The Illinois Funds

The Illinois Public Treasurers' Investment Pool (IPTIP)

Investing on behalf of state and local governments

The Illinois Public Treasurers’ Investment Pool (referred to as “The Illinois Funds”) is a local government investment pool (LGIP) operated by the Office of the Illinois State Treasurer for state and local government agencies.

 

This program provides a critical service for state and local agencies, enabling them to pool their money and invest in a safe, liquid investment vehicle that exceeds industry benchmarks, and has received the highest rating (AAAmmf) from national credit ratings agencies.

 

Created in 1975, The Illinois Funds was one of the first local government investment pools established in the nation.

 

The Illinois Funds is comprised of approximately 1,500 participating entities, holding over 3,000 accounts, with net assets of over $20 billion.

image of Abraham Lincoln in background; outline of state of illinois

Monthly Investment Summary

As of December 31, 2024

 

• Net Portfolio Assets*: $ 19,861,922,113

• Present Market Value: $ 19,842,966,754

• Monthly Investment Earnings: $ 79,570,641

• 7-Day Effective Yield**:  4.754%

• One Month Gross Yield: 4.868%

• One Month Effective Yield**: 4.804%

• Net Asset Value (per share): $1.00

• Weighted Average Maturity: 22.76 days

• Weighted Average Life: 116.81 days

 

*This total includes a State Investment of $ 10,686,051,808

**Yield, Net of Fees

 


Illinois Funds Performance Update

2024 4th Quarter

Portfolio Manager Commentary

Calendar year 2024 was a banner year for the Illinois Funds. We set four goals at the start of the year: 1) $20 billion in total assets, 2) $3.25 million on a given day in earnings, 3) $1.1 billion in earnings to return to participants, and 4) average yield for the year of 5.25%. Our highest balance for the year was $20.77 billion, a top of $3.217 million of daily earnings on 8/8/24, $1.066 billion of total earnings for 2024, and average yield for the year of 5.312%. This was accomplished even though we had two rate cuts by the FOMC totaling 75 basis points.

 

The Illinois Funds closed the quarter with $19.8 billion in net assets. The monthly net yield (less expenses) over the previous three months was 4.685%, bringing in $245 million in quarterly net income to Fund participants, and over $1 billion in net income over the last twelve months--nearly half of the over $2.1 billion in net income The Illinois Funds earned participants over the last 10 years.

 




Benchmarks

The Office of the Illinois State Treasurer uses industry benchmarks to ensure dollars are placed in safe, yet lucrative, investments. The Illinois Treasurer's goal is to consistently outperform the competition and exceed benchmarks.

These graphs compares the yield on the Illinois Funds' [Local Government Investment Pool (LGIP)] portfolio to a blended benchmark produced by the Treasurer’s Office. The blended benchmark reflects the actual mix of assets in the Illinois Funds portfolio. For example, if the Illinois Funds invested half of its assets in Repurchase Agreements, 25% in US Government Agency debt, and the other 25% in Commercial Paper, this benchmark would combine standards from each of those asset classes to produce a new, blended standard. This is the most accurate indicator of the Illinois Funds' overall portfolio performance.





Inventory Reports

Below are links to inventory reports from the last three months, each listing individual security holding as of the reported date:

 

 

 

 

To see a report of all holdings since 2015, please see the Security Holdings page.