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 within the framework established by the South Dakota Investment Council the investment portfolios of the School and Public Lands Fund, the Dakota Cement Trust, the Health Care Trust and the Education Enhancement Trust to obtain the highest risk adjusted return over the long term and to provide income payouts; 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 2008	ACTUAL FY 2009	BUDGETED FY 2010	REQUESTED FY 2011	GOVERNOR'S RECOMMENDED FY 2011	RECOMMENDED INC/(DEC) FY 2011
FUNDING SOURCE:
General Funds	$0	$0	$0	$0	$0	$0
Federal Funds	0	0	0	0	0	0
Other Funds	5,690,048	5,552,198	8,273,037	9,074,633	8,917,882	644,845
Total	$5,690,048	$5,552,198	$8,273,037	$9,074,633	$8,917,882	$644,845
EXPENDITURE DETAIL:
Personal Services	$4,476,932	$4,263,771	$6,553,353	$7,330,315	$7,173,564	$620,211
Operating Expenses	1,213,117	1,288,427	1,719,684	1,744,318	1,744,318	24,634
Total	$5,690,048	$5,552,198	$8,273,037	$9,074,633	$8,917,882	$644,845
Staffing Level FTE:	28.0	27.7	28.0	28.0	28.0	0.0

	ACTUAL FY 2008	ACTUAL FY 2009	ESTIMATED FY 2010	ESTIMATED FY 2011
REVENUES:
Investment Management Fees:	$0	$0	$0	$0
Retirement System (SDRS)	4,698,633	5,121,712	4,314,676	7,000,173
Cement Plant	29,549	33,970	27,801	45,373
Cash Flow Fund (CFF)	522,557	580,583	698,813	1,133,422
School and Public Lands (S&PL)	111,196	118,081	108,178	175,140
Dakota Cement Trust (DCT)	173,404	179,930	155,655	253,182
Education Enhancement Trust (EET)	250,581	262,232	227,174	368,430
Health Care Trust (HCT)	63,660	69,159	61,125	98,913
Total	$5,849,580	$6,365,667	$5,593,422	$9,074,633
PERFORMANCE INDICATORS:
SDRS Yr-End Assets/Inv Income (Millions)	$7,300/$-693	$5,640/$-1,478	0	0
SDRS Total Fund Return	-8.65%	-20.36%	0	0
SDRS Capital Mkt Benchmark/Mellon Corp	-4.20%/-5.02%	-18.0%/-17.64%	0	0
CPRF Yr-End Assets/Inv Income (Millions)	$47.3/$-4.6	$35.6/$-9.3	0	0
CPRF Total Fund Return/Benchmark Return	-8.35%/-4.12%	-19.98%/-17.89%	0	0
CFF Average Amount Invested (Millions)	$898	$966	0	0
CFF Investment Income (Millions)	$56.1	$57.6	0	0
CFF Average Yield/Benchmark Yield	4.96%/4.25%	4.51%/1.63%	0	0
S&PL Yr-End Assets/Invest Income (Millions)	$168.9/$-10.6	$139.1/-26.0%	0	0
S&PL Total Fund Return/Benchmark Return	-5.85%/-1.51%	-14.6%/-12.7%	0	0
DCT Yr-End Assets/Invest Income (Millions)	$250.9/$-16.9	$195.0/$-41.7	0	0
DCT Total Fund Return/Benchmark Return	-6.13%/-1.51%	-16.6%/-12.7%	0	0
EET Yr-End Assets/Invest Income (Millions)	$383.8/$-27.3	$302.5/$-64.5	0	0
EET Total Fund Return/Benchmark Return	-6.65%/-2.02%	-17.5%/-12.6%	0	0
HCT Yr-End Assets/Invest Income (Millions)	$101.5/$-6.2	$82.3/$-15.0	0	0
HCT Total Fund Return/Benchmark Return	-5.74%/-1.51%	-15.4%/-12.7%	0	0

generated 11/25/09 03:32:01 PM