Morningstar released the results of its fourth annual stewardship grades on 1,000 funds, and only two funds, Clipper and Selected American Shares, got a perfect score, indicating that they go far and above just obeying the law and obeying industry norms.

A scant 6% of funds got an A, and 24% got a B and 47% a C. Another 20% were given a D and 3% an F.

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