Trust Fund Committee Reviews Investment Performance for October 2024 – February 2025, Reviews Audit and Annual Reports, and Conducts Official Business

WASHINGTON, D.C. (April 10, 2025)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted its Fiscal Year 2025 (FY 2025) first quarter meeting on March 28. The Committee reviewed the Fund’s investment performance from October 1, 2024 to February 28, 2025. The Committee also reviewed the fiscal year 2024 Annual Report and Audit Report.

For the October-December quarter, the Fund had a net asset value of $1,206,917,898 as of December 31. The Fund had a loss for the quarter of -2.52% net of fees, compared to a benchmark of -2.11%. The Fund also received a scheduled U.S. government contribution per the 2023 Compact of Free Association, as Amended, in the amount of $200 million on October 8.

For February, the most recent complete month reviewed at the meeting, the Fund had a net asset value of $1,250,824,784 and gained 0.76% net of fees, above the benchmark of 0.19%. For the fiscal year-to-date (October-February), the Fund is up 0.65% net of fees, below the benchmark of 0.67%. Since the inception of the Fund in 2004, the Fund has had an average annual rate of return of 6.78% net of fees (benchmark 7.09%). The Fund is further subdivided into Accounts 1 and 2. As of February 28, Account 1 had a net asset value of $830,940,565 and Account 2 $419,884,219.

Baker Tilly, the Fund’s independent auditor, reviewed the fiscal year 2024 audit. There were no adverse opinions or findings. The fiscal year 2025 Annual Report was also reviewed by the Committee. The Fund ended fiscal year 2024 with a restricted fiduciary net position of $1,042,053,644 and a weighted annual rate of return for the fiscal year of 20.7%. The Annual Audit and Report documents are available at: https://rmicfatf.com/file-repository/.

The Committee also discussed the potential FY 2025 distributions to the Government of the Republic of the Marshall Islands according to the 2023 Trust Fund Agreement’s Article 17 regarding Sector and Individual Support Distribution and Article 18 regarding Extraordinary Needs Distribution. Government to government consultations are pending regarding future distributions.

The next quarterly Committee meeting will take place in June 2025.