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Fractions are a foundational concept in mathematics, and there are five ways that they can be interpreted: as a part-whole relationship, as a quotient, as a measurement, as a ratio or a rate, or as an operator. We argue that these five interpretations, in this order, form a coherent learning progression through the construct of fractions. We provide both theoretical and empirical support for this claim using the curricular ordering and the vertical scale of the i-Ready Diagnostic assessment to demonstrate that items associated with more sophisticated interpretations are more difficult than are those at the earlier stages of our progression.