News & Events

Trust Fund Committee Conducts Fourth Quarter Meeting and Education Session, August 23rd, 2018

The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its fiscal year 2018 fourth quarter meetings August 23rd in Honolulu, Hawaii. The meeting included a business meeting and an education session.   The business meeting covered the Fund’s investment performance for the April-June quarter and investment updates to July 31st. Mercer Investment Management, the Fund’s Investment Adviser, presented the Fund’s performance information and the economic, financial and market conditions for the time period. The Committee also approved an operating budget for fiscal year 2019, an investment expense reporting resolution, and an annual service agreement...

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 2018 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 $30,819,840 made by the United States government on October 3, 2017, 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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