; and (II) may only be allocated upon the Secretary of State reaching an agreement with foreign government partners to participate in the common funding mechanism described in paragraph (2). (ii) Remainder to Treasury Any amounts remaining in the Multilateral Telecommunications Security Fund after the end of the tenth fiscal year beginning after the date of enactment of this Act shall be deposited in the general fund of the Treasury. (2) Administration of Fund The Secretary of State, in consultation with the NTIA Administrator, the Secretary of Homeland Security, the Secretary of the Treasury, the Director of National Intelligence, and the Commission, shall establish a common funding mechanism, in coordination with foreign partners, that uses amounts from the Multilateral Telecommunications Security Fund to support the development and adoption of secure and trusted telecommunications technologies. (3) Annual report to Congress Not later than 1 year after the date of enactment of this Act, and annually thereafter for each fiscal year during which amounts in the Multilateral Telecommunications Security Fund are available, the Secretary of State shall submit to the relevant committees of Congress a report on the status and progress of the funding mechanism established under paragraph (2), including— (A) any funding commitments from foreign partners, including each specific amount committed; (B) governing criteria for use of the Multilateral Telecommunications Security Fund; (C) an account of— (i) how, and to whom, funds have been deployed; (ii) amounts remaining in the Multilateral Telecommunications Security Fund; and (iii) the progress of the Secretary of State in meeting the objective described in paragraph (2)