IMRF Market Manager Summary 2008

ILLINOIS MUNICIPAL RETIREMENT FUND
MEETING NO. 08-07
REGULAR MEETING
OF THE
BOARD OF TRUSTEES
The Regular Meeting of the Board of Trustees was held at 9:00 a.m., July 25,
2008, in the Fund Office at 2211 York Road, Suite 400, Oak Brook, Illinois.
Mr. Bochmann presided as Chair and called the meeting to order.
Ms. Enright called the roll:
Present: Shoop, Thompson, Voller, Bochmann, Faklis, Rademacher, Rasins, Ross

Absent: None
Ms. Ford and Mr. Kelly from Ennis Knupp and Associates, Mr. Moss from Seyfarth
Shaw, LLP, and representatives from Loop Capital, MR Beal and Cheevers and
Company were also present.
(08-07-01) (Investment Manager Activities - Ennis Knupp and

Associates) Ms. Ford and Mr. Kelly gave the following report to the Board
on the activities of IMRF’s investment managers:
07/25/08 Page 23759

Illinois Municipal Retirement Fund
Market and Manager Summary
June 30, 2008
vox 312 715 1700

10 South Riverside Plaza, Suite 1600 fax 312 715 1952
Chicago, Illinois 60606-3709 www.ennisknupp.com
The return and market value information in this report is preliminary. Return data prior to December 31, 2004, was calculated
and provided by Mercer Investment Consulting. EnnisKnupp began calculating returns, based on Northern Trust information,
as of January 1, 2005. Rates of return and market values ending June 30, 2008, have not yet been reconciled and are
considered preliminary.
MARKET ENVIRONMENT
OVERVIEW
MAJOR MARKET RETURNS

1 Year Ending 3 Years Ending 5 Years Ending 10 Years Ending
1 Month Second Quarter Year-To-Date 6/30/08 6/30/08 6/30/08 6/30/08
Dow Jones
Wilshire 5000 -8.1 % -1.6 % -10.9 % -12.5 % 5.0 % 8.7 % 3.6 %
Index
MSCI All Country

World ex-U.S. -8.2 -1.1 -10.2 -6.6 15.7 18.9 7.3
Index
MSCI EAFE Index -8.2 -2.3 -11.0 -10.6 12.8 16.7 5.8
MSCI Emerging
-10.0 -0.9 -11.8 4.6 27.1 29.7 15.2
Markets Index
MSCI All Country

-8.2 -1.6 -10.7 -9.3 10.3 13.1 4.9
World Index
Lehman Brothers
Aggregate Bond -0.1 -1.0 1.1 7.1 4.1 3.9 5.7
Index
Financial markets in June were dominated by news of deteriorating financial companies and soaring oil prices, as reflected in the
astonishing -18.7% plunge of the S&P Financial Sector Index and the +2.2% rise of the S&P Energy Sector Index, the only sector to
escape the month in positive territory. Oil finished at $140 per barrel, which translated into a $4.09 average price for a gallon of
gasoline across the country. U.S. stocks closed out the second quarter just shy of an official bear market, marked by a nearly 20% drop
from the previous high set in October 2007. The U.S. equity market, as measured by the DJ Wilshire 5000 Index, fell -8.1% in June, the
worst monthly performance since September 2002. Small cap stocks were slightly stronger than their large cap counterparts while
growth stocks outperformed value stocks across the capitalization spectrum.
Non-U.S. stocks, as measured by the MSCI All-Country World ex-U.S. Index, slid -8.2% in June. Developed nations, as measured by
the MSCI EAFE Index, matched the losses of the broad Index with a -8.2% decline while emerging markets tumbled -10.0%. With its
abundant natural resources, Canada handily outperformed (-3.6%) while losses were also lighter in Japan (-6.8%). U.S. investors in
foreign markets benefited from a mildly depreciating U.S. dollar. As in the U.S., small cap and growth stocks proved more resistant to
the harsh climate than large cap and value stocks.
The U.S. bond market, as measured by the Lehman Brothers Aggregate Bond Index, fell -0.1% during June. Rapidly rising yields
spurred by inflation concerns and speculation of Fed action during the first half of the month were offset by falling yields in the latter half
as slowing growth and nervousness in the stock market drove investors to the fixed income market. The government sector (+0.6%)
was the strongest performer as investors flocked away from the credit sector (-0.5%). The non-index high yield sector shed -2.8% after
two consecutive months of strong gains. The Fed left overnight interests rates at a 2.0% target and signaled that they were likely to
remain that way until at least later this year.
Ennis Knupp + Associates 1

MARKET ENVIRONMENT
OVERVIEW
U.S. EQUITY MARKET RETURNS

ENDING 6/30/08
1 Year 3 Years 5 Years 10 Years
Second Year-To- Ending Ending Ending Ending
Month Quarter Date 6/30/08 6/30/08 6/30/08 6/30/08
DJ Wilshire 5000 Index -8.1 % -1.6 % -10.9 % -12.5 % 5.0 % 8.7 % 3.6 %
Russell 1000 Index -8.3 -1.9 -11.2 -12.4 4.8 8.2 3.4
Russell 1000 Value Index -9.6 -5.3 -13.6 -18.8 3.5 8.9 4.9
Russell 1000 Growth Index -7.2 1.2 -9.1 -6.0 5.9 7.3 1.0
Russell MidCap Index -8.0 2.7 -7.6 -11.2 6.8 13.1 8.1
Russell MidCap Value Index -8.9 0.1 -8.6 -17.1 5.0 13.0 8.4
Russell MidCap Growth Index -7.3 4.6 -6.8 -6.4 8.2 12.3 5.6
Russell 2000 Index -7.7 0.6 -9.4 -16.2 3.8 10.3 5.5
2 Ennis Knupp + Associates

MARKET ENVIRONMENT
OVERVIEW
INTERNATIONAL EQUITY MARKET RETURNS

ENDING 6/30/08
MSCI All Country World ex-U.S. Index -8.2 % -1.1 % -10.2 % -6.6 % 15.7 % 18.9 % 7.3 %
MSCI All Country World ex-U.S. Growth
-7.1 1.0 -7.9 -1.4 17.3 18.4 5.7
Index
MSCI All Country World ex-U.S. Value
-9.3 -3.2 -12.5 -11.8 14.0 19.3 8.8
Index
MSCI EAFE Index -8.2 -2.3 -11.0 -10.6 12.8 16.7 5.8
MSCI Emerging Markets Index -10.0 -0.9 -11.8 4.6 27.1 29.7 15.2
FIXED INCOME MARKET RETURNS

ENDING 6/30/08
LB Aggregate Bond Index -0.1 % -1.0 % 1.1 % 7.1 % 4.1 % 3.9 % 5.7 %
Lehman Brothers Universal Bond Index -0.3 -0.8 0.8 6.2 4.1 4.2 5.8
LB Government Bond Index 0.6 -1.9 2.1 9.7 4.6 3.8 5.7
LB Credit Index -0.5 -0.9 -0.5 3.8 2.8 3.3 5.6
LB Mortgage Index -0.1 -0.5 1.9 7.8 4.8 4.6 5.8
LB Corporate High Yield Bond Index -2.8 1.8 -1.3 -2.3 4.5 6.9 4.9
Citigroup 90-Day T-Bill Index 0.1 0.4 1.1 3.3 4.1 3.1 3.5

MARKET ENVIRONMENT
OVERVIEW
The exhibits above show the performance of the major capital markets during the quarter and one-year periods.
The exhibits above show the historical performance of the major capital markets and the amount of risk (volatility of returns) incurred.
Points near the top of the chart represent a greater return and points near the right of the chart indicate greater volatility.

MARKET ENVIRONMENT
U.S. STOCK MARKET
The Dow Jones Wilshire 5000 Index is the broadest available measure of the aggregate domestic stock market. It includes all domestic
common stocks with readily available price information.
The exhibits above show the performance of the sectors that comprise the Dow Jones Wilshire 5000 Index. The percentage below
each bar indicates the sector's weight within the Dow Jones Wilshire 5000 Index at quarter-end.
The exhibits above illustrate the performance of stock investment styles according to capitalization (large and small) and style
characteristics (value and growth). The percentage below each bar indicates the segment's weight within the Dow Jones Wilshire 5000
Index at quarter-end.

MARKET ENVIRONMENT
U.S. BOND MARKET
The Lehman Brothers Aggregate Bond Index is a broad measure of the U.S. investment grade fixed income market. The Index consists
of the corporate, government, and mortgage-backed indexes and includes credit card, auto, and home equity loan-backed securities.
The exhibits above show the performance of the sectors that comprise the broad domestic bond market. The percentage below each
bar indicates the sector's weight within the Lehman Brothers Aggregate Bond Index at quarter-end.
The exhibit above illustrates yields of Treasury securities of various maturities as of June 30, 2007, March 31, 2008, and June 30,
2008.

MARKET ENVIRONMENT
NON-U.S. STOCK MARKETS
The MSCI All Country World ex-U.S. Index is a capitalization-weighted index of stocks representing 22 developed stock markets and
25 emerging stock markets around the world. The exhibits above show the performance of the regions that comprise the MSCI All
Country World ex-U.S. Index at quarter-end.
The exhibit above illustrates the percentage of the non-U.S. stock market, as measured by the MSCI All Country World ex-U.S. Index,
that each region represents.

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8
TOTAL FUND
Policy Allocations Illinois Municipal Retirement Fund
TOTAL FUND ALLOCATION VS. TARGET AS OF 6/30/08

TOTAL FUND
Illinois Municipal Retirement Fund Policy Allocations
ACTUAL VS. POLICY
Asset Policy
Asset Class Difference
Allocation Allocation
U.S. Equity 37.3% 39.0% -1.7%
Fixed Income 37.3 36.0 1.3
Non-U.S. Equity 17.5 15.0 2.5
Real Estate 2.7 4.0 -1.3
Alternative Investments 4.3 5.0 -0.7
Cash 1.0 1.0 0.0
The current policy states that when the actual allocations of the asset classes differ by more than four percentage points from their
policy allocations, a recommendation for re-balancing will be made to the Board of Trustees. As of June 30, 2008, all asset classes
were within their acceptable policy ranges.

TOTAL FUND
Policy Allocations Illinois Municipal Retirement Fund
U.S. EQUITY ALLOCATION VS. TARGET AS OF 6/30/08
FIXED INCOME ALLOCATION VS. TARGET AS OF 6/30/08
NON-U.S. EQUITY ALLOCATION VS. TARGET AS OF 6/30/08

ASSET ALLOCATION AS OF 6/30/08
($ in millions)
Non-U.S. Absolute Percent of
U.S. Equity Equity U.S. Bond Real Estate Private Equity Return Cash Total Total Policy
Alliance $534 -- -- -- -- -- -- $534 2.4 %
Holland 457 -- -- -- -- -- -- 457 2.0
Jacobs Levy 0 -- -- -- -- -- -- 0 0.0
NTI S&P 500/Citigroup Growth Index 1,261 -- -- -- -- -- -- 1,261 5.6
Sands 467 -- -- -- -- -- -- 467 2.1
Dodge & Cox 262 -- -- -- -- -- -- 262 1.2
Harris 632 -- -- -- -- -- -- 632 2.8
LSV 469 -- -- -- -- -- -- 469 2.1
NTI S&P 500/Citigroup Value Index 1,303 -- -- -- -- -- -- 1,303 5.7
Progress 232 -- -- -- -- -- -- 232 1.0
NTI MarketCap Equity Index Fund 1,003 -- -- -- -- -- -- 1,003 4.4
Buford 33 -- -- -- -- -- -- 33 0.1
Copper Rock 107 -- -- -- -- -- -- 107 0.5
Cordillera 18 -- -- -- -- -- -- 18 0.1
Fortaleza 21 -- -- -- -- -- -- 21 0.1
Frontier 322 -- -- -- -- -- -- 322 1.4
Pyramis Small Co. 484 -- -- -- -- -- -- 484 2.1
Dimensional Small Cap Value 186 -- -- -- -- -- -- 186 0.8
Inv. Counselors of Maryland 426 -- -- -- -- -- -- 426 1.9
Dimensional Micro Cap 77 -- -- -- -- -- -- 77 0.3
Wall Street 183 -- -- -- -- -- -- 183 0.8
U.S. Equity 8,475 -- -- -- -- -- -- 8,475 37.3 39.0 %
EARNEST Partners -- -- $220 -- -- -- -- $220 1.0 %
Piedmont -- -- 238 -- -- -- -- 238 1.1
Taplin Canida & Habacht -- -- 588 -- -- -- -- 588 2.6
BlackRock Core Plus -- -- 528 -- -- -- -- 528 2.3
LM Capital -- -- 606 -- -- -- -- 606 2.7
Progress - Fixed Income -- -- 229 -- -- -- -- 229 1.0
Western -- -- 1,009 -- -- -- -- 1,009 4.4
NTI Lehman Aggregate Bond Index -- -- 3,179 -- -- -- -- 3,179 14.0
BlackRock Enhanced -- -- 1,112 -- -- -- -- 1,112 4.9
MacKay Shields -- -- 377 -- -- -- -- 377 1.7
Pyramis High Yield -- -- 374 -- -- -- -- 374 1.6
Fixed Income -- -- 8,462 -- -- -- -- 8,462 37.3 36.0 %
Arrowstreet -- $387 -- -- -- -- -- $387 1.7 %
Boston Company -- 1 -- -- -- -- -- 1 0.0
BPI -- 0 -- -- -- -- -- 0 0.0
Brandes -- 740 -- -- -- -- -- 740 3.3
Brown -- 85 -- -- -- -- -- 85 0.4
EARNEST Partners -- 234 -- -- -- -- -- 234 1.0
GlobeFlex -- 213 -- -- -- -- -- 213 0.9
McKinley Capital -- 379 -- -- -- -- -- 379 1.7
William Blair -- 830 -- -- -- -- -- 830 3.7
NTI EAFE Index -- 540 -- -- -- -- -- 540 2.4
Genesis -- 372 -- -- -- -- -- 372 1.6
AXA Rosenberg -- 194 -- -- -- -- -- 194 0.9
Non-U.S. Equity -- 3,976 -- -- -- -- -- 3,976 17.5 15.0 %
BlackRock Granite Fund -- -- -- $106 -- -- -- $106 0.5 %
Sentinel -- -- -- 89 -- -- -- 89 0.4
Lazard Freres -- -- -- 31 -- -- -- 31 0.1
Morgan Stanley Buckhead -- -- -- 207 -- -- -- 207 0.9
Morgan Stanley Prime Property -- -- -- 106 -- -- -- 106 0.5
Olympus Real Estate Fund II -- -- -- 3 -- -- -- 3 0.0
Prudential SVI I -- -- -- 0 -- -- -- 0 0.0
Security Capital -- -- -- 61 -- -- -- 61 0.3
Real Estate -- -- -- 604 -- -- -- 604 2.7 4.0 %
Abbott Capital -- -- -- -- $321 -- -- $321 1.4 %
Adams Street VPAF -- -- -- -- 0 -- -- 0 0.0
Muller & Monroe -- -- -- -- 7 -- -- 7 0.0
Pantheon -- -- -- -- 142 -- -- 142 0.6
Permira UK Venture III -- -- -- -- 0 -- -- 0 0.0
Grosvenor Institutional Partners -- -- -- -- -- $120 -- 120 0.5
Harris Aurora -- -- -- -- -- 136 -- 136 0.6
Mesirow Multi Manager Fund -- -- -- -- -- 122 -- 122 0.5
Cozad/Westchester -- -- -- $72 -- -- -- 72 0.3
Forest Investment Assoc. -- -- -- 48 -- -- -- 48 0.2
Alternative Investments -- -- -- 120 470 379 -- 969 4.3 5.0 %
Cash -- -- -- -- -- -- $222 $222 1.0 %
Cash -- -- -- -- -- -- 222 222 1.0 1.0 %
Total Fund $8,475 $3,976 $8,462 $724 $470 $379 $222 $22,707 100.0 % 100.0 %
Percent of Total 37.3% 17.5% 37.3% 3.2% 2.1% 1.7% 1.0% 100.0%
TOTAL FUND
Performance Illinois Municipal Retirement Fund
RETURN SUMMARY
ENDING 6/30/08
1 Year Ending 3 Years Ending 5 Years Ending 10 Years Ending
Month Second Quarter Year-To-Date 6/30/08 6/30/08 6/30/08 6/30/08
Total Fund -4.6 % -0.3 % -6.0 % -4.1 % 7.6 % 9.8 % 6.6 %
Total Fund Benchmark -4.4 -0.8 -4.9 -2.3 7.0 8.8 6.0
U.S. Equity -7.8 -0.4 -10.8 -11.6 5.6 9.8 5.3
DJ Wilshire 5000 Index -8.1 -1.6 -10.9 -12.5 5.0 8.7 3.6
Fixed Income -0.5 -0.5 0.3 4.9 4.0 4.3 5.4
LB Aggregate Bond Index -0.1 -1.0 1.1 7.1 4.1 3.9 5.7
Non-U.S. Equity -7.8 -0.7 -10.6 -8.4 15.6 19.5 9.9
MSCI All Country World ex-U.S.
-8.2 -1.1 -10.2 -6.6 15.7 18.9 7.3
Index
Real Estate -1.7 1.8 1.9 4.1 13.0 11.7 9.3
Blended Benchmark 0.6 1.9 3.7 11.4 10.6 9.6 8.6
Alternative Investments -0.2 1.3 0.6 8.5 14.9 14.3 11.5
Alternatives Custom Benchmark 0.9 2.9 5.8 12.0 12.0 12.1 13.4
The Total Fund's investments fell -4.6% during the month, trailing the performance of the Total Fund Benchmark by approximately
0.2%. Disappointing results came from the fixed income, real estate, and alternative investments components while U.S. and non-U.S.
equity outperformed their respective benchmarks. Each asset class experienced a negative return in June.
During the second quarter, the Total Fund fell -0.3%; however, relative results were favorable as the Total Fund Benchmark lost -0.8%.
The Alternatives Custom Benchmark is based on an annualized rate of return of 12.0%. Prior to 2004, the Benchmark was based on an annual return of
13.0%. Prior to 2003, it was based on an annual return of 15.0%.

MANAGER SUMMARY
Illinois Municipal Retirement Fund Large Cap U.S. Equity Managers
RETURN SUMMARY LARGE CAP GROWTH

ENDING 6/30/08
1 Year Ending 3 Years Ending 5 Years Ending
Month Second Quarter Year-To-Date 6/30/08 6/30/08 6/30/08 Since Inception Inception Date
Alliance -6.3 % 2.9 % -10.8 % -3.3 % 7.0 % 8.5 % 3.2 % 1/31/02
Blended Benchmark -7.2 1.2 -9.1 -6.0 5.5 6.7 2.6
Holland -5.8 4.2 -5.0 -3.3 5.3 7.6 10.1 9/30/94
NTI S&P 500/Citigroup Growth
-5.9 2.0 -8.1 -5.9 5.7 6.8 2.2 7/31/01
Index
S&P 500/Citigroup Growth Index -5.9 2.1 -8.1 -5.8 5.6 6.8 2.2
Sands -6.5 4.9 -10.9 -0.4 4.4 -- 8.2 9/30/03
Blended Benchmark -7.2 1.2 -9.1 -6.0 5.5 -- 6.5
Russell 1000 Growth Index -7.2 1.2 -9.1 -6.0 5.9 -- 6.9
The Fund's large cap growth managers in aggregate exceeded the return of the Blended Benchmark in June as each manager
outperformed. Holland exceeded the benchmark primarily due to favorable sector allocation while financials holdings such as TD
Ameritrade and Goldman Sachs outperformed the battered Index sector. The greatest contributions to Alliance's outperformance were
a significant underweight allocation to the consumer discretionary sector and strong stock selection among biotech and pharmaceutical
names including Alcon, Celgene, Genentech, and Teva. Sands outpaced the benchmark return on the strength of the portfolio's sector
allocation while National Oilwell Varco, Schlumberger, and Genzyme led individual stock contributors. Google, Apple, and Las Vegas
Sands were the largest detractors for the month. The NTI S&P 500/Citigroup Growth Index Fund added value as the Index
outperformed the component benchmark.
The Fund's large cap growth portfolio has performed favorably over the long-term.
The Blended Benchmark is currently the Russell 1000 Growth Index. The Blended Benchmark's historical returns prior to January 1, 2006 reflect those
of the S&P 500/Barra Growth Index.

MANAGER SUMMARY
Large Cap U.S. Equity Managers Illinois Municipal Retirement Fund
RETURN SUMMARY LARGE CAP VALUE

ENDING 6/30/08
Dodge & Cox -10.5 % -4.1 % -14.9 % -20.2 % 3.6 % -- 9.2 % 8/31/03
Blended Benchmark -9.6 -5.3 -13.6 -18.8 3.7 -- 8.0
Russell 1000 Value Index -9.6 -5.3 -13.6 -18.8 3.5 -- 8.6
Harris -7.1 1.3 -9.6 -8.9 7.8 13.1 7.6 12/31/00
Blended Benchmark -9.6 -5.3 -13.6 -18.8 3.7 8.7 2.3
LSV -10.8 -5.6 -15.0 -20.3 4.0 11.0 12.4 12/31/02
Blended Benchmark -9.6 -5.3 -13.6 -18.8 3.7 8.7 10.2
NTI S&P 500/Citigroup Value
-11.2 -7.7 -16.0 -20.1 3.1 8.3 2.3 6/30/99
Index
S&P 500/Citigroup Value Index -11.2 -7.8 -16.0 -20.2 3.2 8.4 2.3
The Total Fund's large cap value managers in aggregate trailed the return of the Blended Benchmark during the month as only Harris
outperformed. The manager's strong relative return was driven by an overweight exposure to materials stocks at the expense of
financials sector positions. Dodge & Cox faced steeper declines than the benchmark due to its positions in Wachovia and American
International Group, both of which experienced dramatic price declines amid organizational issues and ongoing loan portfolio concerns.
LSV lagged the Index as a result of both weak sector allocation and stock selection. Overweight allocations to the financials and
consumer discretionary sectors at the expense of the defensive utilities sector hurt performance while individual holdings Comerica
Bank, Huntington Bancshares, and Goodyear surrendered additional value. The NTI S&P 500/Citigroup Value Index Fund hampered
the aggregate return as the Index trailed the component benchmark.
The Fund's large cap value managers in aggregate outperformed the Blended Benchmark over the trailing one-, three-, and five-year
periods.
The Blended Benchmark is currently the Russell 1000 Value Index. The Blended Benchmark's historical returns prior to January 1, 2006 reflect those of
the S&P 500/Barra Value Index.

MANAGER SUMMARY
Illinois Municipal Retirement Fund Core U.S. Equity Managers
RETURN SUMMARY ACTIVE CORE

ENDING 6/30/08
1 Year Ending 3 Years Ending
Month Second Quarter Year-To-Date 6/30/08 6/30/08 Since Inception Inception Date
Progress -7.1 % 0.9 % -9.4 % -9.4 % 6.2 % 5.6 % 12/31/04
DJ Wilshire 5000 Index -8.1 -1.6 -10.9 -12.5 5.0 4.3
The Progress portfolio was added to the IMRF investment program in December of 2004. The portfolio currently invests in fourteen
underlying emerging investment managers. The underlying investment managers have varying investment styles, but in aggregate the
portfolio is benchmarked to the DJ Wilshire 5000 Index. Progress exceeded the benchmark in June as large allocations to Atlanta Life
and Piedmont added value. Palisades was the weakest contributor during the month.
The NTI MarketCap Equity Index Fund approximated the return of the DJ Wilshire 5000 Index over all time periods, while experiencing
slightly negative tracking in recent years.
RETURN SUMMARY CORE U.S. EQUITY INDEX FUND

ENDING 6/30/08
NTI MarketCap Equity Index
-8.2 % -1.6 % -11.2 % -12.9 % 4.8 % 8.6 % 11.6 % 12/31/84
Fund
DJ Wilshire 5000 Index -8.1 -1.6 -10.9 -12.5 5.0 8.7 11.6

MANAGER SUMMARY
Small Cap U.S. Equity Managers Illinois Municipal Retirement Fund
RETURN SUMMARY SMALL CAP GROWTH

ENDING 6/30/08
Buford -8.0 % 3.1 % -10.5 % -4.3 % -- -- 12.3 % 10/31/06
Russell 2000 Growth Index -6.0 4.5 -8.9 -10.8 -- -- -0.2
Copper Rock -5.1 5.7 -20.4 -16.9 -- -- 3.0 9/30/06
Russell 2000 Growth Index -6.0 4.5 -8.9 -10.8 -- -- 3.4
Cordillera -7.3 1.7 -22.4 -24.6 -- -- -6.1 9/30/06
Russell 2000 Growth Index -6.0 4.5 -8.9 -10.8 -- -- 3.4
Fortaleza -4.6 7.1 -15.2 -11.9 -- -- 0.2 11/30/06
Russell 2000 Growth Index -6.0 4.5 -8.9 -10.8 -- -- -1.7
Frontier -7.0 4.0 -5.4 -8.7 9.0 12.1 14.1 6/30/88
Pyramis Small Co. -4.1 5.5 -3.2 -1.7 13.6 18.5 15.2 6/30/88
The Total Fund's small cap growth portfolio exceeded the return of the Russell 2000 Growth Index during the month as Copper Rock,
Fortaleza, and Pyramis outperformed. Copper Rock's strong performance was attributable to companies which benefited from spiking
commodities prices including coal producer Massey Energy (+45%) and oil drilling supplier T3 Energy (+23%). Fortaleza was able to
advance within the health care and energy sectors though all other sectors were negative for the month. Pyramis continued to benefit
from a significant overweight allocation to energy stocks while materials holdings in aggregate also achieved a positive return.
Frontier lagged the Index as its overweight exposure to energy and underweight exposure to financials could not offset the headwinds
from overweight positions in the autos & transportation and consumer discretionary sectors. The manager has trimmed positions in
certain energy holdings in recognition of their sensitivity to a sudden drop in oil prices following the historic run-up. Underperformance
from Cordillera was almost entirely attributable to an underweight allocation to the energy and integrated oil sectors. Stock selection
results were mixed with consumer discretionary and health care holdings detracting the most from relative performance.
The small cap growth portfolio has fared very well relative to the benchmark over the long-term, outperforming considerably in each of
the trailing periods.

MANAGER SUMMARY
Illinois Municipal Retirement Fund Small Cap U.S. Equity Managers
RETURN SUMMARY SMALL CAP VALUE

ENDING 6/30/08
Dimensional Small Cap Value -9.8 % -5.9 % -12.2 % -25.5 % 1.9 % 13.1 % 13.4 % 12/31/95
Inv. Counselors of Maryland -8.2 1.5 -6.1 -12.0 7.6 13.2 14.3 3/31/99
The Fund's small cap value portfolio exceeded the return of the Russell 2000 Value Index in June as the Investment Counselors of
Maryland portfolio outperformed. The manager established several positions in beaten-down industries such as aerospace, autos, and
retail. DFA shed -9.8% during the month with the small cap and value biases putting the portfolio at a considerable disadvantage given
the market environment. On the positive side, favorable sector allocation held up relative performance.
The small cap value portfolio in aggregate has outperformed the return of the Russell 2000 Value Index over each of the longer-term
periods shown above.
RETURN SUMMARY MICRO CAP

ENDING 6/30/08
Dimensional Micro Cap -8.8 % -3.5 % -13.2 % -21.9 % 2.1 % 10.6 % 11.4 % 6/30/87
Wall Street -5.9 1.2 -17.6 -20.3 6.2 12.6 15.8 6/30/90
Russell 2000 Index -7.7 0.6 -9.4 -16.2 3.8 10.3 9.7
The Total Fund's micro cap portfolio lagged the Russell 2000 Growth Index during the month as DFA was a significant detractor.
The manager's lagging performance was entirely due to the portfolio's smaller cap composition relative to the benchmark's growth tilt.
Wall Street slightly outperformed amid wide return dispersions from its varying sectors.
Over the long-term periods shown above, the micro cap portfolio has significantly exceeded the return of the benchmark.

MANAGER SUMMARY
Non-U.S. Equity Managers Illinois Municipal Retirement Fund
RETURN SUMMARY NON-U.S. EQUITY LARGE CAP GROWTH

ENDING 6/30/08
GlobeFlex -6.1 % 2.5 % -6.0 % -3.7 % -- -- 12.6 % 2/28/06
-8.2 -1.1 -10.2 -6.6 -- -- 9.8
Index
-7.1 1.0 -7.9 -1.4 -- -- 11.9
Growth Index
EARNEST Partners -7.6 2.1 -8.7 0.8 23.3 -- 24.1 8/31/04
-8.2 -1.1 -10.2 -6.6 15.7 -- 17.3
Index
-7.1 1.0 -7.9 -1.4 17.3 -- 18.3
Growth Index
William Blair -7.8 -1.1 -11.4 -6.6 16.3 20.1 18.0 8/31/02
-8.2 -1.1 -10.2 -6.6 15.7 18.9 17.1
Index
-7.1 1.0 -7.9 -1.4 17.3 18.4 16.7
Growth Index
McKinley Capital -4.5 2.4 -8.7 -5.0 -- -- 11.9 2/28/06
-8.2 -1.1 -10.2 -6.6 -- -- 9.8
Index
-7.1 1.0 -7.9 -1.4 -- -- 11.9
Growth Index
Brown -7.6 -3.9 -16.1 -14.9 11.3 -- 14.3 8/31/04
-8.2 -1.1 -10.2 -6.6 15.7 -- 17.3
Index
-7.1 1.0 -7.9 -1.4 17.3 -- 18.3
Growth Index
The Total Fund's large cap non-U.S. equity managers in aggregate exceeded the MSCI All-Country World ex-U.S. Index during the
month. McKinley led all managers as energy and materials holdings boosted its relative return. The manager is considering adding
positions in these sectors while they believe China, South Korea, and Canada are attractive from a country perspective. In addition to
correctly playing the materials, financials, and energy sectors, GlobeFlex benefited from strong performance within the U.K., Hong
Kong, and Australia. EARNEST Partners outpaced the Index with health care stocks making the greatest impact. Czech
pharmaceutical company Zentiva (+14%) and ICON Clinical Research (+7%) of Ireland were notable contributors. Despite failing to
outperform the Growth Index, Brown's favorable regional allocation, particularly overweight exposure to Japan and underweight
exposure to emerging Asia, offset poor sector selection and allowed the manager to surpass the primary benchmark.
RETURN SUMMARY NON-U.S. EQUITY CORE

ENDING 6/30/08
Month Second Quarter Since Inception Inception Date
Arrowstreet -8.3 % -1.3 % -4.2 % 2/29/08
MSCI All Country World ex-U.S. Index -8.2 -1.1 -3.3
Arrowstreet fell just short of the benchmark for the month and quarter and remains behind the Index over the brief since-inception
period.

MANAGER SUMMARY
Illinois Municipal Retirement Fund Non-U.S. Equity Managers
RETURN SUMMARY NON-U.S. EQUITY LARGE CAP VALUE

ENDING 6/30/08
Brandes -9.7 % -2.1 % -13.8 % -15.1 % 11.4 % 17.9 % 13.8 % 9/30/95
-8.2 -1.1 -10.2 -6.6 15.7 18.9 7.6
Index
-9.3 -3.2 -12.5 -11.8 14.0 19.3 --
Value Index
Brandes had a lackluster month in both absolute and relative terms. The manager suffered from weak performers in the commercial
banks, communications equipment, and insurance industries, including Mizuho Financial Group (Japan), Ericsson Telephone Company
(Sweden), and AEGON Group (Netherlands), respectively.
RETURN SUMMARY NON-U.S. EQUITY INDEX

ENDING 6/30/08
NTI EAFE Index -8.1 % -2.0 % -10.6 % -10.1 % 13.2 % 17.1 % 3.9 % 12/31/99
MSCI EAFE Index -8.2 -2.3 -11.0 -10.6 12.8 16.7 3.5
The NTI EAFE Index approximated the return of the MSCI EAFE Index over the one-month and trailing one-year periods with positive
tracking during all periods shown above.
RETURN SUMMARY NON-U.S. EMERGING MARKETS

ENDING 6/30/08
Genesis -8.6 % -1.0 % -7.9 % 2.7 % 24.7 % 25.0 % 3/31/04
MSCI Emerging Markets Index -10.0 -0.9 -11.8 4.6 27.1 24.0
Genesis outperformed in June despite a significant underweight allocation to the energy sector. Solid performance from companies
based in South Africa and Taiwan boosted results on a country basis while technology and industrials holdings added value in terms of
security selection.
RETURN SUMMARY NON-U.S. EQUITY SMALL CAP

ENDING 6/30/08
1 Year Ending
Month Second Quarter Year-To-Date 6/30/08 Since Inception Inception Date
AXA Rosenberg -6.1 % 1.1 % -4.8 % -15.7 % 9.3 % 12/31/05
Citigroup Extended Market World
-7.8 -3.3 -10.0 -14.5 9.3
Ex-U.S. Index
AXA Rosenberg outperformed the benchmark in June as avoiding highly leveraged financial companies continued to add value.
However, the manager is selectively adding bank stocks to the portfolio as attractive valuations merit.

MANAGER SUMMARY
U.S. Fixed Income Managers Illinois Municipal Retirement Fund
RETURN SUMMARY CORE FIXED INCOME

ENDING 6/30/08
EARNEST Partners -0.1 % -0.6 % 0.7 % 5.5 % 3.8 % 4.0 % 5/31/05
LB Aggregate Bond Index -0.1 -1.0 1.1 7.1 4.1 4.2
Piedmont 0.0 -1.3 0.3 5.2 3.6 3.7 5/31/05
Taplin Canida & Habacht 0.1 0.7 0.5 4.2 3.6 3.9 4/30/05
The Fund's core fixed income managers in aggregate marginally exceeded the Lehman Brothers Aggregate Bond Index during the
month. Taplin Canida benefited from callable debt securities while the declining interest rate environment during the second half of the
month was welcome with a long duration exposure. EARNEST Partners approximated the benchmark during June as the manager's
high quality orientation offset disappointing spread sector returns. Since EARNEST Partners has added yield to the portfolio through
purchases following periods of spread widening, the manager expects its yield to drive future performance without sacrificing quality.
Each of the core fixed income managers has trailed the Index over long-term periods.
RETURN SUMMARY CORE PLUS FIXED INCOME

ENDING 6/30/08
BlackRock Core Plus -0.6 % -0.8 % 0.4 % 6.7 % -- -- 4.5 % 3/31/07
LB Aggregate Bond Index -0.1 -1.0 1.1 7.1 -- -- 5.2
LM Capital -0.5 -1.0 1.3 6.4 4.6 -- 4.8 4/30/05
LB Aggregate Bond Index -0.1 -1.0 1.1 7.1 4.1 -- 4.4
Progress - Fixed Income -0.1 -1.3 0.7 6.6 -- -- 5.5 11/30/05
LB Aggregate Bond Index -0.1 -1.0 1.1 7.1 -- -- 5.2
Western -2.1 -1.2 -3.1 -1.1 2.4 3.9 5.4 9/30/01
The Fund's core plus fixed income managers collectively trailed the Lehman Brothers Aggregate Bond Index during the month as none
of the managers added value. LM Capital cited weak security selection as the cause of lagging performance with holdings GMAC, CIT
Group, Hynix Semiconductor, and China Properties derailing results. BlackRock struggled during June as its bet on a steepening yield
curve failed to materialize. Western suffered from a blowout in spreads as the health of the economy came into question in June.
Financials and high yield corporate securities were especially harmful, while non-U.S. debt detracted as central bankers increasingly
signal tightening ahead. Core managers Ambassador Capital and newcomer Black Knight lifted the Progress portfolio to break even
with the Index.

MANAGER SUMMARY
Illinois Municipal Retirement Fund U.S. Fixed Income Managers
RETURN SUMMARY CORE PASSIVE FIXED INCOME

ENDING 6/30/08
NTI Lehman Aggregate Bond
0.1 % -1.0 % 1.2 % 7.2 % 4.1 % 3.9 % 7.1 % 12/31/89
Index
The Fund's core passive fixed income manager, NTI Lehman Aggregate Bond, approximated the benchmark during the month. The
portfolio has closely tracked the Index over all trailing periods.
RETURN SUMMARY ENHANCED INDEX FIXED INCOME

ENDING 6/30/08
BlackRock Enhanced -0.4 % -0.6 % 0.6 % 6.9 % 4.0 % 3.9 % 6.3 % 3/31/00
The BlackRock Enhanced Index portfolio trailed the return of the Lehman Aggregate Bond Index during the month due to a decline of
spread sectors as risk aversion returned to the debt markets. In addition, a steepening yield curve positioning modestly detracted.
Long-term performance for the portfolio has been favorable.
RETURN SUMMARY HIGH YIELD FIXED INCOME

ENDING 6/30/08
MacKay Shields -1.2 % 2.2 % -0.7 % -0.8 % 5.8 % 9.2 % 9.9 % 9/30/00
Merrill Lynch High Yield Cash Pay
-2.7 1.8 -1.2 -2.0 4.6 6.8 6.6
Index
Pyramis High Yield -1.9 2.9 -0.6 -1.7 5.3 7.9 9.7 6/30/86
Merrill Lynch High Yield Cash Pay
-2.7 1.8 -1.2 -2.0 4.6 6.8 8.4
Index
The Fund's high yield fixed income portfolio outperformed the return of the Merrill Lynch High Yield Cash Pay Index during the month.
The strong performance of the MacKay Shields portfolio was the result of the manager's defensive positioning while the high yield
market fell out of favor. MacKay Shields continued to be bearish on the economy but will slowly add positions in anticipation of a
rebound in the next year. Pyramis benefited from an underweight allocation to the troubled autos sector and print directory industry.
Excluding rental car companies Hertz and Avis also aided relative results.
The high yield portfolio's longer-term performance has been favorable.

MANAGER SUMMARY
Real Estate Managers Illinois Municipal Retirement Fund
RETURN SUMMARY OPPORTUNISTIC REAL ESTATE*

ENDING 6/30/08
Lazard Freres 0.0 % 0.3 % -2.5 % 0.5 % 15.2 % 11.4 % -0.5 % 7/31/98
Olympus Real Estate Fund II 0.0 0.1 -5.2 -10.0 -4.0 -11.5 -4.6 5/31/98
Prudential SVI I 0.0 66.7 66.7 79.8 44.8 35.7 18.3 9/30/97
Security Capital -9.9 -0.7 -7.7 -14.3 6.3 17.8 16.3 10/31/97
RETURN SUMMARY CORE REAL ESTATE*

ENDING 6/30/08
BlackRock Granite Fund -1.2 % -0.4 % 0.8 % -- -- -- 6.1 % 7/31/07
Blended Benchmark 0.6 1.9 3.7 -- -- -- 10.0
Morgan Stanley Buckhead 0.0 7.1 8.8 12.2 16.8 14.2 13.3 7/31/95
Morgan Stanley Prime Property -1.0 -1.0 2.0 5.8 -- -- 5.8 6/30/07
Blended Benchmark 0.6 1.9 3.7 11.4 -- -- 11.4
Sentinel 0.0 -1.1 -1.2 3.9 10.4 9.0 6.2 9/30/85
*The Blended Benchmark reflects the previous real estate benchmark with the new real estate policy benchmark of NPI + 1.0% which was changed as
of January 1, 2007. As the returns of the NPI are updated quarterly, an approximation of the Index will be used during the first two months of each
quarter.
MANAGER SUMMARY
Illinois Municipal Retirement Fund Alternative Investment Managers
RETURN SUMMARY ABSOLUTE RETURN*

ENDING 6/30/08
Grosvenor Institutional Partners -0.5 % 1.2 % -1.7 % 1.0 % 8.1 % 7.9 % 7.4 % 12/31/01
Harris Aurora -1.0 2.4 -1.7 4.0 10.3 10.2 9.3 9/30/01
Mesirow Multi Manager Fund -3.1 -0.5 -3.9 -3.6 8.0 8.7 7.7 12/31/01
RETURN SUMMARY PRIVATE EQUITY*

ENDING 6/30/08
Abbott Capital 0.6 % 0.0 % 1.9 % 16.2 % 21.8 % 21.2 % 16.7 % 5/31/87
Muller & Monroe -0.9 -4.6 -4.6 -1.3 -22.2 -- -21.8 5/31/05
Alternatives Custom Benchmark 0.9 2.9 5.8 12.0 12.0 -- 12.0
Pantheon 1.7 2.9 5.1 19.9 23.5 19.4 10.5 9/30/00
RETURN SUMMARY AGRICULTURE**

ENDING 6/30/08
Cozad/Westchester 0.0 % 0.0 % -5.7 % -1.3 % 14.5 % 11.1 % 6.4 % 9/30/97
NCREIF Farmland Index -
-- -- -- -- -- -- --
Permanent Crops
RETURN SUMMARY TIMBER**

ENDING 6/30/08
Forest Investment Assoc. 0.0 % 11.6 % 16.7 % 18.2 % 5.5 % 4.2 % 10.6 % 9/30/92
NCREIF Timber Index - South -- -- -- -- -- -- --
*The Alternatives Custom Benchmark is based on an annualized rate of return of 12.0%. Prior to 2004, the Benchmark was based on an annual return
of 13.0%. Prior to 2003, it was based on an annual return of 15.0%.
**The Blended Benchmark reflects previous real estate benchmark with the new real estate policy benchmark of NPI + 1.0% which was changed as of
January 1, 2007.

MANAGER SUMMARY
Illinois Municipal Retirement Fund
Five Best Performing Portfolios vs. Benchmarks

Manager Year-to-Date Outperformance
(in % points)
Prudential 63.0
Forest 13.0
Fidelity Small Co. 5.7
AXA Rosenberg 5.2
Morgan Stanley Buckhead 5.1
Five Worst Performing Portfolios vs. Benchmarks

Manager Year-to-Date Underperformance
(in % points)
Cordillera -13.5
Copper Rock -11.5
Security Capital -11.4
Muller & Monroe -10.4
Mesirow -9.7
Five Highest Returning Portfolios

Manager Year-to-Date Return
(in % points)
Prudential 66.7
Forest 16.7
Morgan Stanley Buckhead 8.8
Pantheon 5.1
Morgan Stanley Prime Property 2.0
Five Lowest Returning Portfolios

Manager Year-to-Date Return
(in % points)
Cordillera -22.4
Copper Rock -20.4
Wall St. -17.6
Brown -16.1
NTI S&P Value -16.0

(This page left blank intentionally)
26
Questions and discussion followed.
(08-07-02) (Consent Agenda) The Chairman presented an agenda consisting of

a Consent Agenda. The following items remained on the Consent Agenda since no
Board member asked for their removal.
Approval of Minutes
Regular Meeting #08-06-27; June 27, 2008
Schedules - Dated July 25, 2008
Schedule A - Benefit award listing of retirement, temporary

disability, death benefits, and refund of employee
contributions processed during the preceding calendar
month under Article 7 of the Illinois Pension Code.
Schedule B - Adjustment of Benefit Awards showing adjustments required

in benefit awards and the reasons therefore.
Schedule C - Benefit Cancellations.
Schedule D - Expiration of Temporary Disability Benefits terminated

under the provisions of Section 7-147 of the Illinois
Pension Code.
Schedule E - Total and Permanent Disability Benefit Awards recommended

by the Fund's medical consultants as provided by Section
7-150 of the Illinois Pension Code.
Schedule F - Benefits Terminated.
Schedule G - Administrative Benefit Denials.
Schedule P - Administrative Denial of Application for Past Service

Credit.
Schedule S - Prior Service Adjustments
Schedule T - Report of Expenditures
Administration - Master Trustee Report
The Master Trustee Report for the month of April 2008 was prepared by The Northern
Trust Company.
June Interim Financial Statements
Participation of New Units of Government
Chillicothe Public Library District

Peoria County
2008 Rate: 11.32%
Effective Participation Date: August 1, 2008
Number of Employees: 11
07/25/08 Page 23786

Village of South Barrington
Cook County
2008 Rate: 15.22%
Effective Participation Date: September 1, 2008
Participation of Townships
Township of Danforth
County: Iroquois
TWP Cost Rate: 12.12%
Township of Ophir
County: LaSalle
Township of Senachwine
County: Putnam
Bids
External Security Manager for zVSE and CICS/TS

Low Bidder: CSI International
Low Bid: $27,025.00.
Priority Support for Suse Linux Enterprise Server for IBM zSeries
Low Bidder: Alliance Technologies
Low Bid: $26,082.46
High-Speed Digital Copier Software Upgrade

Bidder: Danka Office Imaging Supply
Low Bid: $24,300.
Telecommunications System – Adjusted Purchase Cost
Company: CCC/Avaya
Standard Bid Configuration: $252,666

Adjustments/Options: 36,898
Adjustment System Purchase Cost: $289,564
It was moved by Mr. Ross, seconded by Mr. Rasins, to approve the items on the
Consent Agenda.
Vote: Unanimous Voice Vote

Absent: None
(08-07-03) (Report of the Benefit Review Committee) The Chair reported on

the Benefit Review Committee Meeting held on July 24, 2008.
07/25/08 Page 23787

It was moved by Ms. Rademacher, seconded by Mr. Shoop, to accept the following
recommendations of the Benefit Review Committee:
o denial of the application for temporary disability benefits filed by

Pamela Harris based upon the extent of her claimed medical condition.
o denial of the application for total and permanent disability benefits

filed by Maria Granados based upon the extent of her claimed medical
condition.
o denial of the application for temporary disability benefits filed by

Kathleen Nelson based upon the extent of her claimed medical condition.
o reinstatement of Board Schedule H (Final Administrative Action – Denial)

to be used whenever an appeal of an Administrative Staff Determination
concerns only legal, as opposed to factual, issue(s).

Absent: None
(08-07-04) (Report of the Investment Committee) The Chair reported on

the Investment Committee Meeting held on July 24, 2008.
The Investment Committee heard a request from the Director of Investments

for authorization to initiate a search for a real estate manager-of-
managers that would be responsible for placing assets with minority and
women-owned real estate investment firms. He further recommended that
IMRF commit up to $75 million to this fund, with the final selection of
manager-of-managers subject to an interview process conducted by the
Investment Committee. This program would be undertaken in conjunction
with at least two other Illinois public pension plans; State Universities
Retirement System and Chicago Teachers’ Pension Fund.
The Investment Committee voted to recommend the Board approve the

following:
o authorization of a search for a real estate manager-of-managers that would be

responsible for placing assets with minority and women-owned real estate
investment firms;
o allocation of up to $75 million to this fund; and
o the final selection of the real estate manager-of-managers being subject to

an interview process conducted by the Investment Committee.
The Director of Investments reported that EnnisKnupp was not available to

present the 2008 Asset Liability Study to the Committee due to a family
emergency with key personnel who worked on this study.
The Investment Committee voted to postpone the presentation of the 2008 Asset
Liability Study until the August 21, 2008 Investment Committee Meeting.
Next, the Committee discussed personnel changes in the real estate consulting
division of EnnisKnupp.
07/25/08 Page 23788

Lastly, the Director of Investments discussed Investment Committee activities
taking place over the next three months, which included a request that was
approved by the Committee for an Investment Committee Meeting on September 24,
2008, and an extended meeting on October 23, 2008.
After questions and discussion, it was moved by Mr. Rasins, seconded by Ms.
Thompson, to approve the recommendations of the Investment Committee.

Absent: None
(08-07-05) (Litigation Update) The following is an update of the

currently pending litigation:
ADELPHIA RECOVERY TRUST vs. BANK OF AMERICA, N.A., et al.
Summary: The Adelphia Recovery Trust (“ART”) filed suit for recovery of
the proceeds paid to bondholders as part of the Adelphia
bankruptcy case. ART alleges that the bondholders were partners
in the massive fraud that resulted in the Adelphia bankruptcy
and, therefore, are not entitled to preferred creditor status.
Pending: Plaintiffs will likely appeal the trial court’s dismissal

order, once that order is made a “final order”.
IMRF vs. COMPAGNO, et al.
Summary: IMRF filed suit to recover a death benefit that was

erroneously paid to a member’s children.
Pending: IMRF’s Motion for Summary Judgment, with regard to Christina

Compagno-Coles, has been stayed pending further discovery.
IMRF’s outside counsel will continue to try to locate, and
serve, the co-defendant, Christopher Compagno.
ROBIN ROSS vs. IMRF, et al.
Summary: Board terminated temporary disability benefit.
Pending: Oral Argument will likely be scheduled within the next 60-90
days.
07/25/08 Page 23789

(08-07-06) (Report of Executive Director)
Investments
The market value of the Fund’s investment portfolio, including

short-term investments, but excluding disposition costs, totaled $23.7
billion on May 31, 2008. This was an increase of $105.8 million from the
market value as of April 30, 2008.
Fixed income investments of $1,990.1 million were made in May. The

market value of fixed income investments totaled $7,425.6 million.
Domestic equity investments of $217.8 million were made in May.

The market value of domestic equity investments totaled $9,189.8 million.
International equity investments of $621.8 million, net of

repurchase transactions of $3,831.2 million, were made in May. The market
value of international equity investments totaled $5,345.4 million.
The market value of real estate investments totaled $611.7 million.
The market value of alternative investments totaled $967.6 million.
The market value of cash equivalents totaled $144.8 million.
Second Quarter Goals Report

The Executive Director updated the Board on staff’s work towards 2008
projects and IMRF’s 2008-2009 Strategic Goals.
Quarterly Compliance Certification

The Executive Director stated IMRF has been in compliance with the
applicable Statues and Regulations and the IMRF Ethics Code and Travel
Policy during the Second Quarter 2008.
2008 Roundtable Meeting

The Executive Director reviewed an updated draft of the proposed agenda for
the 2008 IMRF Roundtable scheduled for September 24-25, 2008 at The Wyndham
Drake Hotel in Oak Brook.
(08-07-07) (Trustee Reimbursements) The Chair reported Board action

is necessary to approve payment for a Trustee’s travel expenses if the
request is submitted more than 30 days after the end of the calendar year.
Trustee Bochmann submitted a request for mileage reimbursement for a period
during 2007.
It was moved by Ms. Thompson, seconded by Ms. Faklis to approve the

Trustee’s travel expenses.

Absent: None
07/25/08 Page 23790

(08-07-08) (Committee Resignation) Ms. Voller stated due to time-off
limitations with her employer, she will be resigning from the Benefit Review
and Legislative Committees, effective August 21, 2008.
(08-07-09) (Trustee Comments) The Chair reported the following

Trustees requested authorization from the Board to attend the following
conferences:
Martha H. Rademacher “Boston Research Forum 2008”

Wellington Management
September 17-18, 2008
Boston, MA
Sharon U. Thompson “54th Annual Employee Benefits Conference”

International Foundation
November 16-19, 2008
San Antonio, TX
It was moved by Mr. Shoop, seconded by Mr. Rasins, to approve the above
Trustee requests.

Absent: None
(08-07-10) (Executive Director Performance Review) The Board met

with the Executive Director to conduct his Performance Review.
It was moved by Mr. Ross, seconded by Mr. Rasins, to authorize a 6.85714%

in compensation for the Executive Director for the period July 1, 2008
through June 30, 2009.
Vote:
Aye: Rademacher, Rasins, Ross, Shoop, Voller Faklis, Bochmann
Nay: None
It was moved by Mr. Shoop, seconded by Ms. Voller, to approve the

employment contract for the Executive Director as tendered by Seyfarth
Shaw, LLP with the insertion of the new salary amount.
Vote:
Aye: Rademacher, Rasins, Ross, Shoop, Voller Faklis, Bochmann
Nay: None
07/25/08 Page 23791

(08-07-11) (Adjournment) It was the consensus of the Board to
adjourn the Board Meeting at 11:30 p.m., to reconvene in the Fund offices,
2211 York Road, Suite 400, Oak Brook, Illinois, at 9:00 a.m. on August 22,,
2008.
President Date
Secretary Date
07/25/08 Page 23792

07/25/08 Page 23793
07/25/08 Page 23794

IMRF Market Manager Summary 2008

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ILLINOIS MUNICIPAL RETIREMENT FUND

MEETING NO. 08-07

Mr. Bochmann presided as Chair and called the meeting to order.

Ms. Enright called the roll:

Present: Shoop, Thompson, Voller, Bochmann, Faklis, Rademacher, Rasins, Ross

(08-07-01) (Investment Manager Activities - Ennis Knupp and

07/25/08 Page 23759

vox 312 715 1700

MAJOR MARKET RETURNS

MSCI All Country

MSCI All Country

Ennis Knupp + Associates 1

U.S. EQUITY MARKET RETURNS

2 Ennis Knupp + Associates

INTERNATIONAL EQUITY MARKET RETURNS

FIXED INCOME MARKET RETURNS

Ennis Knupp + Associates 3

4 Ennis Knupp + Associates

Ennis Knupp + Associates 5

6 Ennis Knupp + Associates

Ennis Knupp + Associates 7

TOTAL FUND ALLOCATION VS. TARGET AS OF 6/30/08

Ennis Knupp + Associates 9

ACTUAL VS. POLICY

10 Ennis Knupp + Associates

U.S. EQUITY ALLOCATION VS. TARGET AS OF 6/30/08

FIXED INCOME ALLOCATION VS. TARGET AS OF 6/30/08

NON-U.S. EQUITY ALLOCATION VS. TARGET AS OF 6/30/08

Ennis Knupp + Associates 11

Ennis Knupp + Associates 13

RETURN SUMMARY LARGE CAP GROWTH

14 Ennis Knupp + Associates

RETURN SUMMARY LARGE CAP VALUE

Ennis Knupp + Associates 15

RETURN SUMMARY ACTIVE CORE

RETURN SUMMARY CORE U.S. EQUITY INDEX FUND

16 Ennis Knupp + Associates

RETURN SUMMARY SMALL CAP GROWTH

Ennis Knupp + Associates 17

RETURN SUMMARY SMALL CAP VALUE

RETURN SUMMARY MICRO CAP

18 Ennis Knupp + Associates

RETURN SUMMARY NON-U.S. EQUITY LARGE CAP GROWTH

RETURN SUMMARY NON-U.S. EQUITY CORE

Ennis Knupp + Associates 19

RETURN SUMMARY NON-U.S. EQUITY LARGE CAP VALUE

RETURN SUMMARY NON-U.S. EQUITY INDEX

RETURN SUMMARY NON-U.S. EMERGING MARKETS

RETURN SUMMARY NON-U.S. EQUITY SMALL CAP

20 Ennis Knupp + Associates

RETURN SUMMARY CORE FIXED INCOME

RETURN SUMMARY CORE PLUS FIXED INCOME

Ennis Knupp + Associates 21

RETURN SUMMARY CORE PASSIVE FIXED INCOME

RETURN SUMMARY ENHANCED INDEX FIXED INCOME

RETURN SUMMARY HIGH YIELD FIXED INCOME

The high yield portfolio's longer-term performance has been favorable.

RETURN SUMMARY OPPORTUNISTIC REAL ESTATE*

RETURN SUMMARY CORE REAL ESTATE*

RETURN SUMMARY ABSOLUTE RETURN*

RETURN SUMMARY PRIVATE EQUITY*

RETURN SUMMARY AGRICULTURE**

RETURN SUMMARY TIMBER**