INDEPENDENT AUDITORS' REPORT
The Board of Directors,
American Century Mutual Funds, Inc.
In planning and performing our audits of the financial statements of Growth
Fund, Select Fund, Ultra Fund, Vista Fund, Heritage Fund, Giftrust Fund,
Balanced Fund, Bond Fund, Limited-Term Bond Fund, Intermediate-Term Bond Fund,
New Opportunities Fund, High-Yield Fund, Tax-Managed Value Fund, and Veedot
Fund, comprising American Century Mutual Funds, Inc. (the "Company"), for the
year ended October 31, 2000 (November 30, 1999 (inception) through October 31,
2000 for Veedot Fund) (on which we have issued our reports dated December 8,
2000), we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinions on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
Company's internal control. The management of the Company is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
accounting principles generally accepted in the United States of America. Those
controls include the safeguarding of assets against unauthorized acquisition,
use, or disposition. Because of inherent limitations in any internal control,
misstatements due error or fraud may occur and not be detected. Also,
projections of any evaluation of internal control to future periods are subject
to the risk that the internal control may become inadequate because of changes
in conditions or that the degree of compliance with policies or procedures
deteriorate. Our consideration of the Company's internal control would not
necessarily disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to a
relatively low level the risk that misstatements due to error or fraud in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the Company's internal control and its operation, including
controls for safeguarding securities, that we consider to be material weaknesses
as defined above as of October 31, 2000.
This report is intended solely for the information and use of management,
the Board of Directors of the Company, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
/s/ Deloitte & Touche LLP
Kansas City, Missouri
December 8, 2000
