RMI Trust Fund Committee Conducts Annual Review

Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands Conducts Fourth Quarter Meeting to Review Trust Fund Performance to July 31stth, 2019 and Conduct an Education Session

Last edited 11/30/2020
Contact Information

Contact:  Anthony Costanzo, Executive Administrator

ExecutiveAdministrator@rmicfatf.com, 703-683-3793


United States, Marshall Islands, and Taiwan Trust Fund Committee members and staff at the 2019 4th Quarter Meeting of the Trust Fund for the People of the Republic of the Marshall Islands

WASHINGTON, D.C. (September 10th, 2019) – The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted its fiscal year 2019 (FY19) fourth quarter meeting on September 7th in Honolulu.

The meeting covered the Fund’s investment performance for the April-June quarter as well as an update to the end of July. The meeting also included an education session.

For the April-June quarter, the Fund gained 3.3%, net of fees, and had an ending net asset value of $431,665,432 (preliminary and unaudited). The increase was due to gains across all asset classes, particularly in the private equity strategy plus gains in the U.S. and international public equity asset strategies, and the fixed income asset strategy. For July, the Fund had a slight loss of 0.02, net of fees, ending with a net asset value of $431,362,598 (preliminary and unaudited). For the fiscal year-to-date (October 1, 2018 to July 31, 2019) the Fund has gained 2.3%, net of fees.

The Committee approved a fiscal year 2020 operating budget and a service agreement with Bookminders for accounting services for a one-year period. The education session included presentations and discussions on Investment Adviser and Committee roles and responsibilities for Money Manager identification, selection, and monitoring.

Trust Fund Committee members acknowledged the potential for the historic meeting of the three freely associated states Presidents with U.S. President Donald Trump at the White House in May and Secretary of State Mike Pompeo’s visit to the Federated States of Micronesia in August to impact the Fund.

Office of Insular Affairs Director Nik Pula of the U.S. Department of the Interior chaired the meeting. The other U.S. Members were Suzanne Lawrence of State, Phil Maestri of Education, and Joseph McDermott of Interior. Bobby Muller, Committee Vice Chairman, and Isabella Silk of the Ministry of Foreign Affairs represented the RMI. Taiwan was represented by James C.T. Huang, Division Director of the Taipei Economic and Cultural Office in Honolulu. 

The next quarterly meeting will take place by teleconference in November or December 2019.

As provided for under the Compact of Free Association agreements, as amended (U.S. Public Law 108-188), the Fund was established to contribute to the economic advancement and long-term budgetary self-reliance of the people of the Republic of the Marshall Islands when annual grant assistance under the Compact expires after fiscal year 2023. For more information on the Fund, visit the official website at https://rmicfatf.com/


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