As further evidence of just how much the competitive landscape has changed over the past few years, American Funds, one of the nation's oldest mutual fund families and the money manager for Los Angeles-based Capital Group, has three of its funds listed as the industry's top five.

Just a year ago, Boston-based Fidelity Investments and Vanguard Group of Valley Forge, Pa., were the kings of big funds, but now American Funds commands $196.9 billion of the $323 billion collectively under management by the nation's top five mutual funds. That's a 61% share, according to a recent report from the Fort Worth Star Telegram.

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