have to bo maintained, we are of the opinion that every effort should be made to rtreamline the management of trust fund8 to the extent possible to Tomewhat reduce the adverre effects of having to deal with a large amber of fundr, a8 described in paragraph8 129 to 132 below. -4a- J,iauiditv of maio r r . t ust fun& 128. Out of the total number of 62 trust funds currently managed by UNDP, we reviewed the 11 largest funds, having an income of $US 119 million and expenditures of $US 95 million in the year 1989. We found that the balances of the largest trust funds revealed a sustained, partly high, liquidity. The ratio of total net assets (balances as at 31 December 1989) to the expenditures of the year 1989 ranged between 1.6 and 4.6 for eight trust funds, Only the United Nations Fund for Science and Technology for Development had a ratio of below 1.0 (0.8)) the Pdrez-Guerrero Trust Fund had a ratio of as much as 22.07. These judgements are based on the “Unspent allocations” as shown in the aorrespondiag statements. We reserve reviewing the reasons for , and the value of, these payable allocations until later, mment of contributions for sub-f- 129. As reported previously by the Board, a number of sub-trust funds were in deficit. At the end of 1909, the situation had only slightly improved, The number of sub-trust funds in deficit had decreased from eight to six, the accumulated negative balance amounting to $US 3,566,336, showing a minor reduction of $US 78,778 as against the 31 December 1988 balance. The three trust funds affected by this were the United Nations Capital Development Fund (three sub-trust funds), the United Nations Trust Fund for Sudano-Sahelian Activities (one sub-trust fund), 
**Analysis**
The text appears to be discussing the management of trust funds, specifically the UNDP's trust funds, and their financial performance. The text highlights the liquidity of the funds, the ratio of net assets to expenditures, and the presence of sub-trust funds in deficit. This suggests that the text is focused on economic development and financial management.

**Category**
Economic development, Science and technology