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Posted March 29, 2009
Except for MISC stocks and BOMI stocks and CDs (local investments), the Administration's foreign funds are held and administered by Fidelity Investments IBG, MISSA's Investment Custodian. Fidelity is independent from Investor Solutions, Inc., MISSA's Investment Advisor, and is not affiliated or related to investment brokers.
Composition of MISSA foreign funds - In practice, MISSA only uses institutional grade no load index funds and exchnage traded funds (ETFs).
Decline in value and future outlook of MISSA's foreign funds - MISSA’s funds have declined in value, but did not "go anywhere". We believe that the world’s markets will recover and continue to grow in value over the life of the fund. The life of the fund is infinite and the current investment policy recognizes that markets are variable."Markets around the world have suffered in the current crisis. MISSA's funds accurately reflect the performance of the markets in which they invest. During the last 18 months this has not been rewarding to investors, however over the life of the MISSA account we expect that exposure to the world's stock markets will be quite profitable. MISSA has no cash flow needs for the foreseeable future, and has a huge allocation to fixed income of the highest quality with complete liquidity. As such, MISSA is well positioned to ride out the market downturn, and we believe that the current allocation is prudent, tailored to the needs of MISSA over the generations, and conforms to the agreed upon asset allocation.
posted May 1, 2007
MISSA’s membership to the BOMI Board began in 2001 with three members and then four in 2003. MISSA’s 32% ownership of BOMI has allowed the Administration to have a controlling interest on the RMI’s strongest and most profitable financial institution.
During the annual stockholders’ meeting and election of Members of the Board of Directors held in 2007, the stockholders of the Bank of the Marshall Islands (BOMI) have once again re-elected MISSA Board Chairman Jack Niedenthal, Vice-Chairman Tommy Milne, Board Member Saeko Shoniber and Administrator Saane K. Aho. Mrs. Aho was also re-elected as Board Secretary, a post she held since 2003.
MISSA's acquisition of BOMI and MISC shares