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 to obtain a rate of return within a risk framework established by the South Dakota Investment Council with the long-term goal to provide the greater of a 5% or $12 million annual distribution to the general fund and to grow the fund over time; 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 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 2007	ACTUAL FY 2008	BUDGETED FY 2009	REQUESTED FY 2010	GOVERNOR'S RECOMMENDED FY 2010	RECOMMENDED INC/(DEC) FY 2010
FUNDING SOURCE:
General Funds	$0	$0	$0	$0	$0	$0
Federal Funds	0	0	0	0	0	0
Other Funds	4,877,349	5,690,048	8,231,813	8,903,148	8,905,584	673,771
Total	$4,877,349	$5,690,048	$8,231,813	$8,903,148	$8,905,584	$673,771
EXPENDITURE DETAIL:
Personal Services	$3,702,657	$4,476,932	$6,553,353	$7,183,464	$7,185,900	$632,547
Operating Expenses	1,174,692	1,213,117	1,678,460	1,719,684	1,719,684	41,224
Total	$4,877,349	$5,690,048	$8,231,813	$8,903,148	$8,905,584	$673,771
Staffing Level FTE:	26.4	28.0	28.0	28.0	28.0	0.0

	ACTUAL FY 2007	ACTUAL FY 2008	ESTIMATED FY 2009	ESTIMATED FY 2010
REVENUES:
Investment Management Fees:	$0	$0	$0	$0
Retirement System (SDRS)	3,871,553	4,698,633	5,121,712	7,163,486
Cement Plant	24,841	29,549	33,970	47,187
Cash Flow Fund (CFF)	498,114	522,557	580,583	811,969
School and Public Lands (S&PL)	96,694	111,196	118,081	164,708
Dakota Cement Trust (DCT)	155,633	173,404	179,930	251,960
Education Enhancement Trust (EET)	223,285	250,581	262,232	366,810
Health Care Trust (HCT)	56,014	63,660	69,159	97,044
Total	$4,926,134	$5,849,580	$6,365,667	$8,903,164
PERFORMANCE INDICATORS:
SDRS Yr-End Assets/Inv Income (Millions)	$8,146/$1,447	$7,300/$-693		0
SDRS Total Fund Return	21.4%	-8.65%		0
SDRS Capital Mkt Benchmark/Mellon Corp	17.6%/17.9%	-4.20%/-5.02%		0
CPRF Yr-End Assets/Inv Income (Millions)	$54.9/$9.2	$47.3/$-4.6		0
CPRF Total Fund Return/Benchmark Return	20.6%/17.5%	-8.35%/-4.12%		0
CFF Average Amount Invested (Millions)	$834.6	$898		0
CFF Investment Income (Millions)	$45.0	$56.1		0
CFF Average Yield/Benchmark Yield	4.41%/5.19%	4.96%/4.25%		0
S&PL Yr-End Assets/Invest Income (Millions)	$183.2/$24.1	$168.9/$-10.6		0
S&PL Total Fund Return/Benchmark Return	14.8%/15.2%	-5.85%/-1.51%		0
DCT Yr-End Assets/Invest Income (Millions)	$281.6/$38.7	$250.9/$-16.9		0
DCT Total Fund Return/Benchmark Return	15.1%/15.2%	-6.13%/-1.51%		0
EET Yr-End Assets/Invest Income (Millions)	$426.0/$53.3	$383.8/$-27.3		0
EET Total Fund Return/Benchmark Return	14.4%/14.6%	-6.65%/-2.02%		0
HCT Yr-End Assets/Invest Income (Millions)	$110.5/$13.8	$101.5/$-6.2		0
HCT Total Fund Return/Benchmark Return	14.7%/15.2%	-5.74%/-1.51%		0

generated 11/24/08 10:58:41 AM