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Report on Business
DUNCAN HOOD,Morningstar Star Ratings refl ect performance of Series F as of March 31, 2018 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund’s historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund’s 3, 5, and 10-year returns, as available, measured against the 91-day treasury bill and peer group returns. A fund can only be rated if there are a suffi cient number of funds in its peer group to allow comparison for at least three years