All things being equal, lower fund expenses mean improved investment performance.

Each class has a different set of fund expenses.

At the same time, fund expenses - for labor, technology and marketing - are rising.

If total fund expenses rise above 1.95 percent of assets, the fund's managers will be required to make up the difference.

The balance was carried over into 1992; fund expenses for 1991 totaled about $45,000.

Since 2001, most data suggest that fund expenses are rising, but this is not conclusive.

Another consideration is mutual fund expenses, which drag down returns.

"If it does make things easier to administer, why not put in there that you are reducing fund expenses?"

The corrosive effects of fund expenses on returns are well documented.

Nonetheless, he added, the link between trustees' pay and fund expenses deserves further study.