

COMPUTERS AND PERIPHERALS — 0.9%

NetApp, Inc.⁽¹⁾
357,000 12,455,730

CONSTRUCTION AND ENGINEERING — 2.5%

Chicago Bridge & Iron Co. NV New York Shares
162,000 8,713,980

MasTec, Inc.⁽¹⁾
279,400 7,767,320

Quanta Services, Inc.⁽¹⁾
722,000 19,840,560

36,321,860

CONSTRUCTION MATERIALS — 1.8%

Eagle Materials, Inc.
118,000 7,994,500

Martin Marietta Materials, Inc.
85,000 8,584,150

Texas Industries, Inc.⁽¹⁾
137,000 8,724,160

25,302,810

CONSUMER FINANCE — 1.0%

Discover Financial Services
325,000 14,215,500

DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%

tw telecom, inc., Class A⁽¹⁾
267,000 7,230,360

ELECTRICAL EQUIPMENT — 1.3%

AMETEK, Inc.
198,000 8,060,580

Eaton Corp. plc
168,100 10,323,021

18,383,601

ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 1.4%

Trimble Navigation Ltd.⁽¹⁾
689,600 19,819,104

ENERGY EQUIPMENT AND SERVICES — 2.5%

Atwood Oceanics, Inc.⁽¹⁾
192,100 9,422,505

Cameron International Corp.⁽¹⁾
135,300 8,327,715

Oceaneering International, Inc.
203,060 14,248,720

Patterson-UTI Energy, Inc.
202,000 4,260,180

36,259,120

FOOD AND STAPLES RETAILING — 2.0%

Costco Wholesale Corp.
88,000 9,541,840

Whole Foods Market, Inc.
209,300 18,485,376

28,027,216

FOOD PRODUCTS — 1.7%

Hain Celestial Group, Inc. (The)⁽¹⁾
146,000 9,526,500

Mead Johnson Nutrition Co.
176,400 14,304,276

23,830,776

GAS UTILITIES — 0.3%

ONEOK, Inc.
92,800 4,766,208

Shares Value

HEALTH CARE EQUIPMENT AND SUPPLIES — 2.0%

Cooper Cos., Inc. (The)
92,000 $ 10,156,800

Edwards Lifesciences Corp.⁽¹⁾
43,100 2,749,349

IDEXX Laboratories, Inc.⁽¹⁾
70,600 6,209,976

Mettler-Toledo International, Inc.⁽¹⁾
44,000 9,194,240

28,310,365

HEALTH CARE PROVIDERS AND SERVICES — 4.1%

AmerisourceBergen Corp.
273,700 14,812,644

Catamaran Corp.⁽¹⁾
638,000 36,831,740

Team Health Holdings, Inc.⁽¹⁾
186,500 6,952,720

58,597,104

HEALTH CARE TECHNOLOGY — 1.2%

Cerner Corp.⁽¹⁾
180,000 17,418,600

HOTELS, RESTAURANTS AND LEISURE — 2.4%

Dunkin’ Brands Group, Inc.
184,600 7,164,326

Norwegian Cruise Line Holdings Ltd.⁽¹⁾
238,335 7,390,769

Panera Bread Co., Class A⁽¹⁾
39,200 6,947,416

Wyndham Worldwide Corp.
203,800 12,244,304

33,746,815

HOUSEHOLD DURABLES — 1.7%

Lennar Corp., Class A
167,900 6,920,838

Mohawk Industries, Inc.⁽¹⁾
63,800 7,074,144

Toll Brothers, Inc.⁽¹⁾
288,500 9,898,435

23,893,417

HOUSEHOLD PRODUCTS — 1.2%

Church & Dwight Co., Inc.
258,000 16,483,620

INSURANCE — 0.5%

Cincinnati Financial Corp.
147,600 7,219,116

INTERNET AND CATALOG RETAIL — 1.3%

Expedia, Inc.
121,600 6,790,144

priceline.com, Inc.⁽¹⁾
18,000 12,527,820

19,317,964

INTERNET SOFTWARE AND SERVICES — 1.8%

Equinix, Inc.⁽¹⁾
38,000 8,135,800

LinkedIn Corp., Class A⁽¹⁾
93,000 17,864,370

26,000,170

IT SERVICES — 3.2%

Alliance Data Systems Corp.⁽¹⁾
203,400 34,938,018

Teradata Corp.⁽¹⁾
200,200 10,224,214

45,162,232

LIFE SCIENCES TOOLS AND SERVICES — 0.5%

Covance, Inc.⁽¹⁾
104,000 7,754,240

MACHINERY — 1.4%

Trinity Industries, Inc.
208,000 8,779,680

Valmont Industries, Inc.
73,400 10,696,582

19,476,262

MEDIA — 4.1%

CBS Corp., Class B
165,000 7,553,700

Discovery Communications, Inc. Class A⁽¹⁾
197,000 15,527,540

Liberty Global, Inc. Class A⁽¹⁾
254,800 18,439,876

Scripps Networks Interactive, Inc. Class A
105,100 6,997,558

Sirius XM Radio, Inc.
3,002,500 9,758,125

58,276,799

OIL, GAS AND CONSUMABLE FUELS — 2.6%

Cabot Oil & Gas Corp.
315,300 21,456,165

Concho Resources, Inc.⁽¹⁾
115,000 9,904,950

Oasis Petroleum, Inc.⁽¹⁾
183,000 6,264,090

37,625,205

PHARMACEUTICALS — 2.6%

Actavis, Inc.⁽¹⁾
149,700 15,827,781

Perrigo Co.
182,000 21,732,620

37,560,401

REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.3%

Digital Realty Trust, Inc.
107,000 7,545,640

Ventas, Inc.
135,000 10,750,050

18,295,690

REAL ESTATE MANAGEMENT AND DEVELOPMENT — 1.3%

CBRE Group, Inc.⁽¹⁾
562,300 13,618,906

Realogy Holdings Corp.⁽¹⁾
111,000 5,328,000

18,946,906

ROAD AND RAIL — 5.1%

Canadian Pacific Railway Ltd. New York Shares
219,200 27,316,704

Genesee & Wyoming, Inc. Class A⁽¹⁾
138,400 11,791,680

Hertz Global Holdings, Inc.⁽¹⁾
236,190 5,687,455

Kansas City Southern
260,700 28,434,549

73,230,388

SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 2.8%

ARM Holdings plc
731,000 11,309,567

Avago Technologies Ltd.
206,800 6,609,328

NXP Semiconductor NV⁽¹⁾
280,400 7,725,020

Xilinx, Inc.
369,000 13,988,790

39,632,705

SOFTWARE — 2.9%

Citrix Systems, Inc.⁽¹⁾
119,700 7,441,749

CommVault Systems, Inc.⁽¹⁾
140,000 10,295,600

NetSuite, Inc.⁽¹⁾
191,600 16,853,136

Splunk, Inc.⁽¹⁾
170,425 6,953,340

41,543,825

Shares Value

SPECIALTY RETAIL — 8.0%

DSW, Inc., Class A
178,400 $ 11,795,808

GNC Holdings, Inc. Class A
328,000 14,868,240

Lumber Liquidators Holdings, Inc.⁽¹⁾
105,700 8,663,172

O’Reilly Automotive, Inc.⁽¹⁾
103,200 11,075,424

PetSmart, Inc.
263,900 18,008,536

Ross Stores, Inc.
209,400 13,835,058

Signet Jewelers Ltd.
104,400 7,175,412

Tractor Supply Co.
209,600 22,462,832

Urban Outfitters, Inc.⁽¹⁾
175,100 7,256,144

115,140,626

TEXTILES, APPAREL AND LUXURY GOODS — 3.1%

Hanesbrands, Inc.⁽¹⁾
275,500 13,819,080

Michael Kors Holdings Ltd.⁽¹⁾
193,600 11,023,584

PVH Corp.
112,100 12,937,461

Under Armour, Inc. Class A⁽¹⁾
125,000 7,135,000

44,915,125

TOBACCO — 0.8%

Lorillard, Inc.
259,000 11,108,510

TRADING COMPANIES AND DISTRIBUTORS — 2.2%

Fastenal Co.
186,500 9,147,825

United Rentals, Inc.⁽¹⁾
313,106 16,472,507

W.W. Grainger, Inc.
22,900 5,644,163

31,264,495

WIRELESS TELECOMMUNICATION SERVICES — 2.0%

SBA Communications Corp., Class A⁽¹⁾
355,200 28,057,248

TOTAL COMMON STOCKS

(Cost $990,647,175)
   1,390,901,862

Temporary Cash Investments — 2.4%

Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $4,214,977), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery

value $4,132,168)
4,132,154

Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations,

2.125%, 12/31/15, valued at $25,281,260), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery

value $24,792,986)
24,792,924

Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%,

8/15/39, valued at $4,219,261), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $4,132,163)
4,132,154

SSgA U.S. Government Money Market Fund
1,924,187 1,924,187

TOTAL TEMPORARY CASH INVESTMENTS (Cost $34,981,419)
   34,981,419

TOTAL INVESTMENT SECURITIES — 99.6% (Cost $1,025,628,594)
   1,425,883,281

OTHER ASSETS AND LIABILITIES — 0.4%
   5,694,869

TOTAL NET ASSETS — 100.0%
   $1,431,578,150

Forward Foreign Currency Exchange Contracts

Contracts to Sell

Counterparty

Settlement Date

Value

Unrealized Gain (Loss)

6,399,976

EUR for USD

UBS AG

5/31/13

$ 8,429,955

$ (97,742)

6,120,298

GBP for USD

Credit Suisse AG

5/31/13

9,505,132

(22,038)

$17,935,087

$(119,780)

(Value on Settlement Date $17,815,307)

Notes to Schedule of Investments

EUR = Euro

GBP = British Pound

USD = United States Dollar

(1) Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

APRIL 30, 2013 (UNAUDITED)

Assets

Investment securities, at value (cost of $1,025,628,594)
$1,425,883,281

Foreign currency holdings, at value (cost of $28,075)
27,134

Receivable for investments sold
24,384,367

Receivable for capital shares sold
116,568

Dividends and interest receivable
343,947

1,450,755,297

Liabilities

Payable for investments purchased
17,334,584

Payable for capital shares redeemed
559,437

Unrealized loss on forward foreign currency exchange contracts
119,780

Accrued management fees
1,146,332

Distribution and service fees payable
17,014

19,177,147

Net Assets
$1,431,578,150

Net Assets Consist of:

Capital (par value and paid-in surplus)
$1,046,112,591

Accumulated net investment loss
(3,277,703 )

Accumulated net realized loss
(11,432,207 )

Net unrealized appreciation
400,175,469

$1,431,578,150

Net assets

Shares outstanding

Net asset value per share

Investor Class, $0.01 Par Value

$1,299,098,752

66,284,988

$19.60

Institutional Class, $0.01 Par Value

    $61,395,131

3,032,011

$20.25

A Class, $0.01 Par Value

    $59,134,815

3,136,079

$18.86*

C Class, $0.01 Par Value

           $98,691

         5,197

$18.99

R Class, $0.01 Par Value

    $11,850,761

     629,016

$18.84

*Maximum offering price $20.01 (net asset value divided by 0.9425).

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED APRIL 30, 2013 (UNAUDITED)

Investment Income (Loss)

Income:


Dividends (net of foreign taxes withheld of $20,552)
$6,455,203

Interest
11,388

6,466,591

Expenses:


Management fees
6,795,617

Distribution and service fees:

A Class
77,267

C Class
432

R Class
30,370

Directors’ fees and expenses
23,845

6,927,531

Net investment income (loss)
(460,940 )

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:


Investment transactions
69,729,426

Futures contract transactions
(610,277 )

Foreign currency transactions
368,545

69,487,694

Change in net unrealized appreciation (depreciation) on:


Investments
103,149,986

Translation of assets and liabilities in foreign currencies
(84,047 )

103,065,939

Net realized and unrealized gain (loss)
172,553,633

Net Increase (Decrease) in Net Assets Resulting from Operations
$172,092,693

See Notes to Financial Statements.

Statement of Changes in Net Assets

See Notes to Financial Statements.

Notes to Financial Statements

APRIL 30, 2013 (UNAUDITED)

1. Organization

American Century Mutual Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Vista Fund (the fund) is one fund in a series issued by the corporation. The fund is diversified as defined under the 1940 Act. The fund’s investment objective is to seek long-term capital growth.

2. Significant Accounting Policies

Investments in open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate clearing corporation. Forward foreign currency exchange contracts are valued at the mean of the latest bid and asked prices of the forward currency rates as provided by an independent pricing service.

The value of investments initially expressed in foreign currencies is translated into U.S. dollars at prevailing exchange rates.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover futures contracts. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for margin requirements on futures contracts.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

3. Fees and Transactions with Related Parties

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, ACIS, and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 18% of the shares of the fund.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the six months ended April 30, 2013 were $354,704,269 and $479,363,732, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:

Six months ended April 30, 2013

Year ended October 31, 2012

Shares

Amount

Shares

Amount

Investor Class/Shares Authorized
750,000,000 750,000,000

Sold
1,965,697 $ 36,031,567 4,873,333 $ 81,177,047

Redeemed
(5,146,246 ) (94,339,851 ) (20,339,527 ) (324,033,168 )

(3,180,549 ) (58,308,284 ) (15,466,194 ) (242,856,121 )

Institutional Class/Shares Authorized
80,000,000 80,000,000

Sold
183,187 3,524,282 886,541 15,318,015

Redeemed
(835,417 ) (15,983,737 ) (2,218,876 ) (39,285,626 )

(652,230 ) (12,459,455 ) (1,332,335 ) (23,967,611 )

A Class/Shares Authorized
310,000,000 310,000,000

Sold
234,757 4,154,201 1,022,625 16,651,054

Redeemed
(2,780,101 ) (45,869,740 ) (3,331,130 ) (54,130,918 )

(2,545,344 ) (41,715,539 ) (2,308,505 ) (37,479,864 )

C Class/Shares Authorized
50,000,000 50,000,000

Sold
717 12,667 238 3,918

Redeemed
(309 ) (5,239 ) (860 ) (14,472 )

408 7,428 (622 ) (10,554 )

R Class/Shares Authorized
10,000,000 10,000,000

Sold
39,997 707,425 158,086 2,624,418

Redeemed
(187,137 ) (3,278,665 ) (644,443 ) (10,635,647 )

(147,140 ) (2,571,240 ) (486,357 ) (8,011,229 )

Net increase (decrease)
(6,524,855 ) $(115,047,090 ) (19,594,013 ) $(312,325,379 )

6. Fair Value Measurements

•

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

•

Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.

Level 1

Level 2

Level 3

Investment Securities

Domestic Common Stocks

$1,288,828,522

—

—

Foreign Common Stocks

         80,587,444

$21,485,896

—

Temporary Cash Investments

         1,924,187

33,057,232

—

Total Value of Investment Securities

$1,371,340,153

$54,543,128

—

Other Financial Instruments

Total Unrealized Gain (Loss) on Forward Foreign Currency Exchange Contracts

                      —

     $(119,780)

—

7. Derivative Instruments

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

Value of Derivative Instruments as of April 30, 2013

Asset Derivatives

Liability Derivatives

Type of
Risk Exposure

Location on Statement
of Assets and Liabilities

Value

Location on Statement
of Assets and Liabilities

Value

Foreign Currency Risk

Unrealized gain on forward foreign currency exchange contracts

          —

Unrealized loss on forward foreign

currency exchange contracts

$119,780

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended April 30, 2013

Net Realized Gain (Loss)

Change in Net Unrealized
Appreciation (Depreciation)

Type of
Risk Exposure

Location on Statement
of Operations

Value

Location on Statement
of Operations

Value

Equity Price Risk

Net realized gain (loss) on
futures contract transactions

$(610,277)

Change in net unrealized

appreciation (depreciation)
on futures contracts

          —

Foreign Currency Risk

Net realized gain (loss) on
foreign currency transactions

  361,250

Change in net unrealized

appreciation (depreciation)
on translation of assets and

liabilities in foreign currencies

  $(83,968)

$(249,027)

$(83,968)

8. Risk Factors

The fund invests in common stocks of small companies. Because of this, it may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

9. Federal Tax Information

As of April 30, 2013, the components of investments for federal income tax purposes were as follows:

Federal tax cost of investments

$1,026,651,211

Gross tax appreciation of investments

$405,630,342

Gross tax depreciation of investments

(6,398,272)

Net tax appreciation (depreciation) of investments

$399,232,070

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

As of October 31, 2012, the fund had accumulated short-term capital losses of $(76,732,640), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire in 2017.

As of October 31, 2012, the fund had late-year ordinary loss deferrals of $(2,852,575), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

For a Share Outstanding Throughout the Years Ended October 31 (except as noted)

Per-Share Data

Ratios and Supplemental Data

Income From Investment Operations:

Ratio to Average Net Assets of:

Net Asset Value, Beginning
of Period

Net Investment Income (Loss)⁽¹⁾

Net Realized
and Unrealized Gain (Loss)

Total From Investment Operations

Distributions
From Net
Realized Gains

Net Asset Value, End of Period

Total Return⁽²⁾

Operating Expenses

Net Investment Income (Loss)

Portfolio
Turnover Rate

Net Assets,
End of Period
(in thousands)

Investor Class

2013⁽³⁾

$17.29

(0.01)

2.32

2.31

—

$19.60

13.36%

   1.00%⁽⁴⁾

   (0.06)%⁽⁴⁾

26%

$1,299,099

2012

$16.11

(0.04)

1.22

1.18

—

$17.29

   7.32%

1.00%

(0.23)%

71%

$1,201,141

2011

$15.25

(0.08)

0.94

0.86

—

$16.11

   5.64%

1.00%

(0.44)%

90%

$1,368,299

2010

$12.13

(0.06)

3.18

3.12

—

$15.25

25.72%

1.01%

(0.45)%

132%

$1,761,319

2009

$12.43

(0.05)

(0.25)

(0.30)

—

$12.13

   (2.41)%

1.00%

(0.48)%

183%

$1,690,576

2008

$24.24

(0.11)

(9.61)

(9.72)

(2.09)

$12.43

(43.58)%

1.00%

(0.56)%

167%

$1,800,788

Institutional Class

2013⁽³⁾

$17.85

0.01

2.39

2.40

—

$20.25

13.45%

   0.80%⁽⁴⁾

   0.14%⁽⁴⁾

26%

$61,395

2012

$16.60

(0.01)

1.26

1.25

—

$17.85

   7.53%

0.80%

(0.03)%

71%

$65,755

2011

$15.67

(0.04)

0.97

0.93

—

$16.60

   5.93%

0.80%

(0.24)%

90%

$83,261

2010

$12.45

(0.03)

3.25

3.22

—

$15.67

25.86%

0.81%

(0.25)%

132%

$153,112

2009

$12.73

(0.03)

(0.25)

(0.28)

—

$12.45

   (2.12)%

0.80%

(0.28)%

183%

$211,357

2008

$24.72

(0.07)

(9.83)

(9.90)

(2.09)

$12.73

(43.50)%

0.80%

(0.36)%

167%

$238,727

A Class⁽⁵⁾

2013⁽³⁾

$16.65

(0.03)

2.24

2.21

—

$18.86

13.27%

   1.25%⁽⁴⁾

   (0.31)%⁽⁴⁾

26%

$59,135

2012

$15.56

(0.08)

1.17

1.09

—

$16.65

   7.01%

1.25%

(0.48)%

71%

$94,622

2011

$14.76

(0.11)

0.91

0.80

—

$15.56

   5.42%

1.25%

(0.69)%

90%

$124,296

2010

$11.77

(0.09)

3.08

2.99

—

$14.76

25.40%

1.26%

(0.70)%

132%

$186,529

2009

$12.09

(0.08)

(0.24)

(0.32)

—

$11.77

   (2.65)%

1.25%

(0.73)%

183%

$255,419

2008

$23.69

(0.15)

(9.36)

(9.51)

(2.09)

$12.09

(43.72)%

1.25%

(0.81)%

167%

$257,057

Notes to Financial Highlights

(1)

Computed using average shares outstanding throughout the period.

(2)

Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)

Six months ended April 30, 2013 (unaudited).

(4)

Annualized.

(5)

Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(6)

March 1, 2010 (commencement of sale) through October 31, 2010.

(7)

Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended October 31, 2010.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

American Century Mutual Funds, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-78703 1306

ITEM 2. CODE OF ETHICS.

Not applicable for semiannual report filings.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semiannual report filings.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semiannual report filings.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)

The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b)

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12. EXHIBITS.

(a)(1)

Not applicable for semiannual report filings.

(a)(2)

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

(a)(3)

Not applicable.

(b)

A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

SIGNATURES

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

Registrant:

American Century Mutual Funds, Inc.

By:

/s/ Jonathan S. Thomas

Name:

Jonathan S. Thomas

Title:

President

Date:

June 28, 2013

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:

June 28, 2013

By:

/s/ C. Jean Wade

Name:

C. Jean Wade

Title:

Vice President, Treasurer, and

Chief Financial Officer

(principal financial officer)

Date:

June 28, 2013

EX-99 2 acmf20130626_ncsrsex99-CERT.htm EXHIBIT 99.CERT

EX-99.CERT

CERTIFICATIONS

I, Jonathan S. Thomas, certify that:

1.	I have reviewed this report on Form N-CSR of American Century Mutual Funds, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 28, 2013

/s/ Jonathan S. Thomas

Jonathan S. Thomas

President

(principal executive officer)

I, C. Jean Wade, certify that:

1.	I have reviewed this report on Form N-CSR of American Century Mutual Funds, Inc.;

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 28, 2013

/s/ C. Jean Wade

C. Jean Wade

Vice President, Treasurer, and

Chief Financial Officer

(principal financial officer)

EX-99 3 acmf20130626_ncsrsex99-906.htm EXHIBIT 99.906CERT

EX-99.906CERT

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the shareholder report of American Century Mutual Funds, Inc. (the "Registrant") on Form N-CSR for the period ending April 30, 2013 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:

June 28, 2013

By:

/s/ Jonathan S. Thomas

Jonathan S. Thomas

President

(chief executive officer)

By:

/s/ C. Jean Wade

C. Jean Wade

Vice President, Treasurer, and

Chief Financial Officer

(chief financial officer)

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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, MISSOURI 64111
(Name and address of agent for service)


Registrant’s telephone number, including area code:			816-531-5575


Date of fiscal year end:	10-31


Date of reporting period:	04-30-2013

(1)	Total returns for periods less than one year are not annualized.
(2)	Returns would have been lower if a portion of the management fee had not been waived.
(3)	Since 11/30/83, the date nearest the Investor Class’s inception for which data are available.

	Shares	Value
Common Stocks — 99.0%
AEROSPACE AND DEFENSE — 2.0%
Precision Castparts Corp.	80,603	$ 15,418,548
TransDigm Group, Inc.	34,884	5,120,971
		20,539,519
AUTOMOBILES — 1.3%
Ford Motor Co.	372,485	5,106,769
Harley-Davidson, Inc.	158,577	8,666,233
		13,773,002
BEVERAGES — 2.0%
Brown-Forman Corp., Class B	46,198	3,256,959
Coca-Cola Co. (The)	403,850	17,094,971
		20,351,930
BIOTECHNOLOGY — 3.7%
Alexion Pharmaceuticals, Inc.⁽¹⁾	50,594	4,958,212
Gilead Sciences, Inc.⁽¹⁾	288,991	14,634,504
Grifols SA⁽¹⁾	195,547	7,846,809
Medivation, Inc.⁽¹⁾	53,951	2,843,757
Onyx Pharmaceuticals, Inc.⁽¹⁾	37,478	3,552,915
Regeneron Pharmaceuticals, Inc.⁽¹⁾	17,309	3,723,858
		37,560,055
BUILDING PRODUCTS — 0.5%
Lennox International, Inc.	78,685	4,878,470
CAPITAL MARKETS — 0.5%
Lazard Ltd., Class A	164,359	5,571,770
CHEMICALS — 4.5%
American Vanguard Corp.	92,575	2,669,863
Cytec Industries, Inc.	68,468	4,988,578
FMC Corp.	101,247	6,145,693
Monsanto Co.	222,762	23,795,437
Sherwin-Williams Co. (The)	32,966	6,036,404
Westlake Chemical Corp.	24,977	2,076,588
		45,712,563
COMMERCIAL BANKS — 0.9%
East West Bancorp., Inc.	137,927	3,355,764
SVB Financial Group⁽¹⁾	81,849	5,820,282
		9,176,046
COMMERCIAL SERVICES AND SUPPLIES — 0.2%
Cintas Corp.	39,196	1,758,725
COMMUNICATIONS EQUIPMENT — 4.9%
Cisco Systems, Inc.	721,351	15,090,663
Palo Alto Networks, Inc.⁽¹⁾	102,186	5,528,262
QUALCOMM, Inc.	411,858	25,378,690
Research In Motion Ltd.⁽¹⁾	247,189	4,026,709
		50,024,324
COMPUTERS AND PERIPHERALS — 6.3%
Apple, Inc.	108,560	48,064,940
EMC Corp.⁽¹⁾	165,732	3,717,369
NetApp, Inc.⁽¹⁾	369,171	12,880,376
		64,662,685
CONSTRUCTION AND ENGINEERING — 1.6%
MasTec, Inc.⁽¹⁾	214,191	5,954,510
Quanta Services, Inc.⁽¹⁾	379,584	10,430,968
		16,385,478
CONSTRUCTION MATERIALS — 0.6%
Martin Marietta Materials, Inc.	33,480	3,381,145
Texas Industries, Inc.⁽¹⁾	40,661	2,589,293
		5,970,438
CONSUMER FINANCE — 1.9%
Discover Financial Services	441,280	19,301,587
DIVERSIFIED CONSUMER SERVICES — 0.3%
Sotheby’s	84,391	2,994,193
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%
Verizon Communications, Inc.	307,434	16,573,767
ELECTRICAL EQUIPMENT — 1.0%
Eaton Corp. plc	160,813	9,875,526
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 1.1%
FLIR Systems, Inc.	297,683	7,236,674
Trimble Navigation Ltd.⁽¹⁾	154,730	4,446,940
		11,683,614
ENERGY EQUIPMENT AND SERVICES — 2.7%
Atwood Oceanics, Inc.⁽¹⁾	86,818	4,258,423
Cameron International Corp.⁽¹⁾	165,185	10,167,137
McDermott International, Inc.⁽¹⁾	320,492	3,422,854
National Oilwell Varco, Inc.	111,563	7,276,139
Patterson-UTI Energy, Inc.	127,519	2,689,376
		27,813,929
FOOD AND STAPLES RETAILING — 5.9%
Costco Wholesale Corp.	272,201	29,514,754
Natural Grocers by Vitamin Cottage, Inc.⁽¹⁾	113,026	2,834,692
PriceSmart, Inc.	34,872	3,111,629
Wal-Mart Stores, Inc.	107,341	8,342,542
Walgreen Co.	81,700	4,044,967
Whole Foods Market, Inc.	146,221	12,914,239
		60,762,823
FOOD PRODUCTS — 0.3%
Mead Johnson Nutrition Co.	43,857	3,556,364


	Shares	Value
SPECIALTY RETAIL — 5.4%
GNC Holdings, Inc. Class A	104,334	4,729,460
Home Depot, Inc. (The)	226,269	16,596,831
Lowe’s Cos., Inc.	66,722	2,563,459
Lumber Liquidators Holdings, Inc.⁽¹⁾	64,208	5,262,488
PetSmart, Inc.	126,207	8,612,366
TJX Cos., Inc. (The)	273,454	13,336,352
Urban Outfitters, Inc.⁽¹⁾	88,764	3,678,380
		54,779,336
TEXTILES, APPAREL AND LUXURY GOODS — 0.7%
Fifth & Pacific Cos., Inc.⁽¹⁾	146,300	3,016,706
Michael Kors Holdings Ltd.⁽¹⁾	76,768	4,371,170
		7,387,876
TOBACCO — 4.3%
Altria Group, Inc.	195,164	7,125,438
Philip Morris International, Inc.	381,802	36,496,453
		43,621,891
WIRELESS TELECOMMUNICATION SERVICES — 0.6%
SBA Communications Corp., Class A⁽¹⁾	71,572	5,653,472
TOTAL COMMON STOCKS (Cost $711,597,407)		1,012,018,758
Temporary Cash Investments — 0.5%
Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $688,517), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $674,990)		674,988
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $4,129,695), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $4,049,935)		4,049,925
Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $689,216), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $674,989)		674,988
SSgA U.S. Government Money Market Fund	314,318	314,318
TOTAL TEMPORARY CASH INVESTMENTS (Cost $5,714,219)		5,714,219
TOTAL INVESTMENT SECURITIES — 99.5% (Cost $717,311,626)		1,017,732,977
OTHER ASSETS AND LIABILITIES — 0.5%		4,660,220
TOTAL NET ASSETS — 100.0%		$1,022,393,197


Federal tax cost of investments	$718,056,373
Gross tax appreciation of investments	$306,071,219
Gross tax depreciation of investments	(6,394,615)
Net tax appreciation (depreciation) of investments	$299,676,604

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

APRIL 30, 2013
Top Ten Common Stocks	% of net assets
Exxon Mobil Corp.	2.1%
Apple, Inc.	2.1%
Microsoft Corp.	1.6%
Johnson & Johnson	1.5%
Pfizer, Inc.	1.3%
AT&T, Inc.	1.3%
International Business Machines Corp.	1.1%
Google, Inc. Class A	1.0%
Wal-Mart Stores, Inc.	1.0%
Oracle Corp.	0.9%

Top Five Common Stock Industries	% of net assets
Pharmaceuticals	5.1%
Oil, Gas and Consumable Fuels	4.7%
Insurance	3.9%
Computers and Peripherals	3.6%
Software	3.2%

Types of Investments in Portfolio	% of net assets
Common Stocks	59.8%
U.S. Government Agency Mortgage-Backed Securities	12.8%
U.S. Treasury Securities	11.2%
Corporate Bonds	10.0%
Commercial Mortgage-Backed Securities	1.7%
Collateralized Mortgage Obligations	1.4%
Sovereign Governments and Agencies	0.6%
Municipal Securities	0.5%
U.S. Government Agency Securities	0.2%
Temporary Cash Investments	2.6%
Other Assets and Liabilities	(0.8)%

Key Fixed-Income Portfolio Statistics
Weighted Average Life	7.0 years
Average Duration (effective)	5.0 years

	Shares/Principal Amount	Value
ENERGY EQUIPMENT AND SERVICES — 0.1%
RPC, Inc.	29,456	$ 389,997
FOOD AND STAPLES RETAILING — 1.8%
CVS Caremark Corp.	97,723	5,685,524
Safeway, Inc.	25,874	582,683
Wal-Mart Stores, Inc.	92,785	7,211,250
		13,479,457
FOOD PRODUCTS — 0.8%
General Mills, Inc.	86,675	4,370,154
Ingredion, Inc.	16,325	1,175,563
		5,545,717
HEALTH CARE EQUIPMENT AND SUPPLIES — 2.8%
Abbott Laboratories	141,105	5,209,597
Becton Dickinson and Co.	40,273	3,797,744
Medtronic, Inc.	101,982	4,760,520
St. Jude Medical, Inc.	88,115	3,632,100
Stryker Corp.	22,424	1,470,566
Zimmer Holdings, Inc.	16,807	1,284,895
		20,155,422
HOTELS, RESTAURANTS AND LEISURE — 0.4%
Bally Technologies, Inc.⁽¹⁾	8,558	455,970
Cracker Barrel Old Country Store, Inc.	13,117	1,085,301
International Game Technology	96,295	1,632,200
		3,173,471
HOUSEHOLD DURABLES — 0.9%
Garmin Ltd.	73,716	2,585,958
Harman International Industries, Inc.	14,789	661,216
Newell Rubbermaid, Inc.	136,286	3,589,773
		6,836,947
HOUSEHOLD PRODUCTS — 0.9%
Energizer Holdings, Inc.	35,349	3,414,360
Procter & Gamble Co. (The)	38,405	2,948,352
		6,362,712
INDUSTRIAL CONGLOMERATES — 1.2%
Carlisle Cos., Inc.	8,211	532,647
Danaher Corp.	72,406	4,412,422
General Electric Co.	169,227	3,772,070
		8,717,139
INSURANCE — 3.9%
Aflac, Inc.	80,124	4,361,951
Allied World Assurance Co. Holdings AG	21,414	1,944,605
Allstate Corp. (The)	36,741	1,809,862
American International Group, Inc.⁽¹⁾	97,612	4,043,089
Amtrust Financial Services, Inc.	3,946	$ 124,930
Axis Capital Holdings Ltd.	43,051	1,921,366
Berkshire Hathaway, Inc., Class B⁽¹⁾	17,781	1,890,476
First American Financial Corp.	36,583	979,327
HCC Insurance Holdings, Inc.	10,335	440,271
MetLife, Inc.	118,121	4,605,538
Reinsurance Group of America, Inc.	21,482	1,343,699
RenaissanceRe Holdings Ltd.	472	44,316
Torchmark Corp.	13,248	822,303
Travelers Cos., Inc. (The)	50,139	4,282,372
		28,614,105
INTERNET AND CATALOG RETAIL — 0.4%
Expedia, Inc.	54,288	3,031,442
INTERNET SOFTWARE AND SERVICES — 1.0%
Google, Inc. Class A⁽¹⁾	9,040	7,454,113
IT SERVICES — 1.4%
Accenture plc, Class A	25,508	2,077,372
International Business Machines Corp.	40,571	8,217,250
		10,294,622
LEISURE EQUIPMENT AND PRODUCTS — 0.7%
Hasbro, Inc.	28,749	1,361,840
Mattel, Inc.	84,117	3,840,782
		5,202,622
LIFE SCIENCES TOOLS AND SERVICES — 0.2%
Thermo Fisher Scientific, Inc.	17,119	1,381,161
MACHINERY — 0.7%
Crane Co.	20,513	1,104,215
Ingersoll-Rand plc	16,905	909,489
Parker-Hannifin Corp.	29,547	2,616,978
WABCO Holdings, Inc.⁽¹⁾	9,593	692,902
		5,323,584
MEDIA — 1.5%
Comcast Corp., Class A	161,992	6,690,269
DIRECTV⁽¹⁾	3,503	198,130
Thomson Reuters Corp.	4,224	141,462
Time Warner Cable, Inc.	44,146	4,144,868
		11,174,729
METALS AND MINING — 0.2%
Coeur d’Alene Mines Corp.⁽¹⁾	21,007	320,147
Worthington Industries, Inc.	24,094	775,345
		1,095,492
MULTILINE RETAIL — 0.2%
Dillard’s, Inc., Class A	15,198	1,252,467

	Shares/Principal Amount	Value
OIL, GAS AND CONSUMABLE FUELS — 4.7%
Chevron Corp.	31,198	$ 3,806,468
Delek US Holdings, Inc.	25,959	936,860
Exxon Mobil Corp.	175,404	15,609,202
Marathon Petroleum Corp.	50,993	3,995,812
Suncor Energy, Inc.	53,934	1,680,044
Tesoro Corp.	33,921	1,811,381
Valero Energy Corp.	94,891	3,826,005
Western Refining, Inc.	88,722	2,742,397
		34,408,169
PERSONAL PRODUCTS — 0.3%
Nu Skin Enterprises, Inc., Class A	46,346	2,351,133
PHARMACEUTICALS — 5.1%
AbbVie, Inc.	48,047	2,212,564
Bristol-Myers Squibb Co.	72,505	2,879,899
Eli Lilly & Co.	92,418	5,118,109
Johnson & Johnson	125,500	10,696,365
Merck & Co., Inc.	145,040	6,816,880
Pfizer, Inc.	339,449	9,867,782
		37,591,599
PROFESSIONAL SERVICES — 0.5%
Dun & Bradstreet Corp.	41,206	3,644,671
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.7%
Applied Materials, Inc.	166,253	2,412,331
Broadcom Corp., Class A	108,465	3,904,740
Intel Corp.	2,314	55,420
KLA-Tencor Corp.	55,703	3,021,888
Texas Instruments, Inc.	79,026	2,861,531
		12,255,910
SOFTWARE — 3.2%
Activision Blizzard, Inc.	59,411	888,195
CA, Inc.	86,467	2,332,015
Microsoft Corp.	346,224	11,460,014
Oracle Corp.	211,942	6,947,459
Symantec Corp.⁽¹⁾	86,950	2,112,885
		23,740,568
SPECIALTY RETAIL — 2.8%
American Eagle Outfitters, Inc.	93,941	1,827,152
Buckle, Inc. (The)	16,893	820,155
GameStop Corp., Class A	14,419	503,223
Gap, Inc. (The)	97,665	3,710,293
Home Depot, Inc. (The)	90,822	6,661,794
PetSmart, Inc.	38,723	2,642,458
TJX Cos., Inc. (The)	90,690	4,422,951
		20,588,026
TEXTILES, APPAREL AND LUXURY GOODS — 0.1%
Hanesbrands, Inc.⁽¹⁾	17,119	$ 858,689
THRIFTS AND MORTGAGE FINANCE — 0.4%
Ocwen Financial Corp.⁽¹⁾	81,831	2,993,378
TOBACCO — 1.0%
Altria Group, Inc.	87,176	3,182,796
Philip Morris International, Inc.	14,056	1,343,613
Universal Corp.	54,936	3,161,567
		7,687,976
TOTAL COMMON STOCKS (Cost $352,779,195)		438,595,369
U.S. Government Agency Mortgage-Backed Securities⁽²⁾ — 12.8%
ADJUSTABLE-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 1.2%
FHLMC, VRN, 1.98%, 5/15/13	$ 396,618	411,966
FHLMC, VRN, 2.08%, 5/15/13	835,384	868,957
FHLMC, VRN, 2.37%, 5/15/13	997,498	1,037,681
FHLMC, VRN, 2.58%, 5/15/13	190,191	199,642
FHLMC, VRN, 2.90%, 5/15/13	228,355	240,887
FHLMC, VRN, 3.27%, 5/15/13	191,287	202,752
FHLMC, VRN, 3.29%, 5/15/13	647,182	676,446
FHLMC, VRN, 3.81%, 5/15/13	316,568	336,212
FHLMC, VRN, 4.03%, 5/15/13	342,712	366,368
FHLMC, VRN, 5.43%, 5/15/13	300,829	322,888
FHLMC, VRN, 5.79%, 5/15/13	558,658	593,923
FHLMC, VRN, 5.97%, 5/15/13	852,601	922,532
FHLMC, VRN, 6.14%, 5/15/13	270,130	293,076
FNMA, VRN, 2.71%, 5/25/13	490,801	514,142
FNMA, VRN, 3.35%, 5/25/13	262,328	277,743
FNMA, VRN, 3.36%, 5/25/13	260,927	278,250
FNMA, VRN, 3.82%, 5/25/13	458,275	488,163
FNMA, VRN, 3.94%, 5/25/13	366,743	390,893
FNMA, VRN, 3.95%, 5/25/13	145,721	155,712
FNMA, VRN, 5.43%, 5/25/13	340,366	368,545
		8,946,778
FIXED-RATE U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 11.6%
FHLMC, 4.50%, 1/1/19	443,464	471,896
FHLMC, 6.50%, 1/1/28	38,788	45,449
FHLMC, 5.50%, 12/1/33	392,893	438,114
FHLMC, 5.00%, 7/1/35	3,643,996	3,930,178
FHLMC, 5.50%, 1/1/38	654,995	709,812
FHLMC, 6.00%, 8/1/38	112,707	123,239
FHLMC, 4.00%, 4/1/41	1,261,653	1,392,993
FHLMC, 6.50%, 7/1/47	22,888	25,361
FNMA, 6.50%, 5/1/13	11	11

	Shares/Principal Amount	Value
FNMA, 6.50%, 6/1/13	$ 445	$ 448
FNMA, 6.50%, 6/1/13	187	189
FNMA, 6.50%, 6/1/13	251	253
FNMA, 6.00%, 1/1/14	3,473	3,508
FNMA, 6.00%, 4/1/14	17,748	17,874
FNMA, 4.50%, 5/1/19	148,013	159,024
FNMA, 4.50%, 5/1/19	387,425	416,248
FNMA, 5.00%, 9/1/20	878,496	943,294
FNMA, 6.50%, 1/1/28	22,057	25,827
FNMA, 6.50%, 1/1/29	55,926	65,731
FNMA, 7.50%, 7/1/29	114,945	133,613
FNMA, 7.50%, 9/1/30	30,558	37,384
FNMA, 5.00%, 7/1/31	1,698,891	1,890,372
FNMA, 6.50%, 9/1/31	39,666	46,837
FNMA, 7.00%, 9/1/31	14,556	17,410
FNMA, 6.50%, 1/1/32	89,594	105,977
FNMA, 6.50%, 8/1/32	64,292	72,351
FNMA, 5.50%, 6/1/33	232,378	256,888
FNMA, 5.50%, 7/1/33	391,146	430,218
FNMA, 5.50%, 8/1/33	681,857	748,512
FNMA, 5.50%, 9/1/33	412,810	463,484
FNMA, 5.00%, 11/1/33	1,220,096	1,329,467
FNMA, 5.00%, 4/1/35	1,892,529	2,056,933
FNMA, 4.50%, 9/1/35	889,035	959,107
FNMA, 5.00%, 2/1/36	1,239,666	1,347,325
FNMA, 5.50%, 4/1/36	502,489	549,725
FNMA, 5.50%, 5/1/36	983,766	1,076,243
FNMA, 5.00%, 11/1/36	3,212,689	3,495,462
FNMA, 5.50%, 2/1/37	274,761	299,215
FNMA, 6.00%, 7/1/37	2,440,592	2,694,952
FNMA, 6.50%, 8/1/37	240,191	265,591
FNMA, 4.50%, 8/1/40	3,677,315	3,963,376
FNMA, 4.50%, 9/1/40	5,262,363	5,780,737
FNMA, 3.50%, 1/1/41	5,283,088	5,656,000
FNMA, 4.00%, 1/1/41	1,968,259	2,178,751
FNMA, 4.50%, 1/1/41	1,608,068	1,765,467
FNMA, 4.50%, 2/1/41	1,322,095	1,427,127
FNMA, 4.00%, 5/1/41	2,792,573	2,989,989
FNMA, 4.50%, 7/1/41	953,122	1,047,010
FNMA, 4.50%, 9/1/41	1,104,036	1,211,065
FNMA, 4.00%, 12/1/41	2,147,642	2,357,855
FNMA, 4.00%, 1/1/42	1,909,651	2,045,546
FNMA, 4.00%, 1/1/42	1,345,880	1,459,741
FNMA, 4.00%, 3/1/42	1,903,891	2,046,812
FNMA, 3.50%, 5/1/42	3,316,420	3,551,938
FNMA, 3.50%, 6/1/42	966,401	1,038,051
FNMA, 3.50%, 9/1/42	3,253,738	3,470,569
FNMA, 3.00%, 11/1/42	$2,218,393	$ 2,322,986
FNMA, 6.50%, 6/1/47	33,116	36,422
FNMA, 6.50%, 8/1/47	83,829	92,196
FNMA, 6.50%, 8/1/47	43,930	48,315
FNMA, 6.50%, 9/1/47	203,559	223,877
FNMA, 6.50%, 9/1/47	6,602	7,260
FNMA, 6.50%, 9/1/47	43,692	48,053
FNMA, 6.50%, 9/1/47	51,443	56,578
FNMA, 6.50%, 9/1/47	33,284	36,606
GNMA, 7.00%, 4/20/26	89,603	108,272
GNMA, 7.50%, 8/15/26	51,839	62,224
GNMA, 7.00%, 2/15/28	14,645	17,532
GNMA, 7.50%, 2/15/28	18,326	18,904
GNMA, 7.00%, 12/15/28	24,089	28,836
GNMA, 7.00%, 5/15/31	101,112	125,130
GNMA, 5.50%, 11/15/32	435,195	478,991
GNMA, 4.00%, 1/20/41	2,309,334	2,532,396
GNMA, 4.50%, 5/20/41	1,476,790	1,634,874
GNMA, 4.50%, 6/15/41	1,093,660	1,214,957
GNMA, 4.00%, 12/15/41	2,422,723	2,655,979
GNMA, 3.50%, 6/20/42	2,307,426	2,505,426
GNMA, 3.50%, 7/20/42	1,117,359	1,213,239
		84,505,602
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $89,984,996)		93,452,380
U.S. Treasury Securities — 11.2%
U.S. Treasury Bonds, 5.50%, 8/15/28	420,000	596,334
U.S. Treasury Bonds, 5.25%, 2/15/29	489,000	680,169
U.S. Treasury Bonds, 5.375%, 2/15/31	2,900,000	4,147,000
U.S. Treasury Bonds, 4.375%, 11/15/39	2,000,000	2,609,062
U.S. Treasury Bonds, 4.375%, 5/15/41	1,850,000	2,419,743
U.S. Treasury Bonds, 3.125%, 11/15/41	1,500,000	1,579,220
U.S. Treasury Bonds, 2.75%, 11/15/42	2,180,000	2,118,347
U.S. Treasury Bonds, 3.125%, 2/15/43	1,850,000	1,941,055
U.S. Treasury Inflation Indexed Notes, 0.125%, 4/15/17	1,737,689	1,850,774
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/22	1,615,328	1,763,862

	Shares/Principal Amount	Value
Pernod-Ricard SA, 2.95%, 1/15/17⁽⁴⁾	$ 180,000	$ 189,617
SABMiller Holdings, Inc., 2.45%, 1/15/17⁽⁴⁾	330,000	345,972
SABMiller Holdings, Inc., 3.75%, 1/15/22⁽⁴⁾	200,000	219,138
		2,397,787
BIOTECHNOLOGY — 0.1%
Amgen, Inc., 2.125%, 5/15/17	250,000	259,068
Amgen, Inc., 4.10%, 6/15/21	100,000	112,518
Amgen, Inc., 3.625%, 5/15/22	130,000	141,493
Amgen, Inc., 6.40%, 2/1/39	50,000	65,320
Amgen, Inc., 5.375%, 5/15/43	160,000	191,981
Celgene Corp., 3.25%, 8/15/22	110,000	113,400
Gilead Sciences, Inc., 4.40%, 12/1/21	140,000	160,932
		1,044,712
CAPITAL MARKETS — 0.1%
Bear Stearns Cos. LLC (The), 6.40%, 10/2/17	330,000	396,287
Jefferies Group, Inc., 5.125%, 4/13/18	110,000	122,409
		518,696
CHEMICALS — 0.2%
Ashland, Inc., 4.75%, 8/15/22⁽⁴⁾	100,000	105,000
CF Industries, Inc., 6.875%, 5/1/18	140,000	168,729
Dow Chemical Co. (The), 5.90%, 2/15/15	110,000	119,900
Dow Chemical Co. (The), 2.50%, 2/15/16	110,000	114,678
Eastman Chemical Co., 2.40%, 6/1/17	50,000	51,872
Eastman Chemical Co., 3.60%, 8/15/22	170,000	180,815
Ecolab, Inc., 4.35%, 12/8/21	270,000	304,678
EI du Pont de Nemours & Co., 4.15%, 2/15/43	50,000	53,019
		1,098,691
COMMERCIAL BANKS — 0.7%
Bank of America N.A., 5.30%, 3/15/17	870,000	979,371
Bank of Montreal, MTN, 1.45%, 4/9/18	120,000	120,336
Bank of Nova Scotia, 2.55%, 1/12/17	150,000	157,841
BB&T Corp., 5.70%, 4/30/14	60,000	63,159
BB&T Corp., 3.20%, 3/15/16	170,000	181,156
Capital One Financial Corp., 1.00%, 11/6/15	$ 90,000	$ 89,809
Capital One Financial Corp., 4.75%, 7/15/21	170,000	195,502
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 3.875%, 2/8/22	430,000	467,962
Fifth Third Bancorp, 6.25%, 5/1/13	170,000	170,000
HSBC Bank plc, 3.50%, 6/28/15⁽⁴⁾	140,000	148,187
Intesa Sanpaolo SpA, 3.875%, 1/16/18	40,000	40,073
JPMorgan Chase Bank N.A., 5.875%, 6/13/16	250,000	284,570
KFW, 4.125%, 10/15/14	240,000	253,288
KFW, 2.00%, 6/1/16	260,000	272,268
KFW, 2.00%, 10/4/22	300,000	302,375
Royal Bank of Scotland plc (The), 4.375%, 3/16/16	150,000	163,779
SunTrust Banks, Inc., 3.60%, 4/15/16	50,000	53,644
Toronto-Dominion Bank (The), 2.375%, 10/19/16	210,000	220,436
U.S. Bancorp., 3.44%, 2/1/16	120,000	127,835
U.S. Bancorp., MTN, 3.00%, 3/15/22	110,000	115,305
U.S. Bancorp., MTN, 2.95%, 7/15/22	60,000	60,777
Wachovia Bank N.A., 4.80%, 11/1/14	251,000	266,637
Wells Fargo & Co., 3.68%, 6/15/16	140,000	151,455
Wells Fargo & Co., 2.10%, 5/8/17	230,000	238,721
Wells Fargo & Co., 5.625%, 12/11/17	20,000	23,725
Wells Fargo & Co., 4.60%, 4/1/21	210,000	243,302
Wells Fargo & Co., MTN, 3.50%, 3/8/22	30,000	32,249
		5,423,762
COMMERCIAL SERVICES AND SUPPLIES — 0.1%
Republic Services, Inc., 3.80%, 5/15/18	70,000	77,165
Republic Services, Inc., 3.55%, 6/1/22	100,000	105,990
Waste Management, Inc., 6.125%, 11/30/39	120,000	153,604
		336,759

	Shares/Principal Amount	Value
COMMUNICATIONS EQUIPMENT — 0.1%
Apple, Inc., 1.00%, 5/3/18⁽⁵⁾	$ 160,000	$ 159,410
Apple, Inc., 2.40%, 5/3/23⁽⁵⁾	130,000	129,827
Apple, Inc., 3.85%, 5/4/43⁽⁵⁾	30,000	29,825
Cisco Systems, Inc., 5.90%, 2/15/39	130,000	168,278
		487,340
COMPUTERS AND PERIPHERALS — 0.1%
Dell, Inc., 2.30%, 9/10/15	90,000	90,233
Dell, Inc., 3.10%, 4/1/16	40,000	40,463
Hewlett-Packard Co., 4.30%, 6/1/21	240,000	243,299
		373,995
CONSTRUCTION MATERIALS^†
Owens Corning, 4.20%, 12/15/22	120,000	126,873
CONSUMER FINANCE — 0.2%
American Express Centurion Bank, 6.00%, 9/13/17	250,000	299,292
American Express Credit Corp., MTN, 2.75%, 9/15/15	200,000	209,625
American Express Credit Corp., MTN, 2.375%, 3/24/17	100,000	105,113
Equifax, Inc., 3.30%, 12/15/22	140,000	140,584
PNC Bank N.A., 6.00%, 12/7/17	290,000	346,997
SLM Corp., 6.25%, 1/25/16	80,000	87,300
SLM Corp., MTN, 5.00%, 10/1/13	180,000	183,150
		1,372,061
CONTAINERS AND PACKAGING^†
Ball Corp., 7.125%, 9/1/16	130,000	137,800
Ball Corp., 6.75%, 9/15/20	120,000	133,050
		270,850
DIVERSIFIED CONSUMER SERVICES^†
Catholic Health Initiatives, 1.60%, 11/1/17	45,000	45,689
Catholic Health Initiatives, 2.95%, 11/1/22	110,000	112,401
Johns Hopkins University, 4.08%, 7/1/53	45,000	48,181
		206,271
DIVERSIFIED FINANCIAL SERVICES — 1.7%
Bank of America Corp., 4.50%, 4/1/15	260,000	275,926
Bank of America Corp., 3.75%, 7/12/16	400,000	425,838
Bank of America Corp., 6.50%, 8/1/16	480,000	554,049
Bank of America Corp., 5.75%, 12/1/17	$ 320,000	$ 372,376
Bank of America Corp., 5.625%, 7/1/20	110,000	130,756
Bank of America Corp., 5.70%, 1/24/22	100,000	119,417
Citigroup, Inc., 6.01%, 1/15/15	520,000	563,564
Citigroup, Inc., 4.75%, 5/19/15	70,000	75,231
Citigroup, Inc., 4.45%, 1/10/17	100,000	110,686
Citigroup, Inc., 6.125%, 11/21/17	680,000	809,529
Citigroup, Inc., 1.75%, 5/1/18⁽⁵⁾	220,000	220,304
Citigroup, Inc., 4.50%, 1/14/22	200,000	226,275
Citigroup, Inc., 4.05%, 7/30/22	70,000	72,914
Deutsche Bank AG (London), 3.875%, 8/18/14	190,000	197,727
General Electric Capital Corp., 3.75%, 11/14/14	200,000	209,722
General Electric Capital Corp., 2.25%, 11/9/15	200,000	207,130
General Electric Capital Corp., 5.625%, 9/15/17	450,000	528,771
General Electric Capital Corp., 4.375%, 9/16/20	320,000	363,652
General Electric Capital Corp., 5.30%, 2/11/21	40,000	46,551
General Electric Capital Corp., MTN, 2.30%, 4/27/17	420,000	437,400
General Electric Capital Corp., MTN, 6.00%, 8/7/19	450,000	552,119
Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18	500,000	584,604
Goldman Sachs Group, Inc. (The), 2.375%, 1/22/18	290,000	295,909
Goldman Sachs Group, Inc. (The), 5.375%, 3/15/20	110,000	128,546
Goldman Sachs Group, Inc. (The), 5.75%, 1/24/22	550,000	657,950
Goldman Sachs Group, Inc. (The), 6.75%, 10/1/37	130,000	149,774
HSBC Holdings plc, 5.10%, 4/5/21	230,000	273,314
HSBC Holdings plc, 4.00%, 3/30/22	430,000	477,299
JPMorgan Chase & Co., 6.00%, 1/15/18	795,000	948,727

	Shares/Principal Amount	Value
JPMorgan Chase & Co., 4.625%, 5/10/21	$ 460,000	$ 524,604
JPMorgan Chase & Co., 3.25%, 9/23/22	120,000	123,149
Morgan Stanley, 4.75%, 3/22/17	130,000	144,169
Morgan Stanley, 6.625%, 4/1/18	520,000	624,104
Morgan Stanley, 5.625%, 9/23/19	150,000	175,000
Morgan Stanley, 5.75%, 1/25/21	200,000	238,465
Morgan Stanley, 4.875%, 11/1/22	50,000	54,010
Morgan Stanley, 3.75%, 2/25/23	90,000	93,613
Royal Bank of Scotland Group plc, 6.125%, 12/15/22	90,000	97,199
UBS AG (Stamford Branch), 5.875%, 12/20/17	321,000	382,464
		12,472,837
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%
AT&T, Inc., 2.625%, 12/1/22	120,000	119,163
AT&T, Inc., 6.55%, 2/15/39	290,000	373,859
AT&T, Inc., 4.30%, 12/15/42⁽⁴⁾	130,000	128,087
British Telecommunications plc, 5.95%, 1/15/18	270,000	323,313
CenturyLink, Inc., Series Q, 6.15%, 9/15/19	140,000	152,648
Deutsche Telekom International Finance BV, 2.25%, 3/6/17⁽⁴⁾	50,000	51,392
Deutsche Telekom International Finance BV, 6.75%, 8/20/18	210,000	260,477
Telecom Italia Capital SA, 7.00%, 6/4/18	30,000	34,961
Telefonica Emisiones SAU, 5.88%, 7/15/19	160,000	180,701
Telefonica Emisiones SAU, 5.46%, 2/16/21	100,000	110,484
Verizon Communications, Inc., 7.35%, 4/1/39	160,000	225,307
Windstream Corp., 7.875%, 11/1/17	60,000	70,350
		2,030,742
ELECTRONIC EQUIPMENT, INSTRUMENTS AND COMPONENTS — 0.1%
Jabil Circuit, Inc., 7.75%, 7/15/16	$ 200,000	$ 232,500
Jabil Circuit, Inc., 5.625%, 12/15/20	80,000	86,200
		318,700
ENERGY EQUIPMENT AND SERVICES — 0.1%
Ensco plc, 3.25%, 3/15/16	120,000	127,916
Ensco plc, 4.70%, 3/15/21	130,000	148,135
Transocean, Inc., 5.05%, 12/15/16	40,000	44,646
Transocean, Inc., 2.50%, 10/15/17	140,000	142,779
Transocean, Inc., 6.50%, 11/15/20	100,000	118,782
Transocean, Inc., 6.375%, 12/15/21	50,000	60,001
Weatherford International Ltd., 9.625%, 3/1/19	120,000	158,874
		801,133
FOOD AND STAPLES RETAILING — 0.2%
CVS Caremark Corp., 2.75%, 12/1/22	340,000	343,413
Kroger Co. (The), 6.40%, 8/15/17	200,000	239,116
Safeway, Inc., 4.75%, 12/1/21	70,000	76,771
Wal-Mart Stores, Inc., 5.875%, 4/5/27	468,000	623,484
Wal-Mart Stores, Inc., 5.625%, 4/15/41	110,000	142,591
Walgreen Co., 1.80%, 9/15/17	90,000	91,977
Walgreen Co., 3.10%, 9/15/22	110,000	112,081
		1,629,433
FOOD PRODUCTS — 0.1%
General Mills, Inc., 4.15%, 2/15/43	90,000	94,565
Kellogg Co., 4.45%, 5/30/16	200,000	220,631
Kraft Foods Group, Inc., 6.125%, 8/23/18	81,000	98,873
Kraft Foods Group, Inc., 5.00%, 6/4/42	220,000	250,638
Mead Johnson Nutrition Co., 3.50%, 11/1/14	120,000	124,373
Mondelez International, Inc., 6.125%, 2/1/18	29,000	34,838
Mondelez International, Inc., 6.50%, 2/9/40	140,000	190,087
		1,014,005

	Shares/Principal Amount	Value
GAS UTILITIES — 0.5%
El Paso Corp., 7.25%, 6/1/18	$ 150,000	$ 176,127
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/1/20	140,000	173,307
Enbridge Energy Partners LP, 6.50%, 4/15/18	130,000	156,140
Enbridge Energy Partners LP, 5.20%, 3/15/20	100,000	114,572
Energy Transfer Partners LP, 3.60%, 2/1/23	120,000	122,735
Energy Transfer Partners LP, 6.50%, 2/1/42	180,000	217,818
Enterprise Products Operating LLC, 3.70%, 6/1/15	150,000	158,830
Enterprise Products Operating LLC, 6.30%, 9/15/17	300,000	361,047
Enterprise Products Operating LLC, 4.85%, 3/15/44	90,000	97,237
Enterprise Products Operating LLC, VRN, 7.03%, 1/15/18	120,000	139,342
Kinder Morgan Energy Partners LP, 6.85%, 2/15/20	170,000	216,502
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	130,000	165,612
Magellan Midstream Partners LP, 6.55%, 7/15/19	150,000	186,626
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50%, 7/15/23	80,000	83,800
Plains All American Pipeline LP/PAA Finance Corp., 3.95%, 9/15/15	60,000	64,516
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 6/1/22	180,000	194,854
Sunoco Logistics Partners Operations LP, 3.45%, 1/15/23	190,000	192,635
TransCanada PipeLines Ltd., 2.50%, 8/1/22	200,000	199,373
Williams Cos., Inc. (The), 3.70%, 1/15/23	50,000	50,616
Williams Partners LP, 4.125%, 11/15/20	200,000	218,624
		3,290,313
HEALTH CARE EQUIPMENT AND SUPPLIES^†
Medtronic, Inc., 2.75%, 4/1/23	200,000	203,785
HEALTH CARE PROVIDERS AND SERVICES — 0.2%
Aetna, Inc., 2.75%, 11/15/22	$ 130,000	$ 129,804
Express Scripts Holding Co., 2.65%, 2/15/17	510,000	536,666
Express Scripts, Inc., 7.25%, 6/15/19	360,000	460,392
NYU Hospitals Center, 4.43%, 7/1/42	90,000	89,597
UnitedHealth Group, Inc., 4.25%, 3/15/43	120,000	124,534
Universal Health Services, Inc., 7.125%, 6/30/16	160,000	183,800
WellPoint, Inc., 3.125%, 5/15/22	100,000	102,352
WellPoint, Inc., 3.30%, 1/15/23	70,000	72,358
WellPoint, Inc., 5.80%, 8/15/40	60,000	73,056
		1,772,559
HOTELS, RESTAURANTS AND LEISURE^†
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22	160,000	166,400
Wyndham Worldwide Corp., 2.95%, 3/1/17	110,000	113,345
		279,745
HOUSEHOLD DURABLES — 0.1%
D.R. Horton, Inc., 3.625%, 2/15/18	90,000	92,475
Mohawk Industries, Inc., 3.85%, 2/1/23	100,000	104,926
Toll Brothers Finance Corp., 6.75%, 11/1/19	100,000	116,996
		314,397
INDUSTRIAL CONGLOMERATES — 0.1%
Bombardier, Inc., 5.75%, 3/15/22⁽⁴⁾	80,000	85,900
General Electric Co., 5.25%, 12/6/17	230,000	271,479
General Electric Co., 2.70%, 10/9/22	110,000	113,541
General Electric Co., 4.125%, 10/9/42	90,000	95,833
		566,753
INSURANCE — 0.5%
Allstate Corp. (The), 7.45%, 5/16/19	80,000	105,737
Allstate Corp. (The), 5.20%, 1/15/42	90,000	109,225
American International Group, Inc., 3.65%, 1/15/14	70,000	71,506

	Shares/Principal Amount	Value
American International Group, Inc., 5.85%, 1/16/18	$ 210,000	$ 246,872
American International Group, Inc., 6.40%, 12/15/20	220,000	275,728
American International Group, Inc., 4.875%, 6/1/22	330,000	380,886
Berkshire Hathaway Finance Corp., 4.25%, 1/15/21	140,000	160,672
Berkshire Hathaway, Inc., 3.00%, 5/15/22	90,000	93,485
Berkshire Hathaway, Inc., 4.50%, 2/11/43	130,000	137,063
Genworth Holdings, Inc., 7.20%, 2/15/21	70,000	84,645
Hartford Financial Services Group, Inc., 5.125%, 4/15/22	220,000	261,239
Hartford Financial Services Group, Inc., 5.95%, 10/15/36	50,000	61,106
Hartford Financial Services Group, Inc., 4.30%, 4/15/43	90,000	90,165
ING U.S., Inc., 5.50%, 7/15/22⁽⁴⁾	140,000	159,514
International Lease Finance Corp., 5.75%, 5/15/16	80,000	87,415
Liberty Mutual Group, Inc., 4.95%, 5/1/22⁽⁴⁾	60,000	66,918
Liberty Mutual Group, Inc., 6.50%, 5/1/42⁽⁴⁾	70,000	82,734
Lincoln National Corp., 6.25%, 2/15/20	160,000	196,565
Markel Corp., 4.90%, 7/1/22	190,000	214,585
Markel Corp., 3.625%, 3/30/23	50,000	51,370
MetLife, Inc., 6.75%, 6/1/16	150,000	176,361
MetLife, Inc., 1.76%, 12/15/17	90,000	92,114
MetLife, Inc., 4.125%, 8/13/42	90,000	90,087
Metropolitan Life Global Funding I, 3.00%, 1/10/23⁽⁴⁾	100,000	102,128
Principal Financial Group, Inc., 3.30%, 9/15/22	70,000	73,170
Prudential Financial, Inc., 7.375%, 6/15/19	100,000	129,057
Prudential Financial, Inc., 5.375%, 6/21/20	70,000	83,132
Prudential Financial, Inc., 5.625%, 5/12/41	220,000	262,399
		3,945,878
IT SERVICES — 0.1%
Fidelity National Information Services, Inc., 5.00%, 3/15/22	$ 100,000	$ 110,750
Fidelity National Information Services, Inc., 3.50%, 4/15/23	80,000	81,103
International Business Machines Corp., 1.95%, 7/22/16	410,000	425,846
		617,699
LIFE SCIENCES TOOLS AND SERVICES^†
Thermo Fisher Scientific, Inc., 3.60%, 8/15/21	140,000	146,661
MACHINERY — 0.1%
Caterpillar Financial Services Corp., MTN, 2.85%, 6/1/22	220,000	228,249
Deere & Co., 5.375%, 10/16/29	200,000	254,741
		482,990
MEDIA — 0.7%
CBS Corp., 4.85%, 7/1/42	110,000	114,545
CC Holdings GS V LLC, 3.85%, 4/15/23⁽⁴⁾	60,000	62,011
Comcast Corp., 5.90%, 3/15/16	339,000	387,762
Comcast Corp., 6.50%, 11/15/35	45,000	60,390
Comcast Corp., 6.40%, 5/15/38	230,000	308,827
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 4.75%, 10/1/14	155,000	163,492
DirecTV Holdings LLC/DirecTV Financing Co., Inc., 5.00%, 3/1/21	330,000	376,519
Discovery Communications LLC, 5.625%, 8/15/19	90,000	108,751
DISH DBS Corp., 7.125%, 2/1/16	50,000	55,500
DISH DBS Corp., 6.75%, 6/1/21	170,000	184,450
Interpublic Group of Cos., Inc. (The), 10.00%, 7/15/17	130,000	138,775
Lamar Media Corp., 9.75%, 4/1/14	150,000	162,000
NBCUniversal Media LLC, 5.15%, 4/30/20	90,000	109,210
NBCUniversal Media LLC, 4.375%, 4/1/21	380,000	439,167

	Shares/Principal Amount	Value
News America, Inc., 3.00%, 9/15/22	$ 240,000	$ 243,966
News America, Inc., 6.90%, 8/15/39	150,000	197,591
Omnicom Group, Inc., 3.625%, 5/1/22	50,000	52,055
Qwest Corp., 7.50%, 10/1/14	200,000	216,143
SBA Telecommunications, Inc., 8.25%, 8/15/19	78,000	86,775
Time Warner Cable, Inc., 6.75%, 7/1/18	240,000	298,415
Time Warner Cable, Inc., 4.50%, 9/15/42	250,000	239,038
Time Warner, Inc., 3.15%, 7/15/15	140,000	147,141
Time Warner, Inc., 4.875%, 3/15/20	110,000	128,289
Time Warner, Inc., 3.40%, 6/15/22	70,000	74,005
Time Warner, Inc., 7.70%, 5/1/32	200,000	285,714
Time Warner, Inc., 5.375%, 10/15/41	100,000	113,977
Viacom, Inc., 4.375%, 9/15/14	150,000	157,408
Viacom, Inc., 4.50%, 3/1/21	110,000	123,487
Viacom, Inc., 3.125%, 6/15/22	40,000	41,045
Virgin Media Secured Finance plc, 6.50%, 1/15/18	200,000	214,000
Walt Disney Co. (The), MTN, 2.35%, 12/1/22	130,000	129,910
		5,420,358
METALS AND MINING — 0.3%
Alcoa, Inc., 5.40%, 4/15/21	90,000	94,271
AngloGold Ashanti Holdings plc, 5.375%, 4/15/20	50,000	52,500
ArcelorMittal, 5.75%, 8/5/20	120,000	127,147
Barrick North America Finance LLC, 4.40%, 5/30/21	130,000	135,855
Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23⁽⁴⁾	70,000	70,711
Newmont Mining Corp., 3.50%, 3/15/22	100,000	98,884
Newmont Mining Corp., 6.25%, 10/1/39	120,000	133,912
Rio Tinto Finance USA Ltd., 3.50%, 11/2/20	80,000	85,224
Southern Copper Corp., 5.25%, 11/8/42	60,000	58,173
Teck Resources Ltd., 5.375%, 10/1/15	70,000	76,896
Teck Resources Ltd., 3.15%, 1/15/17	$ 110,000	$ 115,287
Vale Overseas Ltd., 5.625%, 9/15/19	310,000	358,458
Vale Overseas Ltd., 4.625%, 9/15/20	260,000	283,781
Xstrata Canada Financial Corp., 4.95%, 11/15/21⁽⁴⁾	110,000	119,998
		1,811,097
MULTI-UTILITIES — 0.6%
CenterPoint Energy Houston Electric LLC, 3.55%, 8/1/42	70,000	68,634
Cleveland Electric Illuminating Co. (The), 5.70%, 4/1/17	81,000	91,889
CMS Energy Corp., 4.25%, 9/30/15	160,000	172,701
CMS Energy Corp., 8.75%, 6/15/19	180,000	244,627
Consolidated Edison Co. of New York, Inc., 3.95%, 3/1/43	90,000	92,572
Constellation Energy Group, Inc., 5.15%, 12/1/20	80,000	92,766
Consumers Energy Co., 2.85%, 5/15/22	50,000	52,532
Dominion Resources, Inc., 6.40%, 6/15/18	190,000	234,935
Dominion Resources, Inc., 2.75%, 9/15/22	210,000	213,511
Dominion Resources, Inc., 4.90%, 8/1/41	130,000	149,227
DPL, Inc., 6.50%, 10/15/16	250,000	268,750
Duke Energy Corp., 6.30%, 2/1/14	100,000	104,217
Duke Energy Corp., 3.95%, 9/15/14	130,000	136,016
Duke Energy Corp., 1.625%, 8/15/17	150,000	152,269
Duke Energy Corp., 3.55%, 9/15/21	90,000	97,107
Duke Energy Florida, Inc., 6.35%, 9/15/37	110,000	150,656
Edison International, 3.75%, 9/15/17	130,000	142,138
Exelon Generation Co. LLC, 5.20%, 10/1/19	150,000	172,403
FirstEnergy Corp., 4.25%, 3/15/23	100,000	103,518
Florida Power Corp., 3.85%, 11/15/42	220,000	219,650

	Shares/Principal Amount	Value
Georgia Power Co., 4.30%, 3/15/42	$ 70,000	$ 73,586
Ipalco Enterprises, Inc., 5.00%, 5/1/18	50,000	54,250
Nisource Finance Corp., 4.45%, 12/1/21	70,000	78,373
Nisource Finance Corp., 5.25%, 2/15/43	70,000	75,862
Northern States Power Co., 3.40%, 8/15/42	70,000	67,243
Pacific Gas & Electric Co., 5.80%, 3/1/37	80,000	101,710
Pacific Gas & Electric Co., 4.45%, 4/15/42	50,000	54,298
PacifiCorp, 6.00%, 1/15/39	110,000	147,950
Progress Energy, Inc., 3.15%, 4/1/22	90,000	93,492
Public Service Company of Colorado, 4.75%, 8/15/41	50,000	58,873
Sempra Energy, 6.50%, 6/1/16	200,000	232,706
Southern California Edison Co., 5.625%, 2/1/36	60,000	76,905
Southern Power Co., 5.15%, 9/15/41	40,000	46,564
		4,121,930
MULTILINE RETAIL^†
Target Corp., 4.00%, 7/1/42	70,000	71,345
OFFICE ELECTRONICS^†
Xerox Corp., 5.65%, 5/15/13	80,000	80,128
Xerox Corp., 2.95%, 3/15/17	80,000	83,022
		163,150
OIL, GAS AND CONSUMABLE FUELS — 0.7%
Anadarko Petroleum Corp., 5.95%, 9/15/16	40,000	46,031
Anadarko Petroleum Corp., 6.45%, 9/15/36	90,000	115,531
Apache Corp., 2.625%, 1/15/23	260,000	258,380
Apache Corp., 4.75%, 4/15/43	80,000	84,883
BP Capital Markets plc, 3.20%, 3/11/16	120,000	128,279
BP Capital Markets plc, 2.25%, 11/1/16	180,000	187,676
BP Capital Markets plc, 4.50%, 10/1/20	100,000	116,108
Cenovus Energy, Inc., 4.50%, 9/15/14	140,000	147,053
ConocoPhillips, 5.75%, 2/1/19	240,000	294,435
ConocoPhillips Holding Co., 6.95%, 4/15/29	$ 40,000	$ 55,739
Denbury Resources, Inc., 4.625%, 7/15/23	110,000	111,238
Devon Energy Corp., 1.875%, 5/15/17	60,000	61,043
Devon Energy Corp., 5.60%, 7/15/41	180,000	208,357
EOG Resources, Inc., 5.625%, 6/1/19	150,000	183,848
Hess Corp., 6.00%, 1/15/40	80,000	93,432
Marathon Petroleum Corp., 3.50%, 3/1/16	210,000	224,703
Newfield Exploration Co., 6.875%, 2/1/20	200,000	219,000
Noble Energy, Inc., 4.15%, 12/15/21	150,000	168,004
Occidental Petroleum Corp., 2.70%, 2/15/23	70,000	71,372
Peabody Energy Corp., 7.375%, 11/1/16	40,000	46,000
Pemex Project Funding Master Trust, 6.625%, 6/15/35	50,000	63,203
Petrobras International Finance Co. - Pifco, 5.75%, 1/20/20	200,000	226,775
Petrobras International Finance Co. - Pifco, 5.375%, 1/27/21	310,000	343,917
Petroleos Mexicanos, 6.00%, 3/5/20	120,000	145,080
Petroleos Mexicanos, 4.875%, 1/24/22	80,000	91,200
Petroleos Mexicanos, 3.50%, 1/30/23⁽⁴⁾	60,000	61,200
Petroleos Mexicanos, 5.50%, 6/27/44⁽⁴⁾	50,000	54,875
Phillips 66, 4.30%, 4/1/22	230,000	257,268
Pioneer Natural Resources Co., 3.95%, 7/15/22	190,000	203,181
Shell International Finance BV, 2.375%, 8/21/22	130,000	131,158
Shell International Finance BV, 3.625%, 8/21/42	140,000	141,412
Statoil ASA, 2.45%, 1/17/23	190,000	191,337
Talisman Energy, Inc., 7.75%, 6/1/19	170,000	217,260
Tesoro Corp., 5.375%, 10/1/22	50,000	53,500
		5,002,478

	Shares/Principal Amount	Value
PAPER AND FOREST PRODUCTS — 0.1%
Domtar Corp., 4.40%, 4/1/22	$ 120,000	$ 123,238
Georgia-Pacific LLC, 5.40%, 11/1/20⁽⁴⁾	450,000	538,751
International Paper Co., 6.00%, 11/15/41	130,000	159,001
		820,990
PHARMACEUTICALS — 0.3%
AbbVie, Inc., 1.75%, 11/6/17⁽⁴⁾	300,000	304,822
AbbVie, Inc., 4.40%, 11/6/42⁽⁴⁾	60,000	63,715
Actavis, Inc., 4.625%, 10/1/42	60,000	59,578
Bristol-Myers Squibb Co., 3.25%, 8/1/42	80,000	73,343
GlaxoSmithKline Capital plc, 2.85%, 5/8/22	250,000	260,141
Merck & Co., Inc., 2.40%, 9/15/22	250,000	252,704
Merck & Co., Inc., 3.60%, 9/15/42	140,000	138,268
Mylan, Inc., 3.125%, 1/15/23⁽⁴⁾	120,000	119,766
Roche Holdings, Inc., 6.00%, 3/1/19⁽⁴⁾	460,000	572,153
Roche Holdings, Inc., 7.00%, 3/1/39⁽⁴⁾	130,000	194,684
Sanofi, 4.00%, 3/29/21	95,000	107,910
Teva Pharmaceutical Finance IV LLC, 2.25%, 3/18/20	30,000	30,615
Watson Pharmaceuticals, Inc., 5.00%, 8/15/14	260,000	272,998
		2,450,697
REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.3%
American Tower Corp., 4.50%, 1/15/18	90,000	99,868
American Tower Corp., 4.70%, 3/15/22	170,000	187,501
BRE Properties, Inc., 3.375%, 1/15/23	130,000	132,395
Developers Diversified Realty Corp., 4.75%, 4/15/18	230,000	257,924
Essex Portfolio LP, 3.625%, 8/15/22	150,000	155,104
Essex Portfolio LP, 3.25%, 5/1/23	50,000	50,425
HCP, Inc., 3.75%, 2/1/16	200,000	214,383
Health Care REIT, Inc., 2.25%, 3/15/18	110,000	112,338
Health Care REIT, Inc., 3.75%, 3/15/23	170,000	177,409
Kilroy Realty LP, 3.80%, 1/15/23	$ 190,000	$ 196,906
Simon Property Group LP, 5.75%, 12/1/15	160,000	178,583
UDR, Inc., 4.25%, 6/1/18	110,000	122,280
Ventas Realty LP/Ventas Capital Corp., 3.125%, 11/30/15	95,000	100,428
Ventas Realty LP/Ventas Capital Corp., 4.00%, 4/30/19	100,000	110,223
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/1/21	60,000	67,733
Ventas Realty LP/Ventas Capital Corp., 3.25%, 8/15/22	90,000	91,926
WEA Finance LLC, 4.625%, 5/10/21⁽⁴⁾	90,000	102,084
		2,357,510
REAL ESTATE MANAGEMENT AND DEVELOPMENT^†
ProLogis LP, 6.625%, 12/1/19	160,000	195,980
ROAD AND RAIL — 0.1%
Burlington Northern Santa Fe LLC, 3.60%, 9/1/20	176,000	193,488
Burlington Northern Santa Fe LLC, 5.05%, 3/1/41	60,000	67,903
Burlington Northern Santa Fe LLC, 4.45%, 3/15/43	180,000	190,087
CSX Corp., 4.25%, 6/1/21	110,000	125,051
Norfolk Southern Corp., 3.25%, 12/1/21	200,000	212,796
Penske Truck Leasing Co. LP / PTL Finance Corp., 2.875%, 7/17/18⁽⁴⁾	40,000	41,983
Union Pacific Corp., 4.75%, 9/15/41	150,000	169,637
		1,000,945
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT^†
Intel Corp., 1.35%, 12/15/17	140,000	141,123
SOFTWARE — 0.1%
Intuit, Inc., 5.75%, 3/15/17	254,000	291,194
Oracle Corp., 2.50%, 10/15/22	260,000	260,477
		551,671
SPECIALTY RETAIL — 0.1%
Home Depot, Inc. (The), 5.95%, 4/1/41	360,000	480,415
Staples, Inc., 4.375%, 1/12/23	120,000	125,162

	Shares/Principal Amount	Value
United Rentals North America, Inc., 5.75%, 7/15/18	$ 70,000	$ 76,650
		682,227
TEXTILES, APPAREL AND LUXURY GOODS — 0.1%
Gap, Inc. (The), 5.95%, 4/12/21	90,000	106,210
Hanesbrands, Inc., 6.375%, 12/15/20	100,000	111,125
L Brands, Inc., 6.90%, 7/15/17	100,000	115,500
PVH Corp., 4.50%, 12/15/22	120,000	124,350
		457,185
TOBACCO — 0.1%
Altria Group, Inc., 9.25%, 8/6/19	127,000	177,436
Altria Group, Inc., 2.85%, 8/9/22	270,000	270,037
Philip Morris International, Inc., 4.125%, 5/17/21	180,000	203,729
		651,202
WIRELESS TELECOMMUNICATION SERVICES — 0.1%
Alltel Corp., 7.875%, 7/1/32	50,000	74,455
America Movil SAB de CV, 5.00%, 3/30/20	110,000	127,196
America Movil SAB de CV, 3.125%, 7/16/22	310,000	316,290
Cellco Partnership/Verizon Wireless Capital LLC, 8.50%, 11/15/18	180,000	241,544
Vodafone Group plc, 5.625%, 2/27/17	110,000	127,652
Vodafone Group plc, 2.50%, 9/26/22	70,000	68,229
		955,366
TOTAL CORPORATE BONDS (Cost $67,813,757)		73,249,408
Commercial Mortgage-Backed Securities⁽²⁾ — 1.7%
Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A4 SEQ, 4.76%, 11/10/39	392,979	400,701
Banc of America Commercial Mortgage, Inc., Series 2004-6, Class A3 SEQ, 4.51%, 12/10/42	164,091	164,713
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class A4, VRN, 5.12%, 5/1/13	350,000	383,046
Banc of America Commercial Mortgage, Inc., Series 2005-5, Class AM, VRN, 5.18%, 5/1/13	$ 300,000	$ 331,166
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2012-PARK, Class A SEQ, 2.96%, 12/10/30⁽⁴⁾	700,000	727,208
BB-UBS Trust, Series 2012-SHOW, Class A, 3.43%, 11/5/36⁽⁴⁾	450,000	465,434
CenterPoint Energy Transition Bond Co. LLC, Series 2012-1, Class A2 SEQ, 2.16%, 10/15/21	240,000	251,066
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AM, VRN, 5.39%, 5/1/13	275,000	302,590
Commercial Mortgage Pass-Through Certificates, Series 2004-LB2A, Class A4 SEQ, 4.72%, 3/10/39	683,513	696,700
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-C2, Class A2, VRN, 5.42%, 5/1/13	575,000	593,836
GE Capital Commercial Mortgage Corp., Series 2005-C3, Class A5, VRN, 4.98%, 5/1/13	57,825	57,999
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A4, VRN, 4.80%, 5/1/13	480,000	506,302
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VRN, 4.86%, 5/1/13	158,000	168,478
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6 SEQ, VRN, 5.40%, 5/1/13	600,000	622,809
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4 SEQ, 4.76%, 7/10/39	345,000	368,125
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4A SEQ, 4.75%, 7/10/39	1,000,000	1,063,599
GS Mortgage Securities Corp. II, Series 2012-ALOH, Class A SEQ, 3.55%, 4/10/34⁽⁴⁾	525,000	566,627

	Shares/Principal Amount	Value
LB-UBS Commercial Mortgage Trust, Series 2004-C1, Class A4 SEQ, 4.57%, 1/15/31	$ 346,465	$ 354,608
LB-UBS Commercial Mortgage Trust, Series 2004-C2, Class A4 SEQ, 4.37%, 3/15/36	1,000,000	1,025,192
LB-UBS Commercial Mortgage Trust, Series 2004-C4, Class A4, VRN, 5.71%, 5/11/13	300,000	311,334
LB-UBS Commercial Mortgage Trust, Series 2004-C8, Class AJ, VRN, 4.86%, 5/11/13	125,000	134,051
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class AM, VRN, 5.02%, 5/11/13	400,000	435,663
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AM SEQ, VRN, 5.26%, 5/11/13	425,000	468,422
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class A4, 2.92%, 2/15/46	175,000	180,982
Morgan Stanley Capital I, Series 2005-HQ6, Class A2A SEQ, 4.88%, 8/13/42	50,547	50,672
Morgan Stanley Capital I, Series 2005-T17, Class A5 SEQ, 4.78%, 12/13/41	804,999	846,279
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A3 SEQ, 4.50%, 10/15/41	54,970	55,707
Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A4 SEQ, 4.80%, 10/15/41	1,100,000	1,156,151
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $12,581,617)		12,689,460
Collateralized Mortgage Obligations⁽²⁾ — 1.4%
PRIVATE SPONSOR COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	79,305	82,090
Banc of America Alternative Loan Trust, Series 2007-2, Class 2A4, 5.75%, 6/25/37	534,625	414,492
Banc of America Mortgage Securities, Inc., Series 2004-7, Class 7A1, 5.00%, 8/25/19	$ 94,632	$ 96,992
Banc of America Mortgage Securities, Inc., Series 2005-1, Class 1A15, 5.50%, 2/25/35	250,000	265,241
Chase Mortgage Finance Corp., Series 2006-S4, Class A3, 6.00%, 12/25/36	127,925	131,038
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A4, VRN, 2.46%, 5/1/13	452,230	462,156
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, VRN, 5.32%, 5/1/13	365,245	364,365
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	29,883	29,956
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-AR28, Class 2A1, VRN, 2.79%, 5/1/13	388,008	385,857
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 4A1, VRN, 5.40%, 5/1/13	244,982	247,026
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.90%, 5/1/13	257,229	259,902
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, VRN, 2.66%, 5/1/13	556,081	574,990
JPMorgan Mortgage Trust, Series 2005-A4, Class 2A1, VRN, 3.03%, 5/1/13	145,527	143,964
JPMorgan Mortgage Trust, Series 2006-A3, Class 7A1, VRN, 2.90%, 5/1/13	607,654	595,879
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2, VRN, 2.50%, 5/1/13⁽⁴⁾	678,846	695,349
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.63%, 5/1/13	588,447	612,138
MASTR Asset Securitization Trust, Series 2003-10, Class 3A1, 5.50%, 11/25/33	149,976	158,415
PHHMC Mortgage Pass-Through Certificates, Series 2007-6, Class A1, VRN, 5.87%, 5/1/13	186,731	199,656

	Shares/Principal Amount	Value
Sequoia Mortgage Trust, Series 2012-1, Class 1A1, VRN, 2.87%, 5/1/13	$ 231,124	$ 237,160
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-1, Class A10, 5.50%, 2/25/34	242,969	255,390
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-4, Class A9, 5.50%, 5/25/34	137,524	142,174
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-K, Class 2A6, VRN, 4.73%, 5/1/13	262,371	270,270
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-17, Class 1A1, 5.50%, 1/25/36	283,023	297,760
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR14, Class A1, VRN, 5.33%, 5/1/13	126,549	127,656
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 1A1, VRN, 2.74%, 5/1/13	241,790	248,896
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class 3A2, VRN, 2.68%, 5/1/13	277,618	286,776
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR2, Class 3A1, VRN, 2.66%, 5/1/13	206,538	207,862
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-10, Class A4 SEQ, 6.00%, 8/25/36	365,656	383,059
Wells Fargo Mortgage-Backed Securities Trust, Series 2006-13, Class A5, 6.00%, 10/25/36	347,547	363,543
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-13, Class A1, 6.00%, 9/25/37	225,014	232,662
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-14, Class 2A2, 5.50%, 10/25/22	449,954	477,993
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37	255,142	274,270
Wells Fargo Mortgage-Backed Securities Trust, Series 2007-AR10, Class 1A1, VRN, 6.04%, 5/1/13	$ 197,876	$ 202,472
		9,727,449
U.S. GOVERNMENT AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
FHLMC, Series 2926, Class EW SEQ, 5.00%, 1/15/25	701,702	783,651
FHLMC, Series 77, Class H, 8.50%, 9/15/20	60,255	66,113
		849,764
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,400,984)		10,577,213
Sovereign Governments and Agencies — 0.6%
BRAZIL — 0.2%
Brazilian Government International Bond, 5.875%, 1/15/19	690,000	847,320
Brazilian Government International Bond, 4.875%, 1/22/21	40,000	47,840
Brazilian Government International Bond, 5.625%, 1/7/41	130,000	163,605
		1,058,765
CANADA — 0.1%
Hydro-Quebec, 8.40%, 1/15/22	145,000	209,848
Province of Ontario Canada, 5.45%, 4/27/16	150,000	171,600
Province of Ontario Canada, 1.60%, 9/21/16	110,000	113,556
		495,004
CHILE^†
Chile Government International Bond, 3.25%, 9/14/21	100,000	107,500
Chile Government International Bond, 3.625%, 10/30/42	200,000	196,500
		304,000
COLOMBIA^†
Colombia Government International Bond, 4.375%, 7/12/21	210,000	240,660
ITALY^†
Italy Government International Bond, 6.875%, 9/27/23	80,000	97,339

	Shares/Principal Amount	Value
MEXICO — 0.2%
Mexico Government International Bond, 5.625%, 1/15/17	$ 90,000	$ 104,220
Mexico Government International Bond, 5.95%, 3/19/19	420,000	517,650
Mexico Government International Bond, 5.125%, 1/15/20	330,000	396,000
Mexico Government International Bond, 6.05%, 1/11/40	120,000	158,400
Mexico Government International Bond, MTN, 4.75%, 3/8/44	160,000	177,440
		1,353,710
PERU^†
Peruvian Government International Bond, 6.55%, 3/14/37	70,000	100,275
Peruvian Government International Bond, 5.625%, 11/18/50	120,000	154,500
		254,775
POLAND^†
Poland Government International Bond, 5.125%, 4/21/21	140,000	164,854
SOUTH KOREA — 0.1%
Export-Import Bank of Korea, 3.75%, 10/20/16	160,000	172,726
Korea Development Bank (The), 3.25%, 3/9/16	130,000	137,117
Korea Development Bank (The), 4.00%, 9/9/16	110,000	119,441
		429,284
URUGUAY^†
Uruguay Government International Bond, 4.125%, 11/20/45	70,000	68,460
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $3,941,986)		4,466,851
Municipal Securities — 0.5%
American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 5.94%, 2/15/47	50,000	59,244
American Municipal Power-Ohio, Inc., Rev., (Building Bonds), 7.50%, 2/15/50	75,000	103,867
Bay Area Toll Authority Toll Bridge Rev., Series 2010 S1, (Building Bonds), 6.92%, 4/1/40	$ 135,000	$ 189,423
California GO, (Building Bonds), 7.30%, 10/1/39	110,000	159,222
California GO, (Building Bonds), 7.60%, 11/1/40	30,000	45,616
Illinois GO, (Taxable Pension), 5.10%, 6/1/33	195,000	197,892
Los Angeles Community College District GO, Series 2010 D, (Election of 2008), 6.68%, 8/1/36	100,000	143,018
Los Angeles Department of Water & Power Rev., (Building Bonds), 5.72%, 7/1/39	60,000	76,376
Metropolitan Transportation Authority Rev., Series 2010 C1, (Building Bonds), 6.69%, 11/15/40	105,000	141,765
Metropolitan Transportation Authority Rev., Series 2010 E, (Building Bonds), 6.81%, 11/15/40	60,000	83,474
Missouri Highways & Transportation Commission Rev., (Building Bonds), 5.45%, 5/1/33	130,000	162,709
New Jersey State Turnpike Authority Rev., Series 2009 F, (Building Bonds), 7.41%, 1/1/40	200,000	305,120
New Jersey State Turnpike Authority Rev., Series 2010 A, (Building Bonds), 7.10%, 1/1/41	95,000	140,056
New York GO, Series 2010 F1, (Building Bonds), 6.27%, 12/1/37	95,000	129,277
Ohio State University (The) Rev., Series 2011 A, 4.80%, 6/1/11	100,000	112,728
Ohio Water Development Authority Pollution Control Rev., Series 2010 B2, (Building Bonds), 4.88%, 12/1/34	110,000	129,888
Oregon State Department of Transportation Highway User Tax Rev., Series 2010 A, (Building Bonds), 5.83%, 11/15/34	70,000	92,793

	Shares/Principal Amount	Value
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	$ 50,000	$ 58,180
Port Authority of New York & New Jersey Rev., 4.46%, 10/1/62	245,000	258,465
Rutgers State University Rev., Series 2010 H, (Building Bonds), 5.67%, 5/1/40	205,000	262,207
Sacramento Municipal Utility District Electric Rev., Series 2010 W, (Building Bonds), 6.16%, 5/15/36	210,000	266,267
Salt River Agricultural Improvement & Power District Electric Rev., Series 2010 A, (Building Bonds), 4.84%, 1/1/41	95,000	113,635
San Francisco City & County Public Utilities Water Commission Rev., Series 2010 B, (Building Bonds), 6.00%, 11/1/40	105,000	134,920
Santa Clara Valley Transportation Authority Sales Tax Rev., Series 2010 A, (Building Bonds), 5.88%, 4/1/32	120,000	150,278
Texas GO, (Building Bonds), 5.52%, 4/1/39	$ 50,000	$ 66,267
Washington GO, Series 2010 F, (Building Bonds), 5.14%, 8/1/40	20,000	24,758
TOTAL MUNICIPAL SECURITIES (Cost $2,869,901)		3,607,445
U.S. Government Agency Securities — 0.2%
FHLMC, 2.375%, 1/13/22	990,000	1,043,162
FNMA, 6.625%, 11/15/30	100,000	152,306
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,135,552)		1,195,468
Temporary Cash Investments — 2.6%
SSgA U.S. Government Money Market Fund (Cost $18,928,696)	18,928,696	18,928,696
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $639,906,306)		738,669,047
OTHER ASSETS AND LIABILITIES — (0.8)%		(5,818,844	)
TOTAL NET ASSETS — 100.0%		$732,850,203

Futures Contracts
Contracts Sold		Expiration Date	Underlying Face Amount at Value	Unrealized Gain (Loss)
35	U.S. Treasury 30-Year Bonds	June 2013	$5,193,125	$(40,964)


	Shares	Value
Common Stocks — 99.7%
AEROSPACE AND DEFENSE — 1.6%
Honeywell International, Inc.	7,400	$544,196
Northrop Grumman Corp.	9,170	694,536
Raytheon Co.	15,220	934,203
		2,172,935
AIRLINES — 0.5%
Southwest Airlines Co.	50,440	691,028
AUTO COMPONENTS — 0.2%
Autoliv, Inc.	3,630	277,405
AUTOMOBILES — 1.3%
Ford Motor Co.	128,530	1,762,146
BEVERAGES — 0.6%
PepsiCo, Inc.	9,610	792,537
BIOTECHNOLOGY — 0.5%
Amgen, Inc.	1,750	182,367
Gilead Sciences, Inc.⁽¹⁾	8,620	436,517
		618,884
CAPITAL MARKETS — 4.2%
Ameriprise Financial, Inc.	18,630	1,388,494
Bank of New York Mellon Corp. (The)	28,900	815,558
BlackRock, Inc.	4,810	1,281,865
Goldman Sachs Group, Inc. (The)	12,040	1,758,683
Morgan Stanley	19,300	427,495
		5,672,095
CHEMICALS — 0.9%
E.I. du Pont de Nemours & Co.	7,120	388,111
LyondellBasell Industries NV, Class A	12,840	779,388
		1,167,499
COMMERCIAL BANKS — 6.2%
KeyCorp	46,600	464,602
PNC Financial Services Group, Inc. (The)	28,530	1,936,616
U.S. Bancorp	57,000	1,896,960
Wells Fargo & Co.	107,430	4,080,192
		8,378,370
COMMERCIAL SERVICES AND SUPPLIES — 0.9%
ADT Corp. (The)	6,730	293,697
Avery Dennison Corp.	5,580	231,291
Tyco International Ltd.	21,790	699,895
		1,224,883
COMMUNICATIONS EQUIPMENT — 3.0%
Cisco Systems, Inc.	147,140	3,078,168
QUALCOMM, Inc.	14,690	905,198
		3,983,366
COMPUTERS AND PERIPHERALS — 0.6%
NetApp, Inc.⁽¹⁾	23,650	825,148
CONSUMER FINANCE — 0.7%
Capital One Financial Corp.	15,370	888,079
DIVERSIFIED FINANCIAL SERVICES — 6.6%
Bank of America Corp.	94,200	1,159,602
Citigroup, Inc.	66,970	3,124,820
JPMorgan Chase & Co.	93,650	4,589,787
		8,874,209
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%
AT&T, Inc.	75,520	2,828,979
CenturyLink, Inc.	28,960	1,088,027
Verizon Communications, Inc.	6,330	341,251
		4,258,257
ELECTRIC UTILITIES — 3.5%
American Electric Power Co., Inc.	16,590	853,224
Exelon Corp.	11,800	442,618
NV Energy, Inc.	31,580	683,075
Pinnacle West Capital Corp.	13,520	823,368
PPL Corp.	28,930	965,683
Xcel Energy, Inc.	28,500	906,015
		4,673,983
ELECTRICAL EQUIPMENT — 0.9%
Eaton Corp. plc	18,890	1,160,035
ENERGY EQUIPMENT AND SERVICES — 2.5%
Baker Hughes, Inc.	22,380	1,015,828
National Oilwell Varco, Inc.	21,990	1,434,188
Schlumberger Ltd.	13,190	981,732
		3,431,748
FOOD AND STAPLES RETAILING — 2.8%
CVS Caremark Corp.	27,690	1,611,004
Kroger Co. (The)	33,030	1,135,572
Wal-Mart Stores, Inc.	13,200	1,025,904
		3,772,480
FOOD PRODUCTS — 0.8%
Kraft Foods Group, Inc.	6,841	352,243
Mondelez International, Inc. Class A	24,490	770,210
		1,122,453

	Shares	Value
Temporary Cash Investments — 0.9%
Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $145,080), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $142,229)		$142,229
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $870,183), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $853,377)		853,375
Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $145,227), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $142,229)		142,229
SSgA U.S. Government Money Market Fund	66,233	66,233
TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,204,066)		1,204,066
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $94,036,969)		135,316,064
OTHER ASSETS AND LIABILITIES — (0.6)%		(780,282	)
TOTAL NET ASSETS — 100.0%		$134,535,782


Federal tax cost of investments	$96,263,035
Gross tax appreciation of investments	$39,595,076
Gross tax depreciation of investments	(542,047)
Net tax appreciation (depreciation) of investments	$39,053,029

	Shares	Value
SOFTWARE — 5.0%
Oracle Corp.	18,013	$590,466
Symantec Corp.⁽¹⁾	11,339	275,538
		866,004
SPECIALTY RETAIL — 3.1%
GNC Holdings, Inc. Class A	1,095	49,637
Home Depot, Inc. (The)	101	7,408
Lowe’s Cos., Inc.	12,681	487,204
		544,249
TEXTILES, APPAREL AND LUXURY GOODS — 0.5%
PVH Corp.	769	88,750
TOBACCO — 0.3%
Philip Morris International, Inc.	535	51,141
WIRELESS TELECOMMUNICATION SERVICES — 3.0%
SBA Communications Corp., Class A⁽¹⁾	6,630	523,704
TOTAL COMMON STOCKS (Cost $12,874,317)		16,956,120
Exchange-Traded Funds — 0.9%
iShares Russell 1000 Growth Index Fund (Cost $153,568)	2,221	161,867
Temporary Cash Investments — 1.9%
Repurchase Agreement, Bank of America Merrill Lynch, (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $39,520), in a joint trading account at 0.12%, dated 4/30/13, due 5/1/13 (Delivery value $38,744)		$38,744
Repurchase Agreement, Credit Suisse First Boston, Inc., (collateralized by various U.S. Treasury obligations, 2.125%, 12/31/15, valued at $237,042), in a joint trading account at 0.09%, dated 4/30/13, due 5/1/13 (Delivery value $232,464)		232,463
Repurchase Agreement, Goldman Sachs & Co., (collateralized by various U.S. Treasury obligations, 4.50%, 8/15/39, valued at $39,561), in a joint trading account at 0.08%, dated 4/30/13, due 5/1/13 (Delivery value $38,744)		38,744
SSgA U.S. Government Money Market Fund	18,041	18,041
TOTAL TEMPORARY CASH INVESTMENTS (Cost $327,992)		327,992
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $13,355,877)		17,445,979
OTHER ASSETS AND LIABILITIES^†		(2,973	)
TOTAL NET ASSETS — 100.0%		$17,443,006

	Shares	Value
ENERGY EQUIPMENT AND SERVICES — 1.0%
Halliburton Co.	13,825	$591,295
National Oilwell Varco, Inc.	11,987	781,792
Patterson-UTI Energy, Inc.	21,715	457,969
Schlumberger Ltd.	1,350	100,481
		1,931,537
FOOD AND STAPLES RETAILING — 2.0%
Kroger Co. (The)	2,198	75,567
Safeway, Inc.	10,775	242,653
Sysco Corp.	1,557	54,277
Wal-Mart Stores, Inc.	33,726	2,621,185
Walgreen Co.	19,444	962,672
		3,956,354
FOOD PRODUCTS — 1.7%
Archer-Daniels-Midland Co.	5,937	201,502
ConAgra Foods, Inc.	16,365	578,830
Green Mountain Coffee Roasters, Inc.⁽¹⁾	4,259	244,467
Kraft Foods Group, Inc.	1,400	72,086
Mondelez International, Inc. Class A	4,202	132,153
Smithfield Foods, Inc.⁽¹⁾	27,151	695,065
Tyson Foods, Inc., Class A	56,986	1,403,565
		3,327,668
GAS UTILITIES — 0.1%
Questar Corp.	9,030	229,272
HEALTH CARE EQUIPMENT AND SUPPLIES — 1.5%
Abbott Laboratories	45,604	1,683,699
Baxter International, Inc.	2,022	141,277
Covidien plc	1,364	87,078
Medtronic, Inc.	5,451	254,453
ResMed, Inc.	10,245	491,965
Stryker Corp.	5,057	331,638
		2,990,110
HEALTH CARE PROVIDERS AND SERVICES — 4.2%
Aetna, Inc.	19,667	1,129,672
AmerisourceBergen Corp.	50,131	2,713,090
Cardinal Health, Inc.	40,541	1,792,723
Express Scripts Holding Co.⁽¹⁾	4,727	280,642
UnitedHealth Group, Inc.	38,219	2,290,465
		8,206,592
HOTELS, RESTAURANTS AND LEISURE — 1.3%
Bally Technologies, Inc.⁽¹⁾	3,765	200,599
Cheesecake Factory, Inc. (The)	2,791	111,138
Starbucks Corp.	9,634	586,133
Wyndham Worldwide Corp.	17,731	$1,065,278
Wynn Resorts Ltd.	4,654	638,994
Yum! Brands, Inc.	522	35,559
		2,637,701
HOUSEHOLD DURABLES — 0.2%
Tupperware Brands Corp.	3,824	307,067
HOUSEHOLD PRODUCTS — 2.3%
Colgate-Palmolive Co.	1,710	204,191
Kimberly-Clark Corp.	6,362	656,495
Procter & Gamble Co. (The)	48,773	3,744,303
		4,604,989
INDUSTRIAL CONGLOMERATES — 1.5%
General Electric Co.	133,326	2,971,837
INSURANCE — 4.7%
ACE Ltd.	10,193	908,604
Aflac, Inc.	10,667	580,711
American Financial Group, Inc.	5,192	250,618
American International Group, Inc.⁽¹⁾	16,426	680,365
Assurant, Inc.	10,255	487,523
Chubb Corp. (The)	6,167	543,128
MetLife, Inc.	8,399	327,477
Principal Financial Group, Inc.	15,797	570,272
Prudential Financial, Inc.	43,296	2,615,944
Travelers Cos., Inc. (The)	7,491	639,806
Unum Group	60,107	1,676,384
		9,280,832
INTERNET AND CATALOG RETAIL — 1.1%
Amazon.com, Inc.⁽¹⁾	3,391	860,670
Expedia, Inc.	16,477	920,076
priceline.com, Inc.⁽¹⁾	189	131,542
TripAdvisor, Inc.⁽¹⁾	3,314	174,250
		2,086,538
INTERNET SOFTWARE AND SERVICES — 1.8%
AOL, Inc.	4,415	170,596
eBay, Inc.⁽¹⁾	6,362	333,305
Google, Inc. Class A⁽¹⁾	3,620	2,984,943
		3,488,844
IT SERVICES — 5.0%
Accenture plc, Class A	17,591	1,432,611
Computer Sciences Corp.	1,276	59,780
International Business Machines Corp.	26,344	5,335,714
Visa, Inc., Class A	12,667	2,133,883
Western Union Co. (The)	59,854	886,438
		9,848,426

	Shares	Value
LEISURE EQUIPMENT AND PRODUCTS — 0.3%
Hasbro, Inc.	13,567	$642,669
LIFE SCIENCES TOOLS AND SERVICES — 0.3%
Agilent Technologies, Inc.	8,917	369,521
Thermo Fisher Scientific, Inc.	2,661	214,689
		584,210
MACHINERY — 1.7%
AGCO Corp.	3,140	167,205
Cummins, Inc.	5,715	608,019
Dover Corp.	28,950	1,996,971
Oshkosh Corp.⁽¹⁾	1,530	60,067
Wabtec Corp.	4,869	510,953
		3,343,215
MEDIA — 4.7%
CBS Corp., Class B	21,505	984,499
Comcast Corp., Class A	86,858	3,587,235
Gannett Co., Inc.	4,642	93,583
Omnicom Group, Inc.	4,834	288,928
Time Warner Cable, Inc.	12,268	1,151,842
Time Warner, Inc.	46,847	2,800,514
Viacom, Inc., Class B	6,815	436,092
		9,342,693
METALS AND MINING — 0.3%
Freeport-McMoRan Copper & Gold, Inc.	11,166	339,781
Reliance Steel & Aluminum Co.	4,025	261,907
		601,688
MULTI-UTILITIES — 1.4%
Ameren Corp.	3,704	134,270
CenterPoint Energy, Inc.	56,537	1,395,333
DTE Energy Co.	16,137	1,176,065
Public Service Enterprise Group, Inc.	2,141	78,382
		2,784,050
MULTILINE RETAIL — 0.4%
Dillard’s, Inc., Class A	2,941	242,368
Macy’s, Inc.	14,414	642,864
		885,232
OIL, GAS AND CONSUMABLE FUELS — 9.7%
Chevron Corp.	37,212	4,540,236
ConocoPhillips	35,734	2,160,120
Exxon Mobil Corp.	93,142	8,288,707
Hess Corp.	5,790	417,922
HollyFrontier Corp.	22,366	1,105,999
Murphy Oil Corp.	8,503	527,951
Occidental Petroleum Corp.	18,269	$1,630,691
Peabody Energy Corp.	9,996	200,520
Valero Energy Corp.	7,854	316,673
WPX Energy, Inc.⁽¹⁾	2,422	37,856
		19,226,675
PAPER AND FOREST PRODUCTS — 1.0%
International Paper Co.	41,581	1,953,475
PHARMACEUTICALS — 5.4%
AbbVie, Inc.	45,604	2,100,064
Bristol-Myers Squibb Co.	72,016	2,860,476
Hospira, Inc.⁽¹⁾	8,582	284,236
Johnson & Johnson	38,892	3,314,765
Merck & Co., Inc.	1,785	83,895
Pfizer, Inc.	71,169	2,068,883
		10,712,319
REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.3%
American Tower Corp.	15,205	1,277,068
Public Storage	6,035	995,775
Simon Property Group, Inc.	1,441	256,599
		2,529,442
ROAD AND RAIL — 1.3%
CSX Corp.	8,322	204,638
Ryder System, Inc.	16,422	953,625
Union Pacific Corp.	9,153	1,354,278
		2,512,541
SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT — 1.6%
Altera Corp.	31,089	995,159
Intel Corp.	59,036	1,413,912
Texas Instruments, Inc.	18,198	658,950
		3,068,021
SOFTWARE — 3.5%
Microsoft Corp.	146,655	4,854,281
Oracle Corp.	36,500	1,196,470
Red Hat, Inc.⁽¹⁾	772	37,002
Symantec Corp.⁽¹⁾	35,634	865,906
		6,953,659
SPECIALTY RETAIL — 3.8%
AutoZone, Inc.⁽¹⁾	769	314,590
Chico’s FAS, Inc.	13,284	242,699
Gap, Inc. (The)	27,572	1,047,460
Home Depot, Inc. (The)	51,780	3,798,063
L Brands, Inc.	2,229	112,364
Lowe’s Cos., Inc.	17,655	678,305
Pier 1 Imports, Inc.	52,577	1,220,312
		7,413,793