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.
Monthly Investment Summary
As of August 31, 2024
• Net Portfolio Assets*: $ 21,338,311,654
• Present Market Value: $ 21,333,376,855
• Monthly Investment Earnings: $ 97,249,001
• 7-Day Effective Yield**: 5.369%
• One Month Gross Yield: 5.446%
• One Month Effective Yield**: 5.373%
• Net Asset Value (per share): $1.00
• Weighted Average Maturity: 38.17 days
• Weighted Average Life: 118.67 days
*This total includes a State Investment of $ 11,284,502,869
**Yield, Net of Fees
Illinois Funds Performance Update
2024 2nd Quarter
Analytical Comment
UIUC Institute of Government and Public Affairs noted a small decrease in the overall U of I Flash Index over the previous three months, noting that Illinois' unemployment rate has risen slightly over the quarter (and nearly one percentage point above the national average). CoGFA reported that, for the fiscal year, individual income tax revenues were up nearly $2.25 billion (8.0% growth) from FY 2023, while corporate income tax rates were actually down 10% from the previous year.
Based on current yields, The Illinois Funds predicts that allocations across asset classes during the Second Quarter 2024 will hold relatively steady at current levels—except for prime money market funds, which may increase slightly (from 12% to 15%), balancing the technical pressures of limiting US Treasuries in the portfolio. This is done to ensure enough liquidity to meet your needs. The Illinois Funds closed the quarter with $20.5 billion in net assets. The monthly net yield (less expenses) over the previous three months was 5.43%, bringing in $268 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.
Thomas Gary
Director, The Illinois Funds
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.