News & Events

Trust Fund Committee Conducts First Quarter Meeting and Update of Trust Fund Performance to November 30th, 2018

WASHINGTON, D.C. (December 26, 2018)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Federated States of Micronesia (the Fund) conducted its fiscal year 2019 (FY19) first quarter meetings on December 12th, 2018.   The meeting covered the Fund’s investment performance for the July-September quarter as well as the October-November period, a review of the fiscal year’s performance, investment fees and glide path asset allocation, initiation of the FY18 audit process, and a discussion of distribution policy options for the post FY23 period.   For the July-September quarter, the Fund gained 2.8%, net of fees, and had an...

Fiscal Year 2017 Annual Report and Audit Completed

The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) approved the Fiscal Year 2017 (FY17) Annual Report on March 26th. The FY17 Audited Financial Statements were completed by the independent auditor, Baker Tilly Virchow Krause, LLP, on March 26th and presented to the Committee on the same date. Both reports were released to the respective governments. The Fund’s restricted fiduciary net position value increased 21.0% to $564,970,738 for FY17 from $466,938,730 for FY16. The increase was primarily due to contributions from the United States government ($29,489,680) and gross investment income from investments ($69,270,387). There was...

Fiscal Year 2019 Contribution Received

The Trust Fund for the People of the Federated States of Micronesia received a scheduled contribution per the Compact of Free Association, as Amended, in the amount of $32,242,320 made by the United States government on October 2nd, 2018. The contribution was invested per the Investment Policy Statement previously agreed to by the Trust Fund Committee and the Fund’s Investment Adviser, Mercer Investment Consulting.

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