Initial Net Asset Value (per unit): $10,000 Net Asset Value as of October 2014 (per unit): $13,397 The 3Q2014 was generally a rather muted period for the fund. The Asia Fund was up 0.87% during this quarter as more than 50% of the fund was in cash. Given our decision to enter other developed Asian markets like Hong Kong and Japan, we have included the Vanguard FTSE Pacific ETF as a benchmark for the fund. Relative to the benchmarks, the Asia Fund has displayed resilience during current market conditions and outperformed the STI ETF by 0.30% and Vanguard Pacific ETF by 6.64%. Since inception, the NAV of the fund has increased by $3,397, which translates to an increase of 30.35%, outperforming the STI ETF by 9.66% and Vanguard Pacific ETF by 9.58% during this period. During this quarter, the biggest change in the Asia Fund would ......