MISSION:
To professionally manage the South Dakota Retirement System and South Dakota Cement Plant Retirement Fund portfolios in order to obtain long-term maximum total returns consistent with prudent risk; to professionally manage the state's cash flow fund in order to obtain long-term maximum total returns consistent with the liquidity needs of the fund, the legal list and prudent risk; to professionally manage the investment portfolio of the School and Public Lands Fund to obtain the highest risk adjusted return over the long term to offset inflation and provide income on a yearly basis to South Dakota's school districts; to professionally manage the Dakota Cement Trust in a balanced manner, with emphasis on providing the minimum $12 million per year distribution to the general fund, while attempting to build the principal of the fund and, therefore, potential additional distributions from the fund over the long term; to professionally manage the Health Care Trust Fund and the Education Enhancement Trust Fund to obtain a rate of return within a risk framework established by the South Dakota Investment Council with the long-term goal to provide a 4% annual distribution to the general fund and to attempt to grow the funds over time; to oversee the Higher Education Savings Plan per SDCL 13-63-1 to 13-63-31 by establishing the program and monitoring the selected program manager, Allianz Global Investors Distributors LLC; and, to comply with the requirements of SDCL 4-5-12 to 4-5-39, "Investment of State Funds Law".

	ACTUAL FY 2005	ACTUAL FY 2006	BUDGETED FY 2007	REQUESTED FY 2008	GOVERNOR'S RECOMMENDED FY 2008	RECOMMENDED INC/(DEC) FY 2008
FUNDING SOURCE:
General Funds	$0	$0	$0	$0	$0	$0
Federal Funds	0	0	0	0	0	0
Other Funds	4,062,664	4,420,782	6,532,980	7,550,194	7,555,993	1,023,013
Total	$4,062,664	$4,420,782	$6,532,980	$7,550,194	$7,555,993	$1,023,013
EXPENDITURE DETAIL:
Personal Services	$3,006,655	$3,247,703	$5,073,050	$5,845,359	$5,851,158	$778,108
Operating Expenses	1,056,009	1,173,079	1,459,930	1,704,835	1,704,835	244,905
Total	$4,062,664	$4,420,782	$6,532,980	$7,550,194	$7,555,993	$1,023,013
Staffing Level FTE:	24.2	25.2	28.0	28.0	28.0	0.0

	ACTUAL FY 2005	ACTUAL FY 2006	ESTIMATED FY 2007	ESTIMATED FY 2008
REVENUES:
Investment Management Fees:	$0	$0	$0	$0
Retirement System (SDRS)	3,297,868	3,363,004	3,871,553	5,933,854
Cement Plant	23,023	22,371	24,841	38,073
Cash Flow Fund (CFF)	492,496	476,844	498,114	763,449
School and Public Lands (S&PL)	92,166	89,320	96,694	148,203
Dakota Cement Trust (DCT)	155,733	147,845	155,633	238,535
Education Enhancement Trust (EET)	225,482	212,404	223,285	342,225
Health Care Trust (HCT)	55,039	52,213	56,014	85,852
Total	$4,341,807	$4,364,001	$4,926,134	$7,550,191
PERFORMANCE INDICATORS:
SDRS Year-End Assets (Millions)	$6,147	$6,833
SDRS Investment Income (Millions)	$727	$798
SDRS Total Fund Return	13.3%	13.1%
SDRS Capital Market Benchmark	9.6%	10.7%
SDRS Russell/Mellon Corp Universe	10.2%	10.7%
CFF Average Amount Invested (Millions)	$821.7	$839.8
CFF Investment Income (Millions)	$22.1	$25.9
CFF Average Yield / Benchmark Yield	2.88%/2.08%	3.41%/4.10%
S&PL Yr-End Assets/Invest Income (Millions)	$157.8/$12.1	$163.2/$9.7
S&PL Total Fund Return/Benchmark Return	8.2%/8.1%	6.1%/7.3%
DCT Yr-End Assets/Invest Income (Millions)	$254.4/$26.6	$255.8/$14.9
DCT Total Fund Return/Benchmark Return	11.1%/11.4%	5.9%/7.6%
EET Yr-End Assets/Invest Income (Millions)	$378.7/$31.8	$385.8/$22.8
EET Total Fund Return/Benchmark Return	9.2%/10.2%	6.3%/8.1%
HCT Yr-End Assets/Invest Income (Millions)	$93.3/$7.7	$97.8/$5.7
HCT Total Fund Return/Benchmark Return	9.1%/10.5%	6.3%/7.8%

generated 12/05/06 11:12:54 AM