Trust Fund Committee Reviews Investment Performance for July-November 2025 and Conducts other Trust Fund Business

WASHINGTON, D.C. (December 23, 2025)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Trust Fund) conducted its Fiscal Year 2026 (FY 2026) first quarter meeting on December 11 in Washington DC and December 12 in Majuro, Republic of the Marshall Islands. The Committee reviewed the Trust Fund’s investment performance for the quarter ending September 30 with updates to the end of November, reviewed the status of the Trust Fund’s accounts, and conducted other Trust Fund business.

For the July-September quarter, the Trust Fund had a total net asset value of $1,391,842,192 as of September 30. The Trust Fund had a gain for the quarter of 5.60%, net of fees, compared to a benchmark gain of 6.21%. As of the end of Fiscal year 2025 (September 30), the Trust Fund had a preliminary and unaudited annual return of 12.01%, below the benchmark of 13.98%.  For the quarter ending September 30, Account 1 had a net asset value of $887,064,797 and a gain of 5.79%, net of fees, compared to a benchmark gain of 6.13%. Account 2 had a net asset value of $467,382,655 and a gain of 5.71%, net of fees, compared to a benchmark gain of 6.07%.

For October, the most recent complete month reviewed at the meeting, the Trust Fund had a total net asset value of $1,614,437,709 as of October 30 and gained 1.51%, net of fees, compared to the benchmark of 1.64%. Since the inception of the Trust Fund in 2004, the Trust Fund has had an average annual rate of return of 7.20%, net of fees (benchmark 7.60%). As of the end of October, Account 1 had a net asset value of $937,761,483 and Account 2 had a net asset value of $676,676,226. Account 2’s October total includes $200,000,000 contributed by the U.S. government on October 9 per the 2023 Compact of Free Association, as amended (the Amended Compact).

The Committee reviewed the status of the Trust Fund’s accounts. The first quarterly distribution was made from Account 1 in November for the previously approved distribution under Article 17 of the 2023 Amended Compact’s Trust Fund Agreement (the Agreement) regarding Individual Support Distribution. The first quarterly distribution from Account 2 was still pending Committee consideration regarding the Agreement’s Article 18 Extraordinary Needs Distribution.

In other business. the Trust Fund’s auditor, Baker Tilly, made a presentation to the Committee regarding the start of the fiscal year 2025 audit process. The Trust Fund’s legal counsel, Vorys, made a presentation regarding fiduciary responsibility and related requirements.

The next quarterly Committee meeting will take place in March 2026.

 For more information on the Trust Fund, please visit the official website at https://rmicfatf.com/.

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