Trust Fund Committee Conducts Second Quarter Meeting and Reviews FY22 Annual Report and Annual Audit

WASHINGTON, D.C. (April 28, 2023)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2023 (FY23) second quarter meeting on April 18 in San Francisco. The Trust Fund Committee Members reviewed the Fund’s investment performance from October 1, 2022 to March 30, 2023, reviewed the fiscal year 2022 annual report and audit, and conducted an education session to review several Fund assets and the money manager selection process.

Continuing a period of market volatility, as of February 2023, the last completed month of the performance review, the Fund increased 7.3%, net of fees, (benchmark 8.0%) for FY23 to February, resulting in a net asset value of $1,020,690,270.

As reported in the fiscal year 2022 (FY22) Annual Report and audited financial statements, for FY22 (October 1, 2021 – September 30, 2022) the Fund was down with an annual weighted rate of return of -12.1% compared to fiscal year 2021 when the Fund had a gain of 22.1%. The Fund ended FY22 with a net asset value of $910,708,355. The audit, conducted by the independent auditor, Baker Tilly, found no deficiency in internal controls over financial reporting and found that there were no instances of noncompliance or other matters that are required to be reported under U.S. Government Auditing Standards. The annual report and audit documents are available at:

Amongst other matters discussed were money manager selection, asset allocation determination and the presentation of several of the Fund’s money managers to include the asset categories of private equity, real estate, and public equity managed volatility.

The next quarterly meeting of the Fund will take place in mid-June for the third quarter of FY23.

As stated in Article III of the Agreement Between the Government of the United States of America and the Government of the Federated States of Micronesia Implementing Section 215 and Section 216 of the Compact, as Amended, regarding a Trust Fund, the purpose of the Fund is to contribute to the economic advancement and long-term budgetary self-reliance of the Federated States of Micronesia by providing an annual source of revenue after Fiscal Year 2023. For more information on the Fund, visit the official website at