"Family of funds" is a group of mutual funds, each having a different objective such as one may be an income fund and another may be a growth fund. All of the funds are managed by the same investment company allowing the investors of one of the funds to easily switch their money from one fund to another affiliated fund. This allows for easier movement of assets to fit their needs or if the market should change. Three of the largest fund families are the American funds, the Vanguard funds and the Fidelity funds.