REPORT DIGEST

OFFICE OF THE TREASURER – THE ILLINOIS FUNDS

FINANCIAL AUDIT

For the Year Ended: June 30, 2011

Release Date: March 6, 2012

Summary of Findings:

Total this audit: 0

Total last audit: 0

Repeated from last audit: 0

State of Illinois, Office of the Auditor General

WILLIAM G. HOLLAND, AUDITOR GENERAL

To obtain a copy of the Report contact:

Office of the Auditor General, Iles Park Plaza, 740 E. Ash Street, Springfield, IL 62703

(217) 782-6046 or TTY (888) 261-2887

This Report Digest and Full Report are also available on the worldwide web at www.auditor.illinois.gov

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SYNOPSIS

This digest covers the financial statement audit of the Office of the Treasurer - The Illinois Funds for the year ended June 30, 2011.

The Illinois Funds was established under the name Illinois Public Treasurers’ Investment Pool (IPTIP) in 1976 to supplement and enhance the investment opportunities available to custodians of public agency funds throughout the State of Illinois. The management, custodianship and operation of The Illinois Funds are under the supervision of the Office of the Treasurer – State of Illinois.

To administer the Illinois Funds, the Treasurer has established a division entitled “The Illinois Funds Administrative Office”. The revenues and expenditures of the Division were recorded in a fund maintained by the Treasurer entitled “The Illinois Funds Administrative Trust Fund”.

An investment trust fund is used to account for assets held by The Illinois Funds in a trustee capacity for public treasurers throughout the State of Illinois. The custodian for this fund is U.S. Bank of Illinois.

AUDITORS’ OPINION

The auditors stated the financial statements of the Office of the Treasurer - The Illinois Funds as of June 30, 2011, and for the year then ended, are fairly stated in all material respects.

WILLIAM G. HOLLAND

Auditor General

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SPECIAL ASSISTANT AUDITORS

Our special assistant auditors for this audit were McGladrey & Pullen LLP.