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2011 Annual Report Illinois State Board of Investment Table of Contents

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2011 Annual Report Illinois State Board of Investment Table of Contents 2011 Annual Report Illinois State Board of Investment Table of Contents INTRODUCTION 2 Board Members 3 Letter to Trustees 8 Financial Highlights 9 Ten Year Summary FINANCIAL STATEMENTS 10 Independent Auditors’ Report 11 Financial Statements 12 Management’s Discussion and Analysis 14 Statements of Net Assets 15 Statements of Changes in Net Assets 16 Notes to Financial Statements SUPPLEMENTAL FINANCIAL INFORMATION 30 Portfolio of Investments 100 Portfolio Data 102 Investment Transactions with Brokers and Dealers 104 Restricted Investments 106 Staff and Investment Managers Printed on contract by authority of the State of Illinois, December 12, 2011. (100 copies at $16.30 each) ILLINOIS STATE BOARD OF INVESTMENT 1 Board Members Devon Bruce Fred Montgomery Justice Thomas E. Hoffman CHAIRMAN EXECUTIVE COMMITTEE Devon Bruce Devon Bruce Appointed Member Chairman VICE CHAIRMAN Fred Montgomery Fred Montgomery Vice Chairman Appointed Member Thomas E. Hoffman RECORDING SECRETARY Recording Secretary Roderick Bashir Michele Bush Justice Thomas E. Hoffman Roderick Bashir Chairman, Board of Trustees Member at Large Judges’ Retirement System of Illinois Roderick Bashir AUDIT & COMPLIANCE COMMITTEE Appointed Member Michele Bush, Chairman James Clayborne, Jr. Michele Bush Thomas E. Hoffman Appointed Member Fred Montgomery Judy Baar Topinka John Casey Appointed Member INVESTMENT POLICY COMMITTEE Devon Bruce, Chairman Senator James Clayborne, Jr. Michele Bush John Casey James Clayborne, Jr. Chairman, Board of Trustees Roderick Bashir General Assembly Retirement System John Casey Thomas E. Hoffman Dan Rutherford Treasurer, State of Illinois EMERGING MANAGER COMMITTEE Judy Baar Topinka James Clayborne, Jr., Chairman Chairman, Board of Trustees Roderick Bashir State Employees’ Retirement System John Casey Dan Rutherford Judy Baar Topinka Dan Rutherford Judy Baar Topinka 2 ILLINOIS STATE BOARD OF INVESTMENT Letter to Trustees The General Assembly Retirement System The Judges’ Retirement System of Illinois The State Employees’ Retirement System of Illinois The Illinois State Board of Investment (ISBI or Board) manages the investment of pension assets for the General Assembly Retirement System, the Judges’ Retirement System of Illinois and the State Employees’ Retirement System of Illinois. The fair value of those assets totaled $11.5 billion at fiscal year ended June 30, 2011. For the same period ending June 30, 2010, net assets totaled $9.7 billion. heT fis- cal year ended June 30, 2011 delivered solid investment returns to the plans as the investment environment continued to present oppor- tunities to investors. Even as ISBI exceeded its actuarial assumption for another year, the portfolio was still confronted with challenges, as the global economic environment struggled to find its footing amidst much uncertainty. Portfolio Issues Following a number of years in which favorable investment returns were difficult to achieve, fiscal year represented a period ofositive p performance with the ISBI portfolio generating returns of 21.7%. In spite of these favorable returns the portfolio was confronted with a number of difficult and complex issues. Liquidity Similar to fiscal year 2010, besides navigating a challenging investment environment, ISBI had to also manage through liquidity chal- lenges brought about by inconsistent funding of the retirement systems. The State of Illinois funded the retirement systems through the issuance of general obligation bonds in February of 2011. However, ISBI had to transfer funds to the retirement systems sufficient to pay benefits in each of the eight months prior to the receipt of bond proceeds. These transfers created significant challenges to the portfolio as the Board was often obligated to sell assets into less than ideal markets. Securities Lending Improvements to ISBI’s securities lending program that commenced in fiscal year 2010 continued in fiscal year 2011. In particular, the Board retained Credit Suisse as a third party provider of securities lending services. In so doing ISBI restructured its securities lending program, in particular how revenue was derived and how collateral was deposited. Previously, cash collateral was deposited into an investment pool with the investment return being shared between ISBI and the securities lending provider, historically the Board’s cus- todian. In the relationship with Credit Suisse collateral will be held in a custody account and revenue will only be derived through the lending transaction. The result will be a securities lending program with much less risk, but with a corresponding reduction in revenue. Figure 1 Net Asset Allocation June 30, 2011 Fair Actual Policy Value Asset Mix Target $ % % U.S. equity 3,380,198,858 30 30 U.S. equity hedge funds 1,075,584,754 9 10 International equity 2,195,241,217 18 20 Commingled funds4 256,817,374 3 - Fixed income1 2,167,883,902 18 18 Bank loans 253,447,070 2 2 Real estate 819,053,366 8 10 Private equity2 629,256,286 6 5 Infrastructure2 417,267,415 3 5 Cash3 332,874,782 3 - Total 11,527,625,024 100 100 1 Maturities of one year or longer, including convertible bonds. 2 Interests in limited partnerships and other entities, which have limited liquidity. 3 Includes money market instruments and other assets, less liabilities. 4 Holdings include fixed income and equity investments. ILLINOIS STATE BOARD OF INVESTMENT 3 Investment Results In fiscal year 2011 investors benefitted from positive returns in U.S. equity, U.S. equity hedge funds, international equity, fixed income, real estate and private equity as measured by market indices. The ISBI total fund was up 21.7% for fiscal year 2011, net of expenses. This follows a positive return of 9.1% for fiscal year 2010, with negative returns of 20.1% and 6.2% for fiscal years 2009 and 2008,nd a a positive return of 17.1% for 2007. The Board continues to be concerned by some under-performance by specific managers; however, most of the Board’s current manag- ers have exceeded their individual benchmarks since inception. Figure 2 shows results over the three, five and ten year time periods. U.S. Equities For the twelve months ended June 30, 2011 the Russell 3000 Index, a broad representation of the U.S. market, was up 32.4%. Growth stocks exceeded value stocks with the Russell 3000 Growth Index up 35.7%, compared to the Russell 3000 Value Index up 29.1%. Small capitalization stocks outperformed large capitalization stocks with the Russell 2000 up 37.4% compared to a 30.7% return for the S&P 500. ISBI’s U.S. equity portfolio was up 33.9% for fiscal year 2011; 1.5% above the Russell 3000. Figure 2 shows ISBI’s U.S. stock portfolio performance for three, five and ten year time periods. The Board, through structure analysis, rebalancing and risk management, continues tracking the market with predictable consistency to achieve its objective. International equity 18% Fixed income 18% Commingled funds 3% Infrastructure 3% Cash 3% Bank loans 2% Private equity 6% U.S. equity 30% Real estate 8% U.S. equity hedge funds 9% 4 ILLINOIS STATE BOARD OF INVESTMENT Figure 2. Investment Returns, June 30, 2011 (Annualized) 2011 2010 2009 2008 2007 3 Yrs. 5 Yrs. 10 Yrs. % % % % % % % % Total Fund 21.7 9.1 (20.1) (6.2) 17.1 2.0 3.1 4.5 Composite Benchmark* 19.6 10.2 (17.0) (4.6) 16.4 3.0 3.9 5.3 Consumer Price Index 3.6 1.1 (1.4) 5.0 2.7 1.0 2.2 2.4 U.S. Equities** 33.9 17.3 (25.1) (12.7) 19.9 5.6 4.3 4.4 Russell 3000 Index 32.4 15.7 (26.6) (12.5) 20.1 4.0 3.4 3.4 Hedge Funds ** 12.7 4.4 (11.6) (2.6) 19.3 1.3 3.9 N/A HFRX Equity Hedge 3.4 3.1 (20.0) (4.9) 14.7 (5.2) (1.4) 2.0 International Equities 32.7 13.1 (29.1) (10.3) 28.8 2.1 4.2 7.4 MSCI-EAFE Index 30.9 6.4 (31.0) (10.2) 27.5 (1.3) 2.0 6.1 Fixed Income 5.7 5.5 (2.4) 5.3 6.9 2.9 4.2 4.3 Barclays Capital Universal Index 4.8 10.6 4.9 6.2 6.6 6.7 6.6 6.0 Real Estate 17.0 (8.2) (31.7) 2.6 15.3 (9.8) (2.8) 4.0 NCREIF Real Estate Index 16.7 (1.5) (19.6) 9.2 17.2 (2.6) 3.4 7.6 Private Equity 24.0 14.0 (18.8) (4.9) 31.7 4.7 7.5 7.0 * Composite Benchmark: Effective 07/09: 30% Russell 3000; 20% MSCI-EAFE; 25% Barclays Capital Universal; 10% NCREIF. 5% Venture Economics Pooled Average Periodic IRR; 10% HFRX Equity Hedged Index. Effective 11/08: 30% Russell 3000; 20% MSCI-EAFE; 25% Barclays Capital Universal; 10% NCREIF. 5% Venture Economic All Private Equity Index; 10% HFRX Equity Hedged Index. 30% Russell 3000; 20% MSCI-EAFE; 25% Lehman Universal; 10% NCREIF. Effective 04/08: 5% Venture Economic all Private Equity Index; 10% HFRX Equity Hedged Index. 45% Wilshire 5000; 10% MSCI-EAFE; 25% Lehman Universal; 10% NCREIF. Effective 12/03: 5% Venture Economic all Private Equity Index; 5% HFRX Equity Hedged Index. 46% Russell 3000; 15% MS-AC Free ex US; 23% Lehman Universal. Effective 4/02: 8% NCREIF; 8% Russell 2000 + 3.0%. 43% Russell 3000; 20% MS-AC Free ex US; 22% Lehman Aggregate. Prior to 4/02: 7% NCREIF; 8% absolute return of 12%. **U.S Equities and Hedge Funds: ISBI began investing in Hedge Funds in Fiscal 2007, therefore actual return information is not available prior to that period. U. S. Equity Hedge Funds The ISBI U.S.
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