I queried Morningstar on the matter. Their first reply explained that "below average" expenses are those in the bottom 20th - 40th percentile. I've written back, asking how that applies to funds whose expenses are above average but whose label is "below average." Their second response: "The C shares are considered Above Average with the broad rank and Below Average on the distribution rank." It turns out that they have a third set of expenses, which are neither of the two reported on the website, called the "Morningstar Fee Level Group Median - Distribution," which is 2.40%. Okay ... there are 117 funds in the "broad commodity basket" group. Exactly one has an expense ratio about 2.40% and isn't that the very definition of median? "Second highest." So now I've written John Rekenthaler, who is wise and grouchy, to see if he can help me understand this.

Mr. R responded. "'Below average' means that QRACX has below average expenses for a C share that is an Alternative fund." And so if you were choosing between the "C" class shares of this commodity fund and the "C" shares of a leveraged-inverse equity fund and a multicurrency fund, you'd know that you were probably getting a bargain for your money. Why on earth you'd possibly benefit from the comparison of such of group of wildly incomparable funds remains unknown.