As the Olympics begin in China, our quarterly "ultra" fund family competition has drawn to a close. Here are the second quarter medal-count results for the 425 fund families we track.

In the first of two events in this challenge, investment management firms aim for "ultra" fund family glory by placing as many funds as possible on our quarterly top-200 list of open-end funds. This list is being published in section III of our Summer 2008 edition of TheStreet.com Ratings Guide to Stock Mutual Funds.

For the fourth quarter in a row, the same two families finished atop the pack with the most mutual funds in the top 200.

Fidelity

added another nine funds to the list over last quarter, for a total of 27 gold medal spots -- one medal for each fund on top-200 list.

Vanguard

came back with 10 gold medals. This effort was equaled by

American Century Investments

, with 10 funds on the top-200 list.

The fourth and fifth spots repeat from the first quarter.

ING Investments

, a unit of

ING Groep

(ING) - Get Report

is awarded eight silver medals, and

Ivy/Waddell & Reed

(WDR) - Get Report

wins seven 'ultra' fund family silver medals.

Six bronze 'ultra' fund family medals go to

GE Investment

(a unit of

General Electric

(GE) - Get Report

),

BlackRock

and

Eaton Vance

(EV) - Get Report

.

BlackRock is 49%-owned by

Merrill Lynch

( MER), 34%-owned by

PNC Financial Services Group

(PNC) - Get Report

, and 17%-owned by BlackRock

(BLK) - Get Report

employees and shareholders.

In the second event for our fund families, we break them into groups by size to see which firms have the highest percentage of funds ranked in the top 30% of all open-end funds in comparison to other fund families of similar size. The top 30% represents overall investment grades of A+ down to B-. The middle 40% are fund grades of C+, C, and C-, with D+ and lower in the bottom 30%.

Moving up from second to first place this quarter,

MFS

beat all others, with 55.3% of its funds in the top 30% of all open-end stock mutual funds we rate.

T. Rowe Price

(TROW) - Get Report

followed with 50.8% climbing up two spots on the large fund family list.

Two other big fund families had 50% of their funds outperform the lower 70% of funds on a risk-adjusted return basis. Ivy/Waddell & Reed moved up to third place from fifth and American Century Investments took fourth ascending four notches.

The best performing fund family in the 40 to 99 rated fund group, with 51.8% of its 85 funds ranking in the top 30%, is Eaton Vance. This fund family moved up from second place unseating

Janus Funds

.

Royce Funds

and

GE Investment

(GE) - Get Report

hold second and third position.

HSBC Asset Management

(HBC)

and

First Eagle

swapped first and second place this quarter among the smaller fund families. First Eagle did slightly better at 80.0% of funds in the top 30% compared to 69.4% for HSBC.

For an explanation of our ratings,

click here

.

Kevin Baker became the senior financial analyst for TSC Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.