The first will not be last nor the last first but there will be radical changes in mutual fund rankings, at least according to Lipper Analytical, starting this summer.

When Lipper Analytical changes how it classifies mutual funds starting July 1, many funds that now hold lofty positions in their current class will lose stature and the rankings of others who lagged in their categories will improve, according to a report issued by Financial Research Corp., a fund research firm based in Boston.

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