Morningstar has taken issue with the Investment Company Institute's recent report on declining bond, money market and equity mutual fund fees (MFMN, February 22), calling ICI's comparisons faulty on a number of fronts.

The Morninstar critique came in a white paper, "Revisiting Fund Costs: Up or Down?" written by Scott Cooley, a Morningstar analyst, and issued Feb. 19.

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