The duty of a Trustee is one of fiduciary duty to ensure that the trust property is managed to the benefit of the trust's beneficiaries. In the context of unit trust, the assets of the fund are the trust property and unit holders are the beneficiaries. If a fund underperforms unreasonably, the Trustee is liable if there is no evidence to demostrate that the Trustee has discharged its duty to protect the interest of the unit holders. They can be open to be suit by the unit holders. While some may argue that "unreasonable" fund unperformance is subjective, I have given many examples of funds which in my opinion are unreasonable underperformance. In Singapore, there do not appear to have any association representating unit trust unit holders. Perhaps it is time that such association is setup so that it can collectively deal with Trustees who are not discharging their fiduciary duties. The Association could also help unit trust holders to inspect the Trust Deeds. Although these Trust Deeds is open for inspection, legal knowledge is required to understand the Deed and whether is it structured in an unreasonable manner overprotecting the Trustee and underprotecting the beneficiaries. In the meantime, corporate Trustees need to be more pro-active in checking out what the fund managers are doing. If they want to be in corporate trust business, they must be prepared to obtain assistance to check on these fund managers. There is no excuse for this and I urge corporate trustee to wake up from their sleep.