Trust Fund Committee Reviews Investment Performance for October 2025 – February 2026, Approves Fiscal Year 2025 Annual Report and Reviews Audit

WASHINGTON, D.C. (March 30, 2026)– 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) second quarter meeting on March 16 in Washington DC and March 17 in Majuro, Republic of the Marshall Islands. The Committee reviewed the Trust Fund’s investment performance for the quarter ending December 31 with updates to the end of February, reviewed the FY 2025 Annual Report and audited financial statements, reviewed the status of the Trust Fund’s accounts, and conducted other Trust Fund business.

For the October-December quarter, the Trust Fund had a total net asset value of $1,633,887,943 as of December 31, 2025. The Trust Fund had a gain for the quarter of 1.23%, net of fees, compared to a benchmark gain of 1.06%. The total amount included a $200,000,000 contribution by the U.S. on October 9 per the 2023 Compact of Free Association, as amended (the Amended Compact).

For February, the most recent complete month reviewed at the meeting, the Trust Fund had a total net asset value of $1,704,021,180 as of February 28 and gained 1.75%, net of fees, compared to the benchmark of 2.00%. For the fiscal year-to-date (October 2025 to February 2026), the Fund had a gain of 8.10% compared to a benchmark of 8.06%. Since the inception of the Trust Fund in 2004, the Trust Fund has had an average annual rate of return of 7.41%, net of fees (benchmark 7.80%). As of the end of February, Account 1 had a net asset value of $991,097,812 and Account 2 had a net asset value of $712,923,367.

The Trust Fund’s Auditor, Baker Tilly, presented the audit of the FY 2025 annual financial statements. The Annual Report was also presented. The Trust Fund ended FY 2025 with a restricted net position of $1,392,578,025 compared to ending FY 2024 with a net position of $1,042,053,644, an increase of 33.6%. The Trust Fund had an annual weighted rate of return of 12.16% for FY 2025, following gains of 20.66% for FY 2024 and 14.64% for FY 2023.

The Committee reviewed the status of the Trust Fund’s accounts. The Account 2 second quarter distribution was made during the week of March 2 regarding the 2023 Amended Compact’s Trust Fund Agreement Article 18 Extraordinary Needs Distribution. The Account 1 second quarter distribution was made during the week of March 22 regarding the Agreement’s Article 17 Individual Support Distribution.

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