Broad Fee Level

The Morningstar Fee Level—Broad evaluates a mutual fund share class's expense ratio relative to other funds that invest in a similar asset class, such as large cap, world stock, or bank loan.

Each share class is ranked in one of five quintiles:

• Low: least expensive quintile
• Below Average: second-least expensive quintile
• Average: middle quintile
• Above Average: second-most expensive quintile
• High: most expensive quintile