Fund fees are dropping, but volume is driving fee revenue higher.

Those are some of the findings of Morningstar's latest study of fund fees, which looked at trends in expense ratios and investor preferences over the past 10 years through 2014.

Investors are going out of their way to take advantage of lower fund management fees. They're abandoning load-based share classes and instead turning to those without loads. No-load share classes also tend to have lower expense ratios.

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