Fund researcher Morningstar announced today that it will change its rating system for mutual funds this summer. The Morningstar rating, commonly known as the "star rating," will be altered to include a broader number of categories, the company said.

Morningstar said the most significant change will be the addition of 50 categories to the rating system. Before, funds were compared across four broad asset classes – U.S. stock, international stock, taxable bond and municipal bond.

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