81.   Only if the hotel made a profit would he collect a management fee.

82.   Operating costs like management fees, however, can legally be included as reimbursable expenses.

83.   Over time, however, those initial investments can grow to a substantial sum, with Fidelity continuing to collect its management fees on the total assets.

84.   Others suggest that investors can understand the strategy all too well, and can follow it without buying shares in a mutual fund that charges management fees and expenses.

85.   One unpleasant result of this is that when assets shrink, there are fewer shareholders around to carry the management fees.

86.   Regulation allows a fund manager to use part of his management fee for distribution costs, or to pay for fund sales.

87.   Putnam, for instance, makes money by marketing its funds through Fidelity because each time someone invests in a Putnam fund, Putnam earns management fees.

88.   Shareholders are certainly part of the reason why management fees are as high as they are, Phillips said.

89.   She made the decision after learning of its low management fees and of the tax deduction that New York residents enjoy if they enroll in the state plan.

90.   Socimer was to sell the unit, giving the proceeds to Telex minus a management fee.