Since the beginning of 2000, the list of the largest mutual funds in the country has changed dramatically. Janus of Denver, which had two funds in the top 10 by assets now only has one in the top 20. Los Angeles-based American Funds' Growth Fund of America jumped from 22nd at the start of 2000, to sixth at the end of July.

And possibly the biggest change, Pacific Investment Management Co. (PIMCO) of Newport Beach, Calif.'s Total Return fund, the only bond fund in the top 25, moved from 16th to second. But for all of the changes, the list of top funds has little meaning beyond a measure of pride for the companies, according to analysts.

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