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 asset value of $1,063,483,934. For July, the most recent full month of reporting, the Fund was up a further 1.8%, net of fees, (benchmark 2.1%) and had a net asset value of $1,082,525,772. For fiscal year 2023 to July 31st, the Fund had gained 13.9%%, net of fees, (benchmark 15.5%).
The Committee approved service agreements for FY24 with Bookminders to provide accounting services and Baker Tilly to conduct the FY23 annual audit. The Committee reviewed FY23 investment and administrative expenses and approved the expense budget for FY24. The Committee also discussed possible actions to prepare for FY24.
The next quarterly meeting of the Fund will take place in early December for the first quarter of FY24.
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 https://fsmcfatf.com/.