take note of the procedure proposed in section (c) of the addendum. That recommendation, as was explained in paragraph 16, had been motivated by the fact / ... A/C. 5/38/SR.28 English Page 13 (Mr. Sauter) that before 1 January 1983 the deferred benefit had been subject to the system of cost-of-living adjustment regardless of the age of participants. It was therefore possible that participants might have chosen a deffered benefit in the expectation that cost-of-living adjustments would work to their advantage. The procedure recommended had been designed to ensure that no losses will be involved for the Fund. 70. Mr. FORAN (Controller), introducing the report of the Secretary-General on the investments of the United Nations Joint Staff Pension Fund (A/C.S/38/19), said that the Secretary-General attached high importance to the fiduciary responsibilities entrusted to him, and that the participants of the Fund and Member States were according increasing attention to that question. In recent years, the need to improve communication with the various parties involved regarding investment performance had become especially apparent. 71. Special efforts had been made at the beginning of the year to place the relationship between investment performance and the actuarial status of the Fund in its proper perspective, since it was believed in some quarters that the actuarial deficit could be eliminated or reduced simply by increasing the investment return. As indicated in paragraph 3 of the report, the investment return for the year ending 31 March 1983 had reached the unpreceden.ted level of 27 per cent. However, it depended essentially on market conditions, although in recent years it had been somewhat better than the indices. There was no guarantee that the performance would be repeated in 1984. Indeed, experience demonstrated that over time the investment return on the Fund's investments compared well with the market indices. 
**Analysis**
The text appears to be discussing the management and financial aspects of the United Nations Joint Staff Pension Fund, specifically the investment performance and the need for effective communication with stakeholders. The language used is technical and focused on financial concepts such as cost-of-living adjustments, actuarial deficits, and investment returns. This suggests that the text is related to economic or financial topics.

**Category**
Employment, International trade