If there is such a thing as a triopoly - an industry dominated by three companies - the mutual fund industry had it last year with regard to fund sales.

Three firms accounted for two-thirds of the mutual fund industry's net sales for long-term funds last year, according to Financial Research Corp. of Boston, the fund tracking and consulting firm. The Vanguard Group of Malvern, Pa., Janus of Denver, Colo. and Fidelity Investments of Boston accounted for 31 percent, 21 percent and 14 percent, respectively of the $145.5 billion in net sales of long-term mutual funds for 1999, FRC said in a report Feb. 7.

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