Trust Fund Committee Conducts Fourth Quarter Meeting to Review Trust Fund Performance to August 31st, 2020 and Conduct Other Trust Fund Business

WASHINGTON, D.C. (September 9th, 2020)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its fiscal year 2020 (FY20) fourth quarter meeting on September 2nd (EDT) and 3rd (Pohnpei) via videoconference.

The meeting covered the Fund’s investment performance for the April-June 2020 quarter as well as a current market update given the COVID-19 pandemic and the effect on the Fund as well as the global economy and financial markets.

For the April-June 2020 quarter, the Fund gained 11.52%, net of fees, above the benchmark of 11.41%. The net asset value of the Fund was $738,692,359, preliminary and unaudited, as of 6/30/20. The gain was due to recovering financial markets, mainly driven by public equity fund increases.

The Fund continued on a growth path in July with a gain of 3.50%, net of fees, for the month to $764,274,406, preliminary and unaudited. For the fiscal year to date (as of 10/1/19), the Fund is up 5.60%, net of fees. The gains since April have made up for prior losses that occurred during the fiscal year.

The Committee reviewed and approved a fiscal year 2021 investment expense and administrative budget, a service agreement with Bookminders for accounting and bookkeeping services, a contract extension of the Executive Administrator, and an analysis by Vorys, Sater, Seymour and Pease LLP, the Fund’s legal counsel, of the Fund’s legal requirements for incorporation under DC law and general information on current industry standards and best practices.

The Committee also had an education session featuring a presentation on fiduciary responsibility presented by Vorys.

The next quarterly meeting will take place in late November or early December 2020

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