Mutual Fund directors often wrestle with what should be appropriate response to poor investment performance in one of the funds that they govern. Some incorrectly describe the range of tools available to directors as "a feather or a sledgehammer". These critics believe that the directors can only mildly chastise the Management Company or alternatively lift the advisory contract. Nothing could be further from the truth, particularly as the troublesome fund is usually part of a larger complex where there are a variety of organizational alternatives. Invariably the top executives of the Management Company are just as anxious to correct poor performance as the independent directors. The purpose of this article is enumerate some effective alternatives which generally fall into three categories; organizational, fee-related and structural. Each of these is discussed below.