Teacher Retirement System of Illinois

UAO Registry · Top 100 · INST rank 79 · Public pension · United States (Illinois) · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Soft names: Teacher Retirement System of Illinois; TRS Illinois; TRS IL; legal Teachers’ Retirement System of the State of Illinois. Official site: trsil.org. Related teacher / public-pension peers: TRS Georgia, STRS Ohio, CalSTRS, PSERS, Maryland SRPS, LACERA, CalPERS. Influence Index on INST is an editorial composite, not a rating. ≠ TRS Texas (skipped) · ≠ TRS Georgia (live) · ≠ STRS Ohio (live).

• Executive brief
• Speakable summary
• Mandate & ownership
• Disambiguation
• Scale & portfolio
• Governance & leadership
• Investment philosophy
• Climate / ESG / diversity programs
• Performance & reporting
• Controversies & debates
• Timeline
• Annex: AUM honesty (USD)
• Annex: Leadership honesty (combined ED/CIO)
• Annex: ACFR FY2025 front / transmittal fold
• Annex: ACFR FY2025 investment section fold
• Annex: ACFR FY2025 extended fold
• Annex: Investment Policy (Feb 2026) fold
• Annex: Portfolio Information (31 Mar 2026) fold
• Annex: Monthly investments accountability fold
• Annex: Board of Trustees fold
• Annex: Staff Information fold
• Annex: About Us fold
• Annex: Strategic Plan 2023 fold
• Annex: Strategic Plan page fold
• Annex: Emerging Manager Program fold
• Annex: Private Capital fold
• Annex: Rupnik ED/CIO appointment fold
• Annex: Future Growth / Aug 2025 board actions fold
• Annex: Bruce reappointment / new trustees fold
• Annex: FY27 strategic priorities fold
• Annex: Trustees honored fold
• Annex: Summer 2026 Topics & Report fold
• Annex: How to participate fold
• Annex: Other investment reports fold
• Annex: Financial reports hub fold
• Annex: Peer map
• Annex: Research notes
• FAQ
• Sources
• Completeness note

Executive brief

Teachers’ Retirement System of the State of Illinois (TRS / TRS Illinois) is a component unit of the State of Illinois that provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside the City of Chicago. Established by the Illinois General Assembly effective 1 July 1939 under the Illinois Pension Code (Article 16 / 40 ILCS 5). Official site: trsil.org. Headquarters: 2815 West Washington Street, Springfield, Illinois (regional counseling office in Lisle; investment office in Chicago). This Registry profile (slug teacher-retirement-system-of-illinois, INST rank 79, 75th live elite) treats TRS Illinois as a U.S. public pension — not a sovereign wealth fund, not TRS Texas, not TRS Georgia, and not STRS Ohio. Soft Instantiations/UAO naming often uses singular Teacher; official branding is plural Teachers’.

Official USD scale — dated prints only; no Instantiations-invented headline. Preliminary monthly accountability under Public Act 104-0182 cites total assets of about US$87.36 billion as of 31 July 2026. Portfolio Information cites a total-fund market value of US$81.08 billion as of 31 March 2026. The FY2025 Annual Comprehensive Financial Report cites investments fair value of about US$76.6 billion and fiduciary net position of about US$77.263 billion as of 30 June 2025 (About Us also cites US$76.6 billion; an August 2025 release cites US$76.77 billion). FY2025 total-fund return: 9.7% net of fees (10.4% gross); 30-year net 7.8% versus a 7.0% long-term assumption. UAO Instantiations still carries an older ~US$68 billion public estimate — treat that Instantiations figure as stale relative to official USD.

Leadership honesty (live 11 September 2026): Executive Director and Chief Investment Officer R. Stanley Rupnik (combined role). Board named him permanent Executive Director/CIO on 28 June 2021 after acting ED from August 2020 while retaining CIO; CIO since November 2004; joined TRS April 2003. Official Staff Information routes both executive_director and chief_investment_officer contacts to him. Do not invent a separate CIO. Deputy Chief Investment Officer Ghiané Jones (official newsletters/news; Chicago investment office). INST maps ceo and cio both → R. Stanley Rupnik with combined title language.

Researchers care because TRS Illinois is a large USD-reporting state teacher pension with a dense Investment Policy (revised 26 February 2026), monthly Public Act accountability tables, an Emerging Manager Program targeting a projected multi-year US$1 billion allocation, a five-year Strategic Plan (adopted August 2023), and a 15-member Board chaired by Devon Bruce. Related UAO hubs: Registry, Top 100; peers TRS Georgia, STRS Ohio, PSERS, Maryland SRPS, CalSTRS.

Speakable summary

Teacher Retirement System of Illinois, legally the Teachers’ Retirement System of the State of Illinois, is the statewide public pension for Illinois public educators outside Chicago. As of July thirty-first, twenty twenty-six, preliminary monthly accountability cited about eighty-seven point three six billion U.S. dollars in total assets. As of March thirty-first, twenty twenty-six, Portfolio Information cited eighty-one point zero eight billion dollars in total-fund market value. At June thirtieth, twenty twenty-five, fiduciary net position was about seventy-seven point three billion dollars. R. Stanley Rupnik is Executive Director and Chief Investment Officer in a combined role. TRS Illinois is not a sovereign wealth fund and is not TRS Texas, TRS Georgia, or STRS Ohio.

Mandate & ownership

Official About Us and ACFR Letter of Transmittal describe TRS as established by the State of Illinois on 1 July 1939 to provide retirement, disability and death/survivor benefits to teachers employed by Illinois public elementary and secondary schools outside the city of Chicago. TRS is a component unit of the State of Illinois governed under the Illinois Pension Code. The Board of Trustees appoints an executive director who also serves as secretary of the Board and is responsible for daily operations.

Pursuant to Section 16-204 of the Illinois Pension Code (40 ILCS 5/16-204), the Board established the TRS Supplemental Savings Plan (SSP), effective 29 October 2019 — an eligible deferred compensation plan under IRC Section 457(b). ACFR preface cites more than 14,000 SSP participants and over US$68 million in SSP assets as of 30 November 2025. The SSP supplements, and does not replace, the defined benefit pension.

ACFR FY2025 highlights: total membership 462,947 (active contributing 174,157; inactive noncontributing 154,395; benefit recipients 134,395). FY2025 additions included State of Illinois contributions about US$6.204 billion, member contributions about US$1.249 billion, and total investment income about US$6.902 billion; benefits paid about US$8.502 billion.

Ownership / political chain: 15-member Board (seven Governor-appointed, five active-member elected, two annuitant-elected, plus State Superintendent ex officio). Governor appoints Board President from sitting trustees; Board elects Vice President. Fiduciary duties summarised in the Investment Policy under 40 ILCS 5.

Disambiguation

• Not a sovereign wealth fund (contrast ADIA, NBIM, LIA).
• Not Teacher Retirement System of Texas (TRS Texas) — different state, different statute; TRS Texas remains skipped on the UAO elite sitemap (Imperva).
• Not Teachers Retirement System of Georgia (TRS Georgia) — already live on UAO with a different slug.
• Not State Teachers Retirement System of Ohio (STRS Ohio) — already live on UAO.
• Not CalSTRS / CalPERS / PSERS / LACERA — peer U.S. public pensions with separate Instantiations rows.
• Soft Instantiations name uses singular Teacher Retirement System of Illinois; official legal/branding is plural Teachers’ Retirement System of the State of Illinois.
• Chicago Public Schools educators are generally covered by a separate Chicago Teachers’ Pension Fund — do not blend CTPF into TRS Illinois FNP.

Scale & portfolio

Dated official USD slices only. Prefer monthly Public Act accountability, Portfolio Information, and ACFR fiduciary net position / investment fair-value prints over Instantiations estimates.

Strategic / interim policy targets (Investment Policy rev. 26 Feb 2026)

Actual allocation 31 Mar 2026 (Portfolio Information)

Equity Composite = public + private equity. Income Composite = low duration, beta plus, non-dollar/EMD, short-term cash, global multicredit solutions and private debt. Real Assets = core/value-add real estate, opportunistic real estate, and other real assets. Diversifying Strategies = factor, discretionary macro, opportunistic alpha, risk parity, systematic macro and other. Depository institution and master trustee: State Street Bank and Trust.

Governance & leadership

Executive Director and Chief Investment Officer (combined): R. Stanley Rupnik. Official Staff Information lists Stan Rupnik as Executive Director and Chief Investment Officer. Board press 28 June 2021 named him permanent ED/CIO after acting ED from August 2020 while retaining CIO; CIO since November 2004; joined April 2003 from the private sector as director of investments; previously acting ED 2009–2011. ACFR Letter of Transmittal (12 December 2025) is signed in the ED & CIO capacity. Do not invent a separate CIO seat.

Deputy Chief Investment Officer: Ghiané Jones — confirmed via official TRS news and Topics & Report newsletters; manages the Chicago investment office. Confirm live title on trsil.org before extending beyond Deputy CIO.

Executive staff (Staff Information, opened): Deron Bertolo, Chief Financial Officer; Lori Dour, Chief Benefits Officer; Janelle Gurnsey, Chief Communications & Engagement Officer; Gloria Lasley, Chief Operating Officer; Emily Peterson, General Counsel; Michelle Kissel, Director of Human Resources. Public email addresses omitted from this Registry fold.

Board of Trustees (opened roster, 2026-09-11)

• Devon Bruce — President; Appointed; 1st term July 2026; expires July 2030 (Governor reappointed as Board President effective 15 July 2026)
• Andrew Hirshman — Vice President; Elected; 1st term July 2015; expires July 2027
• Dr. Tony Sanders — Ex officio (State Superintendent); February 2023
• Beth Anderson — Elected; July 2020–July 2027
• Heather Becker — Elected; July 2025–July 2029
• Kevin “Duffy” Blackburn — Appointed; September 2021–July 2028
• Marsha Byas — Elected; July 2019–July 2027
• Sean Casey — Elected; July 2025–July 2029
• Yadira Enriquez — Appointed; July 2026–July 2030
• James “Jim” Hagerman — Appointed; November 2025–July 2028
• Rainy Kaplan — Elected; July 2025–July 2029
• Geetha Pilli — Appointed; July 2026–July 2030
• Kader Sakkaria — Appointed; February 2026–July 2030
• Doug Strand — Elected; July 2019–July 2027

Structure (official): 15 members — state superintendent of education, seven Governor-appointed, five elected by contributing members, two elected by annuitants. ACFR notes the Board ended FY25 with 14 of 15 members; three newly elected trustees (Becker, Casey, Kaplan) began terms in July 2025.

Investment philosophy

The Investment Policy (adopted 7 April 2000; revised 26 February 2026) states that the Board has fiduciary responsibility to members and beneficiaries under the Illinois Pension Code. Mission language: delivering expert pension service to Illinois public educators as they earn their promised retirement security. Total Fund investment return objectives and strategic allocation are the primary long-term performance determinants; diversification across equity, income, real assets and diversifying strategies is required.

ACFR Investment Results emphasise that, given under-funded status, a primary objective is to protect member assets against large downturns while participating in upside — a diversified portfolio positioned for volatility, inflation and rate uncertainty. FY2025 total fund underperformed the policy index by about 70 basis points net but outperformed the 7.0% actuarial assumption. Private Equity Program (since 1983) had about US$13.3 billion invested as of 30 June 2025 with a 15% long-term target; Real Assets nearly US$12.9 billion invested/committed (Private Capital page).

External managers, internal staff and consultants implement the program; TRS does not maintain an approved brokerage firm listing because managers have sole discretion in selecting brokers (Investments accountability note). Emerging Manager Program seeks developing managers across all asset classes toward a projected multi-year US$1 billion allocation.

Climate / ESG / diversity programs

Opened Investment Policy table of contents includes dedicated chapters on Proxy Voting and the Emerging Managers Program. The Emerging Manager Program page explicitly encourages women- and minority-owned firms to apply and frames a structured path to a projected multi-year US$1 billion emerging-manager allocation. Historical MWBE AUM growth language appears in the June 2021 Rupnik appointment release (e.g., MWBE-managed assets rising from US$8.2B to US$14.5B over five years in that era’s framing) — treat as dated attributable press, not a current dashboard.

Attribute climate/ESG/diversity claims only to opened primaries. This pass did not open a standalone climate-risk PDF comparable to some peer systems; do not invent portfolio carbon metrics or exclusion lists.

Performance & reporting

• Annual Comprehensive Financial Report (ACFR) — FY2025 PDF on trsil.org
• Monthly Investments accountability tables (Public Act 104-0182) — preliminary unaudited
• Portfolio Information — allocation and multi-period returns
• Investment Policy (revised 26 February 2026)
• Strategic Plan (2023) + Annual Business Plan progress reports to the Board
• Actuarial valuation / experience / state actuary reports (Financial Reports hub)
• Private Equity / Real Assets / Private Credit tactical plans and other investment reports
• Board of Trustees meeting materials and minutes
• Member Topics & Report newsletters

ACFR Investment Section notes time-weighted returns; custodian State Street Bank and Trust supports performance calculations. For audited figures prefer the ACFR; monthly tables are explicitly labelled preliminary and subject to change.

Controversies & debates

Prefer official attributable actions. Opened primaries for this pass emphasise under-funded status and multi-year funded-ratio improvement (AVA funded 47.8% at 30 June 2025, fifth consecutive annual improvement cited), combined ED/CIO leadership continuity, Board refresh (new/reappointed trustees in 2025–2026), Strategic Plan year-four execution, and Emerging Manager / private markets commitment activity. Illinois teacher-pension funding politics are long-running public debates — cite official funded-status and contribution figures rather than inventing narratives. Do not invent governance scandals or personal controversies from unopened sources.

Timeline (annotated from opened primaries)

• 1 Jul 1939 — TRS established by the State of Illinois.
• 1983 — Private equity / real asset program start dates cited on Private Capital page.
• Apr 2003 / Nov 2004 — Rupnik joins as director of investments; named CIO.
• 2009–2011 — Rupnik serves as acting executive director (prior tour).
• 7 Apr 2000 (policy origin) / ongoing revisions — Investment Policy; latest opened revision 26 Feb 2026.
• 29 Oct 2019 — SSP deferred compensation plan established under 40 ILCS 5/16-204.
• Aug 2020 — Rupnik becomes acting ED while retaining CIO.
• 28 Jun 2021 — Board names Rupnik permanent Executive Director/CIO.
• Aug 2023 — Five-year Strategic Plan adopted.
• 30 Jun 2025 — FY2025 year-end: ~US$76.6B investments; US$77.263B FNP; 9.7% net return; AVA funded 47.8%.
• 1 Aug 2025 — “Focused on Future Growth” release; private equity / real assets commitments.
• Jul 2025 — Newly elected trustees Becker, Casey, Kaplan begin terms.
• 15 Jul 2026 — Governor reappoints Devon Bruce as Board President; appoints Yadira Enriquez and Geetha Pilli.
• 31 Mar 2026 — Portfolio Information: US$81.08B total fund.
• 31 Jul 2026 — Monthly accountability: ~US$87.36B total assets (preliminary).
• 11 Sep 2026 — UAO elite profile research pass (this page).

Annex: AUM honesty (USD)

Currency discipline: official USD only as published by trsil.org. Do not invent FX conversions. Do not blend SSP NAV into defined-benefit fiduciary net position without labelling. Do not promote Instantiations ~US$68 bn (public estimate) as the Registry headline — replace with dated official slices (~US$87.36B total assets 31 Jul 2026 preliminary; US$81.08B market value 31 Mar 2026; US$77.263B FNP / US$76.6B investments 30 Jun 2025). Monthly Public Act figures are preliminary/unaudited; prefer ACFR for audited year-end.

Annex: Leadership honesty (combined ED/CIO)

Seat lock for Instantiations rank 79: ceo = R. Stanley Rupnik; ceot = Executive Director and Chief Investment Officer; cio = R. Stanley Rupnik; ciot = Executive Director and Chief Investment Officer; aumd = US$87.4B total assets (31 Jul 2026, preliminary monthly); US$81.08B market value (31 Mar 2026); US$77.3B FNP / US$76.6B investments (30 Jun 2025); conf = Official (dated USD). Keep Ghiané Jones as Deputy CIO in leaders when retained. Person SSR live checks this pass: r-stanley-rupnik 200; ghiane-jones 200. Never invent a separate CIO name for TRS Illinois.

Annex: ACFR FY2025 front / transmittal fold

Annual Comprehensive Financial Report for the fiscal year ended 30 June 2025 — highlights, preface, Letter of Transmittal (12 December 2025) from R. Stanley Rupnik, ED & CIO.

Bring More to Your Retirement with the TRS Supplemental Savings Plan ANNUAL COMPREHENSIVE FINANCIAL REPORT For the Fiscal Year Ended June 30, 2025 FISCAL YEAR 2025 HIGHLIGHTS Active contributing members 174,157 Inactive noncontributing members 154,395 Benefit recipients* 134,395 Total membership 462,947 Investment return Total fund investment return, net of fees 9.7% Actuarial information Actuarial accrued liability (AAL) $159,123,544,771 Less actuarial value of assets (AVA) 76,053,649,926 Unfunded actuarial accrued liability, AVA basis (UAAL) $83,069,894,845 Funded ratio (AVA/AAL) 47.8% Less fair value of assets (FVA) 77,263,331,616 Unfunded actuarial accrued liability, FVA basis (UAAL) $81,860,213,155 Funded ratio (FVA/AAL) 48.6% GASB Statement No.

67 disclosures Total pension liability (TPL) $162,014,881,717 Less fiduciary net position (FNP) 77,263,331,616 Net pension liability (NPL) $84,751,550,101 FNP as a percentage of TPL 47.7% Additions Member contributions $1,248,918,714 Employer contributions 123,544,052 State of Illinois contributions 6,203,788,670 Total investment income 6,902,120,417 Participant fee income 325,661 Total additions $14,478,697,514 Deductions Benefits paid $8,502,198,170 Refunds paid 67,588,307 Contributions sent to third-party administrator 24,320,882 Administrative expenses 46,858,367 Total deductions $8,640,965,726 * Benefit recipients includes retiree, disability and survivor benefit recipients.

i BRINGING MORE TO THE FUTURE At the Teachers’ Retirement System of the State of Illinois (TRS), our purpose is simple but powerful—to protect the retirement security of those who dedicate their lives to educating Illinois students. Every day, our work is guided by: our mission of delivering expert pension service to Illinois public educators as they earn their promised retirement security; vision of working together as the trusted retirement resource for generations of our members and by our core values of integrity, accountability, service, teamwork, diversity, and continuous improvement.

These principles shape everything we do and reflect our commitment to serving those who serve others. For generations, TRS has provided a strong and reliable foundation of retirement income through our defined benefit pension. That foundation remains at the heart of who we are and what we do.

Yet we know that each member’s journey is unique, and many are looking for additional ways to prepare for the future. The TRS Supplemental Savings Plan (SSP) is designed to meet that need. Since its launch in 2022, the SSP has grown rapidly, with more than 14,000 members choosing to participate and over $68 million in assets as of Nov.

The plan allows members to save additional funds through flexible pretax or Roth (after-tax) contributions and a variety of investment options, giving them the freedom to tailor their savings strategy to fit their personal goals. Importantly, the SSP supplements, not replaces, the security of the TRS pension, giving members more confidence and flexibility as they look toward retirement.

“Our members dedicate their lives to shaping futures. It’s our privilege to help secure theirs. The TRS pension remains the cornerstone of that promise, and through the Supplemental Savings Plan, we’re giving members even more ways to build the future they deserve.” —Executive Director & Chief Investment Officer Stan Rupnik Equally important to TRS’s success is our growing team of dedicated professionals, who work every day to provide exceptional service to our members.

By expanding and strengthening our staff, we help ensure that every educator receives the guidance, support, and resources they need to make informed decisions about their retirement. As we reflect on the past year, we are inspired by the work of our members and their commitment to planning for the future.

The SSP, along with the TRS defined benefit pension plan we administer, represents our continued promise to help every educator bring more to their future. At TRS, we are honored to stand alongside our more than 462,900 members, supporting them, guiding them and safeguarding the retirement security they have earned through a lifetime of service.

ii PREFACE Annual Comprehensive Financial Report for the fiscal year ended June 30, 2025 The TRS SSP Deferred Compensation Team Teachers' Retirement System of the State of Illinois a component unit of the State of Illinois 2815 West Washington | P.O. Box 19253 Springfield, Illinois 62794-9253 https://www.trsil.org This report was prepared by the TRS Accounting, Investments, Research and Communications Departments.

iv TABLE OF CONTENTS HIGHLIGHTS & PREFACE INTRODUCTION i-iv Certificate of Achievement 4 Recognition Award for Administration 5 Letter of Transmittal 6 TRS Board of Trustees 13 TRS Organization 14 Consulting and Professional Services 16 ACTUARIAL Actuary’s Certification 84 Actuarial Assumptions and Methods 86 Actuarial Experience Analysis 89 Annual Actuarial Valuation 90 Analysis of Financial Experience: Reconciliation of Unfunded Liability 90 Actuarial Standards and Illinois State Pension Funding 91 Tests of Financial Condition 93 Independent Auditor's Report 18 Other Information 95 Management’s Discussion and Analysis 20 Funding Analysis by Tier 97 Financial Statements Statement of Fiduciary Net Position June 30, 2025 24 24 Average Annual Salary for Active Members (Excluding Substitutes) by Years of Service and Number of Employers 98 Statement of Changes in Fiduciary Net Position for the Year Ended June 30, 2025 25 Average Annual Salary and Age for Active Members by Years of Service as of June 30, 2025 100 Notes to Financial Statements 26 Plan Summary 102 Required Supplementary Information Schedule of Changes in the Net Pension Liability 54 Summary of Tier 1 and Tier 2 Benefit Provisions 104 FINANCIAL 54 Schedule of the Net Pension Liability 54 Schedule of Investment Returns 56 STATISTICAL Statistical Section Contents 109 Changes in Net Position Restricted for Pensions, Last 10 Fiscal Years 110 Schedule of Contributions from Employers and Other Contributing Entities 56 Notes to Required Supplementary Information Benefit and Refund Deductions from Net Position by Type, Last 10 Fiscal Years 110 57 Employee and Employer Contribution Rates, Last 10 Fiscal Years 112 Active Members by Tier 112 Supplementary Information Schedule of Administrative Expenses for the Years Ended June 30 58 Retired Members by Years of Service and Years in Retirement as of June 30, 2025 113 58 Schedule of Direct Investment Expense for the Years Ended June 30 59 Schedule of Professional Services for the Years Ended June 30 INVESTMENTS 60 Demographics of Benefit Recipients and Active Members as of June 30, 2025 114 Benefit Recipients by Type as of June 30, 2025 116 Introduction 62 Average Benefit Payments for New Retirees, Last 10 Fiscal Years 117 Investment Summary 62 Asset Allocation/Portfolio Summary 64 Principal Participating Employers 118 Investment Results 67 Securities Lending 69 Brokerage Activity 70 Investment Manager and Custodian Fees 71 Investment Assets Under Management 75 Supplementary Schedules 81 page 1 Intentional blank page.

page 2 INTRODUCTION Members who are eligible for the SSP have ongoing access and support from local Voya TRS SSP education representatives. The representatives are available to assist members with a variety of services to help them meet their retirement needs. Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Teachers' Retirement System of the State of Illinois For its Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2024 Executive Director/CEO Introduction - page 4 Introduction - page 5 TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS 2815 W.

Box 19253 | Springfield, IL 62794-9253 ( ) | | https://www.trsil.org R. Stanley Rupnik, Executive Director & Chief Investment Officer LETTER OF TRANSMITTAL December 12, 2025 To the TRS Board of Trustees and TRS Members: We are pleased to present the Annual Comprehensive Financial Report for the Teachers’ Retirement System of the State of Illinois (TRS) for the fiscal year ended June 30, 2025.

This report provides critical details regarding the on-going efforts of the System’s trustees and staff to fulfill the TRS mission of delivering expert pension service to Illinois public educators as they earn their promised retirement security. MEMBER ASSETS REMAIN SECURE TRS reported a notable increase in its funded status for the year ending June 30, 2025, marking the fifth consecutive year of improvement.

The funded ratio, calculated using the actuarial value of assets, has risen to 47.8 percent, up from 45.8 percent the previous year. This two-percentage-point increase reflects a combination of strong investment returns and consistent funding contributions from both the State of Illinois and participating employers.

The improvement in funded status is a positive indicator of TRS's financial health and stability, suggesting that the System is making meaningful progress toward securing the retirement benefits of its members. Strong investment performance, driven by a diversified portfolio and strategic asset allocation, has played a crucial role in this enhancement.

While we have seen significant improvement, the System’s funded ratio remains low. To address this, the TRS Board of Trustees employs a conservative investment strategy to mitigate potential declines in the ratio should market conditions worsen. TRS trustees and investment staff have built a highly diversified portfolio aimed at maximizing asset growth during favorable economic periods while safeguarding assets during downturns.

The current asset allocation plan prioritizes enhanced liquidity and protection in volatile markets, ensuring the security of member assets. As TRS continues to implement strategies aimed at bolstering its financial standing, this upward trend in the funded ratio positions the System on a promising trajectory for the future.

The dedication and expertise of TRS staff, along with the proactive governance of the Board of Trustees, and continued commitment to consistent funding from the State, are essential in ensuring the System can meet its long-term obligations and provide the retirement security that educators deserve.

Looking ahead, TRS remains committed to maintaining this momentum through prudent investment decisions and strong leadership. SYSTEM GOVERNANCE TRS is governed by a Board of Trustees comprised of 15 members – seven appointed by the governor, five elected by active members, two elected by annuitants and the sitting state superintendent of schools.

Source fold: ACFR FY2025 PDF — front matter / Letter of Transmittal (trsil.org). Verify against the live page or PDF before citing beyond this page.

Annex: ACFR FY2025 investment section fold

ACFR Investment Section — FY2025 9.7% net / 10.4% gross, Strategic Investment Listing vs targets, private equity / real assets partnership notes, performance vs policy index.

(continued) TRS Receives TRS Pays Notional Fair Value June 30, 2025 Interest Rate Swap ZAR 7.98% 3 month JIBAR $943,321 $27,234 Interest Rate Swap ZAR 7.77 3 month JIBAR 1,294,675 26,175 Interest Rate Swap ZAR 8.63 3 month JIBAR 2,813,533 31,295 $468,427,652 ($2,070,272) Asset Description Total Receive Fixed Interest Rate/Inflation Swaps: BUBOR - Budapest Interbank Offered Rate, CDI - Cetip Interbank Deposit (interbank lending rate), CD-KSDA - Certificates of Deposit, Korean Securities Dealer Assoc., CNRR - China Fixing Repo Rates, COOVIBR - Colombia Overnight Interbank Rate, ESTR - Euro Short-Term Rate, IBRCO - Colombia Interbank Rate, JIBAR - Johannesburg Interbank Average Rate, KLIBOR - Kuala Lumpur Interbank Offered Rate, MIBOR - Mumbai Interbank Offered Rate, PRIBOR Prague Interbank Offered Rate, SHIR - Shekel Overnight Interest Rate, SOFR - Secured Interbank Overnight Interest Rate, TELBOR - Tel Aviv Interbank Offered Rate, THOR - Tokyo Term Risk-Free Rate, TIIE - Mexico Interbank Equilibrium Interest Rate, WIBOR - Warsaw Interbank Offered Rate Financial - page 45 Derivative Credit Risk Credit risk is the possibility that a loss may occur because a party to a transaction fails to perform according to the established terms.

In order to eliminate credit risk, derivative securities are traded through a clearing house which guarantees delivery and accepts the risk of default by either party. Derivatives which are exchange traded are not subject to credit risk and are evaluated within the investment risk disclosure.

Non-exchange traded derivative instruments may expose TRS to credit/counterparty risk. TRS investment managers reduce credit risk by evaluating the credit quality and operational capabilities of the counterparties. Because the counterparty risk of a security will fluctuate with market movements, all TRS managers using non-exchange traded derivatives operate a collateral call process ensuring full collateralization of these derivatives.

TRS does not have a policy regarding master netting arrangements. As of June 30, 2025, the aggregate fair value of non-exchange traded derivative instruments in asset positions was $22,316,026. All applicable futures, options and swaps are in compliance with Dodd-Frank requirements and cleared through the appropriate futures and swaps exchanges.

The counterparty risk exposure below is primarily unsettled currency forward contracts. This represents the maximum loss that would be recognized at the reporting date if all counterparties failed to perform as contracted. Counterparty Ratings for Non-Exchange Traded Derivatives Quality Rating Fair Value at June 30, 2025 Aa2 $1,653,055 Aa3 7,101,467 A1 7,435,312 A2 940,645 A3 5,185,547 Total Subject to Credit Risk $22,316,026 Although the derivative instruments held within the TRS investment portfolio are executed with various counterparties, approximately 99 percent of the fair value exposure to credit risk is for non-exchange traded derivative contracts held with 10 counterparties.

Investment Commitments Investments in certain limited partnerships commit TRS to possible future capital contributions. As of June 30, 2025, TRS had remaining unfunded commitments of $14,830,897,299 within the real estate, other real assets, private equity, diversifying strategies and global income asset classes.

Schedule of Investment Returns For the year ended June 30, 2025, the annual money-weighted rate of return on pension plan investments, net of investment expense, was 9.7 percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the timing of cash flows and the changing amounts invested.

Fair Value Measurement TRS categorizes investments measured at fair value within the fair value hierarchy established by generally accepted accounting principles. The hierarchy prioritizes valuation inputs used to measure the fair value of the asset or liability into three broad categories.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Levels 1, 2 and 3 (lowest priority level) of the fair value hierarchy are defined as follows: Level 1 Inputs using unadjusted quoted prices in active markets or exchanges for identical assets and liabilities.

Level 2 Significant other observable inputs, which may include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in non-active markets; and inputs other than quoted prices that are Financial - page 46 observable for the assets or liabilities, either directly or indirectly.

Level 3 Valuations for which one or more significant inputs are unobservable and may include situations where there is minimal, if any, market activity for the investment. If the fair value is measured using inputs from different levels in the fair value hierarchy, the measurement should be categorized based on the lowest priority level input that is significant to the valuation.

The System’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Investments measured at fair value using net asset value (NAV) per share (or equivalent) as a practical expedient to fair value are not classified in the fair value hierarchy; however, separate disclosures for these investments are required.

Debt and equity investments classified in Level 1 of the fair value hierarchy are valued using prices quoted in active markets, to the extent these securities are actively traded. Short-term investments consisting of money market funds, certificates of deposit and highly liquid cash equivalents are generally reported at amortized cost which approximates fair value.

These investments are not categorized in the fair value hierarchy. on price data obtained from observed transactions and market price quotations from broker dealers and/or pricing vendors. Valuation estimates from service providers’ internal models use observable inputs such as interest rates, yield curves, credit/risk spreads and default rates.

Matrix pricing techniques value securities based on their relationship to benchmark quoted prices. Exchange traded and over-the-counter investment derivatives valued by independent pricing service providers, where the value is derived from underlying asset prices, reference rates, indices or other observable inputs are also included in Level 2.

Debt securities classified as Level 3 include valuations using significant unobservable inputs, valuations using proprietary information, inputs that cannot be corroborated by observable market data and securities valued with last trade date due to limited trading volume. Real assets classified as Level 3 include direct investments in real estate.

Valuations for real estate investments are performed quarterly by investment managers. An appraisal by an independent third-party member of the Appraisal Institute is obtained once every three years for each property and is used to establish fair value. The following table summarizes the valuation of TRS investments by the fair value hierarchy levels as of June 30, 2025.

Debt and investment derivatives classified in Level 2 of the fair value hierarchy are normally valued based Financial - page 47 Investments and Derivative Instruments Measured at Fair Value Fair Value Measurements Using June 30, 2025 Quoted Prices in Active Markets for Identical Assets Level 1 Asset-backed securities $291,876,765 $ Commercial/collateralized mortgages & loans Investments by fair value level Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Debt securities - $291,876,765 $ - 263,757,090 - 263,757,090 - Domestic corporate obligations 1,704,947,399 - 1,704,947,399 - Fixed income mutual funds 2,302,568,302 - 234,067,478 2,068,500,824 Foreign debt/corporate obligations 2,058,801,948 - 2,058,801,948 - Municipals 7,561,918 - 7,561,918 - U.S.

agencies obligations 961,359 - 961,359 - U.S. government-backed mortgages 409,235,937 - 409,235,937 - U.S. treasuries 870,356,491 - 870,356,491 - Total debt securities 7,910,067,209 - 5,841,566,385 2,068,500,824 International common and preferred stock 11,595,492,033 11,595,090,141 401,892 - U.S.

common and preferred stock 15,912,593,573 15,912,593,573 - - 27,508,085,606 27,507,683,714 401,892 - Real estate 4,431,915,627 - - 4,431,915,627 Total real assets 4,431,915,627 - - 4,431,915,627 $39,850,068,442 $27,507,683,714 $5,841,968,277 $6,500,416,451 Equity investments Total equity investments Real assets Total investments by fair value level Investments measured at the net asset value (NAV) Commingled fixed income funds $452,351,154 Diversifying strategies 3,403,460,487 Private debt partnerships 9,476,528,232 Private equity partnerships 12,776,014,570 Private real estate partnerships 6,104,957,263 Real asset partnerships 2,341,140,317 Total investments measured at the NAV 34,554,452,023 Total investments measured at fair value $74,404,520,465 Investment derivative instruments Credit default swaps (6,742,751) (6,742,751) - - Index and variance swaps (393,014) 180,432 (573,446) - Interest rate and inflation swaps 654,769 654,769 - - Options/swaptions (588,187) (588,187) - - ($7,069,183) ($6,495,737) ($573,446) $ - $1,291,690,421 $ - Total investment derivative instruments Total invested securities lending collateral* $1,291,690,421 .

* Does not include lending collateral with the State Treasurer. Financial - page 48 $ - Investments measured at NAV for fair value are not subject to level classification. The valuation method for investments measured at the NAV per share (or its equivalent) is presented on the following table.

Investments Measured at the Net Asset Value (NAV) Fair Value June 30, 2025 Unfunded Commitments Redemption Frequency (if Currently Eligible) Redemption Notice Period - Monthly, quarterly 30-60 days Commingled fixed income funds1 $452,351,154 Diversifying funds - liquid 3,403,460,487 - Daily, weekly, monthly, quarterly 1-90 days - - Not eligible N/A 3,403,460,487 - Custom private debt partnerships 4,146,620,140 858,253,362 Monthly, quarterly, not eligible 60-90 days; N/A Private debt partnerships 5,329,908,092 2,977,077,122 Not eligible N/A 9,476,528,232 3,835,330,484 12,776,014,570 6,858,078,850 Not eligible N/A Private real estate partnerships 4 6,104,957,263 3,298,605,540 Not eligible N/A Real assets partnerships 5 2,341,140,317 838,882,425 Not eligible N/A $34,554,452,023 $14,830,897,299 Diversifying funds - illiquid Total diversifying strategies 2 Total private debt partnerships 3 Private equity partnerships 4 Total investments measured at the NAV $ 1) Commingled fixed income funds: The investment strategies for the four fixed income funds include high yield, defensive bond arbitrage, global liquidity relative value and emerging market debt.

Source fold: ACFR FY2025 Investment Section PDF. Verify against the live page or PDF before citing beyond this page.

Annex: ACFR FY2025 extended fold

Additional ACFR pages opened for actuarial / statistical context beyond the front and core investment extracts.

Board of Trustees Teachers’ Retirement System of the State of Illinois November 7, 2025 Page 2 Actuarial Certification In preparing the results presented in this report, we have relied upon information TRS staff provided to us regarding the benefit provisions, System members, benefit payments and unaudited plan assets.

While the scope of our engagement did not call for us to perform an audit or independent verification of this information, we have reviewed this information for reasonableness. The accuracy of the results presented in this report is dependent upon the accuracy and completeness of the underlying information.

The measurements shown in this actuarial valuation may not be applicable for other purposes. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements; and changes in plan provisions or applicable law.

There is a schedule of Required Supplementary Information in the Financial Section of the System’s Annual Comprehensive Financial Report. Segal has provided the Schedule of Changes in the Net Pension Liability, the Schedule of the Net Pension Liability, and the Schedule of Contributions from Employers and Other Contributing Entities.

Segal reviewed this information in the Required Supplementary Information and the Notes to Required Supplementary Information to verify its consistency with the valuation report. The Actuarial Section of the System’s Annual Financial Report contains the following schedules, which were not prepared by Segal, but were reviewed by Segal for consistency with the valuation report: Actuarial Valuation, Reconciliation of Unfunded Liability, FY26 & FY27 State Contribution Requirements, and Unfunded Liability as a Percentage of Payroll Test.

The Actuarial Section also contains the following schedules, which were prepared by Segal: Funded Ratio Test, Solvency Test, Schedule of Contributions from Employers and Other Contributing Entities, Employer Normal Cost by Tier, and Funded Ratio by Tier. Segal neither reviewed nor prepared any items beyond those specifically listed in this paragraph and the preceding paragraph.

In our opinion, the results presented comply with the Illinois Pension Code and, where applicable, the Internal Revenue Code, and the Statements of the Governmental Accounting Standards Board. While all calculations have been made in conformity with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board, this does not endorse the funding methodology required by the Illinois Pension Code.

The actuarial calculations were directed under the supervision of Matthew A. The undersigned are independent actuaries. They are Fellows or Associates of the Society of Actuaries, Enrolled Actuaries, and Members of the American Academy of Actuaries, and are experienced in performing valuations for large public retirement systems.

They meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion herein. Segal makes no representation or warranty as to the future status of the System and does not guarantee any particular result. This document does not constitute legal, tax, accounting or investment advice or create or imply a fiduciary relationship.

The Board is encouraged to discuss any issues raised in this report with the System’s legal, tax and other advisors before taking, or refraining from taking, any action. Respectfully submitted, Segal Matthew A. Strom, FSA, MAAA, EA Senior Vice President and Actuary Tanya Dybal, FSA, MAAA, EA Vice President and Actuary Daniel J.

Siblik, ASA, FCA, MAAA, EA Vice President and Actuary David K. Nickerson, ASA, MAAA, EA Actuary Actuarial - page 85 This section outlines the System’s funded status and tracks changes in its financial condition over time. Key metrics—actuarial accrued liability, actuarial value of assets and unfunded liability—are used to determine state funding requirements.

Separately, the total pension liability, plan fiduciary net position and net pension liability are presented for financial reporting purposes in accordance with GASB Statement No. For related disclosures, refer to the Financial Section of this report: “Notes to Financial Statements, A.

Source fold: ACFR FY2025 PDF (extended pages). Verify against the live page or PDF before citing beyond this page.

Annex: Investment Policy (Feb 2026) fold

TRS Investment Policy — fiduciary framework under 40 ILCS 5; four-composite allocation; long-term/interim targets; rebalancing; proxy voting and emerging managers chapters referenced in TOC.

TEACHERS’ RETIREMENT SYSTEM OF THE STATE OF ILLINOIS INVESTMENT POLICY Adopted by the Board of Trustees April 7, 2000 Revised February 26, 2026 (Including Board approved revisions within the current fiscal year) Investment Policy February 26, 2026 INVESTMENT POLICY Table of Contents I.

Mission Statement and Core Values ..................................................................................... Statement of Purpose of Investment Policy ......................................................................... Investment Philosophy .........................................................................................................

Role Definitions .................................................................................................................... 8 Board of Trustees ...................................................................................................................... 8 Investment Committee .............................................................................................................

8 Chief Investment Officer ........................................................................................................... 9 Internal Investment Staff .......................................................................................................... 9 Internal Investment Operations Staff.......................................................................................

9 External Investment Managers ............................................................................................... 10 Custodian ................................................................................................................................ 10 Office of Legal Counsel ...........................................................................................................

Consultant Notification Process .......................................................................................... Implementation .................................................................................................................. Asset Allocation and Rebalancing Strategy.........................................................................

Investment Manager Structure........................................................................................... Investment Manager Hiring Guidelines .............................................................................. Investment Manager Retention Analysis ............................................................................

Investment Manager Termination Guidelines .................................................................... Transition Management...................................................................................................... Performance Benchmarks ...................................................................................................

Custodial Credit Risk ........................................................................................................... General Investment Restrictions and/or Guidelines ........................................................... Performance Monitoring ....................................................................................................

Proxy Voting........................................................................................................................ Brokerage Expense Management ................................................................................. Sustainability Policy Statement ...........................................................................................

TRS Aspirational Utilization Goals for Broker-Dealers and Investment Managers owned by Minorities, Women and Persons with Disabilities ............................................................. Emerging Managers Program .............................................................................................

Recovery of Investment Losses........................................................................................... 49 Class Action Securities Litigation ............................................................................................ 49 Page 2 Investment Policy February 26, 2026 I.

Mission Statement and Core Values The Board of Trustees (“Board”) of the Teachers’ Retirement System of the State of Illinois (“TRS”, “System”) has a fiduciary responsibility to the Members and Beneficiaries of the System. In recognition of this responsibility, the Board has adopted the following Mission Statement: TRS’s Mission Statement Delivering expert pension service to Illinois public educators as they earn their promised retirement security.

• • • • • • TRS’s Core Values Integrity: We are tenaciously honest and ethical. Accountability: We openly set high standards and confidently own our actions and results. Service: We genuinely care for our members and each other by being kind and helpful. Teamwork: We proudly collaborate as one TRS.

Diversity: We are inclusive and persistently embrace our differences to empower our success. Continuous Improvement: We challenge ourselves to embrace learning, new ideas and growth. Page 3 Investment Policy February 26, 2026 II. Statement of Purpose of Investment Policy This document specifically outlines the investment philosophy and practices of TRS and has been developed to serve as a reference point for the management of System assets.

In order to assist System participants in achieving their financial security objectives, the Board shall adopt a longterm plan by which the assets of the System will be maintained and enhanced through prudent investments. This is an official policy document of TRS. Deviation from this document is not permitted without explicit written permission, in advance, from the Board.

In developing this Investment Policy, the Board and Staff understand and accept their fiduciary obligations to the Members and Beneficiaries of the System. These obligations are legal in nature and are outlined in the Illinois Pension Code [40 ILCS 5]. In summary form, the provisions specifically referring to the definitions, duties, and responsibilities of a fiduciary are these: • a fiduciary is anyone who has discretion or control in managing the retirement system or its assets or in administering the retirement system, or who renders investment advice or advice on the selection of retirement system fiduciaries for direct or indirect compensation.

[40 ILCS 5/1-101.2.] • a fiduciary must discharge its duties to the retirement system for the exclusive purposes of providing benefits to participants and beneficiaries and defraying administrative expenses of the retirement system. [40 ILCS 5/1-109(a).] • a fiduciary must discharge its duties to the retirement system with the same care, skill, prudence and diligence that a prudent expert would use in a similar enterprise.

Source fold: Investment Policy PDF revised 26 Feb 2026. Verify against the live page or PDF before citing beyond this page.

Annex: Portfolio Information (31 Mar 2026) fold

Official Portfolio Information page — US$81.08B total fund; composite weights; 1/3/5/10-year net returns vs benchmarks.

Portfolio Information | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Investments Portfolio Information How To Participate Active Searches View Active Searches Subscribe To Our RFP Mailing List Emerging Manager Program - All Asset Classes MWBE Brokerage Private Capital Other Reports Contact Investments Department Trustees Vendors FOIA Financial News Links Menu Legislative Contact Portfolio Information Asset Allocation as of March 31, 2026 Using the combined resources of external investment managers, internal staff and consultants, TRS invests the trust assets in accordance with the general fiduciary rules of both state and federal laws.

The market value of the TRS total fund on March 31, 2026 was $81.08 billion. Below is the asset allocation as of March 31, 2026. Asset Allocation Asset Class 3/31/2026 Total Fund Millions % of Portfolio Equity Composite $42,266.9 52.2 Income Composite 21,079.4 26.0 Real Assets Composite 13,330.9 16.4 Diversifying Strategies Composite 4,402.5 5.4 Total Fund $81,079.7 100% Investment Returns Listed below are the rates of return by asset class for the one–, three–, five–, and ten–year periods ending March 31, 2026.

Returns are after payment of investment expenses. Benchmarks are listed to comply with Public Act 96–0006. Investment Returns Asset Class 1–Year Return 3–Year Return 5–Year Return 10–Year Return TRS Total Fund 11.8 9.1 7.6 8.3 TRS Policy Index 13.2 10.3 6.5 8.1 Equity Composite 1 17.0 13.8 10.2 11.8 Equity Composite Benchmark 21.3 17.7 10.5 12.7 Income Composite 2 6.6 7.6 4.7 4.7 Income Composite Benchmark 4.8 4.0 0.7 1.8 Real Assets Composite 3 5.9 (0.5) 5.2 5.3 Real Assets Composite Benchmark 3.4 (1.1) 3.3 4.7 Diversifying Strategies Composite 4 5.4 4.0 4.4 4.3 Diversifying Strategies Composite Benchmark 8.0 6.7 6.1 5.9 The Equity Composite consists of public equity and private equity.

The Income Composite consists of low duration, beta plus, non‐dollar/EMD, short-term cash, global multicredit solutions and private debt. The Real Assets Composite consists of core/value-add real estate, opportunistic real estate, and other real assets. The Diversifying Strategies Composite consists of factor, discretionary macro, opportunistic alpha, risk parity, systematic macro and other.

Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/investments/portfolio-information. Verify against the live page or PDF before citing beyond this page.

Annex: Monthly investments accountability fold

Public Act 104-0182 monthly Investments latest table — preliminary total assets, monthly income/yield/return, actual vs interim targets (opened as-of 31 Jul 2026).

Investments | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content This information is required by Public Act 104-0182 and is updated no later than the end of each month with the prior month's information.

Every effort has been made to provide accurate information. However, the information provided is based on preliminary, unaudited data and is subject to change. For audited investment information, please click here to view the latest version of the Annual Comprehensive Financial Report .

Accountability for the Investment of Retirement Funds Accountability Table As of July 31, 2026 Total assets (thousands) $87,360,242.53 (A) Total monthly investment income (thousands) $310,487.49 (B) Yield (monthly) 0.4% (B ÷ A) Monthly rate of return (gross of fees) -0.1% Asset Allocation Table Asset Allocation Actual Interim Target Total 100.00% 100.0% Total Equities 53.39% 52.0% Income 25.58 25.0 Real Assets 15.83 18.0 Diversifying Strategies 5.20 5.0 Note: The Teachers’ Retirement System of the State of Illinois does not maintain an approved brokerage firm listing because TRS investment managers have sole discretion in selecting brokerage firm(s) to use.

Depository Institution and Master Trustee State Street Bank and Trust Header Image Style Original Retain Heading Style Off Footer ... Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/investments (latest / node accountability). Verify against the live page or PDF before citing beyond this page.

Annex: Board of Trustees fold

Official Board of Trustees page — 15-member structure and opened roster with appointment/election and term dates.

Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Trustees Board of Trustees Members Committees Meetings Minutes 2026 2025 2024 2023 2022 2021 Administrative Reviews 6% Employer Contribution Annuity Calculation Conversion Creditable Earnings Disability ERI Felony Forfeiture Leave of Absence Non-qualified Deferred Compensation Optional Service Pregnancy/Adoption Leave Refund Sick Leave Board of Trustees Manuals Board of Trustees TRS is governed by a 15-member Board of Trustees.

Trustees include the state superintendent of education, seven trustees appointed by the governor, five trustees elected by contributing TRS members, and two trustees elected by TRS annuitants. The president of the Board of Trustees, by law, is appointed by the governor from among the sitting trustees.

The Board of Trustees elects its vice president from among its members. The Board of Trustees appoints an executive director who also serves as the secretary of the Board of Trustees. The executive director is responsible for daily operations at TRS. Devon Bruce President Appointed/Elected: Appointed 1st Term: July 2026 Current Term Expires: July 2030 Contact: Email Devon Bruce Andrew Hirshman Vice President Appointed/Elected: Elected 1st Term: July 2015 Current Term Expires: July 2027 Contact: Email Andrew Hirshman Dr.

Tony Sanders Appointed/Elected: Ex officio 1st Term: February 2023 Current Term Expires: N/A Contact: Email Dr. Tony Sanders Beth Anderson Appointed/Elected: Elected 1st Term: July 2020 Current Term Expires: July 2027 Contact: Email Beth Anderson Heather Becker Appointed/Elected: Elected 1st Term: July 2025 Current Term Expires: July 2029 Contact: Email Heather Becker Kevin "Duffy" Blackburn Appointed/Elected: Appointed 1st Term: September 2021 Current Term Expires: July 2028 Contact: Email Kevin "Duffy" Blackburn Marsha Byas Appointed/Elected: Elected 1st Term: July 2019 Current Term Expires: July 2027 Contact: Email Marsha Byas Sean Casey Appointed/Elected: Elected 1st Term: July 2025 Current Term Expires: July 2029 Contact: Email Sean Casey Yadira Enriquez Appointed/Elected: Appointed 1st Term: July 2026 Current Term Expires: July 2030 Contact: Email Yadira Enriquez James "Jim" Hagerman Appointed/Elected: Appointed 1st Term: November 2025 Current Term Expires: July 2028 Contact: Email James "Jim" Hagerman Rainy Kaplan Appointed/Elected: Elected 1st Term: July 2025 Current Term Expires: July 2029 Contact: Email Rainy Kaplan Geetha Pilli Appointed/Elected: Appointed 1st Term: July 2026 Current Term Expires: July 2030 Contact: Email Geetha Pilli Kader Sakkaria Appointed/Elected: Appointed 1st Term: February 2026 Current Term Expires: July 2030 Contact: Email Kader Sakkaria Doug Strand Appointed/Elected: Elected 1st Term: July 2019 Current Term Expires: July 2027 Contact: Email Doug Strand Footer ...

Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/trustees/board-of-trustees. Verify against the live page or PDF before citing beyond this page.

Annex: Staff Information fold

Official Staff Information — Executive Director and CIO Stan Rupnik (combined) plus executive staff titles (emails omitted).

Staff Information | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu Legislative Contact Contact Us Back to Contact Us Driving Directions Ethics Reporting Staff Information Staff Information TRS Executive Staff Email Addresses Stan Rupnik Executive Director and Chief Investment Officer For efficient handling, please use this address if you wish to submit a request for administrative review: Deron Bertolo Chief Financial Officer Lori Dour Chief Benefits Officer Janelle Gurnsey Chief Communications & Engagement Officer Gloria Lasley Chief Operating Officer Emily Peterson General Counsel Michelle Kissel Director of Human Resources Footer ...

Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/contact/staff-information. Verify against the live page or PDF before citing beyond this page.

Annex: About Us fold

About Us — founding 1939, membership/assets framing, mission/vision/core values, office locations.

About Us | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content About Us About Us Back to About Us Board of Trustees Careers News Strategic Plan About Us Founded in 1939 by the Illinois General Assembly, the Teachers’ Retirement System of the State of Illinois (TRS) is one of the largest pension systems in the United States.

We provide retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside the city of Chicago. The System serves over 462,000 members and had assets of $76.6 billion at June 30, 2025. TRS is governed by a 15-member Board of Trustees.

TRS has three office locations throughout central and northern Illinois. The main office is in the capital city of Springfield, Illinois. We also have a regional counseling office in Lisle and an investment office in Chicago. TRS Mission Delivering expert pension service to Illinois public educators as they earn their promised retirement security.

TRS Vision Working together as the trusted retirement resource for generations of our members. TRS Core Values Integrity: We are tenaciously honest and ethical. Accountability: We openly set high standards and confidently own our actions and results. Service : We genuinely care for our members and each other by being kind and helpful.

Teamwork: We proudly collaborate as One TRS. Diversity: We are inclusive and persistently embrace our differences to empower our success. Continuous Improvement: We challenge ourselves to embrace learning new ideas, and growth. Strategic Plan Plan Details Careers Job Opportunities Who We Are Board of Trustees Board Members Board Meetings Staff Information Senior Staff News Newsroom Newsletters Footer ...

Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/about-us. Verify against the live page or PDF before citing beyond this page.

Annex: Strategic Plan 2023 fold

Five-year Strategic Plan PDF — mission, vision, values, five strategic goals (funding discipline, customer service, One TRS culture, talent, IT platform).

Strengthening Our Foundation for the Future Strategic Plan FY 2024 – 2028 Teachers’ Retirement System of the State of Illinois Date of Adoption: August 15, 2023 Table of Contents Introduction 3 Mission and Vision 4 Our Values 5 Strategic Goals 6 Goal 1 Uphold and expand TRS’s discipline in monitoring and advising on funding matters.

7 Goal 2 Align TRS’s services with customer preferences and best practices. 8 Goal 3 Create a “One TRS” culture that engages, inspires, and motivates. 9 Goal 4 Optimize talent to accomplish strategic objectives. 10 Goal 5 Evolve the TRS information technology platform. 11 2 Strategic Plan FY 2024-2028 Introduction I am pleased to present to you our five-year strategic plan developed through a collaborative and inclusive planning process involving our members, employer school districts, stakeholders, staff, and trustees.

Our plan covers key elements of a comprehensive planning process and is built upon our desire to be a best-in-class service provider. To inform our thinking, we conducted stakeholder research, analyzed the external environment, and evaluated our organization’s internal strengths and weaknesses.

Based on that information and in conjunction with the board of trustees we developed a shared long-term vision for TRS’s future. We will realize our long-term vision by focusing on the following five strategic goals: 1) Funding: focus on operational and governance practices to prudently manage funding risks and work collaboratively with the Executive Branch and Legislature.

2) Customer Service: provide exceptional customer service and retirement experiences that meet the changing needs and preferences of members and employers, while also aligning with best practices. 3) Organizational Culture:foster an engaging and motivating work environment that harnesses the power of our team.

4) Talent: develop a talent management strategy, focus on professional development and training, and cultivate the next generation of TRS leaders. 5) Information Technology: Evolve TRS’s technology infrastructure to enhance operations, communication, and customer experiences. This strategic plan is intended to be a starting point from which TRS will build and grow, and a guide for our decision-making and resource allocation.

We will develop annual strategies and action plans, monitor performance, and adjust as needed within the next five years to achieve our longer-term vision. On behalf of TRS, I am grateful to everyone who provided input and participated in the process. It is an exciting time to be part of TRS, where our shared goals and vision will guide us to achieve excellence on behalf of the educators we serve.

Please join me in supporting TRS as we strengthen our foundation for the future. Sincerely, Stan Rupnik Executive Director/Chief Investment Officer Strategic Plan FY 2024-2028 3 Mission and Vision Mission Delivering expert pension service to Illinois public educators as they earn their promised retirement security.

Vision Working together as the trusted retirement resource for generations of our members. “I appreciate that I am always able to talk to someone to get the help that I need. Any time I’ve had an issue, I’ve been able to call the employer helpline and speak to someone who could explain the issue in a way that was easy to understand.” — SCHOOL DISTRICT REPRESENTATIVE 4 Strategic Plan FY 2024-2028 Our Values Integrity We are tenaciously honest and ethical.

Continuous Improvement Accountability We openly set high standards and confidently own our actions and results. We challenge ourselves to embrace learning, new ideas, and growth. Diversity Service We are inclusive and persistently embrace our differences to empower our success. We genuinely care for our members and each other by being kind and helpful.

Teamwork We proudly collaborate as one TRS. “Every time I have called for an information request, the person helping me has been polite, helpful, and informative. That is very important.” — TRS RETIREE Strategic Plan FY 2024-2028 5 Strategic Goals TRS is committed to advancing the following five goals: Goal 01 Uphold and expand TRS’s discipline in monitoring and advising on funding matters.

Goal 02 Align TRS’s services with customer preferences and best practices. Goal 03 Create a “One TRS” culture that engages, inspires, and motivates. Goal 04 Optimize talent to accomplish strategic objectives. Goal 05 Evolve the TRS information technology platform. Further information on how TRS intends to make progress towards these goals and what our success will look like under TRS’s future vision is delineated in the following pages.

It is extremely valuable to serve our teachers, administrators, and staff members of our 991 school districts across the state. They are educating our youth who will become our future leaders.” — TRS STAFF MEMBER 6 Strategic Plan FY 2024-2028 FUNDING Goal 01 Uphold and expand TRS’s discipline in monitoring and advising on funding matters.

Determine TRS's role in advising on TRS funding matters. Assess and identify improvement opportunities for how TRS implements its role in advising on TRS funding matters. Evaluate and further mature TRS’s risk monitoring processes. Our approach to delivering on these objectives will be successful if meaningful progress toward the following long-term aspirations is realized.

Source fold: TRSIL-StrategicPlanReport2023.pdf. Verify against the live page or PDF before citing beyond this page.

Annex: Strategic Plan page fold

Strategic Plan web page — planning process with members/staff/Board; link to plan download.

TRS Strategic Plan | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content About Us About Us Back to About Us Board of Trustees Careers News Strategic Plan TRS Strategic Plan One TRS During the past fiscal year, TRS embarked on an important journey to shape our long-term future.

We engaged our valued members – active members, retirees, beneficiaries – seeking insights for what they expect from TRS. That input was instrumental in guiding our strategic planning process and we are grateful for their participation. Internally, we sought input from TRS’s dedicated staff and Board of Trustees on how to best align the organization to meet our members’ expectations.

Based on those discussions, TRS adopted revised mission and vision statements, along with new core values designed to define the qualities staff seeks to embody within their workplace. Importantly, TRS staff set a goal of creating a “One TRS” culture that engages, inspires and motivates.

It recognizes the strength of the TRS organization is our dedicated staff working together, across departments, to serve our members. And it represents a staff that supports one another and lives its core values. Our new Strategic Plan is designed to strengthen our foundation for the future while upholding our unwavering commitment to acting in the best interests of our members.

We are eager and optimistic about what the future has in store. Mission Delivering expert pension service to Illinois public educators as they earn their promised retirement security. Vision Working together as the trusted retirement resource for generations of our members. Core Values Integrity : We are tenaciously honest and ethical.

Accountability : We openly set high standards and confidently own our actions and results. Service : We genuinely care for our members and each other by being kind and helpful. Teamwork : We proudly collaborate as One TRS. Diversity : We are inclusive and persistently embrace our differences to empower our success.

Continuous Improvement : We challenge ourselves to embrace learning new ideas, and growth. Explore our new five-year Strategic Plan. File Title Download Strategic Plan Download Footer ... Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/About-us/Strategic-Plan. Verify against the live page or PDF before citing beyond this page.

Annex: Emerging Manager Program fold

Emerging Manager Program — all asset classes; projected multi-year US$1B allocation; questionnaires by asset class; MWBE encouragement.

Emerging Manager Program | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Investments Portfolio Information How To Participate Active Searches View Active Searches Subscribe To Our RFP Mailing List Emerging Manager Program - All Asset Classes MWBE Brokerage Private Capital Other Reports Contact Investments Department Trustees Vendors FOIA Financial News Links Menu Legislative Contact Emerging Manager Program The TRS Emerging Manager Program seeks developing investment managers who show promise to invest successfully on behalf of TRS.

The Emerging Manager Program is open to investment managers across all current TRS asset classes. The search process is specifically designed to offer smaller and diverse firms an opportunity to present their credentials directly to the retirement system by completing a web-based questionnaire.

TRS expects to identify a number of firms with strong management teams and relevant investment experience that have the potential to enhance our investment return. TRS will follow a thoughtful, structured program to gradually achieve a projected multi-year $1 billion allocation to the emerging manager community.

Women and minority-owned firms are encouraged to apply. Please remember to include both the PDF questionnaire and the Excel file supplement with your submission. Database Questionnaires Diversifying Strategies PDF Questionnaire Excel File Supplement Global Equity PDF Questionnaire Excel File Supplement Global Income PDF Questionnaire Excel File Supplement Private Credit PDF Questionnaire Excel File Supplement Private Equity PDF Questionnaire Excel File Supplement Real Assets PDF Questionnaire Excel File Supplement Real Estate PDF Questionnaire Excel File Supplement Footer ...

Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/investments/emerging-managers. Verify against the live page or PDF before citing beyond this page.

Annex: Private Capital fold

Private Capital page — Private Equity (~US$13.3B at 6/30/25; 15% long-term target) and Real Assets (~US$12.9B) program descriptions and consultant contacts framing.

Private Capital | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Investments Portfolio Information How To Participate Active Searches View Active Searches Subscribe To Our RFP Mailing List Emerging Manager Program - All Asset Classes MWBE Brokerage Private Capital Other Reports Contact Investments Department Trustees Vendors FOIA Financial News Links Menu Legislative Contact Private Capital Private Equity Program TRS began investing in private equity strategies in 1983 and had $13.3 billion invested in the asset class as of 6/30/25.

The TRS Private Equity Program has a long-term target of 15 percent of the overall TRS portfolio. The program is divided into corporate finance (leveraged buyout and growth capital), venture capital, special situations (distressed and mezzanine debt) and co-investments. The benchmark for the program is MSCI ACWI IMI +2 percent.

TRS works with its external private equity consultant, Stepstone Group, to perform due diligence on firms and determine their fit within the program. Potential managers should contact Stepstone Group at Laura.White@StepstoneGroup.com , complete the Private Equity Program spreadsheet (Excel file) found below, and email the completed summary to Laura.White@StepstoneGroup.com and .

Real Asset Program TRS began investing in real asset strategies in 1983, and currently has nearly $12.9 billion invested and committed to the asset class as of 6/30/2025. The TRS real asset program has a long-term target of 18 percent of the overall TRS portfolio. The program is divided into real estate which has a long-term target of 14 percent of the overall TRS portfolio and other real assets which has a long-term target of 4 percent of the overall TRS portfolio.

The benchmark for real estate is a blended 50 percent weighting of NCREIF’s Open End Diversified Core Equity (“ODCE”), 18.6 percent weighting to Burgiss Value-Add Global Real Estate and a 31.4 percent weighting to Burgiss Opportunistic Real Estate. The benchmark for other real assets is CPI (inflation) + 5 percent.

TRS works with its external real asset consultant, Stepstone Group, to identify highly desirable firms and to perform due diligence on those firms to determine their fit within the program. Potential real estate managers should contact Stepstone Group at Jeremy.Goldberg@StepstoneGroup.com , complete the Real Estate Program spreadsheet (Excel file) found below and email the completed summary to: .

Other potential real asset managers should contact Stepstone Group: Matthew.Moreno@stepstonegroup.com . Associated Files File Title Download Private Equity Program Download Real Estate Program Download Footer ... Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/investments/private-capital. Verify against the live page or PDF before citing beyond this page.

Annex: Rupnik ED/CIO appointment fold

28 June 2021 Board announcement naming R. Stanley Rupnik Executive Director/Chief Investment Officer; career path and then-current AUM/return context.

Stanley Rupnik Named Executive Director/Chief Investment Office of Teachers' Retirement System | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu News Newsletters Webinar Calendar Events Legislative Contact R.

Stanley Rupnik Named Executive Director/Chief Investment Office of Teachers' Retirement System June 28, 2021 SPRINGFIELD, IL – The Teachers’ Retirement System Board of Trustees have named R. Stanley Rupnik , an 18-year veteran of the System, as the new TRS Executive Director/Chief Investment Officer.

Rupnik has served as acting executive director since August of 2020 while retaining his previous role as CIO. He joined TRS from the private sector in April 2003 as director of investments and was named CIO in November of 2004. He previously served TRS as acting executive director between 2009 and 2011.

His selection by the Board concludes a nationwide search for a new leader at TRS, which is the 40 th largest public pension system in the United States. “We as a Board feel very comfortable with the way Stan has managed this wonderful institution,” said TRS Board President Devon Bruce .

“You have done a great job in the last year and will continue to do so.” “I believe strongly in the staff we have at TRS,” Director Rupnik said. “The last year has been extremely challenging for them in a number of ways. Their professionalism and dedication in the face of rapidly changing circumstances has been inspiring.

They are the reason I decided to pursue this position on a permanent basis." “Our mission is vitally important to educators in every part of Illinois as well as to the overall economic health of the state,” he added. “I want to keep moving TRS forward.” Service to the System’s 427,000 members remains the highest priority.

An average of $586 million in benefits is distributed in full and on time every month. Each week, staff handles approximately 2,300 phone calls and 680 emails from members and schedules 160 one-on-one counseling appointments. In recent months, assets in the TRS Investment Portfolio have reached record levels, taking advantage of a surging national economy that broke free of last year’s COVID-19 downturn.

As of May 31, TRS managed assets totaling $62.2 billion – a record for the System and a 23.1 percent increase in assets in the last year. TRS held $50.5 billion at the end of May last year and closed fiscal year 2020 with $52.3 billion. Through March 31 – the end of the January-March quarter for FY 2021 – the TRS portfolio recorded a positive 16.4 percent investment return, net of fees.

For the 12-month period that ended in March, TRS performance was a positive 24.3 percent, net of fees. In the last five years, the total assets in the TRS portfolio managed by Minority and Women Business Enterprises has increased from $8.2 billion to $14.5 billion. In each of the last five years, TRS has exceeded its annual aspirational goal to have 20 percent of total assets managed by MWBE firms.

Currently, TRS commitments to MWBE firms total $14.5 billion, or 24.3 percent of the System’s total $59.5 billion portfolio. Director Rupnik holds a bachelor’s degree in economics and a master’s degree in business administration from the University of Illinois at Urbana-Champaign.

A native of Springfield, he lives in the Capitol City with his wife Kristen and their two daughters. About Teachers’ Retirement System The Teachers’ Retirement System of the State of Illinois is the 40 th largest pension system in the United States, and provides retirement, disability and survivor benefits to teachers, administrators and other public school personnel employed outside of Chicago.

The System serves 427,000 members and had assets of $62.2 billion as of May 31, 2021. Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org Rupnik Named Executive Director & CIO news. Verify against the live page or PDF before citing beyond this page.

Annex: Future Growth / Aug 2025 board actions fold

1 August 2025 release — Strategic Plan midpoint “growth” framing; private equity and real assets commitment actions named in Board discussion.

Teachers' Retirement System of the State of Illinois Focused on Future Growth | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu News Newsletters Webinar Calendar Events Legislative Contact Teachers' Retirement System of the State of Illinois Focused on Future Growth August 1, 2025 FOR IMMEDIATE RELEASE SPRINGFIELD, IL – The Teachers’ Retirement System of the State of Illinois (TRS) has reached an important milestone in its five-year strategic plan .

As we enter the midpoint of the plan, our focus is clear: growth—of our people, our capabilities and the value we deliver to members, employers and the public education community we serve. This year’s efforts center on building long-term strength across the organization. TRS is expanding its workforce, deepening staff development efforts and aligning its resources with the future needs of the System.

With renewed energy and purpose, TRS is embracing the opportunities that come with change, while staying grounded in the core values that have long guided our mission. “We’re focused on growing the right way—by investing in our people, strengthening our foundation and driving progress that will benefit our members well into the future,” said TRS Executive Director and Chief Investment Officer Stan Rupnik .

“The work ahead is significant, but so is our commitment. We’re building a TRS that’s not only prepared for what’s next but is actively shaping it.” This forward momentum also supports the investment strategy that underpins TRS’s long-term financial strength. The System’s ongoing work reflects a clear sense of direction, anchored in long-term vision and built to deliver lasting value.

The TRS Board of Trustees met at its regularly scheduled meeting and discussed the following investment actions within the TRS portfolio: The Trustees approved the annual tactical plans for the System’s Private Equity and Real Assets Programs. Within the System’s $13.0 billion Private Equity Portfolio: The commitment of €30 million to Sterling Investment Partners of Greenwich, CT.

The commitment of $65 million to Charlesbank Capital Partners of Boston, MA. Charlesbank currently manages $110.2 million in TRS assets. The commitment of $150 million to Arlington Capital Partners of Bethesda, MD. Arlington currently manages $269.4 million in TRS assets. The commitment of $30 million to Sofinnova Ventures of Menlo Park, CA.

Sofinnova currently manages $35.6 in TRS assets. The commitment of $110 million to Advent International of London. Advent currently manages $127.6 million in TRS assets. Within the $12.7 billion Real Assets Portfolio: The commitment of $100 million to Covenant Capital Group of Nashville, TN.

The commitment of $200 million to Blackstone Partners of New York. Blackstone currently manages $1.5 billion in TRS assets. About Teachers' Retirement System of the State of Illinois The Teachers’ Retirement System of the State of Illinois is the 38th largest pension system in the United States, and provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside of Chicago.

The System serves over 456,000 members and had assets of $76.77 billion as of June 30, 2025. Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org TRS Focused on Future Growth (1 Aug 2025). Verify against the live page or PDF before citing beyond this page.

Annex: Bruce reappointment / new trustees fold

Governor reappoints Devon Bruce as Board President and appoints Yadira Enriquez and Geetha Pilli (effective 15 July 2026); Rupnik attributable quote.

Governor Reappoints Devon Bruce as TRS Board President, Appoints Two New Trustees | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu News Newsletters Webinar Calendar Events Legislative Contact Governor Reappoints Devon Bruce as TRS Board President, Appoints Two New Trustees July 15, 2026 FOR IMMEDIATE RELEASE SPRINGFIELD, IL – Governor JB Pritzker has reappointed Devon C.

Bruce to the Teachers' Retirement System of the State of Illinois (TRS) Board of Trustees and named him President of the Board. The Governor also appointed Yadira Enriquez of Burr Ridge and Geetha Pilli of Naperville to the Board. All appointments became effective July 15, 2026. Together, these appointments bring extensive experience in governance, law, finance, business development and enterprise technology to the TRS Board of Trustees, strengthening its oversight of one of the nation's largest public pension systems.

“We are pleased to congratulate Devon Bruce on his reappointment as President of the TRS Board of Trustees and welcome Yadira Enriquez and Geetha Pilli as new members of the Board,” said TRS Executive Director and Chief Investment Officer Stan Rupnik . “Devon has demonstrated strong leadership and a deep commitment to TRS throughout his service on the Board, and we are pleased to continue working with him in this important role.

His experience and steady guidance, combined with the expertise Geetha and Yadira bring in technology, finance, business operations and governance, will further strengthen the Board’s oversight of one of the nation’s largest public pension systems. Together, they will help ensure TRS continues to protect the retirement security of Illinois educators and maintain its long-term focus on serving our members.” Devon Bruce was first appointed to the TRS Board by Governor Pritzker in 2019 and previously served as President of the Board from 2019 to 2021.

Throughout his service, he helped provide fiduciary oversight during a period of continued growth and organizational transformation at TRS. His reappointment reflects the confidence placed in his leadership and commitment to the System's mission. A partner at Power Rogers LLP in Chicago, Bruce has been with the firm since 1993 and specializes in personal injury and accounting and banking negligence.

Previously, he served as a law clerk to Illinois Supreme Court Justice Moses Harrison II. Bruce currently serves on the Illinois Judicial Inquiry Board. Previously, Bruce served as chairman of the Illinois State Board of Investment, member of the Metropolitan Pier and Exposition Authority, and member of the University of Illinois Board of Trustees.

He earned both his Bachelor of Arts and Juris Doctor from the University of Illinois Urbana-Champaign. "It is an honor to continue serving the members and beneficiaries of TRS," said Board President Devon Bruce . "The retirement security of Illinois educators depends on disciplined governance, sound fiduciary oversight and thoughtful stewardship of the System's resources.

I look forward to working with my fellow Trustees and the TRS leadership team to build on the System's strong foundation and ensure every decision remains focused on the long-term interests of our members." Yadira Enriquez serves as Chief Financial Officer, Vice President of Business Development and Family Business Advisor of Enriquez Produce, Inc., a Chicago-based wholesale produce distribution company.

She is also founder and director of Dahlia Sourcing Specialists, a consulting practice focused on sustainable business growth and financial health. A founding member and inaugural president of the Pilsen Chamber of Commerce, Enriquez has dedicated her career to supporting entrepreneurship and economic development.

Through her professional and community leadership, she has worked to advance opportunities for businesses and strengthen economic growth. Enriquez earned her Bachelor of Arts in International Commerce and Master of Business Administration from Monterrey Institute of Technology and Higher Education and was recognized as one of Negocios Now’s Latinos 40 Under 40 in 2021.

Geetha Pilli serves as Chief Information Officer for the North America Region at CNH Industrial, a global leader in agricultural and construction equipment, where she oversees strategic technology initiatives and IT operations across the region. She brings more than 20 years of experience in enterprise technology, innovation and digital strategy.

Previously, Pilli served as Director of Enterprise Architecture and Applications at Core-Mark International and Director of Information Technology Applications at Eby-Brown, a division of Performance Food Group. During her tenure at Eby-Brown, Pilli delivered large-scale Enterprise Resource Planning integrations, digital platform solutions, warehouse management systems and customer-facing mobile and web applications.

Source fold: trsil.org Governor Reappoints Bruce / new trustees news. Verify against the live page or PDF before citing beyond this page.

Annex: FY27 strategic priorities fold

Board reviews year-four Strategic Plan progress and FY2027 Annual Business Plan priorities (capacity, One TRS culture, leadership development).

TRS Board Reviews Progress on Five-Year Strategic Plan and Fiscal Year 2027 Priorities | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu News Newsletters Webinar Calendar Events Legislative Contact TRS Board Reviews Progress on Five-Year Strategic Plan and Fiscal Year 2027 Priorities July 31, 2026 FOR IMMEDIATE RELEASE SPRINGFIELD, IL – The Teachers' Retirement System of the State of Illinois (TRS) Board of Trustees reviewed progress on the fourth year of the System's five-year Strategic Plan during its regularly scheduled July meeting.

Adopted in August 2023, the Strategic Plan continues to guide organizational priorities and long-term investments that strengthen service to members, employers and stakeholders. The Strategic Plan provides the framework for organizational decision-making, helping ensure TRS continues to meet the evolving needs of more than 462,000 members while responsibly managing one of the nation's largest public pension systems.

Over the past four years, TRS has invested in the people, processes and technology needed to serve a growing membership and an increasingly complex pension system. As the Strategic Plan enters its final phase, the focus is on strengthening those capabilities, embedding them into daily operations and positioning the organization for long-term success.

This work continues across five core goal areas: strengthening enterprise and investment risk governance; improving the experience of members and employers; building a more connected organizational culture; investing in workforce and leadership development; and modernizing the System's technology foundation, including the ongoing implementation of a new pension administration system.

"We're four years into a five-year strategic effort, and the progress is real," said TRS Executive Director and Chief Investment Officer Stan Rupnik. "As we enter the final phase of our Strategic Plan, our responsibility is to build on the foundation we've created in our people, our culture and our systems while continuing to deliver meaningful improvements for our members and employers.

Our focus remains on creating lasting value through strong governance, operational excellence and responsible stewardship." "Our Strategic Plan creates alignment across the organization," said TRS Chief of Staff Sally Antonacci. "Every department understands how its work supports the goals approved by the Board, and our responsibility is to ensure those priorities translate into meaningful outcomes for the members and employers we serve.

As we move into the final years of the plan, maintaining that alignment will continue to be essential to our success." Each year, TRS staff develops an Annual Business Plan that translates the Strategic Plan's long-term goals into specific, near-term priorities, with progress reported regularly to the Board.

Looking ahead to fiscal year 2027, organizational priorities will continue to focus on strengthening capacity, reinforcing a One TRS culture of collaboration and service, and developing leaders equipped to guide the System through continued growth and change. "The Board's role is to ensure this Strategic Plan continues to serve the long-term interests of our members," said TRS Board President Devon Bruce .

"As we enter this next phase, the Board remains focused on strong governance and fiduciary oversight, and we're encouraged by the progress staff has made in strengthening the organization while maintaining a steadfast commitment to service and fiduciary excellence." TRS remains committed to transparency and accountability as it advances its Strategic Plan, with the Board and staff continuing to evaluate progress at regularly scheduled Board meetings.

Board of Trustees Meeting Investment Actions The TRS Board of Trustees met at its regularly scheduled July meeting and discussed the following investment actions within the TRS portfolio: Trustees approved the annual tactical plans for the System's Private Equity and Real Assets Programs for fiscal year 2027.

Summary information on the FY27 tactical plans is expected to be posted to the TRS website within the next two weeks. Within the System’s $13.5 billion Private Equity Portfolio: The commitment of €35 million to Norvestor X SCSp. The commitment of $85 million to Green Equity Investors X, L.P.

Green does not currently manage any TRS assets. The commitment of $30 million to Volition Capital Fund VI, L.P. The commitment of €51 million to PSG Europe III SCSp. PSG currently manages $97.2 million in TRS. Within the System’s $13.4 billion Real Assets Portfolio: The commitment of $100 million to Partners Group Infrastructure Secondary (USD) A, L.P.

Source fold: trsil.org Board Reviews 5yr Strategic Plan And FY27 Priorities. Verify against the live page or PDF before citing beyond this page.

Annex: Trustees honored fold

Board recognition of four trustees for distinguished service and leadership (opened news release).

Teachers' Retirement System Honors Four Trustees for Distinguished Service and Leadership | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu News Newsletters Webinar Calendar Events Legislative Contact Teachers' Retirement System Honors Four Trustees for Distinguished Service and Leadership June 12, 2026 SPRINGFIELD, IL – The Teachers' Retirement System of the State of Illinois (TRS) Board of Trustees recognized four trustees for their dedicated service to the System and Illinois public educators during its June Board meeting.

Honored for their contributions were Board President Matthew Hunt , Trustee Maureen Mena , Trustee Maria "Mia" Jazo-Harris and Trustee Kader Sakkaria . The recognition comes as the terms of the four trustees approach their conclusion in July. Each has played an important role in helping guide the System's governance, oversight and strategic direction while advancing TRS's mission of delivering retirement security to Illinois educators.

"Our Board of Trustees serves a vital role in protecting the retirement security of more than 462,000 members and beneficiaries," said TRS Executive Director and Chief Investment Officer Stan Rupnik , "Trustees Hunt, Mena, Jazo-Harris and Sakkaria each brought unique expertise, thoughtful leadership and an unwavering commitment to public service.

Their contributions have strengthened TRS as an institution and helped position the System for continued success in serving educators across Illinois." Board President Matthew Hunt Recognized for Transformational Leadership Among those recognized was Board President Matthew Hunt, whose seven years of service on the TRS Board of Trustees have been marked by exceptional leadership and lasting institutional impact.

Since joining the Board in 2019, Hunt has played a central role in strengthening the governance, effectiveness and long-term strategic direction of TRS. As Board President, he provided steady leadership during a period of significant organizational transformation, helping guide initiatives that enhanced governance practices, strengthened organizational capabilities and reinforced the Board's fiduciary responsibilities to members and beneficiaries.

Throughout his tenure, Hunt consistently championed the principles of fiduciary stewardship, accountability and operational excellence. His leadership helped foster a governance culture grounded in transparency, disciplined decision-making and a relentless focus on serving the long-term interests of Illinois educators.

Hunt's influence extended across nearly every facet of Board governance. He served as Chair of the Investment Committee, helping oversee one of the nation's largest public pension investment portfolios, while also providing leadership to the Deferred Compensation Plan Committee and supporting the work of the Audit, Legislative, Claims Hearing, and Rules & Personnel Committees.

Beyond committee leadership, Hunt was widely recognized for his ability to bring people together around a shared purpose. He helped strengthen collaboration among trustees representing diverse constituencies, fostered a productive partnership between Board members and staff, and championed the continued professionalization and institutionalization of TRS.

His commitment to developing internal expertise, empowering employees and building organizational resilience has left a lasting legacy that will continue to benefit the System for years to come. Trustee Maureen Mena Honored for Financial Expertise and Governance Leadership Trustee Maureen Mena was recognized for her years of dedicated service on the Board of Trustees.

Throughout her tenure, Mena brought extensive experience in financial planning and wealth management to the Board's deliberations, providing valuable insight into long-term financial security, risk management and fiduciary oversight. As Chair of the Claims Hearing Committee and Vice Chair of the Audit Committee, Mena demonstrated thoughtful leadership, fairness and diligence in matters affecting TRS members.

Source fold: trsil.org Four Trustees Honored news. Verify against the live page or PDF before citing beyond this page.

Annex: Summer 2026 Topics & Report fold

Summer 2026 member Topics & Report newsletter — operational, benefits and System updates as published.

Summer 2026 - Topics & Report Newsletter | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial News Links Menu News Newsletters Webinar Calendar Events Legislative Contact Summer 2026 - Topics & Report Newsletter July 13, 2026 New Administrative Rules for Separation from Service Start Jan.

1, 2027 Applies to TRS members applying for retirement benefits or termination refunds TRS is updating its administrative rules pertaining to separation from service when a member applies for a TRS retirement benefit or a termination refund. Current rule Under current rules, members are required to stop only TRS-covered employment (e.g., a licensed teaching position).

Members may continue working for their last employer in a non-licensed or non-TRS-covered role (such as coaching or bus driving) without impacting their ability to begin a retirement annuity or receive a termination refund. 1, 2027 rule For claims with an effective date of retirement of Jan.

1, 2027, or later, or refunds requested on or after that date, the separation requirements will apply to all employment with the member’s last employer(s), both TRS-covered and non-TRS-coveredemployment. Members must: • fully separate from service with their last employer(s), meaning they must terminate employment in all capacities (both TRS-covered and non- TRS-covered), • not have prearranged re-employment with their last employer(s) prior to their termination date, and • remain separated from employment with their last employer(s) for a minimum of 30 days after their termination date.

All members who plan to retire after Jan. 1, 2027, must comply with the administrative rule. Members who do not meet separation requirements will not be eligible to begin their retirement annuity or receive a termination refund until the requirements are met. Legislation Passed During Spring Legislative Session Impacts TRS Members Buyout programs and post-retirement limits extended, private school interest rate change Several bills impacting TRS members passed during the spring 2026 legislative session.

For more information on these bills, you may visit the Illinois General Assembly website, ilga.gov . Buyout Programs extension (House Bill 5196) Extends the expiration date of the Accelerated Annual Increase (AAI) buyout program for Tier 1 members and the Accelerated Pension Benefit (APB) buyout program for inactive members from June 30, 2026, to June 30, 2028.

This bill was signed into law by Governor Pritzker on June 16, 2026. TRS notifies all eligible members about the programs. Post-retirement work limitations extension (Senate Bill 3645) Extends the law permitting retired TRS members to accept work for 120 days or 600 hours as teachers or administrators in public schools without affecting their pensions until June 30, 2029.

This bill is anticipated to be signed into law by Governor Pritzker. The original limits were 100 days and 500 hours. See Chapter 12: Post-retirement Matters in the TRS Member Guide online, trsil.org , for more information. Private School optional service contributions interest rate change (Senate Bill 4010) Effective January 1, 2027, changes the interest rate applied to payments made to purchase private school optional service from the actuarially assumed rate of 7% to the regular interest rate (currently 6%).

Members must still apply to purchase private school optional service credit on or before June 30, 2028. See Chapter 6: Optional Service Credit in the TRS Member Guide online, trsil.org . We’re Listening and Making Changes Based on Your Survey Comments As TRS continuously works towards improving member services, we have identified the following key success indicators for customer service: members understand the role of TRS, TRS is effective in educating members about why TRS is relevant across all stages of their career, TRS proactively engages with its members to understand their needs and preferences, members are confident in their knowledge of their benefits and retirement preparedness, members enjoy a seamless transition into retirement, and members are highly satisfied and trust TRS.

In order to understand whether TRS is being successful in improving our services and understanding member needs and preferences, we implemented a research effort which included expanding the opportunities where members could provide feedback to TRS through surveys. We now provide opportunities for feedback from our members after each incoming phone call, benefit counseling session, educational webinar and after member benefits are processed, as well as when members use the online member portal, MyTRSIL.

On an annual basis, we also reach out to a random sample of members and retirees to solicit feedback. As a result of this research effort, we wanted to inform you of the progress being made towards a few of the key success indicators and assure you that your voice is being heard! Members understand the Role of TRS TRS provides expert pension services to Illinois public educators, ensuring their promised retirement security.

In our annual surveys, we asked members what they believe is the primary function of TRS. Based on the responses we received, we determined more clarity around the role of TRS was needed. We now capture the Role of TRS in every Topics & Report newsletter as well as educational presentations we conduct to promote clarity.

It’s important to note that TRS does not have the authority to write or pass legislation. Such decisions rest with the Illinois General Assembly. Educating members about why TRS is relevant across all career stages Surveys indicated newer members feel less confident in their knowledge of TRS benefits and how to prepare for retirement now.

To fill this need, a webinar for newer members was created “Understanding the Value of your TRS Benefit." The webinar explains TRS benefits and how saving early in a plan such as the optional TRS Supplemental Savings Plan (SSP) may result in a better financial future at retirement.

The top two responses from late career stage members and retirees about what they wished they would have known earlier in their TRS career was: engaging with TRS early in their career and investing in a supplemental plan early (TRS SSP, IRA, 403(b), etc.). TRS also created a new webinar series “Connecting with Retirees” which is a series of webinars about topics such as transitioning to Medicare, TRS death benefits or setting up a power of attorney on your TRS account.

We have made it easier to engage with educational representatives in our Outreach Department to learn about TRS benefits in all stages of your career through our new Webinar Calendar. Checkout upcoming live webinars and register at your own convenience at trsil.org/calendar . Bookmark the calendar page and check back often for new additions.

Source fold: trsil.org Summer 2026 Topics and Report. Verify against the live page or PDF before citing beyond this page.

Annex: How to participate fold

How to Participate / manager engagement pathway on the Investments section.

How To Participate | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Investments Portfolio Information How To Participate Active Searches View Active Searches Subscribe To Our RFP Mailing List Emerging Manager Program - All Asset Classes MWBE Brokerage Private Capital Other Reports Contact Investments Department Trustees Vendors FOIA Financial News Links Menu Legislative Contact How To Participate Minority and Women Business Enterprise (MWBE) Brokerage TRS is committed to using all segments of the financial community for broker/dealer transactions for our pension fund.

We offer new and existing firms the opportunity to supply or update information to assist our investment managers in achieving our expectation that minority-, female-, and disabled-owned broker/dealers be used for a significant portion of transactions on behalf of TRS. To be included in our database, please complete this form and submit other supporting documentation to .

If you have any questions, please contact us at or you may email your questions to . Brokerage Firms The Teachers' Retirement System of the State of Illinois does not maintain an approved brokerage firm listing. TRS investment managers have sole discretion in selecting the brokerage firm(s) to be used as well as the terms and conditions upon which any selected brokers are engaged.

Managers are expected to work diligently in the effective management of TRS's commission expenses. Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/investments/how-to-participate. Verify against the live page or PDF before citing beyond this page.

Annex: Other investment reports fold

Other Reports hub — links to private equity, real assets, private credit / global multi-credit and FY tactical plan materials.

Other Reports | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Investments Portfolio Information How To Participate Active Searches View Active Searches Subscribe To Our RFP Mailing List Emerging Manager Program - All Asset Classes MWBE Brokerage Private Capital Other Reports Contact Investments Department Trustees Vendors FOIA Financial News Links Menu Legislative Contact Other Reports TRS Fiduciary Report The most current report is available below.

Investment Adviser and Consultant Contracts To ensure transparency, Public Act 96-0006 requires Illinois public pension plans to disclose information describing investment adviser and consultant contracts. TRS is fully committed to transparency of all information about its investment adviser and consultant contracts in accordance with the Illinois Pension Code, 40 ILCS 5/1-113.14.

The information is current to the last-completed and audited quarter (March 31, June 30, September 30, and December 31), and is updated quarterly. All investment advisers render services pursuant to written contract with the System. The contract information lists each account managed because some advisers manage multiple accounts under one contract.

Investment Adviser and Consultant Contract information document is available below . Annual Report to the Governor and General Assembly Public Act 96-0006 also requires Illinois public pension plans to annually submit a report to the Governor and the General Assembly pursuant to the Illinois Pension Code, 40 ILCS 5/1-109.1(8), which includes policies and goals for utilization of emerging investment managers, racial-, ethnic-, and gender-diverse fiduciaries, consultants and senior staff, and minority-, female-, and disabled-owned businesses and broker-dealers.

The Annual Report to the Governor and General Assembly (PDF) is available below . TRS Investment Relationships The most current listing is available below. TRS Annual Proxy Report The most current report is available below. TRS Investment Policy The most current listing is available below.

Tactical Plan Summaries Select the below links for fiscal year 2027 tactical plan summaries. Private Equity Real Assets Select the below links for fiscal year 2026 tactical plan summaries. Private Credit and Global Multi-Credit Solutions Private Equity Real Assets Restricted Companies Public Act 99-128 requires Illinois public pension plans to adhere to a list of restricted companies assembled by the Illinois Investment Policy Board pursuant to the Illinois Pension Code, 40 ILCS 5/1-110.16.

Companies on the list include Iran restricted companies, Sudan restricted companies, and companies that boycott Israel. The Prohibited Investment List is available at this link . Associated Files File Title Download TRS Fiduciary Report Download Investment Adviser and Consultant Contract information as of December 31, 2025 Download The Annual Report to the Governor and General Assembly Download TRS Investment Relationships as of June 2025 Download TRS Annual Proxy Report Download TRS Investment Policy Download Footer ...

Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/investments/other-reports. Verify against the live page or PDF before citing beyond this page.

Annex: Financial reports hub fold

Financial Reports hub — ACFR/CAFR archives, actuarial reports, GASB 68, certifications.

Financial Reports | Teachers' Retirement System of the State of Illinois Navigation Menu Header News Forms/Publications Contact Us About Us Board of Trustees Careers News Strategic Plan Search Search Teachers' Retirement System of the State of Illinois Main navigation Retirees Tier 1 Tier 2 Members Tier 1 Tier 2 I Don't Know Employers Main Content Employer Menu Careers Investments Trustees Vendors FOIA Financial Annual Comprehensive Financial Reports Current and Recent Annual Reports Fiscal Year 2010 & Earlier Annual Reports Annual Financial Report Summaries Actuarial Information Certifications Valuation Reports Segal Actuarial Presentation, Oct.

2025 Report of the State Actuary Experience Analysis Reports Reports on Allocation of Pension Amounts GASB 68 Actuary Reports News Links Menu Legislative Contact Financial Reports TRS has many financial reporting resources for members and the general public. The Annual Comprehensive Financial Report includes financial, investment, actuarial, and statistical information concerning TRS from the prior fiscal year.

The Annual Financial Report Summary is a synopsis of our Annual Comprehensive Financial Report designed specifically for TRS members. Actuarial reports and pensions allocation amounts are also listed in this section. Board of Trustees Careers Financial Reports FOIA/Public Record Investments Legislation Vendors Teachers' Retirement System of the State of Illinois Location 2815 West Washington Street Springfield, Illinois 62702 Phone Social Links Facebook Twitter Youtube Instagram LinkedIn Disclaimer State Links Educator Resources © 2026 Teachers' Retirement System of the State of Illinois.

Source fold: trsil.org/financial/financial-reports. Verify against the live page or PDF before citing beyond this page.

Annex: Peer map

U.S. teacher / public-pension peers on the UAO Registry include TRS Georgia, STRS Ohio, CalSTRS, PSERS, Maryland SRPS, LACERA, CalPERS, Florida SBA, MassPRIM, OPERS, and NYSCRF. TRS Illinois is a distinct Illinois statutory teacher DB plan — keep Instantiations/sitemap rows separate from TRS Texas (skipped), TRS Georgia, and STRS Ohio.

Annex: Research notes

• Thin-source gate: SHIP — ACFR + Investment Policy + Portfolio/monthly + Board/staff alone ≫ 3k honest words.
• No VideoObject this pass: trsil.org/videos hosts member-education YouTube embeds; not packaged as investment-strategy VideoObject with uploadDate.
• Daily-refresh left disabled. Desk registry-people-desk-41.json untouched (sha a13480ec21c4dc98…).
• SAFE, TRS Texas, Kuwait PIFSS, BIA remain skipped on the institution sitemap.
• CoS / SEO not messaged (parent batches CoS at elite 75).
• Phones and staff emails stripped from folds; corrections via info@universalassetowners.com only.
• Combined ED/CIO locked: R. Stanley Rupnik only — no invented separate CIO.

FAQ

What is the Teacher Retirement System of Illinois (TRS Illinois)?

The Teachers’ Retirement System of the State of Illinois (TRS / TRS Illinois) is a component unit of the State of Illinois that provides retirement, disability and survivor benefits to teachers, administrators and other public-school personnel employed outside the City of Chicago. It was established by the Illinois General Assembly effective 1 July 1939 under the Illinois Pension Code (Article 16). Soft Instantiations/UAO naming often uses singular “Teacher”; official branding is plural “Teachers’.” Official site: https://www.trsil.org/.

What official USD scale figures has TRS Illinois published recently?

Prefer dated official USD from trsil.org — do not invent Instantiations headline AUM. Preliminary monthly accountability (Public Act 104-0182) cites total assets of about US$87.36 billion as of 31 July 2026. Portfolio Information cites a total-fund market value of US$81.08 billion as of 31 March 2026. The FY2025 Annual Comprehensive Financial Report cites investments fair value of about US$76.6 billion and fiduciary net position of about US$77.263 billion as of 30 June 2025 (About Us also cites US$76.6 billion; an August 2025 release cites US$76.77 billion). The Instantiations ~US$68 bn public estimate is stale relative to these official USD prints.

Who is the Executive Director and Chief Investment Officer?

R. Stanley “Stan” Rupnik serves as Executive Director and Chief Investment Officer in a combined role. The Board named him permanent Executive Director/CIO on 28 June 2021 after he served as acting executive director from August 2020 while retaining the CIO seat; he has been CIO since November 2004 and joined TRS in April 2003. Official Staff Information lists both executive_director and chief_investment_officer contacts to him. Do not invent a separate CIO. UAO person SSR: /registry/person/r-stanley-rupnik/.

Who is the Deputy Chief Investment Officer?

Ghiané Jones is Deputy Chief Investment Officer per official TRS news and member Topics & Report newsletters; she manages TRS’s Chicago investment office. Confirm titles on live trsil.org materials. UAO person SSR: /registry/person/ghiane-jones/.

How is TRS Illinois governed?

TRS is governed by a 15-member Board of Trustees: seven appointed by the Governor, five elected by contributing members, two elected by annuitants, and the State Superintendent of Education ex officio. The Governor appoints the Board President from among sitting trustees; the Board elects its Vice President and appoints the Executive Director (who also serves as Board Secretary). As opened 2026-09-11: Board President Devon Bruce; Vice President Andrew Hirshman; ex officio Dr. Tony Sanders.

What is the System’s strategic asset allocation?

The Investment Policy (revised 26 February 2026) uses a four-composite structure. Long-term / interim targets: Equity 52%/52% (Public Equity 37%, Private Equity 15%); Real Assets 18%/18% (Real Estate 14%, Other Real Assets 4%); Diversifying Strategies 6%/5%; Income 24%/25% (Global Income 15%, Private Credit 8%, Short-term 1%/2%). As of 31 March 2026, actual weights were Equity 52.2%, Income 26.0%, Real Assets 16.4%, Diversifying Strategies 5.4% (Portfolio Information).

What returns has TRS Illinois reported recently?

FY2025 (year ended 30 June 2025): total fund return 9.7% net of fees and 10.4% gross; 30-year net return 7.8% versus a 7.0% long-term assumption (ACFR). For periods ending 31 March 2026: 1-/3-/5-/10-year total fund net returns 11.8%, 9.1%, 7.6% and 8.3% versus policy index 13.2%, 10.3%, 6.5% and 8.1% (Portfolio Information).

What is the funded status as of 30 June 2025?

Per ACFR FY2025 highlights: actuarial value of assets funded ratio 47.8% (up from 45.8% the prior year — fifth consecutive annual improvement cited in the Letter of Transmittal); fair-value funded ratio 48.6%; actuarial accrued liability about US$159.1 billion; unfunded AAL (AVA basis) about US$83.1 billion; fiduciary net position about US$77.263 billion versus total pension liability about US$162.0 billion (FNP as a percentage of TPL 47.7%). Prefer official ACFR wording over secondary summaries.

What is the Emerging Manager Program?

TRS’s Emerging Manager Program seeks developing managers across all current asset classes via a web-based questionnaire process. Official materials describe a thoughtful, structured path toward a projected multi-year US$1 billion allocation to the emerging manager community; women- and minority-owned firms are encouraged to apply. Related Investment Policy chapters cover Emerging Managers and Proxy Voting.

Is TRS Illinois the same as TRS Texas, TRS Georgia, or STRS Ohio?

No. Teacher Retirement System of Illinois (TRS Illinois / Teachers’ Retirement System of the State of Illinois) is a distinct Illinois statutory teacher pension. It is not Teacher Retirement System of Texas (skipped on UAO), not Teachers Retirement System of Georgia (already live), not State Teachers Retirement System of Ohio (already live), and not CalSTRS.

Is TRS Illinois a sovereign wealth fund?

No. It is a U.S. state public pension system (defined benefit, with a supplemental 457(b) savings plan) for Illinois public educators outside Chicago — not a sovereign wealth fund and not a corporate DB plan.

Where should researchers correct UAO Registry errors?

Send corrections to info@universalassetowners.com. Prefer primary documents on trsil.org (ACFR FY2025, Investment Policy Feb 2026, Portfolio Information, monthly Investments accountability, Board of Trustees, Staff Information, Strategic Plan) over secondary rankings. Currency discipline: official USD as published; do not invent FX conversions or promote the Instantiations ~US$68 bn estimate as headline AUM. Confirm the combined Executive Director and CIO role for R. Stanley Rupnik.

Sources & further reading

• trsil.org — official home
• About Us
• Board of Trustees
• Staff Information
• Investments (monthly accountability)
• Portfolio Information
• Emerging Manager Program
• Private Capital
• ACFR FY2025
• ACFR FY2025 PDF
• Investment Policy page
• Strategic Plan
• Rupnik ED/CIO appointment (28 Jun 2021)
• Focused on Future Growth (1 Aug 2025)
• Bruce reappointment / new trustees
• FY27 strategic priorities
• Financial reports hub

Completeness note

This elite profile targets ~10k+ sourced words folded from opened official HTML/PDF primaries only. Non-blocking expansions for later passes: full ACFR actuarial/statistical section deep folds; latest PE/RE tactical plan PDFs; proxy voting detail extract; older ACFR years for long-run tables; SSP plan document deep fold; Board minutes timeline. No filler. No invented people, titles, AUM, or seats.