The Illinois Funds, Money Market Fund Return vs. Blended Benchmark
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1 The Illinois Funds, Money Market Fund Return vs. Blended Benchmark AP RIL MAY JUNE JULY AUGUS T S EP TEMBER OCTOB ER NOVEMBER DECEMB ER JANUARY FEBRUARY MARCH The Illinois Funds, Money Market Fund Blended Benchm ark This graph compares the yield on the The Illinois Funds, Money Market Fund s portfolio to a blended benchmark produced by the Treasurer s Office. The blended benchmark reflects the actual mix of assets in the The Illinois Funds, Money Market Fund s portfolio. For example, if the The Illinois Funds, Money Market Fund invested half of its assets in certificates of deposit and half in repurchase agreements, this benchmark would combine standards from each of those industries to produce a new, blended standard. This is the most accurate indicator of the The Illinois Funds, Money Market Fund s overall portfolio performance.
2 The Illinois Funds, Money Market Fund vs. Competitors The Illinois Funds, Money Market Fund imoney.net 90Day T-Bill S&P GIP Index This graph compares the yield of the The Illinois Funds, Money Market Fund s portfolio to that of leading indexes and competitors. The The Illinois Funds, Money Market Fund Return is the return on the portfolio using traditional amortization methods. imoney.nettm is the leading provider of money market mutual fund information and analysis, the benchmark index represents Institutional Government Funds. The 90-Day T- Bill return is the monthly average return for the existing 90 day Treasury Bill. The S & P GIP Index is Standard & Poor s rated Government Investment Pools Government Funds Index. The returns on all funds with investments in U.S. Treasury securities have been affected by the recent subprime mortgage fallout. Investors seeking quality and security have flocked to the bond market, driving up U.S. Treasury security prices and driving down yields further than other security types. The S&P GIP Index has very few funds with investments in U.S. Treasury securities, so it has not fallen as abruptly as the other returns shown above which do have those investments.
3 The Illinois Funds, Money Market Fund Repo Return vs. Benchmark Money Fund Repo Return Bloomberg Repo Index This graph compares the yield on the The Illinois Funds, Money Market Fund s investment in repurchase agreements to the average return of Garban-ICAP, a leading broker, as reported by Bloomberg. The ICAP represents the average rate paid by the highest rated dealers in the market.
4 The Illinois Funds, Money Market Fund CP Return vs. Benchmark Money Fund CP Return Bloomberg CP Index This graph compares the yield on the The Illinois Funds, Money Market Fund s investment in commercial paper to that of DOCP (Direct Issuer Commercial Paper) rates, as reported by Bloomberg. The DOCP return represents the average rate paid by the highest rated dealers in the market.
5 The Illinois Funds, Money Market Fund - MMFs vs. Benchmark Y ie ld % Money Fund MMF Return imoney.net This graph compares the yield on the The Illinois Funds, Money Market Fund s investment in money market funds to the Money Fund Report Averages from imoneynet TM, the leading provider of money market mutual fund information and analysis. Of the many indexes provided by imoneynet TM, the benchmark index represents Institutional Government Funds.
6 Spread - Asset Types vs. Benchmarks The Illinois Funds, Money Market Fund B a s i s P o i n t s APRIL MAY JUNE JULY AUGUST SEPT EMBER OCT OBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH MMMF Repo to Index MMMF CP to Index MMF's MMF to MMF Benchmark This graph depicts the difference between the major asset types held by the Treasurer s Office and their respective benchmarks. Those bars that are above the centerline show instances where the The Illinois Funds, Money Market Fund return is greater than the Benchmark and those below indicate a The Illinois Funds, Money Market Fund return that is below the Benchmark. The difference is shown in basis points. One basis point equals 0.01 percent of yield.
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