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 $15 billion.

LaSalle Street. Bank of America, Chicago Board of Trade, Federal Reserve Bank

Monthly Investment Summary

As of January 31, 2024



• Net Portfolio Assets*: $ 18,828,342,851

• Present Market Value: $ 18,880,256,816

• Monthly Investment Earnings: $ 87,218,248

• 7-Day Effective Yield**: 5.410%

• One Month Gross Yield: 5.465%

• One Month Effective Yield**: 5.392%

• Net Asset Value (per share): $1.00

• Weighted Average Maturity: 48.5 days

• Weighted Average Life: 110.3 days


*This total includes a State Investment of $ 10,037,215,058

**Yield, Net of Fees



Illinois Funds Performance Update

2023 4th Quarter

Analytical Comment


According to UIUC Institute of Government and Public Affairs, Illinois income tax receipts were strongly positive for December 2023 compared to the same month last year, after adjusting for inflation. Corporate tax receipts were down sharply, but largely because December 2022 revenues were so large in comparison. Additionally, COGFA notes that FY24 revenues, overall, are well ahead of their pace from FY23.




The growing consensus in economic analysis is that the Federal Reserve Bank will, over the course of 2024, start to lower the effective Federal Funds rate as the threat of inflation appears to abate. The Illinois Funds closed the year with $18.9 billion in net assets. The monthly net yield (less expenses) over the previous three months was 5.51%, bringing in $263 million in quarterly net income to Fund participants, and nearly $1 billion in net income for Calendar Year 2023—more than triple the $285 million in net income from 2022.




As always, we will be monitoring economic conditions and adjusting accordingly to ensure portfolio safety and liquidity.



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.