Trust Fund Committee Reviews Investment Performance for January-May 2024 Period and Conducts Business to Implement the 2023 Trust Fund Agreement

WASHINGTON, D.C. (June 26, 2024)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2024 (FY 2024) third quarter meeting by teleconference on June 18 (Washington DC) and 19 (Pohnpei). The Committee reviewed the Fund’s investment performance from January 1 to May 31, 2024, discussed steps to transition to the 2023 Trust Fund Agreement and approved a service agreement with Baker Tilly for the fiscal year (FY) 2024 and FY 2025 audits. For the January-March quarter, the Fund had a net asset value of $1,162,036,177 as of March 31. The Fund...

Trust Fund Committee Conducts Second Quarter Meeting and Reviews FY 2023 Performance and Business as it Prepares to Implement the 2023 Trust Fund Agreement as it Enters into Force

WASHINGTON, D.C. (April 8, 2024)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2024 (FY 2024) second quarter meeting by teleconference on March 14 (Washington DC) and 15 (Pohnpei). The Committee reviewed the Fund’s investment performance from October 1, 2023, approved the fiscal year 2023 Annual Report, received a presentation of the independent audit, and discussed future planning including possible investment policy and potential administrative structures and functions to facilitate implementation of the 2023 Trust Fund Agreement following its entry into force. (Note: the 2023 Trust Fund Agreement entered into...

Committee Conducts Fourth Quarter FY23 Meeting to Review Trust Fund Performance and Conduct Other Trust Fund Business

WASHINGTON, D.C. (September 12, 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) fourth quarter meeting on August 23 (EDT) and 24 (Pohnpei) via teleconference. The Trust Fund Committee Members reviewed the Fund’s investment performance from April to July 31, 2023, approved service agreements for annual accounting and audit services, reviewed and approved the fiscal year 2024 (FY24) investment and administrative expense budget, and discussed possible Committee actions for FY24. For the April-June quarter, the Fund was up 2.6%, net of fees, (benchmark 2.8%) with a total net...

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