Fund management fees may be unreasonable for the services rendered. The investor must rely on the integrity of the professional fund manager. In some cases the fund manager may not pass on transaction savings to the investor. The fund managers are not liable for fund losses due to poor judgment on their part. The fund managers may make so many transactions in the fund that high fee/cost result and are passed on to the investor. Prospectuses and Annual reports are hard to understand. Restrictions on when and how an investor sells/redeems his mutual fund shares. The investor may feel a loss of control of his investment dollars.