FC 94/6c (i)


Ninety-fourth Session

Rome, 8 - 12 May 2000

Report on Investments - 1999

Regular Programme and Trust Funds


1. This document is submitted to the Finance Committee for information, in accordance with Financial Regulation IX on the same basis as documents FC 94/6c (ii) and (iii), which contain statements of the investments held for the Compensation Plan Reserve fund (CPRF) and the Separation Payments Scheme (SPS).

2. The Investments Policy Guidelines require that the Organization invests excess funds for the Regular Programme and Trust Funds. The FAO Advisory Committee on Investments at its Twenty-fourth Session (18 May 1998) concluded that the Organization should move management of its short-term assets to the Northern Trust Company for the purposes of investing in commingled funds ("Northern Institutional Funds"). The Director-General endorsed the proposed action and it was implemented. These investments returned an average of some 5% net of fees during the period. At 31 December 1999, the balance on the fund was US$193,842,236 (market value US$193,842,236).