and budget request fy 2023

Investment Performance FY 2021and

Budget Request FY 2023

Presented to

LRC Executive Board

August 31 2021

Organization Chart

1

LRC

Executive Board

South Dakota Investment Council

State Investment Officer

General Counsel

Asst Invest Officer Global Eq Arbitrage

Sr Portfolio Manager Global Equity


Portfolio Manager Global Equity







Assoc Portfolio Mgr I Global Equity

Sr Portfolio Manager SmMid Cap Equity

Portfolio Manager SmMid Cap Equity


Asst Invest Officer Fixed IncomeDeriv

Sr Portfolio Manager Fixed IncomeHESP

Portfolio Manager High Yield Fixed Inc

Senior Investment Accountant


Investment Accountant


COUNCIL MEMBERS ndash FY 2022 Paul Bisson Sturgis (Chair) Greg Kulesa Watertown (Vice Chair) Mary Howard Sioux Falls Loren Koepsell Sioux Falls Steve Pietila Yankton Travis Almond SDRS Executive Director Ryan Brunner SampPL Commissioner Josh Haeder State Treasurer


Portfolio Manager High YieldFixed Inc

Asst Invest Officer Fixed IncomeAlt Inv

Assoc Portfolio Mgr I SmMid Cap Equity

Assoc Portfolio Mgr II High YieldFixed Inc


Research Analyst High Yield

Assoc Portfolio Mgr I High YieldFixed Inc

Business Manager

Asst Business Mgr Accountant

Research Analyst Equity


COUNCIL MEMBERS ndash FY 2022

Paul Bisson Sturgis (Chair)

Greg Kulesa Watertown (Vice Chair)

Mary Howard Sioux Falls

Loren Koepsell Sioux Falls

Steve Pietila Yankton

Travis Almond SDRS Executive Director

Ryan Brunner SampPL Commissioner

Josh Haeder State Treasurer

Research Analyst

Equity

Research Analyst

Equity

General

Counsel

Asst Business Mgr

Accountant

Business

Manager

Investment

Accountant

Investment

Accountant

Senior Investment

Accountant

Senior Investment

Accountant

Research Analyst

High Yield

Assoc Portfolio Mgr I

SmMid Cap Equity


SmMid Cap Equity

Portfolio Manager

SmMid Cap Equity

Portfolio Manager

SmMid Cap Equity

Sr Portfolio Manager

SmMid Cap Equity


Fixed IncomeHESP


High YieldFixed Inc

Assoc Portfolio Mgr II

High YieldFixed Inc

Portfolio Manager

High YieldFixed Inc

Portfolio Manager

High Yield Fixed Inc

Portfolio Manager



Global Equity

Portfolio Manager

Global Equity

Portfolio Manager

Global Equity

Portfolio Manager

Global Equity


Global Equity

Portfolio Manager

Global Equity


Global Equity


Global Equity


Global Equity


Global Equity

Asst Invest Officer

Fixed IncomeDeriv

Asst Invest Officer

Global Eq Arbitrage

Asst Invest Officer

Fixed IncomeAlt Inv


LRC

Executive Board


Assets

2The South Dakota Cement Plant Retirement Fund (CPRF) was consolidated into the South Dakota Retirement System (SDRS) on April 1 2014 per SDCL 3-12C-1642 For purposes of this exhibit CPRF Assets for Fiscal Years 1973 - 2013 are included with SDRSIncludes Coronavirus Relief Fund

$133

$211

$260

$297

$337

$392

$449

$517

$561

$611 $7

91

$863 $1

072

$12

98

$14

53

$15

92

$18

03

$18

79

$20

55

$22

83

$26

05

$27

23

$30

44 $35

29 $41

44 $48

72 $55

34 $60

69

$61

11

$58

31 $63

18

$71

68 $78

72 $85

80

$10

049

$91

60

$74

10

$83

04

$99

48

$99

03

$11

312

$13

049

$13

289

$12

954

$14

207

$14

849

$15

211

$16

434

FY 7

3

FY 7

4

FY 7

5

FY 7

6

FY 7

7

FY 7

8

FY 7

9

FY 8

0

FY 8

1

FY 8

2

FY 8

3

FY 8

4

FY 8

5

FY 8

6

FY 8

7

FY 8

8

FY 8

9

FY 9

0

FY 9

1

FY 9

2

FY 9

3

FY 9

4

FY 9

5

FY 9

6

FY 9

7

FY 9

8

FY 9

9

FY 0

0

FY 0

1

FY 0

2

FY 0

3

FY 0

4

FY 0

5

FY 0

6

FY 0

7

FY 0

8

FY 0

9

FY 1

0

FY 1

1

FY 1

2

FY 1

3

FY 1

4

FY 1

5

FY 1

6

FY 1

7

FY 1

8

FY 1

9

FY 2

0

South Dakota Retirement System 122870$ 748Health Care Trust Fund 1512 09Education Enhancement Trust Fund 6307 38School amp Public Lands Fund 3279 20Dakota Cement Trust Fund 3338 20South Dakota Cash Flow Fund 27038 165

164344$ 1000

Fiscal Years 1973 to 2020$ in Millions

$133

$211

$260

$297

$337

$392

$449

$517

$561

$611 $7

91

$863 $1

072

$12

98

$14

53

$15

92

$18

03

$18

79

$20

55

$22

83

$26

05

$27

23

$30

44 $35

29 $41

44 $48

72 $55

34 $60

69

$61

11

$58

31 $63

18 $71

68 $78

72 $85

80

$10

049

$91

60

$74

10 $83

04

$99

48

$99

03

$11

312

$13

049

$13

289

$12

954 $1

420

7

$14

849

$15

211 $1

643

4

$18

451

FY 7

3

FY 7

4

FY 7

5

FY 7

6

FY 7

7

FY 7

8

FY 7

9

FY 8

0

FY 8

1

FY 8

2

FY 8

3

FY 8

4

FY 8

5

FY 8

6

FY 8

7

FY 8

8

FY 8

9

FY 9

0

FY 9

1

FY 9

2

FY 9

3

FY 9

4

FY 9

5

FY 9

6

FY 9

7

FY 9

8

FY 9

9

FY 0

0

FY 0

1

FY 0

2

FY 0

3

FY 0

4

FY 0

5

FY 0

6

FY 0

7

FY 0

8

FY 0

9

FY 1

0

FY 1

1

FY 1

2

FY 1

3

FY 1

4

FY 1

5

FY 1

6

FY 1

7

FY 1

8

FY 1

9

FY 2

0

FY 2

1


184513$ 1000


5 years 10 years 20 yearsAnnualized Annualized Annualized

FY 2021 FY 17 - 21 FY 12 ndash 21 FY 02 ndash 21

bull SDRS Total Fund 2203 982 923 811

bull Capital Market Benchmark 2797 1101 912 740Added Value -594 -119 011 071

bull State Universe (est) 2857 1146 946 739Added Value -654 -164 -033 048

bull Beginning FY 2021 SDRS Assets $12287 billion

bull Ending FY 2021 SDRS Assets $14619 billion

Note Time-weighted rates of return are net of fees FY 14-21 and gross of fees FY 02-13 Added Value using time weighted rate of return net of fees for all periods

3

Investment PerformanceReturns vs Benchmarks (unaudited)


bull Total SDRS dollars earned Fiscal Year 2021 $ 2720 billion

bull Total SDRS dollars earned last 5 years $ 6018 billion


bull Total SDRS dollars earned last 20 years $14181 billion

bull Extra earnings resulting from performance(not including compounding)

1 year 5 years 10 years 20 yearso vs Capital Markets Benchmark $-729 million $-846 million $-252 million $576 milliono vs State Funds $-803 million $-1039 billion $-200 million $498 million

4

Superior returns add up over timeCumulative returns for SDRS Benchmark Corporate Plans and other States

5

Gro

wth

of a

$

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021

Annualized Return48 years ended FY21

SDRS (1029)

Benchmark (956)

Corp Plans (914)

State Plans (914)

Potential Excess Earnings

6

SDIC 48-year outperformance = 7 annualized vs benchmark Outperformance of 5 next 20 years = extra $48 billion Underperformance of 5 = cost to retirement system of $44 billion

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

2020 2023 2026 2029 2032 2035 2038 2041

Average + 050

Average Returns

Average - 050

Excess Earnings (In Millions)

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

2021 2023 2026 2029 2032 2035 2038 2041

Average + 050

Average Returns

Average - 050


Many pistons contributeCumulative added value by source FY99 to FY21

7

0

5

10

15

20

25

30

35

FY99 FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21

Asset Allocation

Private equity

Real estate

HedgeMergerConv

DebtHYDistCash

Public equity

Cost Efficiency

8

Difference between SDIC cost of 36 and average public pension fund cost of 60 is $440 million per year

SDIC projected expenses for FY 2023 using adjusted assets and expected average performance incentives

Plus 20 profit participation after preferred return

SDIOInternal Cost

SDIO Internal ampOutside Managers

$3 BillionMedianPensionFund

Benchmark (Similar Size and Asset Mix)

Median TargetDate MutualFunds

MedianAlternativeAsset Managers

035

056

Management Fees

010

074

150

067

SDIOInternal Cost


AveragePublicPensionFund



036

060

Management Fees

010

065

150

Compensation Overview

9

Long term results have significantly exceeded benchmarks

Cost efficient due to internal management capabilitiesndash Securing team to preserve internal capabilities best chance to remain cost efficientndash Internal cost 1 with expected average incentives

Continued success dependent on high caliber teamndash Internally manage most assets using internally generated research

Future team depends on retention of talent pipeline and trainers ndash Develop internally as cannot compete for top tier experienced talent

Compensation plan aligned with goal of adding value over long termndash Motivate superior long-term performance and retain successful staff

Compensation Overview contrsquod

10

Compensation targetndash Council target is 70 of cost-of-living adjusted median industry pay to balance getting a

good deal for South Dakota without losing the good deal if we cannot keep our peoplendash Incorporates performance incentivesndash Compensation study updated approximately every three years

Compensation study 2013ndash Study showed compensation had fallen to 55ndash Expanded incentive compensation plan as opposed to adjusting base compensationndash Incentives expanded to include longer term and stretch incentives and expected to

average 80 (0 to 200) -- This reached 95 of 70 targetndash Incentives aligned with the goal of adding value and only paid if add value

Compensation study 2016ndash Indicated modest slippage but not sufficient to request adjustment

Compensation study 2019ndash Indicated modest further slippage but not sufficient to request adjustment

11

Budget Funding Sources

Budget funded by assets under management

0 General Fund appropriation

Note SampPL share of SDIC expenses paid from earnings of Cash Flow Fund

Trust Funds = 101

Retirement System = 882

Cash Flow Fund = 17

South Dakota Retirement System = 882

Cash Flow Fund = 17

Dakota Cement Trust = 24

Education Enhancement Trust = 44

Health Care Trust = 10

School amp Public Lands = 23

Trust Funds = 101


Cash Flow Fund = 24


Cash Flow Fund = 24





12

Long-Term Plan Executive SummaryProjected LTP Budget

INVESTMENT COUNCIL BUDGET FY 2023 FY 2028 FY 2033

Personal Services Number of Employees 3500 3500 3500 Base Compensation - Total Staff 6986311 8599469 10814175 Student Interns 85299 95337 106556 Investment Council 6943 7760 8673 Flexibility funds-Retirements amp Resignations 171570 191760 214326 Investment Incentive Maximum 11889443 14769504 18777060 Benefits 2770951 3134097 4040920 Total Personal Services 21910518 26797927 33961710

Operating Expenses Contractual Services 2450903 2723920 2958621 Travel 86431 96602 107970 Office Supplies amp Postage 7000 7824 8744 Capital Assets 40520 54352 61441 Total Operating Expenses 2584854 2882698 3136777

Total Investment Council Budget (1) 24495372 29680625 37098487

ASSET SUMMARY (2)

Internal Assets 14736258237 18148573956 22363768079 External Assets 4653555233 5731128618 7062242551 Total Assets 19389813470 23879702574 29426010630

EXPENSE SUMMARY

Internal Expenses 24495372 29680625 37098487 External Manager Fees 51189108 63042415 77684668 Total Expenses 75684479 92723040 114783155

UNIT COST SUMMARY (3)

Internal Expenses as of Total Assets 0098 0096 0096 Total Expenses as of Total Assets 0364 0362 0362

(2) Projections based on long-term assumed returns applied to 63021 assets Updated each June 30(3) Unit Cost Summary uses assumed average investment performance incentives

(1) FY 2023 amounts differ from the actual final budget request To reflect all costs the LTP includes an assumed salary policy of 225 and an additional 175 increase for investment positions The salary policy is is not included in the budget request as any salary policy is added afterward

LTP

Page ampP82019

Exec Summary

SDRS contr

Historical Unit Cost

Transition incr

Page ampP82011

Promotion-Yrs Exp

Promotion Schedule by Person

NOTES

13

FY 2021 Budget and ActualExpended Received

FY 2021 FY 2021 Unexpended

PERSONAL SERVICESTOTAL FTEs 3425 3500 BASE COMPENSATION

Base Compensation - Investment Staff 5216937 5595504 37856769 Base Comp - Admin Acct Legal Longevity 446997 626820 17982314 TOTAL STAFF - FULL TIME 5663934 6222325 55839084 Part-Time - Legal amp Interns 55886 36942 (1894400) Investment Council 2175 6585 441000 Retirement amp resignation flexibility funds 0 164103 16410300 Benefits 1072660 1253445 18078461 Total Base Compensation 6794656 7683400 88874445

Investment Performance IncentivesMaximum Potential Investment Perf Incentive 1187866 10572221 938435500 Benefits 127057 1258966 113190939 Total Investment Performance Incentives 1314923 11831187 1051626439

Total Personal Services 8109578 19514587 1140500884

OPERATING EXPENSESContractual Total (see appendix for further details) 1829978 2434567 60458872 Travel 646 86431 8578502 Office Supplies 2338 7000 466250 Capital Assets 22009 40520 1851102

Total Operating Expenses 1854971 2568518 71354726

TOTAL BUDGET 9964549 22083105 1211855610

$300599186 which is credited against FY 2022 authorized budget

Includes $56884 Allianz reimbursement amp unused compensationNote Budget is funded as needed and ended year with a cash balance of

FY 20 Final Budget Summary

14

FY 2023 Budget RequestSummary

Received Request FY 2022 FY 2023 change

PERSONAL SERVICESTOTAL FTEs 3500 3500

BASE COMPENSATIONBase Compensation - Investment Staff 5924242 6138506 362Base Comp - Admin Acct Legal Longevity 691805 698107 091TOTAL STAFF - FULL TIME 6616047 6836614 333Part-Time - Legal amp Interns 83422 83422 000Investment Council 6790 6790 000Retirement amp resignation flexibility funds 167795 167795 000Benefits 1286459 1309097 176Total Base Compensation 8160513 8403718 298

Investment Performance IncentivesMaximum Potential Investment Perf Incentive 11191009 11848483 588Benefits 1344359 1435091 675Total Investment Performance Incentives 12535368 13283574 597


OPERATING EXPENSESContractual Total (see next page for further details) 2372642 2450903 330Travel 86431 86431 000Office Supplies 7000 7000 000Capital Assets 40520 40520 000


TOTAL BUDGET 23202473 24272146 461

UNIT COST SUMMARY Internal Expenses as of Total Adjusted Assets 0097 0097Total Expenses as of Total Adjusted Assets 0363 0363

For FY 22 amp 23--unit cost based on total assets adjusted to long-term value expenses using assumed average investment performance incentives long-term average of retirement amp resignation flexibility funds and an assumed 225 salary policy

FY23 SDIC Budget Request

FY21 Bgt=actual sal incr

15

FY 2023 Budget RequestContractual services detail

Received RequestFY 2022 FY 2023 chng

CONTRACTUAL SERVICESInvestment Services

Consulting Services 180000 180000 000Investment Accounting Performance Benchmarking 160924 175451 903Investment Databases Newsfeeds amp Quote Fees 734267 762722 388Investment Research Services 378655 419200 1071Flexibility - From Brokerage to Independent Research 250000 225000 -1000

Total Investment Services 1703846 1762373 343

Administrative ExpensesOffice Rent 139019 153000 1006BondLiability Insurance 8385 8385 000Telephone 18000 18000 000Office Equip RentalMaintenanceMisc 10020 10020 000Bureau of Info amp Telecommunications (BIT) 93635 93635 000State Central Services 13555 13555 000Legislative Audit 60510 60510 000Attorney Generals Office - Legal Services 0 0 000Custodial Fees - Global 287672 293425 200SeminarsEducational Programs 35000 35000 000Business Publications 3000 3000 000

Total Administrative Expenses 668796 688530 295

TOTAL CONTRACTUAL SERVICES 2372642 2450903 330



16

Trust Funds (unaudited)

Health Care Trust (established April 2001) FY 21Principal as of 63021 135631024$ Asset Allocation Current BenchmarkPrincipal as of 63021 adjusted for inflation 181814200$ Global amp Private Equity 32 51Fair Value (FV) as of 63021 222925449$ Real Estate 9 10

Fixed Income-IG 15 30Difference - FV less principal 87294425$ Fixed Income-HY 4 7Difference - FV less infl adj prin 41111249$ HY RE Debt 6 0

Money Market 34 2Fiscal year to date return 1728 Total 100 100Longterm expected mean return 616Payout of 4 plus expected inflation of 225 625Expected return cushionshortfall -009

Law allows up to 4 of the 16 quarter average to Distribution for FY 22 (July 1 2021) 5839236 be distributed as long as principal is not violated Distribution for FY 21 (July 2 2020) 5676706 as of December 31 each year

Education Enhancement Trust (established April 2001)FY 21

Principal as of 63020 420763604$ Asset Allocation Current BenchmarkPrincipal as of 63020 adjusted for inflation 593579637$ Global amp Private Equity 33 51Fair Value (FV) as of 63020 725699117$ Real Estate 9 10

Fixed Income-IG 9 22Difference - FV less principal 304935513$ Fixed Income-tax ex 6 8Difference - FV less infl adj prin 132119480$ Fixed Income-HY 4 7

HY RE Debt 6 0Fiscal year to date return 1785 Money Market 35 2Longterm expected return (lower due to tax-exempts) 611 Total 100 100Payout of 4 plus expected inflation of 225 625Expected return cushionshortfall -014


June 20

April 20

Dec 19

June 19

April 19

Dec 18

Oct 18

June 18

March 18

June 17

May 17

Dec 16

June 16

Dec 15

Aug 15

June 15

Dec 14

Oct 14

June 14

April 14

Dec 13

June 13

Dec 12

June 12

Dec 11

Nov 11

Oct 11

Sept 11

June 11

May 11

Mar 11

Dec 10

Nov 10

June 10

May 10

Dec 31

Nov 30

Sept 14

July 09

June 09

May 09

April 09

17


Dakota Cement Trust (established April 2001)FY 21


Fixed Income-IG 15 30Difference - FV less principal 140520394$ Fixed Income-HY 4 7Difference - FV less infl adj principal 13738279$ HY RE Debt 6 0


Constitution allows 4 of the lesser of 1) the 16 Distribution for FY 21 (May 2021 to GF) 13404156 quarter average balance or 2) the current Distribution for FY 20 (May 2020 to GF) 13036297 December 31 fair value be distributed by June of

the following year

School amp Public LandsInflation protection mandated by Constitutional Amendment -(payout is reduced by inflation if inflation not offset by realized net gains) FY 21

Asset Allocation Current BenchmarkFair Value as of 63021 378763803$ Global amp Private Equity 32 51

Real Estate 9 10Fiscal year to date return 1756 Fixed Income-IG 15 30Longterm expected mean return 616 Fixed Income-HY 4 7

HY RE Debt 6 0 Distribution for FY 21 K-12 (21021) 12823388 Money Market 34 2 Distribution for FY 21 Board of Regents (6821) 3193107 Total 100 100

TOTAL 16016495

June 20

April 20

Dec 19

June 19

April 19

Dec 18

Oct 18

June 18

March 18

June 17

May 17

Dec 16

June 16

Dec 15

Aug 15

June 15

Dec 14

Oct 14

June 14

April 14

Dec 13

June 13

Dec 12

June 12

Dec 11

Nov 11

Oct 11

Sept 11

June 11

May 11

Mar 11

Dec 10

Nov 10

June 10

May 10

Dec 31

Nov 30

Sept 14

July 09

June 09

May 09

April 09

18

Investment Performance Incentive ndash FY 2021State Investment Officer

Return-linked compensation maximum is 200 on base compensation of $495687 Performance Period is the one year four year and ten year annualized fiscal years payable in FY 2022 I 60 OF PLAN BASED ON TOTAL FUND RESULTS A) 30 BASED ON INVESTMENT COUNCILrsquoS CAPITAL MARKET BENCHMARK (CMB)

Basis Points Period Outperformance Payout $ Payout

1 year - 59370 0 $ 0 4 year - 21851 0 $ 0 10 year +1097 40 $ 1982747 4 yr stretch - 21851 0 $ 0 10 yr stretch +1097 0 $ 0 B) 30 BASED ON MELLON TOTAL BILLION DOLLAR FUNDS - CORPORATE UNIVERSE (using yearly medians prior to FY 14 and CMB from FY 14 on) Basis Points Period Outperformance Payout $ Payout 1 year -59370 0 $ 0 4 year -21851 0 $ 0 10 year +1325 40 $ 1982747 4 yr stretch -21851 0 $ 0 10 yr stretch +1325 0 $ 0 II 40 OF PLAN BASED ON AGGREGATE PORTFOLIO MANAGERSrsquo RESULTS Performance measurement based on the aggregate return-linked compensation of the assistant investment officers and portfolio managers divided by the

aggregate potential return-linked compensation for the performance period based on one year 4 years 10 years 4 years stretch and 10 years stretch

Maximum Earned Potential Return-linked Compensation Compensation Payout $ Payout

$919294365 $ 170773196 185766 $ 7366531 TOTAL EARNED RETURN-LINKED COMPENSATION $11332025 Percentage of Salary 22861 before reduction for support staff incentive

Return-linked compensation maximum is 200 on base compensation of $495687

Performance Period is the one year four year and ten year annualized fiscal years payable in FY 2022

I 60 OF PLAN BASED ON TOTAL FUND RESULTS

A)30 BASED ON INVESTMENT COUNCILrsquoS CAPITAL MARKET BENCHMARK (CMB)

Basis Points

Period Outperformance Payout $ Payout

1 year - 593700 $ 0

4 year - 218510 $ 0

10 year +109740 $ 1982747

4 yr stretch - 218510 $ 0

10 yr stretch +10970 $ 0

B) 30 BASED ON MELLON TOTAL BILLION DOLLAR FUNDS - CORPORATE UNIVERSE

(using yearly medians prior to FY 14 and CMB from FY 14 on)

Basis Points

PeriodOutperformance Payout $ Payout

1 year -59370 0 $ 0

4 year -21851 0 $ 0

10 year +132540 $ 1982747

4 yr stretch -218510 $ 0

10 yr stretch +13250 $ 0

II 40 OF PLAN BASED ON AGGREGATE PORTFOLIO MANAGERSrsquo RESULTS

Performance measurement based on the aggregate return-linked compensation

of the assistant investment officers and portfolio managers divided by the

aggregate potential return-linked compensation for the performance period based on

one year 4 years 10 years 4 years stretch and 10 years stretch

MaximumEarned

PotentialReturn-linked

Compensation Compensation Payout $ Payout

$919294365$ 170773196185766 $ 7366531

TOTAL EARNED RETURN-LINKED COMPENSATION $11332025

Percentage of Salary 22861

before reduction for support staff incentive

19

Appendix

Investment performance incentives

Target discount rationale FY21 Budget and Actual - Contractual Services details

20

Investment performance incentivesAlign compensation with goal of adding value

Encourage superior performancendash Counters underperformance career risk that can discourage efforts to add value ndash Multiyear timeframes encourage investing for the long term

Encourage retention of successful staffndash Team is most attractive to other organizations when winningndash Shifts compensation higher when people more sought and down when losing

Incentives paid only for added value

Important to encourage adding value in good and bad marketsndash Added value in down markets more important than in up marketsndash Encourages adding value by reducing risk when markets expensive

21

Target discount rationale

Need top caliber people long termndash Unsuccessful people or job hoppers always available but no bargain even if freendash Compensation is too low to recruit veteran high-performers from elsewherendash Must develop team internally by training cream of crop local University graduatesndash Takes 15 to 20 years to fully develop seasoned talentndash If lose talent pipeline or trainers will jeopardized handoff to next generation

Our past history and observation of others suggest 70 targetndash Only way to know for sure how large discounts can work is to risk damaging teamndash 50 discount levels in past led to difficultiesndash 30 discount believed significant relative to other high-end professionalsndash Industry subject to intense performance measurement with significant consequences

for winning and losing which intensifies desire for financial securityndash Discounts for top SDIC performers may be much larger as industry pay for top

quartile performers can be double the median

22

FY21 Budget and ActualContractual services detail

Expended ReceivedFY 2021 FY 2021 Unexpended


Consulting Services 22285 180000 157715 Investment Accounting Performance Benchmarking 153515 153314 (201) Investment Databases Newsfeeds amp Quote Fees 676771 734267 57496 Investment Research Services 342902 450100 107198 Flexibility - From Brokerage to Independent Research 0 250000 250000


Administrative ExpensesOffice Rent 139019 139019 0 BondLiability Insurance 2944 8385 5441 Telephone 16007 18000 1993 Office Equip RentalMaintenanceMisc 14026 10016 (4010) Bureau of Info amp Telecommunications (BIT) 90147 88044 (2103) State Central Services 10485 13372 2887 Legislative Audit 56308 51500 (4808) Attorney Generals Office - Legal Services 0 18509 18509Custodial Fees - Global 282059 282041 (18) SeminarsEducational Programs 22696 35000 12304 Business Publications 815 3000 2185




Investment Performance FY 2021 and Budget Request FY 2023

Organization Chart

Assets






Cost Efficiency





FY 2021 Budget and Actual






Appendix




SOUTH DAKOTA INVESTMENT COUNCIL

FY 2021 Final Budget Request Summary

Expended Received


PERSONAL SERVICES

TOTAL FTEs 3425 3500

BASE COMPENSATION

Base Compensation - Investment Staff 5216937 5595504 37856769

Base Comp - Admin Acct Legal Longevity 446997 626820 17982314

TOTAL STAFF - FULL TIME 5663934 6222325 55839084

Part-Time - Legal amp Interns 55886 36942 (1894400)

Investment Council 2175 6585 441000

Retirement amp resignation flexibility funds 0 164103 16410300

Benefits 1072660 1253445 18078461

Total Base Compensation 6794656 7683400 88874445

Investment Performance Incentives

Maximum Potential Investment Perf Incentive 1187866 10572221 938435500

Benefits 127057 1258966 113190939

Total Investment Performance Incentives 1314923 11831187 1051626439


OPERATING EXPENSES

Contractual Total (see appendix for further details) 1829978 2434567 60458872

Travel 646 86431 8578502

Office Supplies 2338 7000 466250

Capital Assets 22009 40520 1851102 1211855610

Total Operating Expenses 1854971 2568518 71354726 000

TOTAL BUDGET 9964549 22083105 1211855610

Includes $56884 Allianz reimbursement amp unused compensation

Note Budget is funded as needed and ended year with a cash balance of


FY 2022 Authorized Budget 2320247300

Less FY 2021 Cash Balance 300599186

2019648114

Expended Received


CONTRACTUAL SERVICES

Investment Services

Consulting Services 22285 180000 157715

Investment Accounting Performance Benchmarking 153515 153314 (201)

Investment Databases Newsfeeds amp Quote Fees 676771 734267 57496

Investment Research Services 342902 450100 107198

Flexibility - From Brokerage to Independent Research 0 250000 250000


Administrative Expenses

Office Rent 139019 139019 0

BondLiability Insurance 2944 8385 5441

Telephone 16007 18000 1993

Office Equip RentalMaintenanceMisc 14026 10016 (4010)

Bureau of Info amp Telecommunications (BIT) 90147 88044 (2103)

State Central Services 10485 13372 2887

Legislative Audit 56308 51500 (4808)

Attorney Generals Office - Legal Services 0 18509 18509

Custodial Fees - Global 282059 282041 (18)

SeminarsEducational Programs 22696 35000 12304

Business Publications 815 3000 2185



TRAVEL 646 86431 85785

OFFICE SUPPLIES amp POSTAGE 2337 7000 4663

CAPITAL ASSETS 22009 40520 18511

TOTAL OPERATING EXPENSES 1854971 2568518 713547

Expended Received


INVESTMENT SERVICES-DETAILED

Consulting Services

BenchmarkingCompensation 0 30000 30000

Legal Consulting Services 22285 150000 127715

Subtotal 22285 180000 157715

Investment Accounting Performance Benchmarking

BNYMellon Performance amp Risk Analysis 7500 8000 500

SampP 1200 16538 17364 827

SampP 1200 Custom 10000 10000 0

SampP US 14007 14000 (7)

FTSE Index 14326 14800 474

Cusip Global Services 21000 20000 (1000)

MSCI Index 1000 0 (1000)

Portia 69144 69150 6

Subtotal 153515 153314 (201)

Investment Databases Newsfeeds amp Quote Fees

Bloomberg 121358 130315 8957

Trade Order Management System 150000 175000 25000

Factset 274773 270000 (4773)

Refinitiv (previously Reuters Fundamental Index) 46320 49140 2820

Quote Fees (incl BloombergFactset) 34702 52182 17480

Dow Jones News Service 49618 57630 8012

Subtotal 676771 734267 57496

Investment Research Services

GNA Services-Gimme Credit FI Research 17820 25000 7180

Credit Sights 125000 135000 10000

Reorg Research 72000 85000 13000

Insider Score 26250 26525 275

Boyars Intrinsic Value 15500 18500 3000

Morningstar 60000 80000 20000

SampP Capital IQ 0 75075 75075

Steel Market Update 2582 0 (2582)

Value Line 5000 5000 0

Greenstreet 18750 0 (18750)


Subtotal 342902 700100 357198

Total Contractual - Investment 1195472 1767681 465011

PERSONAL SERVICES 1 FY 2021 FY 2021 Unexpended

BASE COMPENSATION Expended Received FY 2021

State Investment Officer MC 495687 495687 0

Asst Investment Officer-Global Equity BF 180498 313171 132673

Asst Investment Officer-Fixed IncomeDir TO 267944 267944 0

Asst Investment Officer-Fixed IncomeAlt CN 267256 267256 (0)

Senior Portfolio Manager-Global Equity SS 231258 231258 - 0

Senior Portfolio Manager-SmallMidCap Equity SH 226008 231258 5250

Senior Portfolio Manager-Fixed Income HESP 2 SN 6681 154046 147365

Senior Portfolio Manager-Global Equity JZ 231258 231258 - 0

Senior Portfolio Manager-Global Equity MHW 231258 231258 - 0

Senior Portfolio Manager-Global Equity CC 231258 231258 - 0

Senior Portfolio Manager-SmallMid Cap Equity DH 231258 231258 - 0

Portfolio Manager-Global Equity AR 231258 231258 - 0

Portfolio Manager-Global Equity JE 228032 228032 (0)

Portfolio Manager-SmallMid Cap Equity JE 228032 228032 (0)

Portfolio Manager-Global Equity RS 228032 228032 (0)

Portfolio Manager--Global Equity RR 228032 228032 (0)

Portfolio Manager-High Yield RS 212594 212594 (0)

Portfolio Manager--Global Equity LM 197151 197151 0

Portfolio Manager--High Yield DM 197151 197151 0

Portfolio Manager--High Yield AC 163816 163816 0

Associate Portfolio Manager I--High Yield ZN 111819 111819 0

Associate Portfolio Manager I--SmallMid Cap Equity DE 95761 95761 (0)

Associate Portfolio Manager I--High Yield LV 95761 95761 (0)

Associate Portfolio Manager I--Global Equity MC 95761 95761 - 0

Associate Portfolio Manager I--SmallMid Cap Equity MS 92460 92460 - 0

Research Analyst - new FY 2019 KE 69874 69874 (0)

Research Analyst - new FY 2019 TG 69874 69874 (0)

Research Analyst - new FY 2019 PL 69874 69874 (0)

Chief Financial Officer 142800 142800

Senior Investment Accountant CP 92895 92894 (0)

Senior Investment Accountant SR 91593 91593 (0)

Investment Accountant III KS 83591 83591 0

Investment Accountant II BE 74309 74309 (0)

Business Manager LR 38262 76525 38263

Asst Business ManagerAccountant CS 52098 52098 (0)

Staff Attorney (Dept of Rev job share) JR 2500 (2500)

Staff Attorney part-time (both MM amp JH) MMJH 55886 11543 (44343)

Interns - 0 25399 25399


Longevity Pay 11750 13010 1260

Promotion Flexibility - Investment Staff - 0 94567

Promotion Flexibility - AdminAcctLegal

Investment Staff Base Compensation 5215649 5595504 379855

Administrative Accounting Legal amp Longevity 446998 626820 179823




Maximum Potential Performance Incentive 1187866 10572221 9384355

Retirement amp resignation flexibility funds - 0 164103 164103

Benefits 1199717 2512411 1312694

PERSONAL SERVICES 8108291 19514587 11406296

1 Compensation with average Investment Performance Incentive is the level used in setting targeted 30 discount to cost-of-living adjusted private sector investment industry benchmark

2 HESP-portion of employee salary reimbursed by Allianz - In FY201 $56884

CENTER 3210

Salaries 5721995 6429955 707959

Benefits 1072660 1253445 180785

Total personal services for 3210 6794656 7683400 888744

CENTER 3211

Salaries 1187866 10572221 9384355

Benefits 127057 1258966 1131909


TOTAL PERSONAL SERVICES 8109578 19514587 11405008

Personal Benefits - 3210 per bfm calculations

Social Security amp Medicare (765 on total compensaion--incl retirement portion) 00765 499603

Retirement - 6 006 366806

Unemployment Insurance 0010 0001 6306

Workers Compensation 0005 00005 3153

HealthLife Insurance $9872 per FTE for FY 22 987200 377577

Total Benefits 3210 1253445

(addl 69802 for health in special approps)

Personal Benefits - 3211






TOTAL BENEFITS - SDIC 2512411

Decreased by $200000

Adjusting for SDRS comp limit of $280000

Phasing in rest of discount over couple yrs

FY 2023 incr of 6863 less 3056 for no Jeff H = 3807 For RB16 budget request

2 desktop computers 1100 ea (replacements) 2200 incr of 361 less 40 for no Jeff H = 321 For RB16 budget request

5 Monitors - replacement at $150 ea 750 incr of 180 less 20 for no Jeff H = 160 For RB16 budget request

11 replacement laptops $1200 ea 13200

PC headsets (3 at 190) 570

COMPUTER EQUIPMENT 16720

SOFTWARE - Adobe Acrobat renewals - 6 x approx 100 600

TELEPHONE EQUIPMENT

3 telephone headsets 285 ea 855

FURNITURE amp chair upgrades (portion delayed from prior year) 19245

BOOKS (4 in CFA $744 ea) 3100

40520

SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

4302009 UNAUDITED

Health Care Trust

Principal as of 63002 6246528432

addition received 92602 791310500



addition received 7903 from CFF 2776599




Principal as of 43009 $ 85631024 Asset Allocation Current Benchmark

Principal as of 43009 adjusted for inflation $ 100536475 Global Equity 49 48

Fair Value as of 43009 $ 80252845 Private Equity 2 2

Real Estate 7 5

Difference - FV less principal $ (5378179) Fixed Income-IG 32 33

Difference - FV less infl adj principal $ (20283630) Fixed Income-HY 3 5

Fixed Income-Tips 6 5

Fiscal year to date return -1755 Money Market 2 2

Longterm expected mean return 716 Total 100 100

Payout of 4 plus expected inflation of 3 700

Expected return cushionshortfall 016

Law allows up to 4 of the 16 quarter average to

Distribution for FY 10 (July 1 2009) 000 be distributed as long as principal is not violated

as of December 31 each year

Education Enhancement Trust


addition received 92402 taxable 13138079076

addition received 92402 tax-exempt 11221576255

addition received 52703 issuance costs 5135110

Asset Allocation Current Benchmark

Principal as of 43009 $ 329329930 Global Equity 45 48

Principal as of 43009 adjusted for inflation $ 387228603 Private Equity 2 2

Fair Value as of 43009 $ 297088357 Real Estate 7 5

Fixed Income-IG 0 3

Difference - FV less principal $ (32241574) Fixed Income-tax ex 41 30



Fiscal year to date return 1901 Money Market 1 2

Longterm expected return (lower due to tax exempts) 674 Total 100 100


Expected return cushionshortfall -026




Dakota Cement Trust

Principal as of 43009 $ 238000000

Principal as of 43009 adjusted for inflation $ 286287885

Fair Value as of 43009 $ 203821564


Difference - FV less principal $ (34178436) Global Equity 45 48

Difference - FV less infl adj principal $ (82466321) Private Equity 2 2

Real Estate 7 5

Fiscal year to date return -1849 Fixed Income-IG 32 33

Longterm expected mean return 716 Fixed Income-HY 3 5

Payout of 5 plus expected inflation of 3 800 Fixed Income-Tips 6 5

Expected return cushionshortfall -084 Money Market 4 2

Total 100 100

Distribution for FY 09 (MayJune 2009 to Gen Fund) 1200000000 Pays out 5 of average balance with $12 million

Distribution for FY 09 (June 2009 to be appropriated) 152294252 always paid Education money distributed as long

as principal not violated as of June 30 each year

School amp Public Lands

Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)


Fair Value as of 43009 $ 137164209 Global Equity 47 48

Private Equity 2 2

Fiscal year to date return -1671 Real Estate 7 5

Longterm expected mean return 716 Fixed Income-IG 28 33

Fixed Income-non-mk 3

Distribution for FY 09 (paid in Feb 2009 to K-12 schools) 10996684 Fixed Income-HY 3 5

Distribution for FY 09 to Board of Regents (June) 1981000 Fixed Income-Tips 6 5

Money Market 4 2

Total 100 100

Pays out all receipted income after inflation

adjustment

2106 - To Common Schools $ 824650430


5312009 ESTIMATE UNAUDITED

Health Care Trust










Principal as of 53109 adjusted for inflation Est $ 100536475 Global Equity 50 48

Fair Value as of 53109 Est $ 83611847 Private Equity 2 2

Real Estate 6 5




Fiscal year to date return Est -1410 Money Market 2 2














Principal as of 53109 adjusted for inflation Est $ 387228603 Private Equity 2 2

Fair Value as of 53109 Est $ 308445679 Real Estate 7 5

Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 53109 $ 238000000

Principal as of 53109 adjusted for inflation Est $ 286287885

Fair Value as of 53109 Est $ 205827040




Real Estate 7 5

Fiscal year to date return Est -1520 Fixed Income-IG 32 33




Total 100 100







Fair Value as of 53109 Est $ 140889106 Global Equity 49 48

Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment



6302009 UNAUDITED

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63009 $ 238000000


Fair Value as of 63009 $ 194950778




Real Estate 7 5





Total 100 100


Distribution for FY 09 (June 2009 to Opportunity Sch) 152294200 always paid Education money distributed as long






Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment



7312009 PRELIMINARY ESTIMATE

Health Care Trust












Real Estate 5 5

Difference - FV less principal $ 1341994 Fixed Income-IG 30 33



















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 73109 $ 238000000


Fair Value as of 73109 $ 206115486




Real Estate 6 5

Fiscal year to date return 573 Fixed Income-IG 29 33




Total 100 100








Private Equity 2 2

Fiscal year to date return 580 Real Estate 5 5





Money Market 2 2

Total 100 100


adjustment



8142009 ESTIMATE

Health Care Trust












Real Estate 5 5











388245159 ESTIMATE FY 11 MAX










Fixed Income-IG 0 0

Difference - FV less principal $ 7712070 Fixed Income-tax ex 36 37











Dakota Cement Trust

Principal as of 81409 $ 238000000


Fair Value as of 81409 $ 217800000




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



12312009 11302009

ESTIMATE

Health Care Trust

Principal as of 63002 6246528432 6246528432

addition received 92602 791310500 791310500



addition received 7903 from CFF 2776599 2776599




Principal as of 113009 $ 85631024 $ 85631024 Asset Allocation Current Benchmark

Principal as of 113009 adjusted for inflation $ 102011400 $ 102701117 Global Equity 54 48

Fair Value as of 113009 $ 94480000 $ 94238676 Private Equity 2 2

Real Estate 5 5

Difference - FV less principal $ 8848976 $ 8607652 Fixed Income-IG 29 33

Difference - FV less infl adj principal $ (7531400) $ (8462441) Fixed Income-HY 3 5


Fiscal year to date return 1500 1464 Money Market 1 2

Longterm expected mean return 755 755 Total 100 100

Payout of 4 plus expected inflation of 3 700 700

Expected return cushionshortfall 055 055


Distribution for FY 10 (July 1 2009) 000 000 be distributed as long as principal is not violated


388000000 ESTIMATE FY 11


Principal as of 63002 8183596860 8183596860

addition received 92402 taxable 13138079076 13138079076

addition received 92402 tax-exempt 11221576255 11221576255

addition received 52703 issuance costs 5135110 5135110


Principal as of 113009 $ 329329930 $ 329329930 Global Equity 53 48

Principal as of 113009 adjusted for inflation $ 392909459 $ 395565987 Private Equity 2 2

Fair Value as of 113009 $ 346200000 $ 343781630 Real Estate 5 5

Fixed Income-IG 0 0

Difference - FV less principal $ 16870070 $ 14451700 Fixed Income-tax ex 35 37




Longterm expected return (lower due to tax exempts) 710 710 Total 100 100







Dakota Cement Trust

Principal as of 113009 $ 238000000 $ 238000000

Principal as of 113009 adjusted for inflation $ 290487885 $ 292451923

Fair Value as of 113009 $ 223800000 $ 223246711


Difference - FV less principal $ (14200000) $ (14753289) Global Equity 54 48

Difference - FV less infl adj principal $ (66687885) $ (69205212) Private Equity 3 2

Real Estate 6 5

Fiscal year to date return 1500 1473 Fixed Income-IG 28 33

Longterm expected mean return 755 755 Fixed Income-HY 2 5

Payout of 5 plus expected inflation of 3 800 800 Fixed Income-Tips 6 5

Expected return cushionshortfall -045 -045 Money Market 2 2

Total 100 100

Distribution for FY 10 (June 2010 to Gen Fund) 1200000000 1200000000 Pays out 5 of average balance with $12 million

Distribution for FY 10 for education - 0 - 0 always paid Education money distributed as long





Fair Value as of 113009 $ 162300000 $ 160768354 Global Equity 54 48

Private Equity 2 2

Fiscal year to date return 1490 1457 Real Estate 5 5

Longterm expected mean return 755 755 Fixed Income-IG 26 33


Distribution for FY 10 (pay in Feb 2010 to K-12) 8673527 8673527 Fixed Income-HY 3 5

Distribution for FY 09 to Board of Regents (June) 1974654 1974654 Fixed Income-Tips 5 5

Money Market 3 2

Total 100 100


adjustment



12312009

(Unaudited)

Health Care Trust












Real Estate 5 5










Distribution for FY 11 (July 1 2010) 388642682 as of December 31 each year










Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 123109 $ 238000000


Fair Value as of 123109 $ 223972423




Real Estate 6 5





Total 100 100

Distribution for FY 10 (June 2010 to Gen Fund) 12000000 Pays out 5 of average balance with $12 million

Distribution for FY 10 for education 0 always paid Education money distributed as long






Private Equity 2 2




Distribution for FY 10 (pay in Feb 2010 to K-12) 8671911 Fixed Income-HY 2 5


TOTAL 10646564 Money Market 3 2

Total 100 100


adjustment



5312010 ESTIMATE

(Unaudited)

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 53110 $ 238000000


Fair Value as of 53110 $ 215387311




Real Estate 7 5





Total 100 100

Distribution for FY 10 (May 2010 to Gen Fund) 12000000 Pays out 5 of average balance with $12 million







Private Equity 3 2




Distribution for FY 10 (paid in Feb 2010 to K-12) 8671911 Fixed Income-HY 2 5



Total 100 100


adjustment



6302010 (Unaudited)

Health Care Trust












Real Estate 7 5

Difference - FV less principal after 71 distribution $ 4062751 Fixed Income-IG 30 33

Difference - FV less infl adj prin after 71 distribution $ (12855595) Fixed Income-HY 2 5


















Fixed Income-IG 0 0

Difference - FV less principal after 71 distribution $ (3050643) Fixed Income-tax ex 35 37










Dakota Cement Trust

Principal as of 63010 $ 238000000


Fair Value as of 63010 $ 215387311




Real Estate 8 5





Total 100 100

Distribution for FY 10 (April 2010 to Gen Fund) 12000000 Pays out 5 of average balance with $12 million







Private Equity 3 2







Total 100 100


adjustment



11302010 (Unaudited)

ESTIMATE

Health Care Trust












Real Estate 8 5


Difference - FV less infl adj prin $ (3934513) Fixed Income-HY 2 5







Distribution for FY 12 (July 1 2011) ESTIMATE 3866797 be distributed as long as principal is not violated











Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 113010 $ 238000000


Fair Value as of 113010 $ 233553388




Real Estate 9 5





Total 100 100








Private Equity 3 2




Distribution for FY 11 (in Feb 2011 to K-12) 8273931 Fixed Income-HY 2 5

Distribution for FY 11 to Board of Regents (June)EST 1700000 Fixed Income-Tips 5 5


Total 100 100


adjustment


SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION


Health Care Trust (established April 2001)











Fair Value (FV) as of 123110 $ 103097343 Private Equity 3 2

Real Estate 9 5

Difference - FV less principal less 2012 payout $ 13590021 Fixed Income-IG 27 33

Difference - FV less infl adj prin less 2012 payout $ (4899214) Fixed Income-HY 2 5









Education Enhancement Trust (established April 2001)








Fair Value (FV) as of 123110 $ 374159937 Real Estate 10 5

Fixed Income-IG 0 0

Difference - FV less principal less 2012 payout $ 30360619 Fixed Income-tax ex 31 37










Dakota Cement Trust (established April 2001)

Principal as of 123110 $ 238000000


Fair Value (FV) as of 123110 $ 242989568


Difference - FV less principal less 2011 Gen Fund $ (7010432) Global Equity 54 48

Difference - FV less infl adj principal less 2011 GF $ (62972740) Private Equity 4 2

Real Estate 11 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



3312011 (Unaudited)

ESTIMATE













Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 33111 $ 238000000




Difference - FV less principal less 2011 Gen Fund $ 1897377 Global Equity 55 48


Real Estate 10 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



5312011 (Unaudited)

ESTIMATE ADJUSTED FOR JUNE AND JULY DISTRIBUTIONS

Health Care Trust (established April 2001) FY 12












Real Estate 10 6

Difference - FV less principal after 2012 payout $ 19542582 Fixed Income-IG 27 28

Difference - FV less infl adj prin after 2012 payout $ (1098531) Fixed Income-HY 2 5









Education Enhancement Trust (established April 2001) FY 12









Fixed Income-IG 0 0

Difference - FV less principal after 2012 payout $ 51174536 Fixed Income-tax ex 31 30











Principal as of 53111 $ 238000000


Fair Value (FV) as of 53111 $ 245063537 FY 12


Difference - FV less principal after 2011 Gen Fund $ 7063537 Global Equity 51 52

Difference - FV less infl adj principal after 2011 GF $ (57557232) Private Equity 3 2

Real Estate 12 6





Total 100 100






FY 12



Private Equity 3 2







Total 100 100


adjustment



6302011 (Unaudited)













Real Estate 10 6
















FY 12




Real Estate 11 6


Difference - FV less infl adj prin After 7111 distribution $ (31275935) Fixed Income-tax ex 30 30

Fixed Income-HY 2 5

Fiscal year to date return 2044 Fixed Income-Tips 5 3

Longterm expected return (lower due to tax exempts) 598 Money Market 5 2

Payout of 4 plus expected inflation of 3 700 Total 105 100






FY 12




Real Estate 12 6








Pays out 5 of average balance with $12 million

Distribution for FY 11 (June 15 2011 to Gen Fund) 12000000 always paid Education money distributed as long

Distribution for FY 11 for education 0 as principal not violated as of June 30 each year



FY 12



(after Bd of Regents distribution) Private Equity 3 2







Total 100 100

Pays out all land receipted income

Pays out investment receipted income after CPI adjustment



9302011 (Unaudited)













Real Estate 12 6
















FY 12




Real Estate 13 6


Difference - FV less infl adj prin $ (65185040) Fixed Income-tax ex 35 30

Fixed Income-HY 2 5

Fiscal year to date return -758 Fixed Income-Tips 1 3








FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100






ESTIMATE













Real Estate 12 6









Distribution for FY 13 (est to 103111) 3825233 be distributed as long as principal is not violated







FY 12




Real Estate 13 6



Fixed Income-HY 1 5









FY 12




Real Estate 14 6









Distribution for FY 12 (June 2012 to Gen Fund) 12000000 minimum paid Education money distributed as long




FY 12



Private Equity 3 2







Total 100 100




ESTIMATE













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 11 6









Distribution for FY 13 3825385 be distributed as long as principal is not violated







FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2




Distribution for FY 12 (Feb 1 2012 to K-12) 7433191 Fixed Income-HY 2 5

Distribution for FY 12 to Board of Regents (EST) 1500000 Fixed Income-Tips 5 5


Total 100 100



6302012 (Unaudited)













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 4 5









FY 12




Real Estate 14 6









Distribution for FY 12 (June 15 2012 to Gen Fund) 12000000 minimum paid Education money distributed as long




FY 12



Private Equity 3 2





Distribution for FY 12 to Board of Regents 1956537 Fixed Income-Tips 5 5


Total 100 100
















Real Estate 12 6


Difference - FV less infl adj prin $ 1101754 Fixed Income-HY 4 5














FY 13




Real Estate 12 6



Fixed Income-HY 4 5









FY 13




Real Estate 13 6








Constitution allows 4 of the lesser of 1) the 16 quarter

Distribution for FY 13 (June 2013 to Gen Fund) 9351177 average balance or 2) the current December 31 market

Distribution for FY 12 (June 15 2012 to Gen Fund) 12000000 value be distributed by June of the following year

(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



6302013

UNAUDITED













Real Estate 11 6
















FY 13




Real Estate 12 6


Difference - FV less infl adj prin $ 12169127 Fixed Income-tax ex 11 30

Fixed Income-HY 5 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



12312013

ESTIMATEUNAUDITED













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 2 2







Total 100 100



4302014

ESTIMATE













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



6302014

Unaudited













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2




Distribution for FY 14 K-12 (2414) 8773822 Fixed Income-HY 5 5

Distribution for FY 14 Board of Regents (61614) 2043790 Fixed Income-Tips 3 5


Total 100 100



10312014 ESTIMATE













Real Estate 12 10









Distribution for FY 16 (July 1 2015) EST 4674556 be distributed as long as principal is not violated

Distribution for FY 15 (July 1 2014) 4322835 as of December 31 each year Avg = $1169mm






FY 15




Real Estate 12 10



Fixed Income-HY 5 7









FY 15




Real Estate 13 10








Constitution allows 4 of the lesser of 1) the 16

Distribution for FY 15 (June 2015 to Gen Fund) EST 10804199 quarter average balance or 2) the current

Distribution for FY 14 (June 14 2014 to Gen Fund) 10063456 December 31 fair value be distributed by June of

the following year Avg = $2701mm


Inflation protection mandated by Constitutional Amendment -

(payout is reduced by inflation to extent inflation not offset by realized gains) FY 15



Private Equity 3 0







Total 100 100



12312014 ESTIMATE













Real Estate 10 10
















FY 15




Real Estate 10 10



Fixed Income-HY 6 7









FY 15




Real Estate 10 10









Distribution for FY 15 EST (June 2015 to GF) 10800000 quarter average balance or 2) the current

Distribution for FY 14 (June 14 2014 to GF) 10063456 December 31 fair value be distributed by June of

the following year Avg = $270 mm






Private Equity 3 0







Total 100 100



6302015 UNAUDITED













Real Estate 8 10
















FY 15




Real Estate 8 10



Fixed Income-HY 7 7









FY 15




Real Estate 9 10









Distribution for FY 15 (June 12 2015 to GF) 10803626 quarter average balance or 2) the current








Private Equity 3 0







Total 100 100



8312015 (EST) UNAUDITED










Principal as of 8312015 (EST) $ 85631024 Asset Allocation Current Benchmark

Principal as of 8312015 (EST) adjusted for inflation $ 112477696 Global Equity 39 51

Fair Value (FV) as of 8312015 (EST) $ 129729522 Private Equity 3 0

Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 7 7









FY 16




Real Estate 9 10











the following year



(payout is reduced by inflation to extent inflation not offset by realized net gains) FY 16


Fair Value as of 8312015 (EST) $ 258319441 Global Equity 41 51

Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 8 7


Longterm expected return (lower due to tax-exempts) 595 Money Market 17 2







FY 16




Real Estate 9 10









Distribution for FY 16 (June 2016 to GF) 11437300 quarter average balance or 2) the current


the following year






Private Equity 2 0







Total 100 100



6302016 UNAUDITED













Real Estate 9 10
















FY 16




Real Estate 8 10



Fixed Income-HY 10 7









FY 16




Real Estate 9 10









Distribution for FY 16 (May 2016 to GF) 11436003 quarter average balance or 2) the current


the following year






Private Equity 3 0



Fixed Income-non-mk 0 0




Total 100 100



12312016 ESTIMATES AND UNAUDITED













Real Estate 8 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7

Fiscal year to date return 600 HY RE Debt 6 0








FY 17




Real Estate 8 10



HY RE Debt 6 0







Distribution for FY 16 (May 2016 to GF) 11436003 December 31 fair value be distributed by June of

the following year






Private Equity 3 0



Fixed Income-HY 4 7

Distribution for FY 17 K-12 (2717) 10196471 HY RE Debt 6 0

Distribution for FY 16 Board of Regents (6916) 2264613 Money Market 26 2

TOTAL 12461084 Total 100 100



5312017 ESTIMATES













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 6 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



6302017 UNAUDITED













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



3312018 UNAUDITED











Principal as of 33118 adjusted for inflation $ 117928773 Global amp Private Equity 33 51


Fixed Income-IG 19 30

Difference - FV less principal $ 59194041 Fixed Income-HY 6 7

Difference - FV less infl adj prin $ 26896292 HY RE Debt 4 0

Money Market 31 2

Fiscal year to date return 508 Total 100 100

Longterm expected mean return 586











FY 18







HY RE Debt 6 0


Longterm expected return (lower due to tax-exempts) 581 Total 100 100







FY 18






Difference - FV less infl adj principal $ (3265305) HY RE Debt 6 0

Money Market 31 2








the following year





Fair Value as of 33118 $ 298711517 Global amp Private Equity 33 51

Real Estate 7 10



HY RE Debt 6 0

Distribution for FY 18 K-12 (2718) 11282477 Money Market 34 2

Distribution for FY 17 Board of Regents (6817) 2409329 Total 100 100

TOTAL 13691806



6302018 UNAUDITED
















Money Market 33 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 6 10



HY RE Debt 6 0



TOTAL 13924150



10312018 ESTIMATE
















Money Market 30 2

Fiscal year to date return -045 Total 100 100












FY 19







HY RE Debt 6 0









FY 19







Money Market 31 2






Distribution for FY 19 (June 2019 to GF)ESTIMATE 12693000 quarter average balance or 2) the current

Distribution for FY 18 (June 2018 to GF) 12442947 December 31 fair value be distributed by June of

the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13924150



12312018 ESTIMATE
















Money Market 19 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 20 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14753921



4302019 ESTIMATE
















Money Market 23 2













FY 19







HY RE Debt 5 0









FY 19






Difference - FV less infl adj principal $ 73463 HY RE Debt 6 0

Money Market 24 2








the following year






Real Estate 7 10



HY RE Debt 6 0


Distribution for FY 19 Board of Regents (61119) 2290000 est Total 100 100

TOTAL 14402218



6302019 UNAUDITED
















Money Market 25 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 23 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14924949



12312019 ESTIMATE AND UNAUDITED











Principal as of 123119 adjusted for inflation Prelim $ 121935000 Global amp Private Equity 33 51

Fair Value (FV) as of 123119 Prelim $ 150649000 Real Estate 8 10




Money Market 28 2













FY 20







HY RE Debt 6 0









FY 20







Money Market 28 2






Distribution for FY 20 (June 2020 to GF) ESTIMATE 13000000 quarter average balance or 2) the current


the following year





Fair Value as of 123119 Prelim $ 332527000 Global amp Private Equity 34 51

Real Estate 8 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 24 2













FY 20







HY RE Debt 5 0









FY 20







Money Market 24 2








the following year






Real Estate 8 10



HY RE Debt 5 0



TOTAL 16120914



6302020 UNAUDITED
















Money Market 35 2













FY 20







HY RE Debt 6 0









FY 21







Money Market 34 2








the following year



(payout is reduced by inflation if inflation not offset by realized net gains) FY 21



Real Estate 9 10



HY RE Debt 6 0



TOTAL 16016495



4302009 UNAUDITED

Health Care Trust












Real Estate 7 5




















Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 43009 $ 238000000


Fair Value as of 43009 $ 203821564




Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment




Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 53109 $ 238000000






Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment



6302009 UNAUDITED

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63009 $ 238000000


Fair Value as of 63009 $ 194950778




Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment




Health Care Trust












Real Estate 5 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 73109 $ 238000000


Fair Value as of 73109 $ 206115486




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



8142009 ESTIMATE

Health Care Trust












Real Estate 5 5





















Fixed Income-IG 0 0












Dakota Cement Trust

Principal as of 81409 $ 238000000


Fair Value as of 81409 $ 217800000




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



12312009 11302009

ESTIMATE

Health Care Trust

Principal as of 63002 6246528432 6246528432











Real Estate 5 5













Principal as of 63002 8183596860 8183596860








Fixed Income-IG 0 0












Dakota Cement Trust

Principal as of 113009 $ 238000000 $ 238000000


Fair Value as of 113009 $ 223800000 $ 223246711




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment



12312009

(Unaudited)

Health Care Trust












Real Estate 5 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 123109 $ 238000000


Fair Value as of 123109 $ 223972423




Real Estate 6 5





Total 100 100








Private Equity 2 2







Total 100 100


adjustment



5312010 ESTIMATE

(Unaudited)

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 53110 $ 238000000


Fair Value as of 53110 $ 215387311




Real Estate 7 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



6302010 (Unaudited)

Health Care Trust












Real Estate 7 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63010 $ 238000000


Fair Value as of 63010 $ 215387311




Real Estate 8 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment




ESTIMATE

Health Care Trust












Real Estate 8 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 113010 $ 238000000


Fair Value as of 113010 $ 233553388




Real Estate 9 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment
















Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 123110 $ 238000000






Real Estate 11 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



3312011 (Unaudited)

ESTIMATE













Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 33111 $ 238000000






Real Estate 10 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



5312011 (Unaudited)














Real Estate 10 6




















Fixed Income-IG 0 0












Principal as of 53111 $ 238000000






Real Estate 12 6





Total 100 100






FY 12



Private Equity 3 2







Total 100 100


adjustment



6302011 (Unaudited)













Real Estate 10 6
















FY 12




Real Estate 11 6



Fixed Income-HY 2 5









FY 12




Real Estate 12 6













FY 12










Total 100 100





9302011 (Unaudited)













Real Estate 12 6
















FY 12




Real Estate 13 6



Fixed Income-HY 2 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100






ESTIMATE













Real Estate 12 6
















FY 12




Real Estate 13 6



Fixed Income-HY 1 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100




ESTIMATE













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100



6302012 (Unaudited)













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 4 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 12 6
















FY 13




Real Estate 12 6



Fixed Income-HY 4 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



6302013

UNAUDITED













Real Estate 11 6
















FY 13




Real Estate 12 6



Fixed Income-HY 5 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



12312013

ESTIMATEUNAUDITED













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 2 2







Total 100 100



4302014

ESTIMATE













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



6302014

Unaudited













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



10312014 ESTIMATE













Real Estate 12 10
















FY 15




Real Estate 12 10



Fixed Income-HY 5 7









FY 15




Real Estate 13 10

















Private Equity 3 0







Total 100 100



12312014 ESTIMATE













Real Estate 10 10
















FY 15




Real Estate 10 10



Fixed Income-HY 6 7









FY 15




Real Estate 10 10

















Private Equity 3 0







Total 100 100



6302015 UNAUDITED













Real Estate 8 10
















FY 15




Real Estate 8 10



Fixed Income-HY 7 7









FY 15




Real Estate 9 10

















Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 7 7









FY 16




Real Estate 9 10











the following year






Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 8 7









FY 16




Real Estate 9 10











the following year






Private Equity 2 0







Total 100 100



6302016 UNAUDITED













Real Estate 9 10
















FY 16




Real Estate 8 10












FY 16




Real Estate 9 10











the following year






Private Equity 3 0







Total 100 100
















Real Estate 8 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 8 10



HY RE Debt 6 0








the following year






Private Equity 3 0



Fixed Income-HY 4 7



TOTAL 12461084 Total 100 100



5312017 ESTIMATES













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 6 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



6302017 UNAUDITED













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



3312018 UNAUDITED
















Money Market 31 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13691806



6302018 UNAUDITED
















Money Market 33 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 6 10



HY RE Debt 6 0



TOTAL 13924150



10312018 ESTIMATE
















Money Market 30 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 31 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13924150



12312018 ESTIMATE
















Money Market 19 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 20 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14753921



4302019 ESTIMATE
















Money Market 23 2













FY 19







HY RE Debt 5 0









FY 19







Money Market 24 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14402218



6302019 UNAUDITED
















Money Market 25 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 23 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 28 2













FY 20







HY RE Debt 6 0









FY 20







Money Market 28 2








the following year






Real Estate 8 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 24 2













FY 20







HY RE Debt 5 0









FY 20







Money Market 24 2








the following year






Real Estate 8 10



HY RE Debt 5 0



TOTAL 16120914



6302020 UNAUDITED
















Money Market 34 2













FY 21







HY RE Debt 6 0









FY 20







Money Market 33 2








the following year






Real Estate 8 10



HY RE Debt 6 0



TOTAL 16120981


Updated for special approps in FY20 amp final budget received for FY21


FY 2021 Budget Request

FINAL FY2021

Budget Received

Actual Budgeted Request Incl 2 sal pol amp

FY 2019 FY 2020 FY 2021 change Base LTP Salaries chng

PERSONAL SERVICES

TOTAL FTEs 3425 3525 3500 3500

BASE COMPENSATION

Base Compensation - Investment Staff 4777299 5286110 5395109 206 5500937 406

Base Comp - Accts Atty Admin Longevity 447218 616756 623783 114 638488 352

TOTAL STAFF - FULL TIME 5224517 5902866 6018892 197 6139426 401

PT Staff Attorney amp Interns 38957 64859 24910 -6159 25399 -6084

Investment Council 3300 6457 6457 000 6585 198

Retirement amp resignation flexibility funds 7247 160885 160885 -000 164103 200

Benefits 927734 1253776 1211135 -340 1253445 -003

Total Base Compensation 6201755 7388843 7422279 045 7588958 271


Maximum Potential Investment Perf Incentive 4562802 9954945 10572221 620 10572221 620

Benefits 331616 1373782 1258966 -836 1258966 -836

Total Investment Performance Incentives 4894418 11328728 11831187 444 11831187 444

Total Personal Services 11096173 18717571 19253466 286 19420145 375

9643999

OPERATING EXPENSES

Contractual Total (see next page for further details) 1677772 2121205 2423688 1426 2423688 1426

Travel 49976 86431 86431 000 86431 000

Office Supplies 5332 7000 7000 000 7000 000

Capital Assets 60145 40520 40520 000 40520 000

Total Operating Expenses 1793224 2255156 2557639 1341 2557639 1341

TOTAL BUDGET 12889397 20972727 21811105 400 21977783 479 (94443)

UNIT COST SUMMARY

Internal Expenses as of Total Adjusted Assets 0086 0096 0096 0099

Total Expenses as of Total Adjusted Assets 0375 0344 0344 0346

For FY 20 amp 21--based on total assets adjusted to long-term value and expenses using assumed average investment performance incentives

Received Request

FY 2020 FY 2021 chng


Investment Services


Investment Accounting Performance Benchmarking 137977 153314 1112






Office Rent 139019 139019 000 added 539 sf + rate incr to $1654 for total 8405 sf

BondLiability Insurance 8385 8385 000 $195 per fte amp Council-35+8

Telephone 18000 18000 000 no change (extra one-time expenses in fy19)

Office Equip RentalMaintenanceMisc 10017 10016 -001 no change - BFM added $6 for FY21 amp $7 for FY 20 special appropriations

Bureau of Info amp Telecommunications (BIT) 76971 77165 025 no change - allows approx 5 incr from current - BFM added 1447 for FY21 amp 1253 for FY20 special approps

State Central Services 13346 13372 019 no change - allows approx 5 incr from current - BFM added 218 for FY21 amp 199 for FY20 special approps

Legislative Audit 51500 51500 000 no change - allows for rate increases

Attorney Generals Office - Legal Services 18509 18509 000 leave for flexibility - no incr

Custodial Fees - Global 276520 282041 200 increases 2 in fy 20 amp 21

SeminarsEducational Programs 33500 35000 448 incr in CFA program

Business Publications 3000 3000 000 no change



TRAVEL 86431 86431 000 no change

OFFICE SUPPLIES amp POSTAGE 7000 7000 000 less postage used toner moved to contractual

CAPITAL ASSETS 40520 40520 000 furniture amp computer upgrades


Received Request

FY 2020 FY 2021

INVESTMENT SERVICES-DETAILED For budget submission in RB16

Consulting Services Inflation ExpRed

BenchmarkingCompensation 30000 30000 000 no change

Legal Consulting Services 100000 150000 5000 increase for potential high yield legal cons 50000

Subtotal 130000 180000 3846


BNYMellon Performance amp Risk Analysis 8000 8000 000 no change

SampP 1200 16537 17364 500 allows 5 from current level in 20 amp 21 827

SampP 1200 Custom 0 10000 10000 adding custom index re emerging markets 10000

SampP US 13340 14000 495 allows 5 from current level in 20 amp 21 660

FTSE Index 14100 14800 496 allows 5 from current level in 20 amp 21 700

Cusip Global Services 20000 20000 000 no change - expected incr from current exp

Portia 66000 69150 477 5 incr from current level in 20 amp 21 3150 Quote Fees FY 2019

Subtotal 137977 153314 1112 Bloomberg 400500

Investment Databases Newsfeeds amp Quote Fees Factset 216146 With new OMS Nasdaq will be increasing $5832 ($324 for 18 users)for live quotes

Bloomberg 124362 130315 479 allows 5 from current level in 20 amp 21 5953 NYSE 1932500

Trade Order Management System 175000 175000 new new service - allows expansion in FY21 OPRA - 0

Factset 257264 270000 495 expect rate flat due to adding OMS with Factset 12736 London St Exch-Sedol 337348

Refinitiv (previously Reuters Fundamental Index) 47628 49140 317 allows 3 incr in FY20 amp 21 from current exp 1512

Quote Fees (incl BloombergFactset) 52182 52182 000 no change - allows for increased intl live quotes TOTAL 2886494

Dow Jones News Service 54000 57630 672 allows 3 incr in FY20 amp 21 from current exp 3630

Subtotal 710436 734267 335


GNA Services-Gimme Credit FI Research 25000 25000 000 no change - allows for flexibility amp increases

Credit Sights 86000 135000 5698 expanded services - incr to indicated level 49000

Reorg Research 85000 85000 000 allows approx 3 incr from current level in 20 amp 21

Insider Score 26525 26525 000 allows 3 incr from current level in 20 amp 21

Boyars Intrinsic Value 15000 18500 2333 incr to allow for 3 incr from current level 3500

Morningstar 80000 80000 000 no change - allows for price incr amp addl users

SampP Capital IQ 71500 75075 500 incr by 5 in fy21 for expeced increase 3575

Value Line 5000 5000 000 no change

Flexibility - From Brokerage to Independent Research 100000 250000 15000 Expect shift to unbunding for brokerage research 150000

Subtotal 494025 700100 4171

Total Contractual - Investment 1472438 1767681 2005 23507 271736 295243

295243

FY 2020 Received FY 2021 Request SALARIES EFFECTIVE FY21

PERSONAL SERVICES 1 Incl 25 sal pol Excl salary policy 2 sal pol (no LTP incr) LTP Increases

BASE COMPENSATION Incl Base LTP sal Base LTP salaries 2 000

State Investment Officer MC 485968 485968 000 495687 200

Asst Investment Officer-Global Equity BF 307030 307030 000 313171 200

Asst Investment Officer-Fixed IncomeDir TO 262690 262690 000 267944 200

Asst Investment Officer-Fixed IncomeAlt CN 262016 262016 000 267256 200

Senior Portfolio Manager-Global Equity SS 226724 226724 000 231258 200

Senior Portfolio Manager-SmallMidCap Equity SH 226724 226724 000 231258 200

Senior Portfolio Manager-Fixed Income HESP 2 SN 151026 151026 000 154046 200

Senior Portfolio Manager-Global Equity JZ 226724 226724 000 231258 200

Senior Portfolio Manager-Global Equity MHW 226724 226724 000 231258 200

Senior Portfolio Manager-Global Equity CC 226724 226724 000 231258 200

Senior Portfolio Manager-SmallMid Cap Equity DH 226724 226724 000 231258 200

Senior Portfolio Manager-Global Equity AR 223438 226724 147 231258 350 (adjusted Ariannas to be same amt as Darci)

Portfolio Manager-Global Equity JE 220961 223613 120 228032 320

Portfolio Manager-SmallMid Cap Equity JE 220961 223613 120 228032 320

Portfolio Manager-Global Equity RS 220961 223613 120 228032 320

Portfolio Manager--Global Equity RR 220961 223613 120 228032 320

Portfolio Manager-High Yield RS 202470 208544 300 212594 500

Portfolio Manager--Global Equity LM 184253 193466 500 197151 700

Portfolio Manager--High Yield DM 184253 193466 500 197151 700

Portfolio Manager--High Yield AC 144970 160917 1100 163816 1300

Associate Portfolio Manager I - High Yield ZN 95572 109908 1500 111819 1700

Associate Portfolio Manager I - SMID DE 89496 93971 500 95761 700

Associate Portfolio Manager I - High Yield LV 89496 93971 500 95761 700

Associate Portfolio Manager I - Global Equity MC 87707 93971 714 95761 918 (small adjustment to bring Matthew same as Lesyk)

Associate Portfolio Manager I - SMID MS 84373 90769 758 92460 958 need to back into Makenzie - Per MC - Matthews comp divided by half of his promotion increase (9576110357)

Research Analyst - new FY 2019 KE 62387 68626 1000 69874 1200

Research Analyst - new FY 2019 TG 62387 68626 1000 69874 1200

Research Analyst - new FY 2019 PL 62387 68626 1000 69874 1200

Senior Investment Accountant CP 91073 91073 000 92894 200

Senior Investment Accountant SR 88925 89814 100 91593 300

Investment Accountant III KS 81752 81956 025 83591 225

Investment Accountant II BE 68964 72929 575 74309 775

Business Manager LR 75025 75025 000 76525 200

Asst Business ManagerAccountant CS 49033 51117 425 52098 625

Staff Attorney 140000 140000 000 142800 200

Staff Attorney (14 FTE) JH 39949

Intern 24910 24910 000 25408 200

Investment Council 6457 6457 000 6586 200

Longevity Pay 13325 13010 -236 13010 -236

Unused Compensation 8659 8858 11668 3475

Investment Staff Base Compensation 3 5286110 5395109 206 5500937 406

Administrative Accounting amp Longevity 616756 623783 114 638488 352

TOTAL STAFF - FULL TIME 5902866 6018892 197 6139426 401

PT Staff Attorney amp Interns no interns fy19 64859 24910 -6159 25399 -6084


Maximum Potential Performance Incentive 9954945 10572221 620 10572221 620

Retirement amp resignation flexibility funds 160885 160885 -000 164103 200 6303529 (94442)

Benefits 2627558 2470101 -599 2512411 -438

PERSONAL SERVICES 18717571 19253466 286 19420145 375

78666



3 Unspent from Sherry PT 46860 Brett LWOP 73630 other LWOP 15700

CENTER 3210

Salaries 6135067 6211144 6335513

Benefits 1253776 1211135 1253445

Total personal services for 3210 7388843 7422279 7588958 (94442)

CENTER 3211

Salaries 9954945 10572221 10572221

Benefits 1373782 1258966 1258966



BFM-they subtracted the 175

Personal Benefits - 3210 per bfm calculations but didnt change benefits per bfm final calculations

Social Security amp Medicare (765 on total compensaion--incl retirement portion) 00765 478578 482385 3807 499603

Retirement - 6 006 345534 366806 21272 366806

Unemployment Insurance 0010 0001 5985 6306 321 6306

Workers Compensation 0005 00005 2993 3153 160 3153

HealthLife Insurance $10071 per FTE for FY 20 1007100 420686 352485 (68201) 377577

Total Benefits 3210 1253776 1211135 1253445




Retirement - 6 006 597297 434333 (162963) 434333



Total Benefits 3211 1373782 1258966 1258966

TOTAL BENEFITS - SDIC 2627558 2470101 2512411









keyboardmouse replacements (5 at $50) 250



TELEPHONE EQUIPMENT


FURNITURE amp chair upgrades 24425


40520



FY2023

Budget Request

Expended Received Received Request Incl 2 sal pol amp

FY 2021 FY 2021 FY 2022 FY 2023 change Base LTP Salaries chng

PERSONAL SERVICES

TOTAL FTEs 3425 3500 3500 3500 3500

BASE COMPENSATION

Base Compensation - Investment Staff 5216937 5595504 5924242 6138506 362 6272430 588

Base Comp - Admin Acct Legal Longevity 446997 626820 691805 698107 091 713880 319

TOTAL STAFF - FULL TIME 5663934 6222325 6616047 6836614 333 6986310 560

Part-Time - Legal amp Interns 55886 36942 83422 83422 000 85299 225

Investment Council 2175 6585 6790 6790 000 6943 225

Retirement amp resignation flexibility funds 0 164103 167795 167795 000 171570 225

Benefits 1072660 1253445 1286459 1309097 176 1330208 340

Total Base Compensation 6794656 7683400 8160513 8403718 298 8580330 514


Maximum Potential Investment Perf Incentive 1187866 10572221 11191009 11848483 588 11848483 588

Benefits 127057 1258966 1344359 1435091 675 1435091 675

Total Investment Performance Incentives 1314923 11831187 12535368 13283574 597 13283574 597

Total Personal Services 8109578 19514587 20695881 21687291 479 21863905 564

OPERATING EXPENSES

Contractual Total (see next page for further details) 1829978 2434567 2372642 2450903 330 2450903 330

Travel 646 86431 86431 86431 000 86431 000

Office Supplies 2338 7000 7000 7000 000 7000 000

Capital Assets 22009 40520 40520 40520 000 40520 000

Total Operating Expenses 1854971 2568518 2506593 2584854 312 2584854 312

TOTAL BUDGET 9964549 22083105 23202473 24272146 461 24448758 537

UNIT COST SUMMARY

Internal Expenses as of Total Adjusted Assets 0097 0097 0098

Total Expenses as of Total Adjusted Assets 0363 0363 0364


Expended Received Received Request

FY 2021 FY 2021 FY 2022 FY 2023 chng


Investment Services

Consulting Services 22285 180000 180000 180000 000

Investment Accounting Performance Benchmarking 153515 153314 160924 175451 903

Investment Databases Newsfeeds amp Quote Fees 676771 734267 734267 762722 388

Investment Research Services 342902 450100 378655 419200 1071

Flexibility - From Brokerage to Independent Research 0 250000 250000 225000 -1000

Total Investment Services 1195473 1767681 1703846 1762373 343


Office Rent 139019 139019 139019 153000 1006 renews in May of 2022 allows 10 inc

BondLiability Insurance 2944 8385 8385 8385 000 $195 per fte amp Council-35+8

Telephone 16007 18000 18000 18000 000 no change

Office Equip RentalMaintenanceMisc 14026 10016 10020 10020 000 no change

Bureau of Info amp Telecommunications (BIT) 90147 88044 93635 93635 000 no change-likely to receive more from approps

State Central Services 10485 13372 13555 13555 000 no change-likely to receive more from approps

Legislative Audit 56308 51500 60510 60510 000 allows 5 incr from current exp in FY21 amp 22

Attorney Generals Office - Legal Services 0 18509 0 0 000 decrease use of AG staff due to legal consultant

Custodial Fees - Global 282059 282041 287672 293425 200 increases 2 in fy 21 amp 22

SeminarsEducational Programs 22696 35000 35000 35000 000 no change

Business Publications 815 3000 3000 3000 000 no change

Total Administrative Expenses 634506 666886 668796 688530 295

TOTAL CONTRACTUAL SERVICES 1829979 2434567 2372642 2450903 330

TRAVEL 646 86431 86431 86431 000 no change

OFFICE SUPPLIES amp POSTAGE 2337 7000 7000 7000 000 no change

CAPITAL ASSETS 22009 40520 40520 40520 000 furniture amp computer upgrades

TOTAL OPERATING EXPENSES 1854971 2568518 2506593 2584854 312


FY 2021 FY 2021 FY 2022 FY 2023



BenchmarkingCompensation 0 30000 30000 30000 000 no change

Legal Consulting Services 22285 150000 150000 150000 000 alows flexibility for high yield cons

Subtotal 22285 180000 180000 180000 000


BNYMellon Performance amp Risk Analysis 7500 8000 8000 8000 000 no change

SampP 1200 16538 17364 17364 17364 000 allows 5 incr from current level

SampP 1200 Custom 10000 10000 10000 10000 000 no change

SampP US 14007 14000 14000 14700 500 allows 5 incr from current level

FTSE Index 14326 14800 14800 15000 135 allows 225 incr from current level in 22 amp 23

Cusip Global Services 21000 20000 23152 23152 000 no change 0

MSCI Index 1000 0 1000 1000 000 no change 0

Portia 69144 69150 72608 86235 1877 5 incr from current level in 22 amp 23 plus upgrade 13627 Quote Fees

Subtotal 153515 153314 160924 175451 903 Bloomberg

Investment Databases Newsfeeds amp Quote Fees Factset

Bloomberg 121358 130315 130315 138200 605 allows 5 from current level in 22 amp 23 NYSE

Trade Order Management System 150000 175000 175000 175000 000 current contract $150k - expect incr in FY22 OPRA

Factset 274773 270000 270000 303200 1230 allows 5 from current level in 22 amp 23 London St Exch-Sedol

Refinitiv (previously Reuters Fundamental Index) 46320 49140 49140 49140 000 allows 3 incr from current exp in 22 amp 23

Quote Fees (incl BloombergFactset) 34702 52182 52182 52182 000 no change-allows for increased intl live quotes TOTAL

Dow Jones News Service 49618 57630 57630 45000 -2192 Renegotiated rate

Subtotal 676771 734267 734267 762722 388


GNA Services-Gimme Credit FI Research 17820 25000 25000 25000 000 no change - allows for flexibility amp increases

Credit Sights 125000 135000 135000 150000 1111 negotiated price for FY23

Reorg Research 72000 85000 85000 85000 000 expect inc in 22 amp 23

Insider Score 26250 26525 27850 27850 000 allows 3 incr from current level in 22 amp 23 0

Boyars Intrinsic Value 15500 18500 18500 18500 000 no change-allows for price incr

Morningstar 60000 80000 80000 80000 000 no change-allows for price incr amp addl users

SampP Capital IQ 0 75075 0 0 000 cancelled 0

Steel Market Update 2582 0 2305 2850 2364 allows 5 incr from current level in 22 amp 23 545

Value Line 5000 5000 5000 5000 000 no change

Greenstreet 18750 0 0 25000 10000 new 25000

Flexibility - From Brokerage to Independent Research 0 250000 250000 225000 -1000 Delay shift to unbunding brokerage research

Subtotal 342902 700100 628655 644200 247

Total Contractual - Investment 1195472 1767681 1703846 1762373 343 13627 25545 39172

58527

FY 2021 Received FY 2022 Received FY 2023 Request FY 2023 Request

PERSONAL SERVICES 1 Incl 25 sal pol Incl salary policy amp Excl salary policy 000 LTP Increase amp LTP Increases Salary Policy

BASE COMPENSATION Incl Base LTP sal LTP increase Base LTP salaries 000 175 225

State Investment Officer MC 495687 516258 52529296 175 536909 400

Asst Investment Officer-Global Equity BF 313171 326167 33187534 175 339214 400

Asst Investment Officer-Fixed IncomeDir TO 267944 279064 28394750 175 290226 400

Asst Investment Officer-Fixed IncomeAlt CN 267256 278347 28321831 175 289481 400

Senior Portfolio Manager-Global Equity SS 231258 240856 24507068 175 250490 400

Senior Portfolio Manager-SmallMidCap Equity SH 231258 240856 24507068 175 250490 400

Senior Portfolio Manager-Fixed Income HESP 2 SN 154046 160439 16324681 175 166857 400

Senior Portfolio Manager-Global Equity JZ 231258 240856 24507068 175 250490 400

Senior Portfolio Manager-Global Equity MHW 231258 240856 24507068 175 250490 400

Senior Portfolio Manager-Global Equity CC 231258 240856 24507068 175 250490 400

Senior Portfolio Manager-SmallMid Cap Equity DH 231258 240856 24507068 175 250490 400

Portfolio Manager-Global Equity AR 231258 240856 24507098 175 250490 400

Portfolio Manager-Global Equity JE 228032 240856 24507098 175 250490 400

Portfolio Manager-SmallMid Cap Equity JE 228032 240856 24507098 175 250490 400

Portfolio Manager-Global Equity RS 228032 240856 24507098 175 250490 400

Portfolio Manager--Global Equity RR 228032 240856 24507098 175 250490 400

Portfolio Manager-High Yield RS 212594 228857 24087199 525 246021 750

Portfolio Manager--Global Equity LM 197151 215191 22648806 525 231330 750

Portfolio Manager--High Yield DM 197151 215191 22648806 525 231330 750

Portfolio Manager--High Yield AC 163816 186996 20896837 1175 213176 1400

Associate Portfolio Manager I--High Yield ZN 111819 124287 13267669 675 135473 900

Associate Portfolio Manager I--SmallMid Cap Equity DE 95761 114099 12408288 875 126650 1100

Associate Portfolio Manager I--High Yield LV 95761 114099 12408288 875 126650 1100

Associate Portfolio Manager I--Global Equity MC 95761 114099 12408291 875 126650 1100

Associate Portfolio Manager I--SmallMid Cap Equity MS 92460 100920 11782421 1675 120095 1900

Research Analyst - new FY 2019 KE 69874 83395 9319346 1175 95070 1400

Research Analyst - new FY 2019 TG 69874 83395 9319346 1175 95070 1400

Research Analyst - new FY 2019 PL 69874 83395 9319346 1175 95070 1400

Chief Financial Officer 142800 146227 14622720 000 149517 225

Senior Investment Accountant CP 92894 96517 9651700 000 98689 225

Senior Investment Accountant SR 91593 96081 9608100 000 98243 225

Investment Accountant III KS 83591 86851 8685100 000 88805 225

Investment Accountant II BE 74309 77207 7720700 000 78944 225

Business Manager LR 76525 79509 7950900 000 81298 225

Asst Business ManagerAccountant CS 52098 56343 6200000 1004 63268 1229

Staff Attorney (Dept of Rev job share) JR 20480 2048000 000 20941 225

Staff Attorney part-time (both MM amp JH) MMJH 11543 57228 5722800 000 58516 225

Interns 25399 26194 2619400 000 26783 225 1147


Longevity Pay 13010 12110 1323500 929 13235 929

Promotion Flexibility - Investment Staff 94567 50628 50000 000 51767 225

Promotion Flexibility - AdminAcctLegal 20480 20000 000 20941 225


Administrative Accounting Legal amp Longevity 626820 691805 698107 091 713880 319 12481 Unused comp - extra for accts CH amp LR


Part-Time - Legal amp Interns no interns fy19 36942 83422 83422 000 85299 225 7293


Maximum Potential Performance Incentive 10572221 11191009 11848483 588 11848483 588

Retirement amp resignation flexibility funds 164103 167795 167795 000 171570 225 7157880 759909

Benefits 2512411 2630818 2744188 431 2765299 511

PERSONAL SERVICES 19514587 20695881 21687291 479 21863904 1204



CENTER 3210

Salaries 6429955 6874054 7094621 321 7250122

Benefits 1253445 1286459 1309097 176 1330208

Total personal services for 3210 7683400 8160513 8403718 298 8580330 896930

CENTER 3211

Salaries 10572221 11191009 11848483 588 11848483

Benefits 1258966 1344359 1435091 675 1435091

Total personal services for 3211 11831187 12535368 13283574 597 13283574

TOTAL PERSONAL SERVICES 19514587 20695881 21687291 479 21863904

Personal Benefits - 3210 per bfm calculations per bfm final calculations

Social Security amp Medicare (765 on total compensaion--incl retirement portion) 00765 499603 538777 542738 3961 554634

Retirement - 6 006 366806 388153 410197 22044 419179

Unemployment Insurance 0010 0001 6306 6665 7095 430 7250

Workers Compensation 0005 00005 3153 3333 3547 214 3625

HealthLife Insurance $9872 per FTE for FY 22 987200 377577 349531 345520 (4011) 345520

Total Benefits 3210 1253445 1286459 1309097 22638 1330208




Retirement - 6 006 434333 471460 510909 39449 510909



Total Benefits 3211 1258966 1344359 1435091 90732 1435091

TOTAL BENEFITS - SDIC 2512411 2630818 2744188 2765299











TELEPHONE EQUIPMENT




40520




FINAL FY2021

Budget Received



PERSONAL SERVICES

TOTAL FTEs 3425 3525 3500 3500

BASE COMPENSATION







Benefits 927734 1253776 1211135 -340 1253445 -003




Benefits 331616 1373782 1258966 -836 1258966 -836



9643999

OPERATING EXPENSES


Travel 49976 86431 86431 000 86431 000

Office Supplies 5332 7000 7000 000 7000 000

Capital Assets 60145 40520 40520 000 40520 000


TOTAL BUDGET 12889397 20972727 21811105 400 21977783 479 (94443)

UNIT COST SUMMARY




Received Request



Investment Services

























Received Request

FY 2020 FY 2021





Subtotal 130000 180000 3846

















Subtotal 710436 734267 335











Subtotal 494025 700100 4171


295243






































Staff Attorney 140000 140000 000 142800 200


Intern 24910 24910 000 25408 200


Longevity Pay 13325 13010 -236 13010 -236









Benefits 2627558 2470101 -599 2512411 -438


78666




CENTER 3210

Salaries 6135067 6211144 6335513

Benefits 1253776 1211135 1253445


CENTER 3211

Salaries 9954945 10572221 10572221

Benefits 1373782 1258966 1258966






Retirement - 6 006 345534 366806 21272 366806




Total Benefits 3210 1253776 1211135 1253445




Retirement - 6 006 597297 434333 (162963) 434333



Total Benefits 3211 1373782 1258966 1258966













TELEPHONE EQUIPMENT




40520



FY2023

Budget Request



PERSONAL SERVICES

TOTAL FTEs 3425 3500 3500 3500 3500

BASE COMPENSATION







Benefits 1072660 1253445 1286459 1309097 176 1330208 340




Benefits 127057 1258966 1344359 1435091 675 1435091 675



OPERATING EXPENSES


Travel 646 86431 86431 86431 000 86431 000

Office Supplies 2338 7000 7000 7000 000 7000 000

Capital Assets 22009 40520 40520 40520 000 40520 000


TOTAL BUDGET 9964549 22083105 23202473 24272146 461 24448758 537

UNIT COST SUMMARY





FY 2021 FY 2021 FY 2022 FY 2023 chng


Investment Services






Total Investment Services (see next page for further details) 1195473 1767681 1703846 1762373 343















TRAVEL 646 86431 86431 86431 000 no change





FY 2021 FY 2021 FY 2022 FY 2023





Subtotal 22285 180000 180000 180000 000


















Subtotal 676771 734267 734267 762722 388











Greenstreet 18750 0 0 25000 10000 new 25000


Subtotal 342902 700100 628655 644200 247


58527









































Interns 25399 26194 2619400 000 26783 225 1147


Longevity Pay 13010 12110 1323500 929 13235 929










Benefits 2512411 2630818 2744188 431 2765299 511




CENTER 3210

Salaries 6429955 6874054 7094621 321 7250122

Benefits 1253445 1286459 1309097 176 1330208


CENTER 3211

Salaries 10572221 11191009 11848483 588 11848483

Benefits 1258966 1344359 1435091 675 1435091





Retirement - 6 006 366806 388153 410197 22044 419179




Total Benefits 3210 1253445 1286459 1309097 22638 1330208




Retirement - 6 006 434333 471460 510909 39449 510909



Total Benefits 3211 1258966 1344359 1435091 90732 1435091












TELEPHONE EQUIPMENT




40520



Expended Received


PERSONAL SERVICES


BASE COMPENSATION







Benefits 1072660 1253445 18078461




Benefits 127057 1258966 113190939



OPERATING EXPENSES


Travel 646 86431 8578502


Capital Assets 22009 40520 1851102 1211855610


TOTAL BUDGET 9964549 22083105 1211855610






2019648114

Expended Received Unexpended

FY 2021 FY 2021 FY 2021


Investment Services






Total Investment Services (see next page for further details) 1195473 1767681 572208


Office Rent 139019 139019 0


Telephone 16007 18000 1993











TRAVEL 646 86431 85785





FY 2021 FY 2021 FY 2021


Consulting Services



Subtotal 22285 180000 157715



SampP 1200 16538 17364 827

SampP 1200 Custom 10000 10000 0

SampP US 14007 14000 (7)

FTSE Index 14326 14800 474


MSCI Index 1000 0 (1000)

Portia 69144 69150 6

Subtotal 153515 153314 (201)


Bloomberg 121358 130315 8957


Factset 274773 270000 (4773)




Subtotal 676771 734267 57496



Credit Sights 125000 135000 10000




Morningstar 60000 80000 20000






Subtotal 342902 700100 357198









































Interns - 0 25399 25399












Benefits 1199717 2512411 1312694




CENTER 3210

Salaries 5721995 6429955 707959

Benefits 1072660 1253445 180785


CENTER 3211

Salaries 1187866 10572221 9384355

Benefits 127057 1258966 1131909


















FY 2023

2 desktop computers 1100 ea (replacements) 2200

5 Monitors - replacement at $150 ea 750





TELEPHONE EQUIPMENT




40520

Per Matt on 4112019

--Move Matthew to same level as LesykDan beginning in FY 2021 in the long-term plan Matt will decide to actually move to that level but will give budget flexibility

--Makenzies transition schedule should be one year behind MatthewLeskyDan Matt will decide on actual base salary levels each year but budget will have the flexibility

Per Matt and Brett on 51216 (updated - see above)

---Matthew will be 98 of LeskyDans compensation going forward until decision to adjust to same level

---Makenzie will be 962 of Matthews compensation going forward until decision to adjust to closer level

---Makenzies 6 month probation is up 6916 Her increase effective 6916 will consist of her probation increase (10)

state salary policy (27) and promotional increase of 545 for a total of 1815

Hire compensation 49628 --- 1815 increase on 69 to $58637 (962 of MCs $60953 FY 17 comp)

General Guideline for Promotions

Years 1 through 3 (3 years) RA

Years 4 through 6 (3 years) Asaoc PM I

Years 7 through 10 (4 years) AssocPM II

Years 11 through 18 (8 years) PM

Years 19+ SrPM

Adj to be

Hire Date first FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

Steve 51689 FY 1990 SrPM

Scott 1694 FY 1994 SrPM

Jan 52394 FY 1995
Riss Laurie Began in Inv Acct first several years PM SrPM

Melissa 81495 FY 1996 PM SrPM

Candi 7500 FY 2001
Riss Laurie Received credited years for work in leg audit

Darci 7101 FY 2002 AsstPM AssocPM PM SrPM

Arianna 6903 FY 2003 AsstPM AssocPM PM SrPM

Renae 1904 FY 2004 RA AsstPM AssocPM PM SrPM

Jeff 81103 FY 2004 RA AsstPM AssocPM PM SrPM

Jarrod 1504 FY 2004 RA AsstPM AssocPM PM SrPM

Randy 52404 FY 2004 RA AsstPM AssocPM PM SrPM

Ross 82405 FY 2006 RA AsstPM AssocPM PM SrPM

Lee 51707 FY 2008 RA AsstPM AssocPM PM SrPM

Danielle 52907 FY 2008 RA AsstPM AssocPM PM SrPM

Anne 51909 FY 2010 RA AsstPM AssocPM PM SrPM

Zach 9314 FY 2015 RA AsstPM AssocPM PM SrPM

Daniel 6915 FY 2016 RA AsstPM AssocPM PM SrPM

Lesyk 6915 FY 2016 RA AsstPM AssocPM PM SrPM

Matthew 83115 FY 2016 RA AsstPM AssocPM PM SrPM

Makenzie 12915 FY 2017 RA AsstPM AssocPM PM SrPM

Katie 6418 FY 2019 RA AsstPM AssocPM PM SrPM

Taylor 6418 FY 2019 RA AsstPM AssocPM PM SrPM

Payton 6418 FY 2019 RA AsstPM AssocPM PM SrPM

Notes - Per Matt

Arianna 1 year behind Darci (HESP contract)

Ross - 2 yrs behind Jeff amp troop

Lee amp Danielle - 2 yrs behind Ross

Anne - 2 years behind Lee

Zach - 5 years behind Anne

Dan Lesyk amp Matthew - 1 year behind Zach

Makenzie - 1 yr behind Matthew (check with

Matt when Dans group promoted to AsstPM

Katie Taylor amp Payton - 2 yrs behind Makenzie

Illustrative Promotional Increases

Scenario Darci Arianna Renae Jeff Jarrod Randy Ross Lee Danielle Anne Zach Dan Lesyk Matthew Makenzie-adj half yr Katie Taylor Payton

Yrs Exp Title begin fy begin fy begin fy begin fy begin fy begin fy begin fy begin fy begin fy begin fy

1 New FTE - Research Analyst 2002 2003 2004 2006 2008 2010 2015 2016 2017 2019

2

3

4 Assistant Portfolio Manager 2005 2006 2007 2009 2011 2013 2018 2019 2020 2022

5

6

7 Associate Portfolio Manager 2008 2009 2010 2012 2014 2016 2021 2022 2023 2025

8

9

10

11 Portfolio Manager 2012 2013 2014 2016 2018 2020 2025 2026 2027 2029

12

13

14

15

16

17

18

19 Senior Portfolio Manager - beginning of 19th year - reg LTP increase only 2020 2021 2022 2024 2026 2028 2033 2034 2035 2037

Normal LTP increases assuming a 225 salary policy - to be adjusted each year to actual salary policy

FOR LTP INCREASES Entry Salary Asst Portfolio Mgr - complete CFA Assoc PF Mgr Portfolio Mgr Sr Portfolio Mgr

Total LTP increase 1170 995 1900 1400 900 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 850

LTP Increase 180 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175

Transitional Increase 720 820 1500 1000 500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Salary Policy 270 000 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Noteadjusted schedules for Ross Lee Danielle amp Anne

Consistent schedule for Zach and rest

Ross - FY 2006 FY 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

500 350 350 350 450

Lee amp Danielle - FY 2008 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

1000 1000 500 350 350 350 450

Anne - FY 2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

1100 1000 1000 1000 500 350 350 350 450

Zach - FY 2015 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Dan Lesyk Matthew - FY 2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

1000 500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Makenzie - FY 2017 (adjusted) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1000 500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Katie Taylor Payton - FY 2019 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

720 1000 1500 1000 1000 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Used for Budget Briefings for Appropriations Committee - Requested by Jeff Mehlhaff

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

UNIT COST - NORMALIZED (using expected incentives amp adjusted assets)

Internal Expenses as of Total Assets (target 10) 0072 0091 0088 0093 0094 0095

Total Expenses as of Total Assets 0382 0387 0352 0341 0341 0343

UNIT COST - ACTUAL (using actual expenses amp assets)

Internal Expenses as of Total Assets 0074 0088 0094 0087 0084 0086


Outside manager expenses vary based on the amount and stage of life cycle of investments in limited partnerships

Actual External Manager fiscal year fees

If Annual Report is done - get them from each section

If need earlier

Get FAIR VALUE FLOWS reports from Tammy

for each SDRS amp Trusts

SDRS 34216179 39711188

SampPL 705454 814656

Dakota Cement Trust 761330 874593

Education Enhancement Trust 1426741 1618009

Health Care Trust 334503 380581

TOTAL 37444207 43399027

FY 2020 comp Incentive Amt over

280000

MC 485968 1457904 1177904

BF 307030 921091 641091

TO 262690 788071 508071

CN 262016 786047 506047

SS 226724 680172 400172

SH 226724 680172 400172

SN 151026 453077 173077

JZ 226724 680172 400172

MHW 226724 680172 400172

CC 226724 680172 400172

DH 226724 680172 400172

AR 223438 670314 390314

JE 220961 662883 382883

JE 220961 662883 382883

RS 220961 662883 382883

RR 220961 662883 382883

RS 202470 607410 327410

LM 184253 552760 272760

DM 184253 552760 272760

AC 144970 434911 154911

ZN 95572 286716 6716

DE 89496 268489

LV 89496 268489

MC 87707 263120

MZ 84373 253119

KE 62387 187162

TG 62387 187162

PL 62387 187162

CP 91073 273219

SR 88925 266775

KS 81752 245256

BE 68964 206892

LR 75025 225075

CS 49033 147099

could decrease

request by

8363627 62 = 518545 Per Matt - start with $200000 less in center 3211

and maybe phase in more over next few years

after we make sure of SDRS procedures

and nothing else changes

Per Matt - use FY 21 amounts from LTP prior to stripping out 225 amp 175 Already updated LTP to actual budget request for FY21 so typed in numbers from Exec Brd budget presentation for FY21


Long-Term Plan

Executive Summary


Personal Services

Number of Employees 3500 3500 3500

Base Compensation - Total Staff 6986311 8599469 10814175

Student Interns 85299 95337 106556


Flexibility funds-Retirements amp Resignations 171570 191760 214326

Investment Incentive Maximum 11889443 14769504 18777060

Benefits 2770951 3134097 4040920


Operating Expenses

Contractual Services 2450903 2723920 2958621

Travel 86431 96602 107970

Office Supplies amp Postage 7000 7824 8744

Capital Assets 40520 54352 61441



ASSET SUMMARY (2)

Internal Assets 14736258237 18148573956 22363768079

External Assets 4653555233 5731128618 7062242551

Total Assets 19389813470 23879702574 29426010630

EXPENSE SUMMARY

Internal Expenses 24495372 29680625 37098487

External Manager Fees 51189108 63042415 77684668

Total Expenses 75684479 92723040 114783155


Internal Expenses as of Total Assets 0098 0096 0096

Total Expenses as of Total Assets 0364 0362 0362


(2) Projections based on long-term assumed returns applied to 63021 assets Updated each June 30

(3) Unit Cost Summary uses assumed average investment performance incentives

Internal Expenses as of Total Average Assets 0096 0095 0095

Total Expenses as of Total Average Assets 0365 0364 0364

MAKE SURE PROMOTION INCREASES COINCIDE WITH PROMOTION SCHEDULE SPREADSHEET When copying to next fy do not copy the promotion schedule rows

incr of 2 ftes for fy 23 and 24 then back down - for transition years as sr staff retires

SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037 FY 2038 FY 2039

EXECUTIVE SUMMARY

INVESTMENT COUNCIL BUDGET

Personal Services

Number of Employees [28] [28] 30 30 3225 3225 3425 3425 3525 35 35 37 37 35 35 35 35 35 35 35 35

Base Compensation - Total Staff ERRORREF ERRORREF 4010657 4401918 4864254 5150994 5394737 5579238 5902866 6233867 6608925 7108015 6957956 7357334 7785123 8226687 8685830 8740195 9247430 9776362 10355102

Staff Attorney (14 FTE) amp Interns 22065 53891 62527 62527 63276 64858 25399 25970 26555 27152 27763 28388 29027 29680 30348 31030 31729 32442

Investment Council ERRORREF 35863 35582 5946 6064 6227 6227 6302 6459 6586 6734 6886 7041 7199 7361 7527 7696 7869 8046 8227 8412

Flexibility funds-Retirements amp Resignations 140431 148061 151022 155100 155100 156961 160885 164103 167795 171571 175431 179378 183414 187541 191761 196075 200487 204998 209610

Investment Incentive Maximum ERRORREF ERRORREF 3261124 7323946 8018645 8921553 9461326 9931509 9954945 10572220 11191004 11932587 12899973 12568178 13334337 14156360 15004928 15887601 15959614 16936209 17954980

Benefits 1085312 3261124 1240979 1890618 2073044 2227649 2382097 2449064 2557757 2512411 2650344 2752526 2774877 2670869 2845110 3029174 3219545 3358986 3449281 3667634 3898920

Total Personal Services ERRORREF ERRORREF 8688773 13792554 15166919 16524049 17462013 18186348 18647770 19514586 20650774 21998140 22842430 22810721 24183734 25636316 27139439 28221074 28895889 30625159 32459467

Operating Expenses

Contractual - Investment Services 839713 946400 869924 983560 1012686 1056521 1121621 1234261 1472438 1767681 1703846 1736866 1805730 1839046 1873112 1907945 1943561 1973550 2004214 2035568 2067628

Contractual - Administrative Services 787147 517277 564891 564133 583206 595611 607576 630847 648767 656007 657359 686020 698015 707042 719510 732258 745293 758621 772250 786185 800433

Travel 65700 65700 85000 85000 85000 85000 85000 85077 86431 86431 86431 92507 94589 92397 94476 96602 98776 100998 103270 105594 107970

Office Supplies amp Postage 12733 12733 12733 12733 12733 12733 12733 9000 7000 7000 7000 7158 7319 7483 7652 7824 8000 8180 8364 8552 8744

Capital Assets 28242 28242 48500 43000 47192 44400 40520 40520 40520 40520 40520 48765 49970 51205 52472 53770 55101 56466 57865 59299 60770

Total Operating Expenses 1733535 1570352 1581048 1688426 1740817 1794265 1867450 1999708 2255156 2557639 2495156 2571316 2655622 2697174 2747221 2798398 2850730 2897815 2945963 2995198 3045545

Total Investment Council Budget ERRORREF ERRORREF 10269821 15480979 16907736 18318315 19329463 20186056 20902926 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

ASSET SUMMARY

Internal Assets 6743999523 8042846217 9447833736 10099488000 9844732397 11010037500 11403775488 11788533220 11597880692 12091702269 12606845194 13144239873 13704857639 14289712561 14899863335 15536415263 16200522310 16893389265 17616273986 18370489758 19157407741

External Assets 3159083477 3269173779 3601660374 3189312000 3108862862 3196462500 3444890512 3422477386 3662488639 3818432296 3981109009 4150812591 4327849781 4512540809 4705220001 4906236399 5115954414 5334754505 5563033890 5801207292 6049707708

Total Retirement System Assets 7882686000 9130716365 10602389496 10766400000 10501680864 11631800000 12222470000 12459987514 12287009532 12839924961 13417721584 14021519055 14652487413 15311849347 16000882567 16720922283 17473363785 18259665156 19081350088 19940010842 20837311330

Total Assets 9903083000 11312019996 13049494110 13288800000 12953595259 14206500000 14848666000 15211010606 15260369331 15910134565 16587954203 17295052464 18032707419 18802253369 19605083336 20442651662 21316476724 22228143770 23179307877 24171697050 25207115448

EXPENSE SUMMARY

Internal Expenses ERRORREF ERRORREF 10269821 15480979 16907736 18318315 19329463 20186056 20902926 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

Assumed Budget Expenditures (40 avg Inv Perf Incnt) ERRORREF ERRORREF 9027898 10798128 11403086 12236676 12869270 13404823 14105692 14973513 15524034 16498943 16824692 17118716 18016221 18956227 19929748 20453190 21124335 22233315 23419586

External Manager Fees 35855597 36941664 40482663 35082432 34197491 35161088 37893796 37647251 40287375 42002755 43792199 45658939 47606348 49637949 51757420 53968600 56275499 58682300 61193373 63813280 66546785

Total Expenses ERRORREF ERRORREF 50752483 50563411 51105228 53479402 57223259 57833307 61190301 64074981 66938128 70228394 73104399 75145844 78688375 82403314 86265668 89801189 93035224 97433638 102051797

UNIT COST SUMMARY

Internal Expenses as of Total Assets ERRORREF ERRORREF 0079 0116 0131 0129 0130 0133 0137 0139 0140 0142 0141 0136 0137 0139 0141 0140 0137 0139 0141

Internal Exp as of Total Assets (with assumed avg Inv Perf Incnt) ERRORREF ERRORREF 0069 0081 0088 0086 0087 0088 0092 0094 0094 0095 0093 0091 0092 0093 0093 0092 0091 0092 0093

Total Expenses as of Total Assets ERRORREF ERRORREF 0389 0380 0395 0376 0385 0380 0401 0403 0404 0406 0405 0400 0401 0403 0405 0404 0401 0403 0405

Internal Exp as of Adjusted Long-Term Value Total Assets 0091 0088 0093 0094 0095 0100 0102 0101 0103 0101 0098 0099 0100 0101 0099 0099 0099 0100

(with assumed avg Inv Perf Incentive)

PERSONAL SERVICES BUDGET UPDATE

TITLES

INVESTMENT OFFICER (SDIC recommendedEx Brd approved) Matt 368938 386647 405206 424656 440793 460629 460629 466156 485968 504192 524359 545334 567147 589833 613426 637963 663482 690021 717622 746327 776180

INCREASE IN BASE ERRORREF 480 480 480 380 450 000 120 425 375 400 400 400 400 400 400 400 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM ERRORREF 368938 386647 810412 849312 881586 921257 921257 932312 971936 1008383 1048718 1090667 1134294 1179666 1226852 1275926 1326963 1380042 1435244 1492653

ASST INVESTMENT OFFICER - GLOBAL Brett 233092 244280 256006 268294 278489 291021 291021 294514 307030 318544 331286 344537 358319 372652 387558 403060 419182 435950 453388 471523 490384



ASST INVESTMENT OFFICER FIXED INC DERIVATIVE Tammy 199430 209003 219035 229548 238271 248993 248993 251981 262691 272542 283443 294781 306572 318835 331588 344852 358646 372992 387912 403428 419565



ASST INVESTMENT OFFICER FIXED INC ALT INV Chris 198918 208466 218472 228959 237660 248354 248354 251334 262016 271842 282715 294024 305785 318016 330737 343967 357725 372034 386916 402392 418488



SENIOR PORTFOLIO MANAGER-GLOBAL EQ Scott 173027 181332 190036 199158 206726 216029 216029 218621 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGER-GLOBAL EQ Steve 173027 181332 190036 199158 206726 216029 216029 218621 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGER FIXED INCOME Sherry 109435 114688 120193 131972 136987 143151 143151 144869 151026 156690 162957 169475 176254 183305 190637 198262 206193 214441 223018 231939 241216



SENIOR PORTFOLIO MANAGERGLOBAL EQUITY Jan 171675 179915 188551 197602 205111 214341 214341 216913 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120

INCREASE IN BASE 594 ERRORREF 480 480 480 380 450 000 120 452 375 400 400 400 400 400 400 400 400 400 400 400


SENIOR PORTFOLIO MANAGER - GLOBAL EQ Melissa 170611 178800 188551 197602 205111 214341 214341 216913 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGERGLOBAL EQUITY Candi 166304 174287 184744 197602 205111 214341 214341 216913 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120 376605 391669

INCREASE IN BASE 700 ERRORREF 480 600 696 380 450 000 120 452 375 400 400 400 400 400 400 400 400 400 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM ERRORREF 166304 174287 369488 395204 410221 428681 428681 433825 453448 470452 489270 508841 529195 550363 572377 595272 619083 643846 669600 696384 724240 753209

highlight-sr pf mgr

SENIOR PORTFOLIO MANAGER - SMALLMID CAP EQ Darci 132003 158404 175305 191420 200991 212447 212447 216908 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120 376605 391669 407336

INCREASE IN BASE 401 fy01 ERRORREF 2000 1067 919 500 570 000 210 453 375 400 400 400 400 400 400 400 400 400 400 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM ERRORREF 132003 158404 350610 382839 401981 424894 424894 433817 453448 470452 489270 508841 529195 550363 572377 595272 619083 643846 669600 696384 724240 753209 783338

PORTFOLIO MANAGER - GLOBAL EQ Arianna 103584 120716 144860 173976 190798 207635 211788 214329 223438 235226 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - GLOBAL EQ Jeff
Riss Laurie Jarrod Randy amp Renae all read Jeffs line Formula for increases on Jeffs base comp 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - SMALLMID CAP EQ Jarrod 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - GLOBAL EQ Randy 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - GLOBAL EQ Renae 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MGR - HIGH YIELD Ross
Riss Laurie starting with Ross use transition tables below 73852 84967 102198 119378 137929 164673 181140 190560 202470 216136 232346 249772 264597 275181 286188 297636 309541 321923 334800 348192 362119 376604 391668 407335



PORTFOLIO MANAGER - GLOBAL EQUITY Lee 67315 70930 81647 93320 111311 129490 145029 161272 184253 200375 218409 234790 252399 271329 286188 297636 309541 321923 334799 348191 362119 376604 391668 407335



PORTFOLIO MGR-HIGH YIELD Danielle 67315 70930 81647 93320 111311 129490 145029 161272 184253 200375 218409 234790 252399 271329 286188 297636 309541 321923 334799 348191 362119 376604 391668 407335



highlight-sr pf mgr

PORTFOLIO MANAGER - HIGH YIELD Anne 58328 64207 73932 84504 100796 112589 118444 125787 144970 166353 189642 216192 235650 253323 272322 292747 309541 321923 334800 348192 362119 376604 391668 407335



ASSISTANT PORTFOLIO MANAGER - HIGH YIELD Zach ERRORREF ERRORREF 53000 54590 60595 68290 78670 87481 95573 113492 125977 137314 149673 172124 196221 223692 255009 277960 302976 330244 355012 376604 391668 407335

INCREASE IN BASE 0914 not hired until FY 15-so everything moved back one year 1100 1270 1520 1120 925 1875 1100 900 900 1500 1400 1400 1400 900 900 900 750 608 400 400

INVESTMENT INCENTIVE MAXIMUM actual FY15 FY 15 actual amt sb 54590 - adjusted in FY 16 request 109180 121190 136579 157339 174961 191145 226985 251953 274629 299345 344247 392442 447384 510017 555919 605952 660487 710024 753208 783336

ASSISTANT PORTFOLIO MANAGER - HIGH YIELD Lesyk ERRORREF ERRORREF 53000 50620 55682 62197 67297 78334 89496 97327 115819 128559 140130 152741 175653 200244 228278 260237 283658 309188 337014 362291 391668 407335 423628 440573 458196 476524 495585 515408

INCREASE IN BASE 0615 fy16 not hired until FY 15-so everything moved back one year 1000 1170 820 1640 1425 875 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 811 400 400 400 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM 101240 111364 124394 134594 156667 178992 194654 231638 257119 280259 305483 351305 400488 456556 520474 567317 618375 674029 724581 783336 814669 847256 881146 916392 953048 991170

ASSISTANT PORTFOLIO MANAGER - SMID Daniel 50620 55682 62197 67297 78334 89496 97327 115819 128559 140130 152741 175653 200244 228278 260237 283658 309188 337014 362291 391668 407335 423628 440573 458196 476524 495585 515408

INCREASE IN BASE 0615 fy16 1000 1170 820 1640 1425 875 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 811 400 400 400 400 400 400 400


ASSISTANT PORTFOLIO MANAGER - GLOBAL EQUITY Matthew
Riss Laurie 98 of DanLesykClose the gap in LTP in FY2021 for budget flexibility ERRORREF ERRORREF 53000 54591 60953 65951 76767 87706 97260 115739 128471 140033 152636 175531 200106 228121 260058 283463 308974 336782 362041 391668 407335 423628 440573 458196 476524 495585 515408

INCREASE IN BASE 0815 FY16 1165 820 1640 1425 1089 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 818 400 400 400 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM 121906 131902 153534 175412 194520 231479 256941 280066 305272 351063 400212 456241 520115 566926 617949 673564 724082 783336 814669 847256 881146 916392 953048 991170

see notes for Makenzie in FY21 budget request spreadsheet - comp tab

ASSISTANT PORTFOLIO MANAGER - GLOBAL EQUITY Makenzie
Riss Laurie 962 of M Careys base comp thru FY2020 then follows transition schedule one year behind Matthew ERRORREF ERRORREF 53000 49628 58637 63445 73850 84373 95975 104612 124489 138183 150619 164175 188801 215233 245366 279717 304892 332332 362242 389410 407335 423628 440574 458196 476524 495585 515409

INCREASE IN BASE 1215 fy16 1815 820 1640 1425 1375 900 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 460 400 400 400 400 400 400


RESEARCH ANALYST Katie ERRORREF ERRORREF 50620 52139 53703 55314 55978 62387 70965 84591 96434 109934 130822 145212 158281 172527 198406 226182 257848 293947 320402 349238 380669 409219 440574 458197 476525 495586 515409

INCREASE IN BASE new FY19 ERRORREF ERRORREF 300 300 300 120 1145 1375 1920 1400 1400 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 766 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM [note - 50285start] 124774 141931 169182 192867 219868 261644 290424 316562 345053 396811 452365 515696 587893 640803 698476 761339 818439 881148 916394 953050 991172

RESEARCH ANALYST Payton ERRORREF ERRORREF 50620 52139 53703 55314 55978 62387 70965 84591 96434 109934 130822 145212 158281 172527 198406 226182 257848 293947 320402 349238 380669 409219 440574 458197 476525 495586 515409


INVESTMENT INCENTIVE MAXIMUM [note - 50285start] 111956 124774 141931 169182 192867 219868 261644 290424 316562 345053 396811 452365 515696 587893 640803 698476 761339 818439 881148 916394 953050 991172

RESEARCH ANALYST (previously - vacant pf mgr) Taylor 91079 108693 126671 150982 174782 197181 201800 55978 62387 70965 84591 96434 109934 130822 145212 158281 172527 198406 226182 257848 293947 320402 349238 380669 409219 440574 459300 477672 496779 516650

INCREASE IN BASE new FY19 ERRORREF 1934 1654 1919 1576 1282 234 -7226 1145 1375 1920 1400 1400 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 766 425 400 400 400

INVESTMENT INCENTIVE MAXIMUM decr in FY20 ERRORREF 91079 108693 253342 301964 [note - 50285start] 55978
Riss Laurie actual - same as J158 124774 141931 169182 192867 219868 261644 290424 316562 345053 396811 452365 515696 587893 640803 698476 761339 818439 881148 918600 955344 993558

to actual

RESEARCH ANALYST new 50620 54591 53703 55314 55978 58357 60545 62967 65486 72820 81704 97391 111026 121018 144012 159853 174240 189922 218410 248987 283846 323584 352707 379160 407596 438166 478697

INCREASE IN BASE FY 2022 -163 300 120 425 375 400 400 1120 1220 1920 1400 900 1900 1100 900 900 1500 1400 1400 1400 900 750 750 750 925

INVESTMENT INCENTIVE MAXIMUM 130971 145640 163408 194783 222052 242037 288024 319707 348480 379843 436820 497975 567691 647168 705413 758319 815193 876332


INCREASE IN BASE FY 2022 270 120 425 375 400 400 1120 1220 1920 1400 900 1900 1100 900 900 1500 1400 1400 1400 900 750 750 750 925


RESEARCH ANALYST new 63119 65644 68270 71000 73840 76794 79866 83060 92363 103631 123529 140823 153497 182661 202754 221001 240892 277025 315809 360022

INCREASE IN BASE FY 2029 400 400 400 400 400 400 1120 1220 1920 1400 900 1900 1100 900 900 1500 1400 1400

INVESTMENT INCENTIVE MAXIMUM 184726 207263 247057 281645 306993 365322 405507 442003 481783 554051 631618




INVESTMENT ACCOUNTANT Cindy 70750 74900 77896 83000 85490 87798 87798 88852 91073 92894 94984 97122 99307 101541 103826 106162 108551 110993 113490 116044 118655


INVESTMENT ACCOUNTANT Sami 60138 63665 66212 72210 74376 76384 83258 86756 88925 91593 94340 96463 98633 100852 103121 105442 107814 110240 112720 115257 117850


INVESTMENT ACCOUNTANT Krystal 53078 56175 58422 66400 68392 70239 70941 76047 81752 83591 85472 87395 89361 91372 93428 95530 97679 99877 102124 104422 106772


INVESTMENT ACCOUNTANT Brandy 47000 49378 55945 62250 64118 61549 62165 64153 68964 74309 75981 77691 79439 81226 83054 84922 86833 88787 90784 92827 94916

INCREASE IN BASE ERRORREF 506 1330 1127 300 -401 100 320 750 775 225 225 225 225 225 225 225 225 225 225 225

BUSINESS MANAGER Laurie 59963 61762 63615 66159 67483 69305 69305 73195 75025 76525 78247 80008 81808 83649 85531 87455 89423 91435 93492 95596 97747


ASST BUSINESS MGR ACCOUNTANT Christa 30023 30924 31851 33125 33788 34701 44100 46040 49033 52098 55484 56732 58009 59314 60649 62013 63409 64835 66294 67786 69311


STAFF ATTORNEY (FTE eff FY 2020) NEW 140000 142800 146013 149298 152658 156092 159604 163195 166867 170622 174461 178386 182400

INCREASE IN BASE

STAFF ATTORNEY (14 FTE) Jeff H 30710 38513 38513 38975 39950

INCREASE IN BASE (incl 14 hlth amp ret)

STUDENT INTERN 19884 20481 21424 22065 23181 24014 24014 24302 24910 25399 25970 26555 27152 27763 28388 29027 29680 30348 31030 31729 32442


INVESTMENT COUNCIL 7875 7875 5773 5946 6064 6227 6227 6302 6459 6586 6734 6886 7041 7199 7361 7527 7696 7869 8046 8227 8412

LONGEVITY PAY 6825 7508 8385 9451 9831 10460 11415 12292 13325 13010 12110 13321 14653 16118 17730 19503 21454 23599 25959 28555 31410

Unused comp money 88555 64789 72463 9895 154430 8659 11544

BASE SALARY - INVESTMENT POSITIONS ERRORREF ERRORREF 3648330 4009322 4460776 4730663 4965755 4977475 5286110 5595502 5966294 6449986 6284089 6667169 7078180 7502464 7943800 7979807 8468105 8977490 9536042

BASE SALARY - ACCOUNTING ATTY ADMIN LONGEVITY amp Unused 336804 362326 392596 403477 420331 428982 601763 616756 638365 642631 658029 673867 690165 706943 724223 742029 760388 779325 798872 819060

TOTAL STAFF BASE SALARY 34584 ERRORREF 4010657 4401918 4864254 5150994 5394737 5579238 5902866 6233867 6608925 7108015 6957956 7357334 7785123 8226687 8685830 8740195 9247430 9776362 10355102

INTERNS amp 14 STAFF ATTORNEY 22065 53891 62527 62527 63276 64858 25399 25970 26555 27152 27763 28388 29027 29680 30348 31030 31729 32442

INVESTMENT COUNCIL ERRORREF 35863 35582 5946 6064 6227 6227 6302 6459 6586 6734 6886 7041 7199 7361 7527 7696 7869 8046 8227 8412

FLEXIBILITY FUND-RETIREMENTS amp RESIGNATIONS 140431 140431 148061 151022 155100 155100 156961 160885 164103 167795 171571 175431 179378 183414 187541 191761 196075 200487 204998 209610

TOTAL INVESTMENT INCENTIVE MAXIMUM 1085312 3261124 3261124 7323946 8018645 8921553 9461326 9931510 9954950 10572220 11191004 11932587 12899973 12568178 13334337 14156360 15004928 15887601 15959614 16936209 17954980

PERSONAL BENEFITS ERRORREF ERRORREF 1240979 1890618 2073044 2227649 2382097 2449064 2557757 2512411 2650344 2752526 2774877 2670869 2845110 3029174 3219545 3358986 3449281 3667634 3898920

TOTAL PERSONAL SERVICES ERRORREF 8688773 13792554 15166919 16524049 17462013 18186349 18647775 19514586 20650774 21998140 22842430 22810721 24183734 25636316 27139439 28221074 28895889 30625159 32459467

INCREASE IN PERSONAL SERVICES ERRORREF ERRORREF 5874 996 895 568 415 254 465 582 652 384 -014 602 601 586 399 239 598 599

assume upper level retirements in 22 amp 29 - plateaued positions promoted to higher level - entry level hired

TOTAL PERSONAL SERVICES 3210 37500 38513 38513 38513 7319042 7683400 8115411 8718855 8562261 9008135 9509257 10026377 10563831 10640984 11233847 11851753 12526700

TOTAL PERSONAL SERVICES 3211 less $10980 for no ins provided 11328733 11831187 12535363 13279285 14280169 13802586 14674476 15609938 16575608 17580089 17662041 18773406 19932767

health insurance

26500 cash

STATE SALARY POLICY
Riss Laurie After applying actual salary policy may need to adjust each sr pf mgr level for subsequent years to match current sr pf mgrs 20 27 000 120 250 200 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225

LTP SALARY INCREASES - INVESTMENT POSITIONS 18 18 00 000 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175

TRANSITION INCREASES - Inv Positions - New Hires in FY

2006 (RS) 1000 400 200 300 350 350 194

2008 (LM amp DM) 1200 1000 1000 500 500 350 350 350 149

2010 (AC) 72 52 50 110 110 100 100 50 35 35 35 176 00 00 00 00 00 00 00 00 00

2015 (ZN) 72 82 152 100 50 150 70 50 50 110 100 100 100 50 50 50 35 525 00

2016 (DE LV MC) 72 82 152 100 50 150 70 50 50 110 100 100 100 50 50 50 35 211 00

2017 adjusted (MS) 100 100 50 150 70 50 50 110 100 100 100 50 50 50 35 063

2019 (TG KE PL) 72 100 152 100 100 150 70 50 50 110 100 100 100 50 50 50 35 368 00

2022 72 82 152 100 50 150 70 50 50 110 100 100 100 50 35 35 35 525 00

2029 72 82 152 100 50 150 70 50 50 110 100 100 100 50 35 35 35 525 00

PROGRESSION SCHEDULE - Guide

RESEARCH ANALYST- 3 YEARS

ASSISTANT PORTFOLIO MANAGER - YEARS 4 amp 5

ASSOCIATE PORTFOLIO MGR - YEARS 5 THROUGH 10

PORTFOLIO MANAGER - YEARS 11 THROUGH 15

SENIOR PORTFOLIO MANAGER - YEARS 16+

INCENTIVE SCHEDULE - IMPLMENTATION

PERCENT OF 1YR AGO BASE INV INCENTIVE MAX

INVESTMENT OFFICER mc 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

ASSISTANT INVESTMENT OFFICERS bf to cn 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

SENIOR PORTFOLIO MANAGERS sh ss 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

PORTFOLIO MANAGER-FIXED INCOMEHESP sn 50 50 50 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

PORTFOLIO MANAGERS jz mhw cc 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

ASSISTANT PORTFOLIO MANAGER (new FY2002) dh 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (New FY2003) ar 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY2004) je je rs df rr 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY2006) as rs 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired May 2007) lm ds 70 90 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired May 2009) ad 30 50 70 180 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY 2015) zn 60 100 140 180 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired May 2015) lv de 60 100 140 180 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY 2016) mc ms 60 100 140 180 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY 2019) tg pl ke 60 100 140 180 200 200 200 200 200 200 200 200 200

INCENTIVE SCHEDULE - BUDGETED

PERCENT OF 1YR AGO BASE INV INCENTIVE MAX 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

All incentive programs budgeted at 200 level

NUMBER OF EMPLOYEES (re health benefits) 28 28 30 30 3200 3200 3400 3400 3500 3500 3500 3700 3700 3500 3500 3500 3500 3500 3500 3500 3500

BENEFITS - Base Compensation Per Gov Recomm

Social Security 765 320280 348528 388255 411176 429822 448342 478578 499603 520921 559447 548320 579233 612328 646485 681995 686548 725755 766631 811326

Retirement 6 240639 264115 291855 309060 323684 330784 345534 366806 396536 426481 417477 441440 467107 493601 521150 524412 554846 586582 621306

Unemployment Insurance 010 4187 4556 5075 5375 5619 5705 5985 6306 6809 7313 7168 7572 8004 8451 8915 8974 9487 10021 10606

Workers Compensation 005 2093 2278 2538 2687 2809 2900 2993 3153 3405 3657 3584 3786 4002 4225 4457 4487 4743 5011 5303

HealthLife Insurance 258660 254100 271040 275904 314500 287980 350884 377577 378315 408931 418132 404430 413530 422834 432348 442076 452023 462193 472592

Total Benefits - Base 825860 873577 958763 1004202 1076434 1078516 1183974 1253445 1305986 1405828 1394681 1436461 1504971 1575596 1648865 1666498 1746854 1830437 1921133

Health Insurance per FTE 847000 8622 8470 8470 8622 8470 8470 10071 10071 10809 11052 11301 11555 11815 12081 12353 12631 12915 13206 13503

225

BENEFITS - Performance Incentive

Social Security 765 249476 560282 613426 682499 723791 759760 761554 808775 856112 912843 986848 961466 1020077 1082962 1147877 1215401 1220910 1295620 1373556

Retirement 6 195667 439437 481119 535293 567680 595891 597297 434333 471460 415955 373998 254091 300060 349382 400296 453256 457577 516173 577299



Total Benefits - Incentives 450035 1010705 1106573 1231174 1305663 1370548 1373783 1258966 1344359 1346697 1380196 1234409 1340139 1453578 1570680 1692489 1702427 1837197 1977787

TOTAL BENEFITS 1275895 1884282 2065336 2235376 2382097 2449064 2557757 2512411 2650344 2752526 2774877 2670869 2845110 3029174 3219545 3358986 3449281 3667634 3898920

Adjustment for SDRS compensation limit
Riss Laurie See separate SDRS contr tab 200000 200000 300000 400000 500000 500000 500000 500000 500000 500000 500000 500000

OPERATING EXPENSE BUDGET

Contractual - Investment Services

CONSULTING SERVICES

ConsultingComp AnalysisAsset Allocationetc 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30675 31365 32071 32792 33530 34285 35056 35845 36651 37476

Consultant - Legal 0 0 0 0 0 0 0 50000 100000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000

SUBTOTAL 30000 30000 30000 30000 30000 30000 30000 80000 130000 180000 180000 180675 181365 182071 182792 183530 184285 185056 185845 186651 187476

INVESTMENT ACCOUNTING PERFORMANCE BENCHMARKING

BNYMellon Performance amp Risk Analysis 20000 20000 20000 20000 10000 10000 8000 8000 8000 8000 8000 8180 8364 8552 8745 8941 9143 9348 9559 9774 9994

SampP 1200 12000 12000 12000 12000 12000 12000 13000 15000 16537 17364 17364 17755 18154 18563 18980 19407 19844 20291 20747 21214 21691

SampP 1200 custom 0 2000 2000 2000 2000 2000 2000 2000 0 10000 10000 10225 10455 10690 10931 11177 11428 11685 11948 12217 12492

SampP US 10000 10000 10000 10000 10000 10000 11000 11000 13340 14000 14000 14315 14637 14966 15303 15647 16000 16360 16728 17104 17489

FTSE Index 0 85000 85000 0 10000 14100 14100 14800 14800 15133 15473 15822 16178 16542 16914 17294 17684 18081 18488

Cusip Global Services 10000 20000 20000 23152 23673 24206 24750 25307 25876 26459 27054 27663 28285 28922

MSCI Index 1000 1023 1046 1069 1093 1118 1143 1169 1195 1222 1249

Portia 50000 50000 50000 62000 62000 62000 62000 63000 66000 69150 72608
Riss Laurie Increases up to 5 each year thru FY24 per contract Will renegotiate then 76238 115050
Riss Laurie Includes 35000 on top of 5 increase for PORTIA upgrade Will be renegotiated 117638 120285 122992 125759 128589 131482 134440 137465

SUBTOTAL 92000 94000 94000 191000 181000 96000 106000 123100 137977 153314 160924 166541 207385 212051 216822 221700 226689 231789 237005 242337 247790

INVESTMENT DATABASES NEWSFEEDS amp QUOTE FEES

Bloomberg 146475 132111 110502 112800 122311 124362 124362 124362 124362 130315 130315 133247 136245 139311 142445 145650 148927 152278 155704 159208 162790

Trade Order Management System 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000

Factset 181632 188022 188022 205700 215985 235180 257264 257264 257264 270000 270000 276075 282287 288638 295132 301773 308563 315506 322604 329863 337285

Reuters Fundamental Index 25462 26630 28580 28580 45360 47628 47628 47628 47628 49140 49140 50246 51376 52532 53714 54923 56158 57422 58714 60035 61386

Quote Fees (incl BloombergFactstet NYSE Sedol OPRA) 54086 45125 45125 45125 45125 57182 67182 62182 52182 52182 52182 53356 54557 55784 57039 58323 59635 60977 62349 63752 65186

Dow Jones News Services 34804 42984 42984 42984 42984 42984 51000 52200 54000 57630 57630 58927 60253 61608 62994 64412 65861 67343 68858 70407 71992

SUBTOTAL 442459 434872 415213 435189 471765 507336 547436 543636 710436 734267 734267 746851 759717 772873 786325 800080 814145 828525 843230 858265 873638

INVESTMENT RESEARCH SERVICES

KDP High Yield 20000 20000 20000 20000 20000 20000 20000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Stone McCarthy 4305 4305 4305 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

GNA - Gimme Credit 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25563 26138 26726 27327 27942 28571 29213 29871 30543 31230

Credit Sights 39900 47250 66950 77500 79825 82220 82220 86000 86000 135000 135000 138038 141143 144319 147566 150886 154281 157753 161302 164932 168642

Reorg Research 85000 85000 85000 85000 86913 88868 90868 92912 95003 97140 99326 101561 103846 106182

Indie Research - Insider Score 14000 17640 26525 26525 26525 26525 26525 26525 26525 26525 27850 28477 29117 29772 30442 31127 31828 32544 33276 34025 34790

Boyars Intrinsic Value 30000 30000 0 0 0 15000 15000 15000 15000 18500 18500 18916 19342 19777 20222 20677 21142 21618 22104 22602 23110

Rystad Energy 45000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Morningstar Equity 44000 75000 75000 75000 75000 80000 80000 80000 80000 80000 80000 81800 83641 85522 87447 89414 91426 93483 95586 97737 99936

SampP Capital IQ 13260 14233 15692 15692 15692 39690 39690 65000 71500 75075 0 0 0 0 0 0 0 0 0 0 0

Steel Market Update 2305 2357 2410 2464 2520 2576 2634 2693 2754 2816 2879

Value Line 0 4100 4100 4515 4740 4750 4750 5000 5000 5000 5000 5113 5228 5345 5465 5588 5714 5843 5974 6109 6246

Management CV 18000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Flexibility - from Brokerage to Independent Research 66789 150000 83139 83139 83139 130000 100000 100000 100000 250000 250000 255625 261377 267258 273271 279419 285706 285706 285706 285706 285706

SUBTOTAL 275254 387528 330711 327371 329921 423185 438185 487525 494025 700100 628655 642800 657263 672051 687172 702634 718443 728180 738135 748315 758723

TOTAL CONTRACTUAL-INVESTMENT 839713 946400 869924 983560 1012686 1056521 1121621 1234261 1472438 1767681 1703846 1736866 1805730 1839046 1873112 1907945 1943561 1973550 2004214 2035568 2067628

Contractual - Administrative Expenses

Office Rent 101542 101542 129125 115148 120554 125069 125069 134609 139019 139019 139019 152921 152921 152921 152921 152921 152921 152921 152921 152921 152921

BondLiability Insurance 7020 7020 7410 7410 7800 7800 7800 8190 8385 8385 8385 8574 8767 8964 9166 9372 9583 9798 10019 10244 10475

Telephone 10000 10000 10000 10000 12000 14000 18000 18000 18000 18000 18000 19457 19894 19243 19675 20118 20571 21034 21507 21991 22486

Office Equip Rental Maintenance 6000 6000 6000 6000 6000 6056 6000 6000 10017 10016 10016 10241 10472 10707 10948 11195 11447 11704 11967 12237 12512

Bureau of Information amp Telecomm (BIT) 40000 42639 43335 48028 56232 61454 67633 73530 76971 77165 82385 84239 86134 88072 90054 92080 94152 96270 98436 100651 102916

State Central Services 9000 8741 8351 9513 11086 11698 13540 13009 13346 13372 13372 13673 13981 14295 14617 14946 15282 15626 15977 16337 16704

Legislative Audit 37135 37135 55700 50000 51500 51500 51500 51500 51500 51500 60510 61871 63264 64687 66142 67631 69152 70708 72299 73926 75589

Attorney Generals Office 16000 17970 18509 18509 18509 18509 18509 18509 18509 0 0 0 0 0 0 0 0 0 0 0

Custodial Fees - Global 538750 250500 250500 263025 263025 263025 263025 271000 276520 282041 287672 294145 300763 307530 314449 321525 328759 336156 343719 351453 359361

Seminars Educational Programs 33500 33500 33500 33500 33500 33500 33500 33500 33500 35000 35000 37833 38684 37416 38258 39119 39999 40899 41819 42760 43722

Business Publications 4200 4200 3000 3000 3000 3000 3000 3000 3000 3000 3000 3068 3137 3207 3279 3353 3428 3506 3584 3665 3748

TOTAL CONTRACTUAL-ADMINISTRATIVE 787147 517277 564891 564133 583206 595611 607576 630847 648767 656007 657359 686020 698015 707042 719510 732258 745293 758621 772250 786185 800433

CONTRACTUAL TOTAL 1626860 1463677 1434815 1547693 1595892 1652132 1729197 1865108 2121205 2423688 2361205 2422886 2503745 2546088 2592622 2640203 2688854 2732172 2776464 2821753 2868061

OFFICE SUPPLIES AND POSTAGE 12733 12733 12733 12733 12733 12733 12733 9000 7000 7000 7000 7158 7319 7483 7652 7824 8000 8180 8364 8552 8744

CAPITAL ASSETS

Computer Hardware 17446 17446 15737 15737 14861 15495 10750 10750 10750 10750 10750 18325 18845 19380 19931 20497 21079 21678 22295 22929 23581

Office Equipment amp Books 5040 5040 7763 2263 2331 3905 4770 4770 4770 4770 4770 4877 4987 5099 5214 5331 5451 5574 5699 5828 5959

Furniture and Fixtures Acquisition 5756 5756 25000 25000 30000 25000 25000 25000 25000 25000 25000 25563 26138 26726 27327 27942 28571 29213 29871 30543 31230

TOTAL 28242 28242 48500 43000 47192 44400 40520 40520 40520 40520 40520 48765 49970 51205 52472 53770 55101 56466 57865 59299 60770

TRAVEL

Council Meeting Travel 8070 8070 8070 8070 8070 8070 8070 8070 8070 8070 8070 8723 8919 8627 8821 9020 9223 9430 9642 9859 10081

International Travel 15155 15155 15720 15720 15720 15720 15720 15720 15720 15720 15720 16074 16435 16805 17183 17570 17965 18369 18783 19205 19637

State Travel 2475 2475 2475 2475 2475 2475 2475 2552 3906 3906 3906 4222 4317 4176 4270 4366 4464 4564 4667 4772 4879

Seminar and Educational Travel 40000 40000 58735 58735 58735 58735 58735 58735 58735 58735 58735 63488 64917 62789 64202 65647 67124 68634 70178 71757 73372

TOTAL 65700 65700 85000 85000 85000 85000 85000 85077 86431 86431 86431 92507 94589 92397 94476 96602 98776 100998 103270 105594 107970

TOTAL OPERATING EXPENSES 1733535 1570352 1581048 1688426 1740817 1794265 1867450 1999705 2255156 2557639 2495156 2571316 2655622 2697174 2747221 2798398 2850730 2897815 2945963 2995198 3045545

INCREASE IN OPERATING EXPENSES ERRORREF -941 004 679 310 307 408 708 1277 1341 -244 305 328 156 186 186 187 165 166 167 168

TOTAL INTERNAL EXPENSES ERRORREF 8785318 10269821 15480979 16907736 18318315 19329463 20186058 20902931 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

INCREASE IN TOTAL INTERNAL EXPENSES ERRORREF ERRORREF 1690 5074 922 834 552 443 355 559 486 615 378 004 558 558 547 376 232 559 561

COMPUTER ACQUISITION AND RETIREMENT SCHEDULE

ADDED 9 9 2 5 4 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7

SCRAPPED OR RETIRED TO LOW END DUTY 9 9 0 5 3 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7

ENDING NUMBER 29 30 30 30 32 35 35 37 37 37 37 37 37 37 37 37 37 37 37 37 37

COMPUTER HARDWARESOFTWARE PURCHASES

COMPUTERS ERRORREF ERRORREF 3984 10260 8454 12034 12395 12767 13150 13544 13951 14369 14800 15244 15702 16173 16658 17158 17672 18203 18749

PRINTERS PROJECTORS MISC ERRORREF ERRORREF 2253 2320 2390 2461 2517 2573 2631 2691 2751 2813 2876 2941 3007 3075 3144 3215 3287 3361 3437

NETWORK SERVER SOFTWARE WIRINGCARDS ERRORREF ERRORREF 3787 3901 4018 1000 1023 1046 1069 1093 1118 1143 1169 1195 1222 1249 1277 1306 1335 1365 1396

TOTAL ERRORREF ERRORREF 10024 16480 14861 15495 15934 16386 16850 17328 17819 18325 18845 19380 19931 20497 21079 21678 22295 22929 23581

EXTERNAL FEES (Retirement Systems)

TOTAL EXTERNAL MANAGER FEES (Ret Systems) 35855597 36941664 34450680 35082432 34197491 35161088 37893796 37647251 40287375 42002755 43792199 45658939 47606348 49637949 51757420 53968600 56275499 58682300 61193373 63813280 66546785

FEES AS OF EXTERNAL ASSETS 114 113 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110

EXTERNAL MANAGER FEES BASED ON ADJUSTED EXT ASSETS 36434396 35082432 34197491 32524006 33994165 34823707 34936708 36424264 37976048 39594861 41283630 43045409 44883388 46800896 48801409 50888557 53066128 55338079 57708540

ASSET SUMMARY

YEAR END ASSETS

INTERNAL ASSETS 6743999523 8042846217 9917620000 10099488000 9844732397 11010037500 11403775488 11788533220 11597880692 12091702269 12606845194 13144239873 13704857639 14289712561 14899863335 15536415263 16200522310 16893389265 17616273986 18370489758 19157407741

EXTERNAL ASSETS 3159083477 3269173779 3131880000 3189312000 3108862862 3196462500 3444890512 3422477386 3662488639 3818432296 3981109009 4150812591 4327849781 4512540809 4705220001 4906236399 5115954414 5334754505 5563033890 5801207292 6049707708

TOTAL ASSETS 9903083000 11312019996 13049500000 13288800000 12953595259 14206500000 14848666000 15211010606 15260369331 15910134565 16587954203 17295052464 18032707419 18802253369 19605083336 20442651662 21316476724 22228143770 23179307877 24171697050 25207115448

TOTAL RETIREMENT SYSTEMS ASSETS - FY END 7882686000 9130716365 10602400000 10766400000 10501680864 11631800000 12222470000 12459987514 12287009532 12839924961 13417721584 14021519055 14652487413 15311849347 16000882567 16720922283 17473363785 18259665156 19081350088 19940010842 20837311330

ADJUSTED LONG-TERM VALUE ASSETS
Riss Laurie Per Matt - For FY17 year ending assets haircut assets by 75 Assumed 75 correction to fair value for stocks and bonds using current allocation

INTERNAL ASSETS 8503050362 8658978172 9844732397 10184284688
Riss Laurie haircut 75 10644637439 10904393228 10939777264 11405577716 11891489669 12398390735 12927197131 13478865384 14054394116 14654825910 15281249252 15934800565 16616666334 17328085323 18070350887

EXTERNAL ASSETS 3131880000 3189312000 3108862862 2956727813 3090378611 3165791582 3176064367 3311296756 3452367968 3599532794 3753057232 3913218982 4080307969 4254626877 4436491718 4626232422 4824193452 5030734449 5246230903

TOTAL ADJUSTED ASSETS 11744544699 11848290172 12953595259 13141012500 13735016050 14070184811 14115841631 14716874473 15343857637 15997923529 16680254363 17392084366 18134702086 18909452787 19717740970 20561032987 21440859786 22358819771 23316581790

AVERAGE ASSETS

INTERNAL ASSETS - AVG 7393422870 8980233109 10008554000 9972110198 10427384948 11206906494 11596154354 11693206956 11844791480 12349273732 12875542533 13424548756 13997285100 14594787948 15218139299 15868468787 16546955788 17254831626 17993381872 18763948749

EXTERNAL ASSETS - AVG 3214128628 3200526889 3160596000 3149087431 3152662681 3320676506 3433683949 3542483013 3740460468 3899770652 4065960800 4239331186 4420195295 4608880405 4805728200 5011095406 5225354459 5448894198 5682120591 5925457500

TOTAL ASSETS - AVG 10607551498 12180759998 13169150000 13121197630 13580047630 14527583000 15029838303 15235689969 15585251948 16249044384 16941503333 17663879942 18417480394 19203668353 20023867499 20879564193 21772310247 22703725823 23675502463 24689406249

EXT ASSETS AS OF TOTAL ASSETS 319 289 276 240 240 225 232 225 240 240 240 240 240 240 240 240 240 240 240 240 240

ASSET GROWTH SUMMARY

TOTAL ASSETS ERRORREF 1423 1536 183 -252 967 452 244 032 426 426 426 427 427 427 427 427 428 428 428 428

TOTAL RETIREMENT SYSTEMS ERRORREF 1583 1612 155 -246 1076 508 194 -139 450 450 450 450 450 450 450 450 450 450 450 450

EXPENSE SUMMARY

INTERNAL EXPENSES - BUDGET ERRORREF 8785318 10275078 15798918 16878217 18328312 19329463 20186058 20902931 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

INTERNAL EXPENSES (with assumed 40 avg Incnt amp retire flex funds)
Riss Laurie 40 of incentive maximum of 200 --(leaves 60 of max inc unspent
Riss Laurie Includes 35000 on top of 5 increase for PORTIA upgrade Will be renegotiated
Riss Laurie See Matts pink note in Ext Mgr file for justification on 11
Riss Laurie See separate SDRS contr tab
Riss Laurie Jarrod Randy amp Renae all read Jeffs line Formula for increases on Jeffs base comp
Riss Laurie After applying actual salary policy may need to adjust each sr pf mgr level for subsequent years to match current sr pf mgrs
Riss Laurie Total fees amp ext mgmt weight - get from Tammy May then need to adjust fee percentage for ext mgrs and weight percentage going forwardPer Matt - drop percentage of ext managed assets by 1 each year until 28 ERRORREF 7741377 8419498 10798128 11403086 12236676 12869270 13404823 14105692 14973513 15524034 16498943 16824692 17118716 18016221 18956227 19929748 20453190 21124335 22233315 23419586

EXTERNAL MANAGER FEES - Normalized 35855597 36941664 34450680 35082432 34197491 35161088 37893796 37647251 40287375 42002755 43792199 45658939 47606348 49637949 51757420 53968600 56275499 58682300 61193373 63813280 66546785

TOTAL EXPENSES ERRORREF 45726982 42870178 45880560 45600578 47397763 50763066 51052074 54393067 56976269 59316233 62157881 64431039 66756665 69773641 72924827 76205247 79135490 82317708 86046595 89966371

TOTAL EXPENSES based on adjusted external assets 44853895 45880560 45600578 44760682 46863435 48228530 49042400 51397778 53500082 56093803 58108321 60164125 62899608 65757122 68731157 71341747 74190463 77571394 81128126

(with assumed 40 avg inv perf incentive

INTERNAL EXPENSES - ACTUAL 9027898
Riss Laurie actual budget spent
Riss Laurie actual - same as J158
Riss Laurie 98 of DanLesykClose the gap in LTP in FY2021 for budget flexibility
Riss Laurie haircut 75
Riss Laurie starting with Ross use transition tables below
Riss Laurie 962 of M Careys base comp thru FY2020 then follows transition schedule one year behind Matthew 11633676 12379483 11865359 12226429 12889397

EXTERNAL MANAGER FEES - ACTUAL 27518763 10076865 25550909 24617430 37444207 43399027

TOTAL EXPENSES - ACTUAL 36546661 21710541 37930392 36482789 49670636 56288424

UNIT COST SUMMARY (using Adjusted Assets)

INTERNAL EXPENSES AS OF TOTAL ASSETS (avg inct amp ret funds) 0072 0091 0088 0093 0094 0095 0100 0102 0101 0103 0101 0098 0099 0100 0101 0099 0099 0099 0100

TOTAL EXPENSES AS OF TOTAL ASSETS (avg incentives) 0382 0387 0352 0341 0341 0343 0347 0349 0349 0351 0348 0346 0347 0348 0349 0347 0346 0347 0348

UNIT COST SUMMARY (using average assets)

INTERNAL AUTH BUDGET AS OF TOTAL ASSETS ERRORREF 0083 0084 0120 0129 0135 0133 0134 0137 0142 0142 0145 0144 0138 0140 0142 0144 0143 0140 0142 0144

INTERNAL EXPENSES AS OF TOTAL ASSETS (actual intext exp) ERRORREF 0073 0074 0088 0094 0087 0084 0086 0093 0096 0096 0097 0095 0093 0094 0095 0095 0094 0093 0094 0095

TOTAL EXPENSES AS OF TOTAL ASSETS (actual exp) ERRORREF 0431 0300 0165 0289 0269 0342 0375 0357 0366 0365 0367 0365 0362 0363 0364 0365 0363 0363 0363 0364

ASSET GROWTH RATES

SDRS CONVENTIONAL (assume 65 plus 5 premium 625 625 525 525 525 450 450 450 450 450 450 450 450 450 450 450 450 450 450 450 450

with -25 net contrib

CEMENT PLANT RETIREMENT FUND 000 450 450

(assume 45 return 4 yrs then 675 return with -85 net contrib)

DAKOTA CEMENT TRUST (7 less distribution of 4) 250 230 230 258 258 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

HEALTH CARE TRUST (7 - 4 dist) 350 230 230 258 258 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

EDUCATION ENHANCEMENT TRUST (7 - 4 dist) 310 210 210 250 250 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

SCHOOL AND PUBLIC LANDS FUND (7 less distribution of 4) 350 230 230 258 258 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

SOUTH DAKOTA CASH FLOW FUND 000 000 000 000 000 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350

TOTAL ASSETS final assets final assets Final

TOTAL SD RETIREMENT SYSTEM 7835186000 9076535483 10602400000 10766400000 10501680864 11631800000 12222470000 12459987514 12287009532 12839924961 13417721584 14021519055 14652487413 15311849347 16000882567 16720922283 17473363785 18259665156 19081350088 19940010842 20837311330

TOTAL CEMENT PLANT RETIREMENT FUND 47500000 54180882 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL DAKOTA CEMENT TRUST 236725000 268843121 302400000 305400000 294571755 316500000 325465000 332141897 333808943 343823211 354137908 364762045 375704906 386976053 398585335 410542895 422859182 435544957 448611306 462069645 475931735

TOTAL HEALTH CARE TRUST 106790000 121106711 136000000 137500000 133161442 143000000 147135000 150272736 151165694 155700665 160371685 165182835 170138320 175242470 180499744 185914736 191492178 197236944 203154052 209248674 215526134

TOTAL EDUCATION ENHANCEMENT TRUST 386855000 441011625 503300000 514200000 507946208 554500000 602643000 621227029 630712226 649633593 669122601 689196279 709872167 731168332 753103382 775696483 798967378 822936399 847624491 873053226 899244823

TOTAL SCHOOL amp PUBLIC LANDS 188365000 222342174 256700000 264000000 259767962 286400000 302240000 316481430 327870736 337706858 347838064 358273206 369021402 380092044 391494805 403239649 415336839 427796944 440630852 453849778 467465271

TOTAL CASH FLOW FUND 1101662000 1128000000 1248700000 1301300000 1256467028 1274300000 1248713000 1330900000 1529802200 1583345277 1638762362 1696119044 1755483211 1816925123 1880517503 1946335615 2014457362 2084963369 2157937087 2233464885 2311636156

TOTAL SDIC ASSETS 9903083000 11312019996 13049500000 13288800000 12953595259 14206500000 14848666000 15211010606 15260369331 15910134565 16587954203 17295052464 18032707419 18802253369 19605083336 20442651662 21316476724 22228143770 23179307877 24171697050 25207115448

480 480 480 480 480 480

INFLATION ASSUMPTION 480 480 300 300 300 300 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225

Organization Chart

1

LRC

Executive Board



General Counsel

Asst Invest Officer Global Eq Arbitrage










Assoc Portfolio Mgr I Global Equity

Sr Portfolio Manager SmMid Cap Equity



Asst Invest Officer Fixed IncomeDeriv

Sr Portfolio Manager Fixed IncomeHESP






COUNCIL MEMBERS ndash FY 2022 Paul Bisson Sturgis (Chair) Greg Kulesa Watertown (Vice Chair) Mary Howard Sioux Falls Loren Koepsell Sioux Falls Steve Pietila Yankton Travis Almond SDRS Executive Director Ryan Brunner SampPL Commissioner Josh Haeder State Treasurer


Portfolio Manager High YieldFixed Inc

Asst Invest Officer Fixed IncomeAlt Inv


Assoc Portfolio Mgr II High YieldFixed Inc


Research Analyst High Yield

Assoc Portfolio Mgr I High YieldFixed Inc

Business Manager

Asst Business Mgr Accountant



COUNCIL MEMBERS ndash FY 2022

Paul Bisson Sturgis (Chair)

Greg Kulesa Watertown (Vice Chair)

Mary Howard Sioux Falls

Loren Koepsell Sioux Falls

Steve Pietila Yankton

Travis Almond SDRS Executive Director

Ryan Brunner SampPL Commissioner

Josh Haeder State Treasurer

Research Analyst

Equity

Research Analyst

Equity

General

Counsel

Asst Business Mgr

Accountant

Business

Manager

Investment

Accountant

Investment

Accountant

Senior Investment

Accountant

Senior Investment

Accountant

Research Analyst

High Yield


SmMid Cap Equity


SmMid Cap Equity

Portfolio Manager

SmMid Cap Equity

Portfolio Manager

SmMid Cap Equity


SmMid Cap Equity


Fixed IncomeHESP


High YieldFixed Inc

Assoc Portfolio Mgr II

High YieldFixed Inc

Portfolio Manager

High YieldFixed Inc

Portfolio Manager


Portfolio Manager



Global Equity

Portfolio Manager

Global Equity

Portfolio Manager

Global Equity

Portfolio Manager

Global Equity


Global Equity

Portfolio Manager

Global Equity


Global Equity


Global Equity


Global Equity


Global Equity

Asst Invest Officer

Fixed IncomeDeriv

Asst Invest Officer

Global Eq Arbitrage

Asst Invest Officer

Fixed IncomeAlt Inv


LRC

Executive Board


Assets

2The South Dakota Cement Plant Retirement Fund (CPRF) was consolidated into the South Dakota Retirement System (SDRS) on April 1 2014 per SDCL 3-12C-1642 For purposes of this exhibit CPRF Assets for Fiscal Years 1973 - 2013 are included with SDRSIncludes Coronavirus Relief Fund

$133

$211

$260

$297

$337

$392

$449

$517

$561

$611 $7

91

$863 $1

072

$12

98

$14

53

$15

92

$18

03

$18

79

$20

55

$22

83

$26

05

$27

23

$30

44 $35

29 $41

44 $48

72 $55

34 $60

69

$61

11

$58

31 $63

18

$71

68 $78

72 $85

80

$10

049

$91

60

$74

10

$83

04

$99

48

$99

03

$11

312

$13

049

$13

289

$12

954

$14

207

$14

849

$15

211

$16

434

FY 7

3

FY 7

4

FY 7

5

FY 7

6

FY 7

7

FY 7

8

FY 7

9

FY 8

0

FY 8

1

FY 8

2

FY 8

3

FY 8

4

FY 8

5

FY 8

6

FY 8

7

FY 8

8

FY 8

9

FY 9

0

FY 9

1

FY 9

2

FY 9

3

FY 9

4

FY 9

5

FY 9

6

FY 9

7

FY 9

8

FY 9

9

FY 0

0

FY 0

1

FY 0

2

FY 0

3

FY 0

4

FY 0

5

FY 0

6

FY 0

7

FY 0

8

FY 0

9

FY 1

0

FY 1

1

FY 1

2

FY 1

3

FY 1

4

FY 1

5

FY 1

6

FY 1

7

FY 1

8

FY 1

9

FY 2

0


164344$ 1000


$133

$211

$260

$297

$337

$392

$449

$517

$561

$611 $7

91

$863 $1

072

$12

98

$14

53

$15

92

$18

03

$18

79

$20

55

$22

83

$26

05

$27

23

$30

44 $35

29 $41

44 $48

72 $55

34 $60

69

$61

11

$58

31 $63

18 $71

68 $78

72 $85

80

$10

049

$91

60

$74

10 $83

04

$99

48

$99

03

$11

312

$13

049

$13

289

$12

954 $1

420

7

$14

849

$15

211 $1

643

4

$18

451

FY 7

3

FY 7

4

FY 7

5

FY 7

6

FY 7

7

FY 7

8

FY 7

9

FY 8

0

FY 8

1

FY 8

2

FY 8

3

FY 8

4

FY 8

5

FY 8

6

FY 8

7

FY 8

8

FY 8

9

FY 9

0

FY 9

1

FY 9

2

FY 9

3

FY 9

4

FY 9

5

FY 9

6

FY 9

7

FY 9

8

FY 9

9

FY 0

0

FY 0

1

FY 0

2

FY 0

3

FY 0

4

FY 0

5

FY 0

6

FY 0

7

FY 0

8

FY 0

9

FY 1

0

FY 1

1

FY 1

2

FY 1

3

FY 1

4

FY 1

5

FY 1

6

FY 1

7

FY 1

8

FY 1

9

FY 2

0

FY 2

1


184513$ 1000


5 years 10 years 20 yearsAnnualized Annualized Annualized

FY 2021 FY 17 - 21 FY 12 ndash 21 FY 02 ndash 21

bull SDRS Total Fund 2203 982 923 811

bull Capital Market Benchmark 2797 1101 912 740Added Value -594 -119 011 071

bull State Universe (est) 2857 1146 946 739Added Value -654 -164 -033 048

bull Beginning FY 2021 SDRS Assets $12287 billion

bull Ending FY 2021 SDRS Assets $14619 billion

Note Time-weighted rates of return are net of fees FY 14-21 and gross of fees FY 02-13 Added Value using time weighted rate of return net of fees for all periods

3



bull Total SDRS dollars earned Fiscal Year 2021 $ 2720 billion



bull Total SDRS dollars earned last 20 years $14181 billion

bull Extra earnings resulting from performance(not including compounding)

1 year 5 years 10 years 20 yearso vs Capital Markets Benchmark $-729 million $-846 million $-252 million $576 milliono vs State Funds $-803 million $-1039 billion $-200 million $498 million

4


5

Gro

wth

of a

$

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021

Annualized Return48 years ended FY21

SDRS (1029)

Benchmark (956)

Corp Plans (914)

State Plans (914)


6

SDIC 48-year outperformance = 7 annualized vs benchmark Outperformance of 5 next 20 years = extra $48 billion Underperformance of 5 = cost to retirement system of $44 billion

-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

2020 2023 2026 2029 2032 2035 2038 2041

Average + 050

Average Returns

Average - 050


-5000

-4000

-3000

-2000

-1000

0

1000

2000

3000

4000

5000

6000

2021 2023 2026 2029 2032 2035 2038 2041

Average + 050

Average Returns

Average - 050



7

0

5

10

15

20

25

30

35

FY99 FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21

Asset Allocation

Private equity

Real estate

HedgeMergerConv

DebtHYDistCash

Public equity

Cost Efficiency

8

Difference between SDIC cost of 36 and average public pension fund cost of 60 is $440 million per year

SDIC projected expenses for FY 2023 using adjusted assets and expected average performance incentives

Plus 20 profit participation after preferred return

SDIOInternal Cost


$3 BillionMedianPensionFund

Benchmark (Similar Size and Asset Mix)



035

056

Management Fees

010

074

150

067

SDIOInternal Cost


AveragePublicPensionFund



036

060

Management Fees

010

065

150


9

Long term results have significantly exceeded benchmarks

Cost efficient due to internal management capabilitiesndash Securing team to preserve internal capabilities best chance to remain cost efficientndash Internal cost 1 with expected average incentives

Continued success dependent on high caliber teamndash Internally manage most assets using internally generated research

Future team depends on retention of talent pipeline and trainers ndash Develop internally as cannot compete for top tier experienced talent

Compensation plan aligned with goal of adding value over long termndash Motivate superior long-term performance and retain successful staff


10

Compensation targetndash Council target is 70 of cost-of-living adjusted median industry pay to balance getting a

good deal for South Dakota without losing the good deal if we cannot keep our peoplendash Incorporates performance incentivesndash Compensation study updated approximately every three years

Compensation study 2013ndash Study showed compensation had fallen to 55ndash Expanded incentive compensation plan as opposed to adjusting base compensationndash Incentives expanded to include longer term and stretch incentives and expected to

average 80 (0 to 200) -- This reached 95 of 70 targetndash Incentives aligned with the goal of adding value and only paid if add value

Compensation study 2016ndash Indicated modest slippage but not sufficient to request adjustment

Compensation study 2019ndash Indicated modest further slippage but not sufficient to request adjustment

11


Budget funded by assets under management

0 General Fund appropriation

Note SampPL share of SDIC expenses paid from earnings of Cash Flow Fund

Trust Funds = 101


Cash Flow Fund = 17


Cash Flow Fund = 17





Trust Funds = 101


Cash Flow Fund = 24


Cash Flow Fund = 24





12



Personal Services Number of Employees 3500 3500 3500 Base Compensation - Total Staff 6986311 8599469 10814175 Student Interns 85299 95337 106556 Investment Council 6943 7760 8673 Flexibility funds-Retirements amp Resignations 171570 191760 214326 Investment Incentive Maximum 11889443 14769504 18777060 Benefits 2770951 3134097 4040920 Total Personal Services 21910518 26797927 33961710

Operating Expenses Contractual Services 2450903 2723920 2958621 Travel 86431 96602 107970 Office Supplies amp Postage 7000 7824 8744 Capital Assets 40520 54352 61441 Total Operating Expenses 2584854 2882698 3136777


ASSET SUMMARY (2)

Internal Assets 14736258237 18148573956 22363768079 External Assets 4653555233 5731128618 7062242551 Total Assets 19389813470 23879702574 29426010630

EXPENSE SUMMARY

Internal Expenses 24495372 29680625 37098487 External Manager Fees 51189108 63042415 77684668 Total Expenses 75684479 92723040 114783155


Internal Expenses as of Total Assets 0098 0096 0096 Total Expenses as of Total Assets 0364 0362 0362

(2) Projections based on long-term assumed returns applied to 63021 assets Updated each June 30(3) Unit Cost Summary uses assumed average investment performance incentives


LTP

Page ampP82019

Exec Summary

SDRS contr

Historical Unit Cost

Transition incr

Page ampP82011

Promotion-Yrs Exp

Promotion Schedule by Person

NOTES

13

FY 2021 Budget and ActualExpended Received


PERSONAL SERVICESTOTAL FTEs 3425 3500 BASE COMPENSATION

Base Compensation - Investment Staff 5216937 5595504 37856769 Base Comp - Admin Acct Legal Longevity 446997 626820 17982314 TOTAL STAFF - FULL TIME 5663934 6222325 55839084 Part-Time - Legal amp Interns 55886 36942 (1894400) Investment Council 2175 6585 441000 Retirement amp resignation flexibility funds 0 164103 16410300 Benefits 1072660 1253445 18078461 Total Base Compensation 6794656 7683400 88874445

Investment Performance IncentivesMaximum Potential Investment Perf Incentive 1187866 10572221 938435500 Benefits 127057 1258966 113190939 Total Investment Performance Incentives 1314923 11831187 1051626439


OPERATING EXPENSESContractual Total (see appendix for further details) 1829978 2434567 60458872 Travel 646 86431 8578502 Office Supplies 2338 7000 466250 Capital Assets 22009 40520 1851102


TOTAL BUDGET 9964549 22083105 1211855610


Includes $56884 Allianz reimbursement amp unused compensationNote Budget is funded as needed and ended year with a cash balance of


14


Received Request FY 2022 FY 2023 change

PERSONAL SERVICESTOTAL FTEs 3500 3500

BASE COMPENSATIONBase Compensation - Investment Staff 5924242 6138506 362Base Comp - Admin Acct Legal Longevity 691805 698107 091TOTAL STAFF - FULL TIME 6616047 6836614 333Part-Time - Legal amp Interns 83422 83422 000Investment Council 6790 6790 000Retirement amp resignation flexibility funds 167795 167795 000Benefits 1286459 1309097 176Total Base Compensation 8160513 8403718 298

Investment Performance IncentivesMaximum Potential Investment Perf Incentive 11191009 11848483 588Benefits 1344359 1435091 675Total Investment Performance Incentives 12535368 13283574 597


OPERATING EXPENSESContractual Total (see next page for further details) 2372642 2450903 330Travel 86431 86431 000Office Supplies 7000 7000 000Capital Assets 40520 40520 000


TOTAL BUDGET 23202473 24272146 461

UNIT COST SUMMARY Internal Expenses as of Total Adjusted Assets 0097 0097Total Expenses as of Total Adjusted Assets 0363 0363




15


Received RequestFY 2022 FY 2023 chng


Consulting Services 180000 180000 000Investment Accounting Performance Benchmarking 160924 175451 903Investment Databases Newsfeeds amp Quote Fees 734267 762722 388Investment Research Services 378655 419200 1071Flexibility - From Brokerage to Independent Research 250000 225000 -1000


Administrative ExpensesOffice Rent 139019 153000 1006BondLiability Insurance 8385 8385 000Telephone 18000 18000 000Office Equip RentalMaintenanceMisc 10020 10020 000Bureau of Info amp Telecommunications (BIT) 93635 93635 000State Central Services 13555 13555 000Legislative Audit 60510 60510 000Attorney Generals Office - Legal Services 0 0 000Custodial Fees - Global 287672 293425 200SeminarsEducational Programs 35000 35000 000Business Publications 3000 3000 000





16


Health Care Trust (established April 2001) FY 21Principal as of 63021 135631024$ Asset Allocation Current BenchmarkPrincipal as of 63021 adjusted for inflation 181814200$ Global amp Private Equity 32 51Fair Value (FV) as of 63021 222925449$ Real Estate 9 10

Fixed Income-IG 15 30Difference - FV less principal 87294425$ Fixed Income-HY 4 7Difference - FV less infl adj prin 41111249$ HY RE Debt 6 0



Education Enhancement Trust (established April 2001)FY 21


Fixed Income-IG 9 22Difference - FV less principal 304935513$ Fixed Income-tax ex 6 8Difference - FV less infl adj prin 132119480$ Fixed Income-HY 4 7

HY RE Debt 6 0Fiscal year to date return 1785 Money Market 35 2Longterm expected return (lower due to tax-exempts) 611 Total 100 100Payout of 4 plus expected inflation of 225 625Expected return cushionshortfall -014


June 20

April 20

Dec 19

June 19

April 19

Dec 18

Oct 18

June 18

March 18

June 17

May 17

Dec 16

June 16

Dec 15

Aug 15

June 15

Dec 14

Oct 14

June 14

April 14

Dec 13

June 13

Dec 12

June 12

Dec 11

Nov 11

Oct 11

Sept 11

June 11

May 11

Mar 11

Dec 10

Nov 10

June 10

May 10

Dec 31

Nov 30

Sept 14

July 09

June 09

May 09

April 09

17


Dakota Cement Trust (established April 2001)FY 21


Fixed Income-IG 15 30Difference - FV less principal 140520394$ Fixed Income-HY 4 7Difference - FV less infl adj principal 13738279$ HY RE Debt 6 0


Constitution allows 4 of the lesser of 1) the 16 Distribution for FY 21 (May 2021 to GF) 13404156 quarter average balance or 2) the current Distribution for FY 20 (May 2020 to GF) 13036297 December 31 fair value be distributed by June of

the following year

School amp Public LandsInflation protection mandated by Constitutional Amendment -(payout is reduced by inflation if inflation not offset by realized net gains) FY 21

Asset Allocation Current BenchmarkFair Value as of 63021 378763803$ Global amp Private Equity 32 51

Real Estate 9 10Fiscal year to date return 1756 Fixed Income-IG 15 30Longterm expected mean return 616 Fixed Income-HY 4 7

HY RE Debt 6 0 Distribution for FY 21 K-12 (21021) 12823388 Money Market 34 2 Distribution for FY 21 Board of Regents (6821) 3193107 Total 100 100

TOTAL 16016495

June 20

April 20

Dec 19

June 19

April 19

Dec 18

Oct 18

June 18

March 18

June 17

May 17

Dec 16

June 16

Dec 15

Aug 15

June 15

Dec 14

Oct 14

June 14

April 14

Dec 13

June 13

Dec 12

June 12

Dec 11

Nov 11

Oct 11

Sept 11

June 11

May 11

Mar 11

Dec 10

Nov 10

June 10

May 10

Dec 31

Nov 30

Sept 14

July 09

June 09

May 09

April 09

18


Return-linked compensation maximum is 200 on base compensation of $495687 Performance Period is the one year four year and ten year annualized fiscal years payable in FY 2022 I 60 OF PLAN BASED ON TOTAL FUND RESULTS A) 30 BASED ON INVESTMENT COUNCILrsquoS CAPITAL MARKET BENCHMARK (CMB)

Basis Points Period Outperformance Payout $ Payout

1 year - 59370 0 $ 0 4 year - 21851 0 $ 0 10 year +1097 40 $ 1982747 4 yr stretch - 21851 0 $ 0 10 yr stretch +1097 0 $ 0 B) 30 BASED ON MELLON TOTAL BILLION DOLLAR FUNDS - CORPORATE UNIVERSE (using yearly medians prior to FY 14 and CMB from FY 14 on) Basis Points Period Outperformance Payout $ Payout 1 year -59370 0 $ 0 4 year -21851 0 $ 0 10 year +1325 40 $ 1982747 4 yr stretch -21851 0 $ 0 10 yr stretch +1325 0 $ 0 II 40 OF PLAN BASED ON AGGREGATE PORTFOLIO MANAGERSrsquo RESULTS Performance measurement based on the aggregate return-linked compensation of the assistant investment officers and portfolio managers divided by the

aggregate potential return-linked compensation for the performance period based on one year 4 years 10 years 4 years stretch and 10 years stretch

Maximum Earned Potential Return-linked Compensation Compensation Payout $ Payout

$919294365 $ 170773196 185766 $ 7366531 TOTAL EARNED RETURN-LINKED COMPENSATION $11332025 Percentage of Salary 22861 before reduction for support staff incentive

Return-linked compensation maximum is 200 on base compensation of $495687

Performance Period is the one year four year and ten year annualized fiscal years payable in FY 2022

I 60 OF PLAN BASED ON TOTAL FUND RESULTS

A)30 BASED ON INVESTMENT COUNCILrsquoS CAPITAL MARKET BENCHMARK (CMB)

Basis Points

Period Outperformance Payout $ Payout

1 year - 593700 $ 0

4 year - 218510 $ 0

10 year +109740 $ 1982747

4 yr stretch - 218510 $ 0

10 yr stretch +10970 $ 0

B) 30 BASED ON MELLON TOTAL BILLION DOLLAR FUNDS - CORPORATE UNIVERSE

(using yearly medians prior to FY 14 and CMB from FY 14 on)

Basis Points

PeriodOutperformance Payout $ Payout

1 year -59370 0 $ 0

4 year -21851 0 $ 0

10 year +132540 $ 1982747

4 yr stretch -218510 $ 0

10 yr stretch +13250 $ 0

II 40 OF PLAN BASED ON AGGREGATE PORTFOLIO MANAGERSrsquo RESULTS

Performance measurement based on the aggregate return-linked compensation

of the assistant investment officers and portfolio managers divided by the

aggregate potential return-linked compensation for the performance period based on

one year 4 years 10 years 4 years stretch and 10 years stretch

MaximumEarned

PotentialReturn-linked

Compensation Compensation Payout $ Payout

$919294365$ 170773196185766 $ 7366531

TOTAL EARNED RETURN-LINKED COMPENSATION $11332025

Percentage of Salary 22861

before reduction for support staff incentive

19

Appendix

Investment performance incentives

Target discount rationale FY21 Budget and Actual - Contractual Services details

20


Encourage superior performancendash Counters underperformance career risk that can discourage efforts to add value ndash Multiyear timeframes encourage investing for the long term

Encourage retention of successful staffndash Team is most attractive to other organizations when winningndash Shifts compensation higher when people more sought and down when losing

Incentives paid only for added value

Important to encourage adding value in good and bad marketsndash Added value in down markets more important than in up marketsndash Encourages adding value by reducing risk when markets expensive

21


Need top caliber people long termndash Unsuccessful people or job hoppers always available but no bargain even if freendash Compensation is too low to recruit veteran high-performers from elsewherendash Must develop team internally by training cream of crop local University graduatesndash Takes 15 to 20 years to fully develop seasoned talentndash If lose talent pipeline or trainers will jeopardized handoff to next generation

Our past history and observation of others suggest 70 targetndash Only way to know for sure how large discounts can work is to risk damaging teamndash 50 discount levels in past led to difficultiesndash 30 discount believed significant relative to other high-end professionalsndash Industry subject to intense performance measurement with significant consequences

for winning and losing which intensifies desire for financial securityndash Discounts for top SDIC performers may be much larger as industry pay for top

quartile performers can be double the median

22


Expended ReceivedFY 2021 FY 2021 Unexpended


Consulting Services 22285 180000 157715 Investment Accounting Performance Benchmarking 153515 153314 (201) Investment Databases Newsfeeds amp Quote Fees 676771 734267 57496 Investment Research Services 342902 450100 107198 Flexibility - From Brokerage to Independent Research 0 250000 250000


Administrative ExpensesOffice Rent 139019 139019 0 BondLiability Insurance 2944 8385 5441 Telephone 16007 18000 1993 Office Equip RentalMaintenanceMisc 14026 10016 (4010) Bureau of Info amp Telecommunications (BIT) 90147 88044 (2103) State Central Services 10485 13372 2887 Legislative Audit 56308 51500 (4808) Attorney Generals Office - Legal Services 0 18509 18509Custodial Fees - Global 282059 282041 (18) SeminarsEducational Programs 22696 35000 12304 Business Publications 815 3000 2185




Investment Performance FY 2021 and Budget Request FY 2023

Organization Chart

Assets






Cost Efficiency





FY 2021 Budget and Actual






Appendix






Expended Received


PERSONAL SERVICES


BASE COMPENSATION







Benefits 1072660 1253445 18078461




Benefits 127057 1258966 113190939



OPERATING EXPENSES


Travel 646 86431 8578502


Capital Assets 22009 40520 1851102 1211855610


TOTAL BUDGET 9964549 22083105 1211855610






2019648114

Expended Received



Investment Services








Office Rent 139019 139019 0


Telephone 16007 18000 1993











TRAVEL 646 86431 85785




Expended Received



Consulting Services



Subtotal 22285 180000 157715



SampP 1200 16538 17364 827

SampP 1200 Custom 10000 10000 0

SampP US 14007 14000 (7)

FTSE Index 14326 14800 474


MSCI Index 1000 0 (1000)

Portia 69144 69150 6

Subtotal 153515 153314 (201)


Bloomberg 121358 130315 8957


Factset 274773 270000 (4773)




Subtotal 676771 734267 57496



Credit Sights 125000 135000 10000




Morningstar 60000 80000 20000






Subtotal 342902 700100 357198









































Interns - 0 25399 25399












Benefits 1199717 2512411 1312694




CENTER 3210

Salaries 5721995 6429955 707959

Benefits 1072660 1253445 180785


CENTER 3211

Salaries 1187866 10572221 9384355

Benefits 127057 1258966 1131909




























TELEPHONE EQUIPMENT




40520


4302009 UNAUDITED

Health Care Trust












Real Estate 7 5




















Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 43009 $ 238000000


Fair Value as of 43009 $ 203821564




Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment




Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 53109 $ 238000000






Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment



6302009 UNAUDITED

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63009 $ 238000000


Fair Value as of 63009 $ 194950778




Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment




Health Care Trust












Real Estate 5 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 73109 $ 238000000


Fair Value as of 73109 $ 206115486




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



8142009 ESTIMATE

Health Care Trust












Real Estate 5 5





















Fixed Income-IG 0 0












Dakota Cement Trust

Principal as of 81409 $ 238000000


Fair Value as of 81409 $ 217800000




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



12312009 11302009

ESTIMATE

Health Care Trust

Principal as of 63002 6246528432 6246528432











Real Estate 5 5













Principal as of 63002 8183596860 8183596860








Fixed Income-IG 0 0












Dakota Cement Trust

Principal as of 113009 $ 238000000 $ 238000000


Fair Value as of 113009 $ 223800000 $ 223246711




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment



12312009

(Unaudited)

Health Care Trust












Real Estate 5 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 123109 $ 238000000


Fair Value as of 123109 $ 223972423




Real Estate 6 5





Total 100 100








Private Equity 2 2







Total 100 100


adjustment



5312010 ESTIMATE

(Unaudited)

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 53110 $ 238000000


Fair Value as of 53110 $ 215387311




Real Estate 7 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



6302010 (Unaudited)

Health Care Trust












Real Estate 7 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63010 $ 238000000


Fair Value as of 63010 $ 215387311




Real Estate 8 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment




ESTIMATE

Health Care Trust












Real Estate 8 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 113010 $ 238000000


Fair Value as of 113010 $ 233553388




Real Estate 9 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment
















Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 123110 $ 238000000






Real Estate 11 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



3312011 (Unaudited)

ESTIMATE













Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 33111 $ 238000000






Real Estate 10 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



5312011 (Unaudited)














Real Estate 10 6




















Fixed Income-IG 0 0












Principal as of 53111 $ 238000000






Real Estate 12 6





Total 100 100






FY 12



Private Equity 3 2







Total 100 100


adjustment



6302011 (Unaudited)













Real Estate 10 6
















FY 12




Real Estate 11 6



Fixed Income-HY 2 5









FY 12




Real Estate 12 6













FY 12










Total 100 100





9302011 (Unaudited)













Real Estate 12 6
















FY 12




Real Estate 13 6



Fixed Income-HY 2 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100






ESTIMATE













Real Estate 12 6
















FY 12




Real Estate 13 6



Fixed Income-HY 1 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100




ESTIMATE













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100



6302012 (Unaudited)













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 4 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 12 6
















FY 13




Real Estate 12 6



Fixed Income-HY 4 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



6302013

UNAUDITED













Real Estate 11 6
















FY 13




Real Estate 12 6



Fixed Income-HY 5 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



12312013

ESTIMATEUNAUDITED













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 2 2







Total 100 100



4302014

ESTIMATE













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



6302014

Unaudited













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



10312014 ESTIMATE













Real Estate 12 10
















FY 15




Real Estate 12 10



Fixed Income-HY 5 7









FY 15




Real Estate 13 10

















Private Equity 3 0







Total 100 100



12312014 ESTIMATE













Real Estate 10 10
















FY 15




Real Estate 10 10



Fixed Income-HY 6 7









FY 15




Real Estate 10 10

















Private Equity 3 0







Total 100 100



6302015 UNAUDITED













Real Estate 8 10
















FY 15




Real Estate 8 10



Fixed Income-HY 7 7









FY 15




Real Estate 9 10

















Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 7 7









FY 16




Real Estate 9 10











the following year






Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 8 7









FY 16




Real Estate 9 10











the following year






Private Equity 2 0







Total 100 100



6302016 UNAUDITED













Real Estate 9 10
















FY 16




Real Estate 8 10












FY 16




Real Estate 9 10











the following year






Private Equity 3 0







Total 100 100
















Real Estate 8 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 8 10



HY RE Debt 6 0








the following year






Private Equity 3 0



Fixed Income-HY 4 7



TOTAL 12461084 Total 100 100



5312017 ESTIMATES













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 6 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



6302017 UNAUDITED













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



3312018 UNAUDITED
















Money Market 31 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13691806



6302018 UNAUDITED
















Money Market 33 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 6 10



HY RE Debt 6 0



TOTAL 13924150



10312018 ESTIMATE
















Money Market 30 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 31 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13924150



12312018 ESTIMATE
















Money Market 19 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 20 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14753921



4302019 ESTIMATE
















Money Market 23 2













FY 19







HY RE Debt 5 0









FY 19







Money Market 24 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14402218



6302019 UNAUDITED
















Money Market 25 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 23 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 28 2













FY 20







HY RE Debt 6 0









FY 20







Money Market 28 2








the following year






Real Estate 8 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 24 2













FY 20







HY RE Debt 5 0









FY 20







Money Market 24 2








the following year






Real Estate 8 10



HY RE Debt 5 0



TOTAL 16120914



6302020 UNAUDITED
















Money Market 35 2













FY 20







HY RE Debt 6 0









FY 21







Money Market 34 2








the following year






Real Estate 9 10



HY RE Debt 6 0



TOTAL 16016495



4302009 UNAUDITED

Health Care Trust












Real Estate 7 5




















Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 43009 $ 238000000


Fair Value as of 43009 $ 203821564




Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment




Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 3











Dakota Cement Trust

Principal as of 53109 $ 238000000






Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 4 2

Total 100 100


adjustment



6302009 UNAUDITED

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63009 $ 238000000


Fair Value as of 63009 $ 194950778




Real Estate 7 5





Total 100 100








Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment




Health Care Trust












Real Estate 5 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 73109 $ 238000000


Fair Value as of 73109 $ 206115486




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



8142009 ESTIMATE

Health Care Trust












Real Estate 5 5





















Fixed Income-IG 0 0












Dakota Cement Trust

Principal as of 81409 $ 238000000


Fair Value as of 81409 $ 217800000




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 2 2

Total 100 100


adjustment



12312009 11302009

ESTIMATE

Health Care Trust

Principal as of 63002 6246528432 6246528432











Real Estate 5 5













Principal as of 63002 8183596860 8183596860








Fixed Income-IG 0 0












Dakota Cement Trust

Principal as of 113009 $ 238000000 $ 238000000


Fair Value as of 113009 $ 223800000 $ 223246711




Real Estate 6 5





Total 100 100








Private Equity 2 2






Money Market 3 2

Total 100 100


adjustment



12312009

(Unaudited)

Health Care Trust












Real Estate 5 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 123109 $ 238000000


Fair Value as of 123109 $ 223972423




Real Estate 6 5





Total 100 100








Private Equity 2 2







Total 100 100


adjustment



5312010 ESTIMATE

(Unaudited)

Health Care Trust












Real Estate 6 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 53110 $ 238000000


Fair Value as of 53110 $ 215387311




Real Estate 7 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



6302010 (Unaudited)

Health Care Trust












Real Estate 7 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 63010 $ 238000000


Fair Value as of 63010 $ 215387311




Real Estate 8 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment




ESTIMATE

Health Care Trust












Real Estate 8 5




















Fixed Income-IG 0 0











Dakota Cement Trust

Principal as of 113010 $ 238000000


Fair Value as of 113010 $ 233553388




Real Estate 9 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment
















Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 123110 $ 238000000






Real Estate 11 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



3312011 (Unaudited)

ESTIMATE













Real Estate 9 5




















Fixed Income-IG 0 0












Principal as of 33111 $ 238000000






Real Estate 10 5





Total 100 100








Private Equity 3 2







Total 100 100


adjustment



5312011 (Unaudited)














Real Estate 10 6




















Fixed Income-IG 0 0












Principal as of 53111 $ 238000000






Real Estate 12 6





Total 100 100






FY 12



Private Equity 3 2







Total 100 100


adjustment



6302011 (Unaudited)













Real Estate 10 6
















FY 12




Real Estate 11 6



Fixed Income-HY 2 5









FY 12




Real Estate 12 6













FY 12










Total 100 100





9302011 (Unaudited)













Real Estate 12 6
















FY 12




Real Estate 13 6



Fixed Income-HY 2 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100






ESTIMATE













Real Estate 12 6
















FY 12




Real Estate 13 6



Fixed Income-HY 1 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100




ESTIMATE













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 2 5









FY 12




Real Estate 13 6













FY 12



Private Equity 3 2







Total 100 100



6302012 (Unaudited)













Real Estate 11 6
















FY 12




Real Estate 12 6



Fixed Income-HY 4 5









FY 12




Real Estate 14 6













FY 12



Private Equity 3 2







Total 100 100
















Real Estate 12 6
















FY 13




Real Estate 12 6



Fixed Income-HY 4 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



6302013

UNAUDITED













Real Estate 11 6
















FY 13




Real Estate 12 6



Fixed Income-HY 5 5









FY 13




Real Estate 13 6











(Change Nov 2012)



FY 13



Private Equity 3 2







Total 100 100



12312013

ESTIMATEUNAUDITED













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 2 2







Total 100 100



4302014

ESTIMATE













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



6302014

Unaudited













Real Estate 12 6
















FY 14




Real Estate 12 6



Fixed Income-HY 5 5









FY 14




Real Estate 13 6











(Change Nov 2012)



FY 14



Private Equity 3 2







Total 100 100



10312014 ESTIMATE













Real Estate 12 10
















FY 15




Real Estate 12 10



Fixed Income-HY 5 7









FY 15




Real Estate 13 10

















Private Equity 3 0







Total 100 100



12312014 ESTIMATE













Real Estate 10 10
















FY 15




Real Estate 10 10



Fixed Income-HY 6 7









FY 15




Real Estate 10 10

















Private Equity 3 0







Total 100 100



6302015 UNAUDITED













Real Estate 8 10
















FY 15




Real Estate 8 10



Fixed Income-HY 7 7









FY 15




Real Estate 9 10

















Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 7 7









FY 16




Real Estate 9 10











the following year






Private Equity 3 0







Total 100 100
















Real Estate 8 10
















FY 16




Real Estate 8 10



Fixed Income-HY 8 7









FY 16




Real Estate 9 10











the following year






Private Equity 2 0







Total 100 100



6302016 UNAUDITED













Real Estate 9 10
















FY 16




Real Estate 8 10












FY 16




Real Estate 9 10











the following year






Private Equity 3 0







Total 100 100
















Real Estate 8 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 8 10



HY RE Debt 6 0








the following year






Private Equity 3 0



Fixed Income-HY 4 7



TOTAL 12461084 Total 100 100



5312017 ESTIMATES













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 6 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



6302017 UNAUDITED













Real Estate 7 10



HY RE Debt 6 0













FY 17




Real Estate 7 10



Fixed Income-HY 4 7









FY 17




Real Estate 7 10



HY RE Debt 7 0








the following year






Private Equity 3 0



Fixed Income-HY 5 7



TOTAL 12605800 Total 100 100



3312018 UNAUDITED
















Money Market 31 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13691806



6302018 UNAUDITED
















Money Market 33 2













FY 18







HY RE Debt 6 0









FY 18







Money Market 31 2








the following year






Real Estate 6 10



HY RE Debt 6 0



TOTAL 13924150



10312018 ESTIMATE
















Money Market 30 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 31 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 13924150



12312018 ESTIMATE
















Money Market 19 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 20 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14753921



4302019 ESTIMATE
















Money Market 23 2













FY 19







HY RE Debt 5 0









FY 19







Money Market 24 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14402218



6302019 UNAUDITED
















Money Market 25 2













FY 19







HY RE Debt 6 0









FY 19







Money Market 23 2








the following year






Real Estate 7 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 28 2













FY 20







HY RE Debt 6 0









FY 20







Money Market 28 2








the following year






Real Estate 8 10



HY RE Debt 6 0



TOTAL 14924949



















Money Market 24 2













FY 20







HY RE Debt 5 0









FY 20







Money Market 24 2








the following year






Real Estate 8 10



HY RE Debt 5 0



TOTAL 16120914



6302020 UNAUDITED
















Money Market 34 2













FY 21







HY RE Debt 6 0









FY 20







Money Market 33 2








the following year






Real Estate 8 10



HY RE Debt 6 0



TOTAL 16120981





FINAL FY2021

Budget Received



PERSONAL SERVICES

TOTAL FTEs 3425 3525 3500 3500

BASE COMPENSATION







Benefits 927734 1253776 1211135 -340 1253445 -003




Benefits 331616 1373782 1258966 -836 1258966 -836



9643999

OPERATING EXPENSES


Travel 49976 86431 86431 000 86431 000

Office Supplies 5332 7000 7000 000 7000 000

Capital Assets 60145 40520 40520 000 40520 000


TOTAL BUDGET 12889397 20972727 21811105 400 21977783 479 (94443)

UNIT COST SUMMARY




Received Request



Investment Services

























Received Request

FY 2020 FY 2021





Subtotal 130000 180000 3846

















Subtotal 710436 734267 335











Subtotal 494025 700100 4171


295243






































Staff Attorney 140000 140000 000 142800 200


Intern 24910 24910 000 25408 200


Longevity Pay 13325 13010 -236 13010 -236









Benefits 2627558 2470101 -599 2512411 -438


78666




CENTER 3210

Salaries 6135067 6211144 6335513

Benefits 1253776 1211135 1253445


CENTER 3211

Salaries 9954945 10572221 10572221

Benefits 1373782 1258966 1258966






Retirement - 6 006 345534 366806 21272 366806




Total Benefits 3210 1253776 1211135 1253445




Retirement - 6 006 597297 434333 (162963) 434333



Total Benefits 3211 1373782 1258966 1258966













TELEPHONE EQUIPMENT




40520



FY2023

Budget Request



PERSONAL SERVICES

TOTAL FTEs 3425 3500 3500 3500 3500

BASE COMPENSATION







Benefits 1072660 1253445 1286459 1309097 176 1330208 340




Benefits 127057 1258966 1344359 1435091 675 1435091 675



OPERATING EXPENSES


Travel 646 86431 86431 86431 000 86431 000

Office Supplies 2338 7000 7000 7000 000 7000 000

Capital Assets 22009 40520 40520 40520 000 40520 000


TOTAL BUDGET 9964549 22083105 23202473 24272146 461 24448758 537

UNIT COST SUMMARY





FY 2021 FY 2021 FY 2022 FY 2023 chng


Investment Services






Total Investment Services 1195473 1767681 1703846 1762373 343















TRAVEL 646 86431 86431 86431 000 no change





FY 2021 FY 2021 FY 2022 FY 2023





Subtotal 22285 180000 180000 180000 000


















Subtotal 676771 734267 734267 762722 388











Greenstreet 18750 0 0 25000 10000 new 25000


Subtotal 342902 700100 628655 644200 247


58527









































Interns 25399 26194 2619400 000 26783 225 1147


Longevity Pay 13010 12110 1323500 929 13235 929










Benefits 2512411 2630818 2744188 431 2765299 511




CENTER 3210

Salaries 6429955 6874054 7094621 321 7250122

Benefits 1253445 1286459 1309097 176 1330208


CENTER 3211

Salaries 10572221 11191009 11848483 588 11848483

Benefits 1258966 1344359 1435091 675 1435091





Retirement - 6 006 366806 388153 410197 22044 419179




Total Benefits 3210 1253445 1286459 1309097 22638 1330208




Retirement - 6 006 434333 471460 510909 39449 510909



Total Benefits 3211 1258966 1344359 1435091 90732 1435091












TELEPHONE EQUIPMENT




40520




FINAL FY2021

Budget Received



PERSONAL SERVICES

TOTAL FTEs 3425 3525 3500 3500

BASE COMPENSATION







Benefits 927734 1253776 1211135 -340 1253445 -003




Benefits 331616 1373782 1258966 -836 1258966 -836



9643999

OPERATING EXPENSES


Travel 49976 86431 86431 000 86431 000

Office Supplies 5332 7000 7000 000 7000 000

Capital Assets 60145 40520 40520 000 40520 000


TOTAL BUDGET 12889397 20972727 21811105 400 21977783 479 (94443)

UNIT COST SUMMARY




Received Request



Investment Services

























Received Request

FY 2020 FY 2021





Subtotal 130000 180000 3846

















Subtotal 710436 734267 335











Subtotal 494025 700100 4171


295243






































Staff Attorney 140000 140000 000 142800 200


Intern 24910 24910 000 25408 200


Longevity Pay 13325 13010 -236 13010 -236









Benefits 2627558 2470101 -599 2512411 -438


78666




CENTER 3210

Salaries 6135067 6211144 6335513

Benefits 1253776 1211135 1253445


CENTER 3211

Salaries 9954945 10572221 10572221

Benefits 1373782 1258966 1258966






Retirement - 6 006 345534 366806 21272 366806




Total Benefits 3210 1253776 1211135 1253445




Retirement - 6 006 597297 434333 (162963) 434333



Total Benefits 3211 1373782 1258966 1258966













TELEPHONE EQUIPMENT




40520



FY2023

Budget Request



PERSONAL SERVICES

TOTAL FTEs 3425 3500 3500 3500 3500

BASE COMPENSATION







Benefits 1072660 1253445 1286459 1309097 176 1330208 340




Benefits 127057 1258966 1344359 1435091 675 1435091 675



OPERATING EXPENSES


Travel 646 86431 86431 86431 000 86431 000

Office Supplies 2338 7000 7000 7000 000 7000 000

Capital Assets 22009 40520 40520 40520 000 40520 000


TOTAL BUDGET 9964549 22083105 23202473 24272146 461 24448758 537

UNIT COST SUMMARY





FY 2021 FY 2021 FY 2022 FY 2023 chng


Investment Services






Total Investment Services (see next page for further details) 1195473 1767681 1703846 1762373 343















TRAVEL 646 86431 86431 86431 000 no change





FY 2021 FY 2021 FY 2022 FY 2023





Subtotal 22285 180000 180000 180000 000


















Subtotal 676771 734267 734267 762722 388











Greenstreet 18750 0 0 25000 10000 new 25000


Subtotal 342902 700100 628655 644200 247


58527









































Interns 25399 26194 2619400 000 26783 225 1147


Longevity Pay 13010 12110 1323500 929 13235 929










Benefits 2512411 2630818 2744188 431 2765299 511




CENTER 3210

Salaries 6429955 6874054 7094621 321 7250122

Benefits 1253445 1286459 1309097 176 1330208


CENTER 3211

Salaries 10572221 11191009 11848483 588 11848483

Benefits 1258966 1344359 1435091 675 1435091





Retirement - 6 006 366806 388153 410197 22044 419179




Total Benefits 3210 1253445 1286459 1309097 22638 1330208




Retirement - 6 006 434333 471460 510909 39449 510909



Total Benefits 3211 1258966 1344359 1435091 90732 1435091












TELEPHONE EQUIPMENT




40520



Expended Received


PERSONAL SERVICES


BASE COMPENSATION







Benefits 1072660 1253445 18078461




Benefits 127057 1258966 113190939



OPERATING EXPENSES


Travel 646 86431 8578502


Capital Assets 22009 40520 1851102 1211855610


TOTAL BUDGET 9964549 22083105 1211855610






2019648114


FY 2021 FY 2021 FY 2021


Investment Services






Total Investment Services (see next page for further details) 1195473 1767681 572208


Office Rent 139019 139019 0


Telephone 16007 18000 1993











TRAVEL 646 86431 85785





FY 2021 FY 2021 FY 2021


Consulting Services



Subtotal 22285 180000 157715



SampP 1200 16538 17364 827

SampP 1200 Custom 10000 10000 0

SampP US 14007 14000 (7)

FTSE Index 14326 14800 474


MSCI Index 1000 0 (1000)

Portia 69144 69150 6

Subtotal 153515 153314 (201)


Bloomberg 121358 130315 8957


Factset 274773 270000 (4773)




Subtotal 676771 734267 57496



Credit Sights 125000 135000 10000




Morningstar 60000 80000 20000






Subtotal 342902 700100 357198









































Interns - 0 25399 25399












Benefits 1199717 2512411 1312694




CENTER 3210

Salaries 5721995 6429955 707959

Benefits 1072660 1253445 180785


CENTER 3211

Salaries 1187866 10572221 9384355

Benefits 127057 1258966 1131909


















FY 2023

2 desktop computers 1100 ea (replacements) 2200

5 Monitors - replacement at $150 ea 750





TELEPHONE EQUIPMENT




40520

Per Matt on 4112019

--Move Matthew to same level as LesykDan beginning in FY 2021 in the long-term plan Matt will decide to actually move to that level but will give budget flexibility

--Makenzies transition schedule should be one year behind MatthewLeskyDan Matt will decide on actual base salary levels each year but budget will have the flexibility

Per Matt and Brett on 51216 (updated - see above)

---Matthew will be 98 of LeskyDans compensation going forward until decision to adjust to same level

---Makenzie will be 962 of Matthews compensation going forward until decision to adjust to closer level

---Makenzies 6 month probation is up 6916 Her increase effective 6916 will consist of her probation increase (10)

state salary policy (27) and promotional increase of 545 for a total of 1815

Hire compensation 49628 --- 1815 increase on 69 to $58637 (962 of MCs $60953 FY 17 comp)

General Guideline for Promotions

Years 1 through 3 (3 years) RA

Years 4 through 6 (3 years) Asaoc PM I

Years 7 through 10 (4 years) AssocPM II

Years 11 through 18 (8 years) PM

Years 19+ SrPM

Adj to be

Hire Date first FY 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

Steve 51689 FY 1990 SrPM

Scott 1694 FY 1994 SrPM

Jan 52394 FY 1995

Melissa 81495 FY 1996 PM SrPM

Candi 7500 FY 2001
Riss Laurie Received credited years for work in leg audit

Darci 7101 FY 2002 AsstPM AssocPM PM SrPM

Arianna 6903 FY 2003 AsstPM AssocPM PM SrPM

Renae 1904 FY 2004 RA AsstPM AssocPM PM SrPM

Jeff 81103 FY 2004 RA AsstPM AssocPM PM SrPM

Jarrod 1504 FY 2004 RA AsstPM AssocPM PM SrPM

Randy 52404 FY 2004 RA AsstPM AssocPM PM SrPM

Ross 82405 FY 2006 RA AsstPM AssocPM PM SrPM

Lee 51707 FY 2008 RA AsstPM AssocPM PM SrPM

Danielle 52907 FY 2008 RA AsstPM AssocPM PM SrPM

Anne 51909 FY 2010 RA AsstPM AssocPM PM SrPM

Zach 9314 FY 2015 RA AsstPM AssocPM PM SrPM

Daniel 6915 FY 2016 RA AsstPM AssocPM PM SrPM

Lesyk 6915 FY 2016 RA AsstPM AssocPM PM SrPM

Matthew 83115 FY 2016 RA AsstPM AssocPM PM SrPM

Makenzie 12915 FY 2017 RA AsstPM AssocPM PM SrPM

Katie 6418 FY 2019 RA AsstPM AssocPM PM SrPM

Taylor 6418 FY 2019 RA AsstPM AssocPM PM SrPM

Payton 6418 FY 2019 RA AsstPM AssocPM PM SrPM

Notes - Per Matt

Arianna 1 year behind Darci (HESP contract)

Ross - 2 yrs behind Jeff amp troop

Lee amp Danielle - 2 yrs behind Ross

Anne - 2 years behind Lee

Zach - 5 years behind Anne

Dan Lesyk amp Matthew - 1 year behind Zach

Makenzie - 1 yr behind Matthew (check with

Matt when Dans group promoted to AsstPM

Katie Taylor amp Payton - 2 yrs behind Makenzie

Illustrative Promotional Increases

Scenario Darci Arianna Renae Jeff Jarrod Randy Ross Lee Danielle Anne Zach Dan Lesyk Matthew Makenzie-adj half yr Katie Taylor Payton

Yrs Exp Title begin fy begin fy begin fy begin fy begin fy begin fy begin fy begin fy begin fy begin fy

1 New FTE - Research Analyst 2002 2003 2004 2006 2008 2010 2015 2016 2017 2019

2

3

4 Assistant Portfolio Manager 2005 2006 2007 2009 2011 2013 2018 2019 2020 2022

5

6

7 Associate Portfolio Manager 2008 2009 2010 2012 2014 2016 2021 2022 2023 2025

8

9

10

11 Portfolio Manager 2012 2013 2014 2016 2018 2020 2025 2026 2027 2029

12

13

14

15

16

17

18

19 Senior Portfolio Manager - beginning of 19th year - reg LTP increase only 2020 2021 2022 2024 2026 2028 2033 2034 2035 2037

Normal LTP increases assuming a 225 salary policy - to be adjusted each year to actual salary policy

FOR LTP INCREASES Entry Salary Asst Portfolio Mgr - complete CFA Assoc PF Mgr Portfolio Mgr Sr Portfolio Mgr

Total LTP increase 1170 995 1900 1400 900 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 850

LTP Increase 180 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175

Transitional Increase 720 820 1500 1000 500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Salary Policy 270 000 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Noteadjusted schedules for Ross Lee Danielle amp Anne

Consistent schedule for Zach and rest

Ross - FY 2006 FY 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

500 350 350 350 450

Lee amp Danielle - FY 2008 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

1000 1000 500 350 350 350 450

Anne - FY 2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

1100 1000 1000 1000 500 350 350 350 450

Zach - FY 2015 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Dan Lesyk Matthew - FY 2016 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

1000 500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Makenzie - FY 2017 (adjusted) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1000 500 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Katie Taylor Payton - FY 2019 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

720 1000 1500 1000 1000 1500 700 500 500 1100 1000 1000 1000 500 500 500 350 450

Used for Budget Briefings for Appropriations Committee - Requested by Jeff Mehlhaff

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

UNIT COST - NORMALIZED (using expected incentives amp adjusted assets)

Internal Expenses as of Total Assets (target 10) 0072 0091 0088 0093 0094 0095


UNIT COST - ACTUAL (using actual expenses amp assets)

Internal Expenses as of Total Assets 0074 0088 0094 0087 0084 0086


Outside manager expenses vary based on the amount and stage of life cycle of investments in limited partnerships

Actual External Manager fiscal year fees

If Annual Report is done - get them from each section

If need earlier

Get FAIR VALUE FLOWS reports from Tammy

for each SDRS amp Trusts

SDRS 34216179 39711188

SampPL 705454 814656

Dakota Cement Trust 761330 874593

Education Enhancement Trust 1426741 1618009

Health Care Trust 334503 380581

TOTAL 37444207 43399027

FY 2020 comp Incentive Amt over

280000

MC 485968 1457904 1177904

BF 307030 921091 641091

TO 262690 788071 508071

CN 262016 786047 506047

SS 226724 680172 400172

SH 226724 680172 400172

SN 151026 453077 173077

JZ 226724 680172 400172

MHW 226724 680172 400172

CC 226724 680172 400172

DH 226724 680172 400172

AR 223438 670314 390314

JE 220961 662883 382883

JE 220961 662883 382883

RS 220961 662883 382883

RR 220961 662883 382883

RS 202470 607410 327410

LM 184253 552760 272760

DM 184253 552760 272760

AC 144970 434911 154911

ZN 95572 286716 6716

DE 89496 268489

LV 89496 268489

MC 87707 263120

MZ 84373 253119

KE 62387 187162

TG 62387 187162

PL 62387 187162

CP 91073 273219

SR 88925 266775

KS 81752 245256

BE 68964 206892

LR 75025 225075

CS 49033 147099

could decrease

request by

8363627 62 = 518545 Per Matt - start with $200000 less in center 3211

and maybe phase in more over next few years

after we make sure of SDRS procedures

and nothing else changes

Per Matt - use FY 21 amounts from LTP prior to stripping out 225 amp 175 Already updated LTP to actual budget request for FY21 so typed in numbers from Exec Brd budget presentation for FY21


Long-Term Plan

Executive Summary


Personal Services

Number of Employees 3500 3500 3500

Base Compensation - Total Staff 6986311 8599469 10814175

Student Interns 85299 95337 106556


Flexibility funds-Retirements amp Resignations 171570 191760 214326

Investment Incentive Maximum 11889443 14769504 18777060

Benefits 2770951 3134097 4040920


Operating Expenses

Contractual Services 2450903 2723920 2958621

Travel 86431 96602 107970

Office Supplies amp Postage 7000 7824 8744

Capital Assets 40520 54352 61441



ASSET SUMMARY (2)

Internal Assets 14736258237 18148573956 22363768079

External Assets 4653555233 5731128618 7062242551

Total Assets 19389813470 23879702574 29426010630

EXPENSE SUMMARY

Internal Expenses 24495372 29680625 37098487

External Manager Fees 51189108 63042415 77684668

Total Expenses 75684479 92723040 114783155


Internal Expenses as of Total Assets 0098 0096 0096

Total Expenses as of Total Assets 0364 0362 0362


(2) Projections based on long-term assumed returns applied to 63021 assets Updated each June 30

(3) Unit Cost Summary uses assumed average investment performance incentives

Internal Expenses as of Total Average Assets 0096 0095 0095

Total Expenses as of Total Average Assets 0365 0364 0364

MAKE SURE PROMOTION INCREASES COINCIDE WITH PROMOTION SCHEDULE SPREADSHEET When copying to next fy do not copy the promotion schedule rows

incr of 2 ftes for fy 23 and 24 then back down - for transition years as sr staff retires

SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC SDIC

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 FY 2037 FY 2038 FY 2039

EXECUTIVE SUMMARY

INVESTMENT COUNCIL BUDGET

Personal Services

Number of Employees [28] [28] 30 30 3225 3225 3425 3425 3525 35 35 37 37 35 35 35 35 35 35 35 35

Base Compensation - Total Staff ERRORREF ERRORREF 4010657 4401918 4864254 5150994 5394737 5579238 5902866 6233867 6608925 7108015 6957956 7357334 7785123 8226687 8685830 8740195 9247430 9776362 10355102

Staff Attorney (14 FTE) amp Interns 22065 53891 62527 62527 63276 64858 25399 25970 26555 27152 27763 28388 29027 29680 30348 31030 31729 32442

Investment Council ERRORREF 35863 35582 5946 6064 6227 6227 6302 6459 6586 6734 6886 7041 7199 7361 7527 7696 7869 8046 8227 8412

Flexibility funds-Retirements amp Resignations 140431 148061 151022 155100 155100 156961 160885 164103 167795 171571 175431 179378 183414 187541 191761 196075 200487 204998 209610

Investment Incentive Maximum ERRORREF ERRORREF 3261124 7323946 8018645 8921553 9461326 9931509 9954945 10572220 11191004 11932587 12899973 12568178 13334337 14156360 15004928 15887601 15959614 16936209 17954980

Benefits 1085312 3261124 1240979 1890618 2073044 2227649 2382097 2449064 2557757 2512411 2650344 2752526 2774877 2670869 2845110 3029174 3219545 3358986 3449281 3667634 3898920

Total Personal Services ERRORREF ERRORREF 8688773 13792554 15166919 16524049 17462013 18186348 18647770 19514586 20650774 21998140 22842430 22810721 24183734 25636316 27139439 28221074 28895889 30625159 32459467

Operating Expenses

Contractual - Investment Services 839713 946400 869924 983560 1012686 1056521 1121621 1234261 1472438 1767681 1703846 1736866 1805730 1839046 1873112 1907945 1943561 1973550 2004214 2035568 2067628

Contractual - Administrative Services 787147 517277 564891 564133 583206 595611 607576 630847 648767 656007 657359 686020 698015 707042 719510 732258 745293 758621 772250 786185 800433

Travel 65700 65700 85000 85000 85000 85000 85000 85077 86431 86431 86431 92507 94589 92397 94476 96602 98776 100998 103270 105594 107970

Office Supplies amp Postage 12733 12733 12733 12733 12733 12733 12733 9000 7000 7000 7000 7158 7319 7483 7652 7824 8000 8180 8364 8552 8744

Capital Assets 28242 28242 48500 43000 47192 44400 40520 40520 40520 40520 40520 48765 49970 51205 52472 53770 55101 56466 57865 59299 60770

Total Operating Expenses 1733535 1570352 1581048 1688426 1740817 1794265 1867450 1999708 2255156 2557639 2495156 2571316 2655622 2697174 2747221 2798398 2850730 2897815 2945963 2995198 3045545

Total Investment Council Budget ERRORREF ERRORREF 10269821 15480979 16907736 18318315 19329463 20186056 20902926 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

ASSET SUMMARY

Internal Assets 6743999523 8042846217 9447833736 10099488000 9844732397 11010037500 11403775488 11788533220 11597880692 12091702269 12606845194 13144239873 13704857639 14289712561 14899863335 15536415263 16200522310 16893389265 17616273986 18370489758 19157407741

External Assets 3159083477 3269173779 3601660374 3189312000 3108862862 3196462500 3444890512 3422477386 3662488639 3818432296 3981109009 4150812591 4327849781 4512540809 4705220001 4906236399 5115954414 5334754505 5563033890 5801207292 6049707708

Total Retirement System Assets 7882686000 9130716365 10602389496 10766400000 10501680864 11631800000 12222470000 12459987514 12287009532 12839924961 13417721584 14021519055 14652487413 15311849347 16000882567 16720922283 17473363785 18259665156 19081350088 19940010842 20837311330

Total Assets 9903083000 11312019996 13049494110 13288800000 12953595259 14206500000 14848666000 15211010606 15260369331 15910134565 16587954203 17295052464 18032707419 18802253369 19605083336 20442651662 21316476724 22228143770 23179307877 24171697050 25207115448

EXPENSE SUMMARY

Internal Expenses ERRORREF ERRORREF 10269821 15480979 16907736 18318315 19329463 20186056 20902926 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

Assumed Budget Expenditures (40 avg Inv Perf Incnt) ERRORREF ERRORREF 9027898 10798128 11403086 12236676 12869270 13404823 14105692 14973513 15524034 16498943 16824692 17118716 18016221 18956227 19929748 20453190 21124335 22233315 23419586

External Manager Fees 35855597 36941664 40482663 35082432 34197491 35161088 37893796 37647251 40287375 42002755 43792199 45658939 47606348 49637949 51757420 53968600 56275499 58682300 61193373 63813280 66546785

Total Expenses ERRORREF ERRORREF 50752483 50563411 51105228 53479402 57223259 57833307 61190301 64074981 66938128 70228394 73104399 75145844 78688375 82403314 86265668 89801189 93035224 97433638 102051797

UNIT COST SUMMARY

Internal Expenses as of Total Assets ERRORREF ERRORREF 0079 0116 0131 0129 0130 0133 0137 0139 0140 0142 0141 0136 0137 0139 0141 0140 0137 0139 0141

Internal Exp as of Total Assets (with assumed avg Inv Perf Incnt) ERRORREF ERRORREF 0069 0081 0088 0086 0087 0088 0092 0094 0094 0095 0093 0091 0092 0093 0093 0092 0091 0092 0093

Total Expenses as of Total Assets ERRORREF ERRORREF 0389 0380 0395 0376 0385 0380 0401 0403 0404 0406 0405 0400 0401 0403 0405 0404 0401 0403 0405

Internal Exp as of Adjusted Long-Term Value Total Assets 0091 0088 0093 0094 0095 0100 0102 0101 0103 0101 0098 0099 0100 0101 0099 0099 0099 0100

(with assumed avg Inv Perf Incentive)

PERSONAL SERVICES BUDGET UPDATE

TITLES

INVESTMENT OFFICER (SDIC recommendedEx Brd approved) Matt 368938 386647 405206 424656 440793 460629 460629 466156 485968 504192 524359 545334 567147 589833 613426 637963 663482 690021 717622 746327 776180



ASST INVESTMENT OFFICER - GLOBAL Brett 233092 244280 256006 268294 278489 291021 291021 294514 307030 318544 331286 344537 358319 372652 387558 403060 419182 435950 453388 471523 490384



ASST INVESTMENT OFFICER FIXED INC DERIVATIVE Tammy 199430 209003 219035 229548 238271 248993 248993 251981 262691 272542 283443 294781 306572 318835 331588 344852 358646 372992 387912 403428 419565



ASST INVESTMENT OFFICER FIXED INC ALT INV Chris 198918 208466 218472 228959 237660 248354 248354 251334 262016 271842 282715 294024 305785 318016 330737 343967 357725 372034 386916 402392 418488



SENIOR PORTFOLIO MANAGER-GLOBAL EQ Scott 173027 181332 190036 199158 206726 216029 216029 218621 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGER-GLOBAL EQ Steve 173027 181332 190036 199158 206726 216029 216029 218621 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGER FIXED INCOME Sherry 109435 114688 120193 131972 136987 143151 143151 144869 151026 156690 162957 169475 176254 183305 190637 198262 206193 214441 223018 231939 241216



SENIOR PORTFOLIO MANAGERGLOBAL EQUITY Jan 171675 179915 188551 197602 205111 214341 214341 216913 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGER - GLOBAL EQ Melissa 170611 178800 188551 197602 205111 214341 214341 216913 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120



SENIOR PORTFOLIO MANAGERGLOBAL EQUITY Candi 166304 174287 184744 197602 205111 214341 214341 216913 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120 376605 391669

INCREASE IN BASE 700 ERRORREF 480 600 696 380 450 000 120 452 375 400 400 400 400 400 400 400 400 400 400 400 400 400

INVESTMENT INCENTIVE MAXIMUM ERRORREF 166304 174287 369488 395204 410221 428681 428681 433825 453448 470452 489270 508841 529195 550363 572377 595272 619083 643846 669600 696384 724240 753209

highlight-sr pf mgr

SENIOR PORTFOLIO MANAGER - SMALLMID CAP EQ Darci 132003 158404 175305 191420 200991 212447 212447 216908 226724 235226 244635 254421 264597 275181 286189 297636 309542 321923 334800 348192 362120 376605 391669 407336



PORTFOLIO MANAGER - GLOBAL EQ Arianna 103584 120716 144860 173976 190798 207635 211788 214329 223438 235226 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - GLOBAL EQ Jeff
Riss Laurie Jarrod Randy amp Renae all read Jeffs line Formula for increases on Jeffs base comp 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - SMALLMID CAP EQ Jarrod 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - GLOBAL EQ Randy 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MANAGER - GLOBAL EQ Renae 91079 108693 126671 151813 180809 199414 207391 211953 220961 231899 244635 254420 264597 275181 286188 297636 309541 321923 334800 348192 362120 376604 391669 407335



PORTFOLIO MGR - HIGH YIELD Ross
Riss Laurie starting with Ross use transition tables below 73852 84967 102198 119378 137929 164673 181140 190560 202470 216136 232346 249772 264597 275181 286188 297636 309541 321923 334800 348192 362119 376604 391668 407335



PORTFOLIO MANAGER - GLOBAL EQUITY Lee 67315 70930 81647 93320 111311 129490 145029 161272 184253 200375 218409 234790 252399 271329 286188 297636 309541 321923 334799 348191 362119 376604 391668 407335



PORTFOLIO MGR-HIGH YIELD Danielle 67315 70930 81647 93320 111311 129490 145029 161272 184253 200375 218409 234790 252399 271329 286188 297636 309541 321923 334799 348191 362119 376604 391668 407335



highlight-sr pf mgr

PORTFOLIO MANAGER - HIGH YIELD Anne 58328 64207 73932 84504 100796 112589 118444 125787 144970 166353 189642 216192 235650 253323 272322 292747 309541 321923 334800 348192 362119 376604 391668 407335



ASSISTANT PORTFOLIO MANAGER - HIGH YIELD Zach ERRORREF ERRORREF 53000 54590 60595 68290 78670 87481 95573 113492 125977 137314 149673 172124 196221 223692 255009 277960 302976 330244 355012 376604 391668 407335

INCREASE IN BASE 0914 not hired until FY 15-so everything moved back one year 1100 1270 1520 1120 925 1875 1100 900 900 1500 1400 1400 1400 900 900 900 750 608 400 400

INVESTMENT INCENTIVE MAXIMUM actual FY15 FY 15 actual amt sb 54590 - adjusted in FY 16 request 109180 121190 136579 157339 174961 191145 226985 251953 274629 299345 344247 392442 447384 510017 555919 605952 660487 710024 753208 783336

ASSISTANT PORTFOLIO MANAGER - HIGH YIELD Lesyk ERRORREF ERRORREF 53000 50620 55682 62197 67297 78334 89496 97327 115819 128559 140130 152741 175653 200244 228278 260237 283658 309188 337014 362291 391668 407335 423628 440573 458196 476524 495585 515408

INCREASE IN BASE 0615 fy16 not hired until FY 15-so everything moved back one year 1000 1170 820 1640 1425 875 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 811 400 400 400 400 400 400 400


ASSISTANT PORTFOLIO MANAGER - SMID Daniel 50620 55682 62197 67297 78334 89496 97327 115819 128559 140130 152741 175653 200244 228278 260237 283658 309188 337014 362291 391668 407335 423628 440573 458196 476524 495585 515408

INCREASE IN BASE 0615 fy16 1000 1170 820 1640 1425 875 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 811 400 400 400 400 400 400 400


ASSISTANT PORTFOLIO MANAGER - GLOBAL EQUITY Matthew
Riss Laurie 98 of DanLesykClose the gap in LTP in FY2021 for budget flexibility ERRORREF ERRORREF 53000 54591 60953 65951 76767 87706 97260 115739 128471 140033 152636 175531 200106 228121 260058 283463 308974 336782 362041 391668 407335 423628 440573 458196 476524 495585 515408

INCREASE IN BASE 0815 FY16 1165 820 1640 1425 1089 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 818 400 400 400 400 400 400 400


see notes for Makenzie in FY21 budget request spreadsheet - comp tab

ASSISTANT PORTFOLIO MANAGER - GLOBAL EQUITY Makenzie
Riss Laurie 962 of M Careys base comp thru FY2020 then follows transition schedule one year behind Matthew ERRORREF ERRORREF 53000 49628 58637 63445 73850 84373 95975 104612 124489 138183 150619 164175 188801 215233 245366 279717 304892 332332 362242 389410 407335 423628 440574 458196 476524 495585 515409

INCREASE IN BASE 1215 fy16 1815 820 1640 1425 1375 900 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 460 400 400 400 400 400 400


RESEARCH ANALYST Katie ERRORREF ERRORREF 50620 52139 53703 55314 55978 62387 70965 84591 96434 109934 130822 145212 158281 172527 198406 226182 257848 293947 320402 349238 380669 409219 440574 458197 476525 495586 515409


INVESTMENT INCENTIVE MAXIMUM [note - 50285start] 124774 141931 169182 192867 219868 261644 290424 316562 345053 396811 452365 515696 587893 640803 698476 761339 818439 881148 916394 953050 991172

RESEARCH ANALYST Payton ERRORREF ERRORREF 50620 52139 53703 55314 55978 62387 70965 84591 96434 109934 130822 145212 158281 172527 198406 226182 257848 293947 320402 349238 380669 409219 440574 458197 476525 495586 515409


INVESTMENT INCENTIVE MAXIMUM [note - 50285start] 111956 124774 141931 169182 192867 219868 261644 290424 316562 345053 396811 452365 515696 587893 640803 698476 761339 818439 881148 916394 953050 991172

RESEARCH ANALYST (previously - vacant pf mgr) Taylor 91079 108693 126671 150982 174782 197181 201800 55978 62387 70965 84591 96434 109934 130822 145212 158281 172527 198406 226182 257848 293947 320402 349238 380669 409219 440574 459300 477672 496779 516650

INCREASE IN BASE new FY19 ERRORREF 1934 1654 1919 1576 1282 234 -7226 1145 1375 1920 1400 1400 1900 1100 900 900 1500 1400 1400 1400 900 900 900 750 766 425 400 400 400

INVESTMENT INCENTIVE MAXIMUM decr in FY20 ERRORREF 91079 108693 253342 301964 [note - 50285start] 55978
Riss Laurie actual - same as J158 124774 141931 169182 192867 219868 261644 290424 316562 345053 396811 452365 515696 587893 640803 698476 761339 818439 881148 918600 955344 993558

to actual


INCREASE IN BASE FY 2022 -163 300 120 425 375 400 400 1120 1220 1920 1400 900 1900 1100 900 900 1500 1400 1400 1400 900 750 750 750 925



INCREASE IN BASE FY 2022 270 120 425 375 400 400 1120 1220 1920 1400 900 1900 1100 900 900 1500 1400 1400 1400 900 750 750 750 925








INVESTMENT ACCOUNTANT Cindy 70750 74900 77896 83000 85490 87798 87798 88852 91073 92894 94984 97122 99307 101541 103826 106162 108551 110993 113490 116044 118655


INVESTMENT ACCOUNTANT Sami 60138 63665 66212 72210 74376 76384 83258 86756 88925 91593 94340 96463 98633 100852 103121 105442 107814 110240 112720 115257 117850


INVESTMENT ACCOUNTANT Krystal 53078 56175 58422 66400 68392 70239 70941 76047 81752 83591 85472 87395 89361 91372 93428 95530 97679 99877 102124 104422 106772


INVESTMENT ACCOUNTANT Brandy 47000 49378 55945 62250 64118 61549 62165 64153 68964 74309 75981 77691 79439 81226 83054 84922 86833 88787 90784 92827 94916

INCREASE IN BASE ERRORREF 506 1330 1127 300 -401 100 320 750 775 225 225 225 225 225 225 225 225 225 225 225

BUSINESS MANAGER Laurie 59963 61762 63615 66159 67483 69305 69305 73195 75025 76525 78247 80008 81808 83649 85531 87455 89423 91435 93492 95596 97747


ASST BUSINESS MGR ACCOUNTANT Christa 30023 30924 31851 33125 33788 34701 44100 46040 49033 52098 55484 56732 58009 59314 60649 62013 63409 64835 66294 67786 69311


STAFF ATTORNEY (FTE eff FY 2020) NEW 140000 142800 146013 149298 152658 156092 159604 163195 166867 170622 174461 178386 182400

INCREASE IN BASE

STAFF ATTORNEY (14 FTE) Jeff H 30710 38513 38513 38975 39950

INCREASE IN BASE (incl 14 hlth amp ret)

STUDENT INTERN 19884 20481 21424 22065 23181 24014 24014 24302 24910 25399 25970 26555 27152 27763 28388 29027 29680 30348 31030 31729 32442


INVESTMENT COUNCIL 7875 7875 5773 5946 6064 6227 6227 6302 6459 6586 6734 6886 7041 7199 7361 7527 7696 7869 8046 8227 8412

LONGEVITY PAY 6825 7508 8385 9451 9831 10460 11415 12292 13325 13010 12110 13321 14653 16118 17730 19503 21454 23599 25959 28555 31410

Unused comp money 88555 64789 72463 9895 154430 8659 11544

BASE SALARY - INVESTMENT POSITIONS ERRORREF ERRORREF 3648330 4009322 4460776 4730663 4965755 4977475 5286110 5595502 5966294 6449986 6284089 6667169 7078180 7502464 7943800 7979807 8468105 8977490 9536042

BASE SALARY - ACCOUNTING ATTY ADMIN LONGEVITY amp Unused 336804 362326 392596 403477 420331 428982 601763 616756 638365 642631 658029 673867 690165 706943 724223 742029 760388 779325 798872 819060

TOTAL STAFF BASE SALARY 34584 ERRORREF 4010657 4401918 4864254 5150994 5394737 5579238 5902866 6233867 6608925 7108015 6957956 7357334 7785123 8226687 8685830 8740195 9247430 9776362 10355102

INTERNS amp 14 STAFF ATTORNEY 22065 53891 62527 62527 63276 64858 25399 25970 26555 27152 27763 28388 29027 29680 30348 31030 31729 32442

INVESTMENT COUNCIL ERRORREF 35863 35582 5946 6064 6227 6227 6302 6459 6586 6734 6886 7041 7199 7361 7527 7696 7869 8046 8227 8412

FLEXIBILITY FUND-RETIREMENTS amp RESIGNATIONS 140431 140431 148061 151022 155100 155100 156961 160885 164103 167795 171571 175431 179378 183414 187541 191761 196075 200487 204998 209610

TOTAL INVESTMENT INCENTIVE MAXIMUM 1085312 3261124 3261124 7323946 8018645 8921553 9461326 9931510 9954950 10572220 11191004 11932587 12899973 12568178 13334337 14156360 15004928 15887601 15959614 16936209 17954980

PERSONAL BENEFITS ERRORREF ERRORREF 1240979 1890618 2073044 2227649 2382097 2449064 2557757 2512411 2650344 2752526 2774877 2670869 2845110 3029174 3219545 3358986 3449281 3667634 3898920

TOTAL PERSONAL SERVICES ERRORREF 8688773 13792554 15166919 16524049 17462013 18186349 18647775 19514586 20650774 21998140 22842430 22810721 24183734 25636316 27139439 28221074 28895889 30625159 32459467

INCREASE IN PERSONAL SERVICES ERRORREF ERRORREF 5874 996 895 568 415 254 465 582 652 384 -014 602 601 586 399 239 598 599

assume upper level retirements in 22 amp 29 - plateaued positions promoted to higher level - entry level hired

TOTAL PERSONAL SERVICES 3210 37500 38513 38513 38513 7319042 7683400 8115411 8718855 8562261 9008135 9509257 10026377 10563831 10640984 11233847 11851753 12526700

TOTAL PERSONAL SERVICES 3211 less $10980 for no ins provided 11328733 11831187 12535363 13279285 14280169 13802586 14674476 15609938 16575608 17580089 17662041 18773406 19932767

health insurance

26500 cash

STATE SALARY POLICY
Riss Laurie After applying actual salary policy may need to adjust each sr pf mgr level for subsequent years to match current sr pf mgrs 20 27 000 120 250 200 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225

LTP SALARY INCREASES - INVESTMENT POSITIONS 18 18 00 000 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175 175

TRANSITION INCREASES - Inv Positions - New Hires in FY

2006 (RS) 1000 400 200 300 350 350 194

2008 (LM amp DM) 1200 1000 1000 500 500 350 350 350 149

2010 (AC) 72 52 50 110 110 100 100 50 35 35 35 176 00 00 00 00 00 00 00 00 00

2015 (ZN) 72 82 152 100 50 150 70 50 50 110 100 100 100 50 50 50 35 525 00

2016 (DE LV MC) 72 82 152 100 50 150 70 50 50 110 100 100 100 50 50 50 35 211 00

2017 adjusted (MS) 100 100 50 150 70 50 50 110 100 100 100 50 50 50 35 063

2019 (TG KE PL) 72 100 152 100 100 150 70 50 50 110 100 100 100 50 50 50 35 368 00

2022 72 82 152 100 50 150 70 50 50 110 100 100 100 50 35 35 35 525 00

2029 72 82 152 100 50 150 70 50 50 110 100 100 100 50 35 35 35 525 00

PROGRESSION SCHEDULE - Guide

RESEARCH ANALYST- 3 YEARS

ASSISTANT PORTFOLIO MANAGER - YEARS 4 amp 5

ASSOCIATE PORTFOLIO MGR - YEARS 5 THROUGH 10

PORTFOLIO MANAGER - YEARS 11 THROUGH 15

SENIOR PORTFOLIO MANAGER - YEARS 16+

INCENTIVE SCHEDULE - IMPLMENTATION

PERCENT OF 1YR AGO BASE INV INCENTIVE MAX

INVESTMENT OFFICER mc 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

ASSISTANT INVESTMENT OFFICERS bf to cn 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

SENIOR PORTFOLIO MANAGERS sh ss 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

PORTFOLIO MANAGER-FIXED INCOMEHESP sn 50 50 50 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

PORTFOLIO MANAGERS jz mhw cc 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

ASSISTANT PORTFOLIO MANAGER (new FY2002) dh 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (New FY2003) ar 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY2004) je je rs df rr 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY2006) as rs 100 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired May 2007) lm ds 70 90 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired May 2009) ad 30 50 70 180 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY 2015) zn 60 100 140 180 200 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired May 2015) lv de 60 100 140 180 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY 2016) mc ms 60 100 140 180 200 200 200 200 200 200 200 200 200 200 200

RESEARCH ANALYSTS - (Newly hired FY 2019) tg pl ke 60 100 140 180 200 200 200 200 200 200 200 200 200

INCENTIVE SCHEDULE - BUDGETED

PERCENT OF 1YR AGO BASE INV INCENTIVE MAX 100 100 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200

All incentive programs budgeted at 200 level

NUMBER OF EMPLOYEES (re health benefits) 28 28 30 30 3200 3200 3400 3400 3500 3500 3500 3700 3700 3500 3500 3500 3500 3500 3500 3500 3500

BENEFITS - Base Compensation Per Gov Recomm

Social Security 765 320280 348528 388255 411176 429822 448342 478578 499603 520921 559447 548320 579233 612328 646485 681995 686548 725755 766631 811326

Retirement 6 240639 264115 291855 309060 323684 330784 345534 366806 396536 426481 417477 441440 467107 493601 521150 524412 554846 586582 621306



HealthLife Insurance 258660 254100 271040 275904 314500 287980 350884 377577 378315 408931 418132 404430 413530 422834 432348 442076 452023 462193 472592

Total Benefits - Base 825860 873577 958763 1004202 1076434 1078516 1183974 1253445 1305986 1405828 1394681 1436461 1504971 1575596 1648865 1666498 1746854 1830437 1921133

Health Insurance per FTE 847000 8622 8470 8470 8622 8470 8470 10071 10071 10809 11052 11301 11555 11815 12081 12353 12631 12915 13206 13503

225

BENEFITS - Performance Incentive

Social Security 765 249476 560282 613426 682499 723791 759760 761554 808775 856112 912843 986848 961466 1020077 1082962 1147877 1215401 1220910 1295620 1373556

Retirement 6 195667 439437 481119 535293 567680 595891 597297 434333 471460 415955 373998 254091 300060 349382 400296 453256 457577 516173 577299



Total Benefits - Incentives 450035 1010705 1106573 1231174 1305663 1370548 1373783 1258966 1344359 1346697 1380196 1234409 1340139 1453578 1570680 1692489 1702427 1837197 1977787

TOTAL BENEFITS 1275895 1884282 2065336 2235376 2382097 2449064 2557757 2512411 2650344 2752526 2774877 2670869 2845110 3029174 3219545 3358986 3449281 3667634 3898920

Adjustment for SDRS compensation limit
Riss Laurie See separate SDRS contr tab 200000 200000 300000 400000 500000 500000 500000 500000 500000 500000 500000 500000

OPERATING EXPENSE BUDGET

Contractual - Investment Services

CONSULTING SERVICES

ConsultingComp AnalysisAsset Allocationetc 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30000 30675 31365 32071 32792 33530 34285 35056 35845 36651 37476

Consultant - Legal 0 0 0 0 0 0 0 50000 100000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000 150000

SUBTOTAL 30000 30000 30000 30000 30000 30000 30000 80000 130000 180000 180000 180675 181365 182071 182792 183530 184285 185056 185845 186651 187476

INVESTMENT ACCOUNTING PERFORMANCE BENCHMARKING

BNYMellon Performance amp Risk Analysis 20000 20000 20000 20000 10000 10000 8000 8000 8000 8000 8000 8180 8364 8552 8745 8941 9143 9348 9559 9774 9994

SampP 1200 12000 12000 12000 12000 12000 12000 13000 15000 16537 17364 17364 17755 18154 18563 18980 19407 19844 20291 20747 21214 21691

SampP 1200 custom 0 2000 2000 2000 2000 2000 2000 2000 0 10000 10000 10225 10455 10690 10931 11177 11428 11685 11948 12217 12492

SampP US 10000 10000 10000 10000 10000 10000 11000 11000 13340 14000 14000 14315 14637 14966 15303 15647 16000 16360 16728 17104 17489

FTSE Index 0 85000 85000 0 10000 14100 14100 14800 14800 15133 15473 15822 16178 16542 16914 17294 17684 18081 18488

Cusip Global Services 10000 20000 20000 23152 23673 24206 24750 25307 25876 26459 27054 27663 28285 28922

MSCI Index 1000 1023 1046 1069 1093 1118 1143 1169 1195 1222 1249

Portia 50000 50000 50000 62000 62000 62000 62000 63000 66000 69150 72608
Riss Laurie Increases up to 5 each year thru FY24 per contract Will renegotiate then 76238 115050
Riss Laurie Includes 35000 on top of 5 increase for PORTIA upgrade Will be renegotiated 117638 120285 122992 125759 128589 131482 134440 137465

SUBTOTAL 92000 94000 94000 191000 181000 96000 106000 123100 137977 153314 160924 166541 207385 212051 216822 221700 226689 231789 237005 242337 247790

INVESTMENT DATABASES NEWSFEEDS amp QUOTE FEES

Bloomberg 146475 132111 110502 112800 122311 124362 124362 124362 124362 130315 130315 133247 136245 139311 142445 145650 148927 152278 155704 159208 162790

Trade Order Management System 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000 175000

Factset 181632 188022 188022 205700 215985 235180 257264 257264 257264 270000 270000 276075 282287 288638 295132 301773 308563 315506 322604 329863 337285

Reuters Fundamental Index 25462 26630 28580 28580 45360 47628 47628 47628 47628 49140 49140 50246 51376 52532 53714 54923 56158 57422 58714 60035 61386

Quote Fees (incl BloombergFactstet NYSE Sedol OPRA) 54086 45125 45125 45125 45125 57182 67182 62182 52182 52182 52182 53356 54557 55784 57039 58323 59635 60977 62349 63752 65186

Dow Jones News Services 34804 42984 42984 42984 42984 42984 51000 52200 54000 57630 57630 58927 60253 61608 62994 64412 65861 67343 68858 70407 71992

SUBTOTAL 442459 434872 415213 435189 471765 507336 547436 543636 710436 734267 734267 746851 759717 772873 786325 800080 814145 828525 843230 858265 873638

INVESTMENT RESEARCH SERVICES

KDP High Yield 20000 20000 20000 20000 20000 20000 20000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Stone McCarthy 4305 4305 4305 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

GNA - Gimme Credit 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25000 25563 26138 26726 27327 27942 28571 29213 29871 30543 31230

Credit Sights 39900 47250 66950 77500 79825 82220 82220 86000 86000 135000 135000 138038 141143 144319 147566 150886 154281 157753 161302 164932 168642

Reorg Research 85000 85000 85000 85000 86913 88868 90868 92912 95003 97140 99326 101561 103846 106182

Indie Research - Insider Score 14000 17640 26525 26525 26525 26525 26525 26525 26525 26525 27850 28477 29117 29772 30442 31127 31828 32544 33276 34025 34790

Boyars Intrinsic Value 30000 30000 0 0 0 15000 15000 15000 15000 18500 18500 18916 19342 19777 20222 20677 21142 21618 22104 22602 23110

Rystad Energy 45000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Morningstar Equity 44000 75000 75000 75000 75000 80000 80000 80000 80000 80000 80000 81800 83641 85522 87447 89414 91426 93483 95586 97737 99936

SampP Capital IQ 13260 14233 15692 15692 15692 39690 39690 65000 71500 75075 0 0 0 0 0 0 0 0 0 0 0

Steel Market Update 2305 2357 2410 2464 2520 2576 2634 2693 2754 2816 2879

Value Line 0 4100 4100 4515 4740 4750 4750 5000 5000 5000 5000 5113 5228 5345 5465 5588 5714 5843 5974 6109 6246

Management CV 18000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Flexibility - from Brokerage to Independent Research 66789 150000 83139 83139 83139 130000 100000 100000 100000 250000 250000 255625 261377 267258 273271 279419 285706 285706 285706 285706 285706

SUBTOTAL 275254 387528 330711 327371 329921 423185 438185 487525 494025 700100 628655 642800 657263 672051 687172 702634 718443 728180 738135 748315 758723

TOTAL CONTRACTUAL-INVESTMENT 839713 946400 869924 983560 1012686 1056521 1121621 1234261 1472438 1767681 1703846 1736866 1805730 1839046 1873112 1907945 1943561 1973550 2004214 2035568 2067628

Contractual - Administrative Expenses

Office Rent 101542 101542 129125 115148 120554 125069 125069 134609 139019 139019 139019 152921 152921 152921 152921 152921 152921 152921 152921 152921 152921

BondLiability Insurance 7020 7020 7410 7410 7800 7800 7800 8190 8385 8385 8385 8574 8767 8964 9166 9372 9583 9798 10019 10244 10475

Telephone 10000 10000 10000 10000 12000 14000 18000 18000 18000 18000 18000 19457 19894 19243 19675 20118 20571 21034 21507 21991 22486

Office Equip Rental Maintenance 6000 6000 6000 6000 6000 6056 6000 6000 10017 10016 10016 10241 10472 10707 10948 11195 11447 11704 11967 12237 12512

Bureau of Information amp Telecomm (BIT) 40000 42639 43335 48028 56232 61454 67633 73530 76971 77165 82385 84239 86134 88072 90054 92080 94152 96270 98436 100651 102916

State Central Services 9000 8741 8351 9513 11086 11698 13540 13009 13346 13372 13372 13673 13981 14295 14617 14946 15282 15626 15977 16337 16704

Legislative Audit 37135 37135 55700 50000 51500 51500 51500 51500 51500 51500 60510 61871 63264 64687 66142 67631 69152 70708 72299 73926 75589

Attorney Generals Office 16000 17970 18509 18509 18509 18509 18509 18509 18509 0 0 0 0 0 0 0 0 0 0 0

Custodial Fees - Global 538750 250500 250500 263025 263025 263025 263025 271000 276520 282041 287672 294145 300763 307530 314449 321525 328759 336156 343719 351453 359361

Seminars Educational Programs 33500 33500 33500 33500 33500 33500 33500 33500 33500 35000 35000 37833 38684 37416 38258 39119 39999 40899 41819 42760 43722

Business Publications 4200 4200 3000 3000 3000 3000 3000 3000 3000 3000 3000 3068 3137 3207 3279 3353 3428 3506 3584 3665 3748

TOTAL CONTRACTUAL-ADMINISTRATIVE 787147 517277 564891 564133 583206 595611 607576 630847 648767 656007 657359 686020 698015 707042 719510 732258 745293 758621 772250 786185 800433

CONTRACTUAL TOTAL 1626860 1463677 1434815 1547693 1595892 1652132 1729197 1865108 2121205 2423688 2361205 2422886 2503745 2546088 2592622 2640203 2688854 2732172 2776464 2821753 2868061

OFFICE SUPPLIES AND POSTAGE 12733 12733 12733 12733 12733 12733 12733 9000 7000 7000 7000 7158 7319 7483 7652 7824 8000 8180 8364 8552 8744

CAPITAL ASSETS

Computer Hardware 17446 17446 15737 15737 14861 15495 10750 10750 10750 10750 10750 18325 18845 19380 19931 20497 21079 21678 22295 22929 23581

Office Equipment amp Books 5040 5040 7763 2263 2331 3905 4770 4770 4770 4770 4770 4877 4987 5099 5214 5331 5451 5574 5699 5828 5959

Furniture and Fixtures Acquisition 5756 5756 25000 25000 30000 25000 25000 25000 25000 25000 25000 25563 26138 26726 27327 27942 28571 29213 29871 30543 31230

TOTAL 28242 28242 48500 43000 47192 44400 40520 40520 40520 40520 40520 48765 49970 51205 52472 53770 55101 56466 57865 59299 60770

TRAVEL

Council Meeting Travel 8070 8070 8070 8070 8070 8070 8070 8070 8070 8070 8070 8723 8919 8627 8821 9020 9223 9430 9642 9859 10081

International Travel 15155 15155 15720 15720 15720 15720 15720 15720 15720 15720 15720 16074 16435 16805 17183 17570 17965 18369 18783 19205 19637

State Travel 2475 2475 2475 2475 2475 2475 2475 2552 3906 3906 3906 4222 4317 4176 4270 4366 4464 4564 4667 4772 4879

Seminar and Educational Travel 40000 40000 58735 58735 58735 58735 58735 58735 58735 58735 58735 63488 64917 62789 64202 65647 67124 68634 70178 71757 73372

TOTAL 65700 65700 85000 85000 85000 85000 85000 85077 86431 86431 86431 92507 94589 92397 94476 96602 98776 100998 103270 105594 107970

TOTAL OPERATING EXPENSES 1733535 1570352 1581048 1688426 1740817 1794265 1867450 1999705 2255156 2557639 2495156 2571316 2655622 2697174 2747221 2798398 2850730 2897815 2945963 2995198 3045545

INCREASE IN OPERATING EXPENSES ERRORREF -941 004 679 310 307 408 708 1277 1341 -244 305 328 156 186 186 187 165 166 167 168

TOTAL INTERNAL EXPENSES ERRORREF 8785318 10269821 15480979 16907736 18318315 19329463 20186058 20902931 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

INCREASE IN TOTAL INTERNAL EXPENSES ERRORREF ERRORREF 1690 5074 922 834 552 443 355 559 486 615 378 004 558 558 547 376 232 559 561

COMPUTER ACQUISITION AND RETIREMENT SCHEDULE

ADDED 9 9 2 5 4 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7

SCRAPPED OR RETIRED TO LOW END DUTY 9 9 0 5 3 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7

ENDING NUMBER 29 30 30 30 32 35 35 37 37 37 37 37 37 37 37 37 37 37 37 37 37

COMPUTER HARDWARESOFTWARE PURCHASES

COMPUTERS ERRORREF ERRORREF 3984 10260 8454 12034 12395 12767 13150 13544 13951 14369 14800 15244 15702 16173 16658 17158 17672 18203 18749

PRINTERS PROJECTORS MISC ERRORREF ERRORREF 2253 2320 2390 2461 2517 2573 2631 2691 2751 2813 2876 2941 3007 3075 3144 3215 3287 3361 3437

NETWORK SERVER SOFTWARE WIRINGCARDS ERRORREF ERRORREF 3787 3901 4018 1000 1023 1046 1069 1093 1118 1143 1169 1195 1222 1249 1277 1306 1335 1365 1396

TOTAL ERRORREF ERRORREF 10024 16480 14861 15495 15934 16386 16850 17328 17819 18325 18845 19380 19931 20497 21079 21678 22295 22929 23581

EXTERNAL FEES (Retirement Systems)

TOTAL EXTERNAL MANAGER FEES (Ret Systems) 35855597 36941664 34450680 35082432 34197491 35161088 37893796 37647251 40287375 42002755 43792199 45658939 47606348 49637949 51757420 53968600 56275499 58682300 61193373 63813280 66546785

FEES AS OF EXTERNAL ASSETS 114 113 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110 110

EXTERNAL MANAGER FEES BASED ON ADJUSTED EXT ASSETS 36434396 35082432 34197491 32524006 33994165 34823707 34936708 36424264 37976048 39594861 41283630 43045409 44883388 46800896 48801409 50888557 53066128 55338079 57708540

ASSET SUMMARY

YEAR END ASSETS

INTERNAL ASSETS 6743999523 8042846217 9917620000 10099488000 9844732397 11010037500 11403775488 11788533220 11597880692 12091702269 12606845194 13144239873 13704857639 14289712561 14899863335 15536415263 16200522310 16893389265 17616273986 18370489758 19157407741

EXTERNAL ASSETS 3159083477 3269173779 3131880000 3189312000 3108862862 3196462500 3444890512 3422477386 3662488639 3818432296 3981109009 4150812591 4327849781 4512540809 4705220001 4906236399 5115954414 5334754505 5563033890 5801207292 6049707708

TOTAL ASSETS 9903083000 11312019996 13049500000 13288800000 12953595259 14206500000 14848666000 15211010606 15260369331 15910134565 16587954203 17295052464 18032707419 18802253369 19605083336 20442651662 21316476724 22228143770 23179307877 24171697050 25207115448

TOTAL RETIREMENT SYSTEMS ASSETS - FY END 7882686000 9130716365 10602400000 10766400000 10501680864 11631800000 12222470000 12459987514 12287009532 12839924961 13417721584 14021519055 14652487413 15311849347 16000882567 16720922283 17473363785 18259665156 19081350088 19940010842 20837311330

ADJUSTED LONG-TERM VALUE ASSETS

INTERNAL ASSETS 8503050362 8658978172 9844732397 10184284688
Riss Laurie haircut 75 10644637439 10904393228 10939777264 11405577716 11891489669 12398390735 12927197131 13478865384 14054394116 14654825910 15281249252 15934800565 16616666334 17328085323 18070350887

EXTERNAL ASSETS 3131880000 3189312000 3108862862 2956727813 3090378611 3165791582 3176064367 3311296756 3452367968 3599532794 3753057232 3913218982 4080307969 4254626877 4436491718 4626232422 4824193452 5030734449 5246230903

TOTAL ADJUSTED ASSETS 11744544699 11848290172 12953595259 13141012500 13735016050 14070184811 14115841631 14716874473 15343857637 15997923529 16680254363 17392084366 18134702086 18909452787 19717740970 20561032987 21440859786 22358819771 23316581790

AVERAGE ASSETS

INTERNAL ASSETS - AVG 7393422870 8980233109 10008554000 9972110198 10427384948 11206906494 11596154354 11693206956 11844791480 12349273732 12875542533 13424548756 13997285100 14594787948 15218139299 15868468787 16546955788 17254831626 17993381872 18763948749

EXTERNAL ASSETS - AVG 3214128628 3200526889 3160596000 3149087431 3152662681 3320676506 3433683949 3542483013 3740460468 3899770652 4065960800 4239331186 4420195295 4608880405 4805728200 5011095406 5225354459 5448894198 5682120591 5925457500

TOTAL ASSETS - AVG 10607551498 12180759998 13169150000 13121197630 13580047630 14527583000 15029838303 15235689969 15585251948 16249044384 16941503333 17663879942 18417480394 19203668353 20023867499 20879564193 21772310247 22703725823 23675502463 24689406249

EXT ASSETS AS OF TOTAL ASSETS 319 289 276 240 240 225 232 225 240 240 240 240 240 240 240 240 240 240 240 240 240

ASSET GROWTH SUMMARY

TOTAL ASSETS ERRORREF 1423 1536 183 -252 967 452 244 032 426 426 426 427 427 427 427 427 428 428 428 428

TOTAL RETIREMENT SYSTEMS ERRORREF 1583 1612 155 -246 1076 508 194 -139 450 450 450 450 450 450 450 450 450 450 450 450

EXPENSE SUMMARY

INTERNAL EXPENSES - BUDGET ERRORREF 8785318 10275078 15798918 16878217 18328312 19329463 20186058 20902931 22072225 23145929 24569456 25498052 25507895 26930955 28434714 29990169 31118889 31841852 33620358 35505012

INTERNAL EXPENSES (with assumed 40 avg Incnt amp retire flex funds)
Riss Laurie 40 of incentive maximum of 200 --(leaves 60 of max inc unspent
Riss Laurie Includes 35000 on top of 5 increase for PORTIA upgrade Will be renegotiated
Riss Laurie See Matts pink note in Ext Mgr file for justification on 11
Riss Laurie See separate SDRS contr tab
Riss Laurie Jarrod Randy amp Renae all read Jeffs line Formula for increases on Jeffs base comp
Riss Laurie After applying actual salary policy may need to adjust each sr pf mgr level for subsequent years to match current sr pf mgrs
Riss Laurie Total fees amp ext mgmt weight - get from Tammy May then need to adjust fee percentage for ext mgrs and weight percentage going forwardPer Matt - drop percentage of ext managed assets by 1 each year until 28 ERRORREF 7741377 8419498 10798128 11403086 12236676 12869270 13404823 14105692 14973513 15524034 16498943 16824692 17118716 18016221 18956227 19929748 20453190 21124335 22233315 23419586

EXTERNAL MANAGER FEES - Normalized 35855597 36941664 34450680 35082432 34197491 35161088 37893796 37647251 40287375 42002755 43792199 45658939 47606348 49637949 51757420 53968600 56275499 58682300 61193373 63813280 66546785

TOTAL EXPENSES ERRORREF 45726982 42870178 45880560 45600578 47397763 50763066 51052074 54393067 56976269 59316233 62157881 64431039 66756665 69773641 72924827 76205247 79135490 82317708 86046595 89966371

TOTAL EXPENSES based on adjusted external assets 44853895 45880560 45600578 44760682 46863435 48228530 49042400 51397778 53500082 56093803 58108321 60164125 62899608 65757122 68731157 71341747 74190463 77571394 81128126

(with assumed 40 avg inv perf incentive

INTERNAL EXPENSES - ACTUAL 9027898
Riss Laurie actual budget spent
Riss Laurie actual - same as J158
Riss Laurie 98 of DanLesykClose the gap in LTP in FY2021 for budget flexibility
Riss Laurie haircut 75
Riss Laurie starting with Ross use transition tables below
Riss Laurie 962 of M Careys base comp thru FY2020 then follows transition schedule one year behind Matthew 11633676 12379483 11865359 12226429 12889397

EXTERNAL MANAGER FEES - ACTUAL 27518763 10076865 25550909 24617430 37444207 43399027

TOTAL EXPENSES - ACTUAL 36546661 21710541 37930392 36482789 49670636 56288424

UNIT COST SUMMARY (using Adjusted Assets)

INTERNAL EXPENSES AS OF TOTAL ASSETS (avg inct amp ret funds) 0072 0091 0088 0093 0094 0095 0100 0102 0101 0103 0101 0098 0099 0100 0101 0099 0099 0099 0100

TOTAL EXPENSES AS OF TOTAL ASSETS (avg incentives) 0382 0387 0352 0341 0341 0343 0347 0349 0349 0351 0348 0346 0347 0348 0349 0347 0346 0347 0348

UNIT COST SUMMARY (using average assets)

INTERNAL AUTH BUDGET AS OF TOTAL ASSETS ERRORREF 0083 0084 0120 0129 0135 0133 0134 0137 0142 0142 0145 0144 0138 0140 0142 0144 0143 0140 0142 0144

INTERNAL EXPENSES AS OF TOTAL ASSETS (actual intext exp) ERRORREF 0073 0074 0088 0094 0087 0084 0086 0093 0096 0096 0097 0095 0093 0094 0095 0095 0094 0093 0094 0095

TOTAL EXPENSES AS OF TOTAL ASSETS (actual exp) ERRORREF 0431 0300 0165 0289 0269 0342 0375 0357 0366 0365 0367 0365 0362 0363 0364 0365 0363 0363 0363 0364

ASSET GROWTH RATES

SDRS CONVENTIONAL (assume 65 plus 5 premium 625 625 525 525 525 450 450 450 450 450 450 450 450 450 450 450 450 450 450 450 450

with -25 net contrib

CEMENT PLANT RETIREMENT FUND 000 450 450

(assume 45 return 4 yrs then 675 return with -85 net contrib)

DAKOTA CEMENT TRUST (7 less distribution of 4) 250 230 230 258 258 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

HEALTH CARE TRUST (7 - 4 dist) 350 230 230 258 258 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

EDUCATION ENHANCEMENT TRUST (7 - 4 dist) 310 210 210 250 250 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

SCHOOL AND PUBLIC LANDS FUND (7 less distribution of 4) 350 230 230 258 258 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300

SOUTH DAKOTA CASH FLOW FUND 000 000 000 000 000 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350 350

TOTAL ASSETS final assets final assets Final

TOTAL SD RETIREMENT SYSTEM 7835186000 9076535483 10602400000 10766400000 10501680864 11631800000 12222470000 12459987514 12287009532 12839924961 13417721584 14021519055 14652487413 15311849347 16000882567 16720922283 17473363785 18259665156 19081350088 19940010842 20837311330

TOTAL CEMENT PLANT RETIREMENT FUND 47500000 54180882 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL DAKOTA CEMENT TRUST 236725000 268843121 302400000 305400000 294571755 316500000 325465000 332141897 333808943 343823211 354137908 364762045 375704906 386976053 398585335 410542895 422859182 435544957 448611306 462069645 475931735

TOTAL HEALTH CARE TRUST 106790000 121106711 136000000 137500000 133161442 143000000 147135000 150272736 151165694 155700665 160371685 165182835 170138320 175242470 180499744 185914736 191492178 197236944 203154052 209248674 215526134

TOTAL EDUCATION ENHANCEMENT TRUST 386855000 441011625 503300000 514200000 507946208 554500000 602643000 621227029 630712226 649633593 669122601 689196279 709872167 731168332 753103382 775696483 798967378 822936399 847624491 873053226 899244823

TOTAL SCHOOL amp PUBLIC LANDS 188365000 222342174 256700000 264000000 259767962 286400000 302240000 316481430 327870736 337706858 347838064 358273206 369021402 380092044 391494805 403239649 415336839 427796944 440630852 453849778 467465271

TOTAL CASH FLOW FUND 1101662000 1128000000 1248700000 1301300000 1256467028 1274300000 1248713000 1330900000 1529802200 1583345277 1638762362 1696119044 1755483211 1816925123 1880517503 1946335615 2014457362 2084963369 2157937087 2233464885 2311636156

TOTAL SDIC ASSETS 9903083000 11312019996 13049500000 13288800000 12953595259 14206500000 14848666000 15211010606 15260369331 15910134565 16587954203 17295052464 18032707419 18802253369 19605083336 20442651662 21316476724 22228143770 23179307877 24171697050 25207115448

480 480 480 480 480 480

INFLATION ASSUMPTION 480 480 300 300 300 300 225 225 225 225 225 225 225 225 225 225 225 225 225 225 225



SOUTH DAKOTA INVESTMENT COUNCIL

FY 2021 Final Budget Request Summary



				Expended		Received

				FY 2021		FY 2021		Unexpended


PERSONAL SERVICES

	TOTAL FTEs				3425		3500

	BASE COMPENSATION

		Base Compensation - Investment Staff			5216937		5595504		37856769

		Base Comp - Admin Acct Legal Longevity			446997		626820		17982314

		TOTAL STAFF - FULL TIME			5663934		6222325		55839084

		Part-Time - Legal amp Interns			55886		36942		(1894400)

		Investment Council			2175		6585		441000

		Retirement amp resignation flexibility funds			0		164103		16410300

		Benefits			1072660		1253445		18078461

		Total Base Compensation			6794656		7683400		88874445


	Investment Performance Incentives

		Maximum Potential Investment Perf Incentive			1187866		10572221		938435500

		Benefits			127057		1258966		113190939

		Total Investment Performance Incentives			1314923		11831187		1051626439

	Total Personal Services				8109578		19514587		1140500884


OPERATING EXPENSES

		Contractual Total (see appendix for further details)			1829978		2434567		60458872

		Travel			646		86431		8578502

		Office Supplies			2338		7000		466250

		Capital Assets			22009		40520		1851102			1211855610

	Total Operating Expenses				1854971		2568518		71354726			000

TOTAL BUDGET					9964549		22083105		1211855610


Includes $56884 Allianz reimbursement amp unused compensation

Note Budget is funded as needed and ended year with a cash balance of

$300599186 which is credited against FY 2022 authorized budget


		FY 2022 Authorized Budget				2320247300

		Less FY 2021 Cash Balance				300599186

					2019648114



				Expended		Received

				FY 2021		FY 2021		Unexpended

CONTRACTUAL SERVICES

	Investment Services

		Consulting Services			22285		180000		157715

		Investment Accounting Performance Benchmarking			153515		153314		(201)

		Investment Databases Newsfeeds amp Quote Fees			676771		734267		57496

		Investment Research Services			342902		450100		107198

		Flexibility - From Brokerage to Independent Research			0		250000		250000

	Total Investment Services				1195473		1767681		572208


	Administrative Expenses

		Office Rent			139019		139019		0

		BondLiability Insurance			2944		8385		5441

		Telephone			16007		18000		1993

		Office Equip RentalMaintenanceMisc			14026		10016		(4010)

		Bureau of Info amp Telecommunications (BIT)			90147		88044		(2103)

		State Central Services			10485		13372		2887

		Legislative Audit			56308		51500		(4808)

		Attorney Generals Office - Legal Services			0		18509		18509

		Custodial Fees - Global			282059		282041		(18)

		SeminarsEducational Programs			22696		35000		12304

		Business Publications			815		3000		2185

	Total Administrative Expenses				634506		666886		32380


TOTAL CONTRACTUAL SERVICES					1829979		2434567		604588

TRAVEL					646		86431		85785

OFFICE SUPPLIES amp POSTAGE					2337		7000		4663

CAPITAL ASSETS					22009		40520		18511

TOTAL OPERATING EXPENSES					1854971		2568518		713547




				Expended		Received

				FY 2021		FY 2021		Unexpended

	INVESTMENT SERVICES-DETAILED

	Consulting Services

		BenchmarkingCompensation			0		30000		30000

		Legal Consulting Services			22285		150000		127715

		Subtotal			22285		180000		157715

	Investment Accounting Performance Benchmarking

		BNYMellon Performance amp Risk Analysis			7500		8000		500

		SampP 1200			16538		17364		827

		SampP 1200 Custom			10000		10000		0

		SampP US			14007		14000		(7)

		FTSE Index			14326		14800		474

		Cusip Global Services			21000		20000		(1000)

		MSCI Index			1000		0		(1000)

		Portia			69144		69150		6

		Subtotal			153515		153314		(201)

	Investment Databases Newsfeeds amp Quote Fees

		Bloomberg			121358		130315		8957

		Trade Order Management System			150000		175000		25000

		Factset			274773		270000		(4773)

		Refinitiv (previously Reuters Fundamental Index)			46320		49140		2820

		Quote Fees (incl BloombergFactset)			34702		52182		17480

		Dow Jones News Service			49618		57630		8012

		Subtotal			676771		734267		57496

	Investment Research Services

		GNA Services-Gimme Credit FI Research			17820		25000		7180

		Credit Sights			125000		135000		10000

		Reorg Research			72000		85000		13000

		Insider Score			26250		26525		275

		Boyars Intrinsic Value			15500		18500		3000

		Morningstar			60000		80000		20000

		SampP Capital IQ			0		75075		75075

		Steel Market Update			2582		0		(2582)

		Value Line			5000		5000		0

		Greenstreet			18750		0		(18750)

		Flexibility - From Brokerage to Independent Research			0		250000		250000

		Subtotal			342902		700100		357198

	Total Contractual - Investment				1195472		1767681		465011






PERSONAL SERVICES 1					FY 2021		FY 2021		Unexpended

	BASE COMPENSATION				Expended		Received		FY 2021

	State Investment Officer			MC		495687		495687		0

	Asst Investment Officer-Global Equity			BF		180498		313171		132673

	Asst Investment Officer-Fixed IncomeDir			TO		267944		267944		0

	Asst Investment Officer-Fixed IncomeAlt			CN		267256		267256		(0)

	Senior Portfolio Manager-Global Equity			SS		231258		231258		- 0

	Senior Portfolio Manager-SmallMidCap Equity			SH		226008		231258		5250

	Senior Portfolio Manager-Fixed Income HESP 2			SN		6681		154046		147365

	Senior Portfolio Manager-Global Equity			JZ		231258		231258		- 0

	Senior Portfolio Manager-Global Equity			MHW		231258		231258		- 0

	Senior Portfolio Manager-Global Equity			CC		231258		231258		- 0

	Senior Portfolio Manager-SmallMid Cap Equity			DH		231258		231258		- 0

	Portfolio Manager-Global Equity			AR		231258		231258		- 0

	Portfolio Manager-Global Equity			JE		228032		228032		(0)

	Portfolio Manager-SmallMid Cap Equity			JE		228032		228032		(0)

	Portfolio Manager-Global Equity			RS		228032		228032		(0)

	Portfolio Manager--Global Equity			RR		228032		228032		(0)

	Portfolio Manager-High Yield			RS		212594		212594		(0)

	Portfolio Manager--Global Equity			LM		197151		197151		0

	Portfolio Manager--High Yield			DM		197151		197151		0

	Portfolio Manager--High Yield			AC		163816		163816		0

	Associate Portfolio Manager I--High Yield			ZN		111819		111819		0

	Associate Portfolio Manager I--SmallMid Cap Equity			DE		95761		95761		(0)

	Associate Portfolio Manager I--High Yield			LV		95761		95761		(0)

	Associate Portfolio Manager I--Global Equity			MC		95761		95761		- 0

	Associate Portfolio Manager I--SmallMid Cap Equity			MS		92460		92460		- 0

	Research Analyst - new FY 2019			KE		69874		69874		(0)

	Research Analyst - new FY 2019			TG		69874		69874		(0)

	Research Analyst - new FY 2019			PL		69874		69874		(0)

	Chief Financial Officer						142800		142800

	Senior Investment Accountant			CP		92895		92894		(0)

	Senior Investment Accountant			SR		91593		91593		(0)

	Investment Accountant III			KS		83591		83591		0

	Investment Accountant II			BE		74309		74309		(0)

	Business Manager			LR		38262		76525		38263

	Asst Business ManagerAccountant			CS		52098		52098		(0)

	Staff Attorney (Dept of Rev job share)			JR		2500			(2500)

	Staff Attorney part-time (both MM amp JH)			MMJH		55886		11543		(44343)

	Interns				- 0		25399		25399

	Investment Council				2175		6585		4410

	Longevity Pay				11750		13010		1260

	Promotion Flexibility - Investment Staff				- 0		94567

	Promotion Flexibility - AdminAcctLegal


	Investment Staff Base Compensation				5215649		5595504		379855

	Administrative Accounting Legal amp Longevity				446998		626820		179823

	TOTAL STAFF - FULL TIME				5662647		6222325		559678

	Part-Time - Legal amp Interns				55886		36942		(18944)

	Investment Council				2175		6585		4410

	Maximum Potential Performance Incentive				1187866		10572221		9384355

	Retirement amp resignation flexibility funds				- 0		164103		164103

	Benefits				1199717		2512411		1312694

	PERSONAL SERVICES				8108291		19514587		11406296


1		Compensation with average Investment Performance Incentive is the level used in setting targeted 30 discount to cost-of-living adjusted private sector investment industry benchmark

2		HESP-portion of employee salary reimbursed by Allianz - In FY201 $56884




			CENTER 3210

		Salaries			5721995		6429955		707959

		Benefits			1072660		1253445		180785

		Total personal services for 3210			6794656		7683400		888744


		CENTER 3211

		Salaries			1187866		10572221		9384355

		Benefits			127057		1258966		1131909

		Total personal services for 3211			1314923		11831187		10516264


		TOTAL PERSONAL SERVICES			8109578		19514587		11405008




Personal Benefits - 3210						per bfm calculations

Social Security amp Medicare (765 on total compensaion--incl retirement portion)				00765			499603

Retirement - 6				006			366806

Unemployment Insurance 0010				0001			6306

Workers Compensation 0005				00005			3153

HealthLife Insurance $9872 per FTE for FY 22				987200			377577


Total Benefits 3210						1253445

					(addl 69802 for health in special approps)

Personal Benefits - 3211

Social Security amp Medicare (765 on total compensaion--incl retirement portion)				00765			808775

Retirement - 6				006			434333

Unemployment Insurance 0010				0001			10572

Workers Compensation 0005				00005			5286

Total Benefits 3211						1258966


TOTAL BENEFITS - SDIC						2512411



							Decreased by $200000

							Adjusting for SDRS comp limit of $280000

							Phasing in rest of discount over couple yrs


FY 2023										incr of 6863 less 3056 for no Jeff H = 3807		For RB16 budget request

		2 desktop computers 1100 ea (replacements)		2200							incr of 361 less 40 for no Jeff H = 321		For RB16 budget request

		5 Monitors - replacement at $150 ea		750							incr of 180 less 20 for no Jeff H = 160		For RB16 budget request

		11 replacement laptops $1200 ea		13200

		PC headsets (3 at 190)		570


		COMPUTER EQUIPMENT		16720


		SOFTWARE - Adobe Acrobat renewals - 6 x approx 100		600


		TELEPHONE EQUIPMENT

		3 telephone headsets 285 ea		855


		FURNITURE amp chair upgrades (portion delayed from prior year)		19245

		BOOKS (4 in CFA $744 ea)		3100


			40520



		SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		4302009			UNAUDITED

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 43009		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 43009 adjusted for inflation		$ 100536475			Global Equity		49	48

	Fair Value as of 43009		$ 80252845			Private Equity		2	2

				Real Estate		7		5

	Difference - FV less principal		$ (5378179)			Fixed Income-IG		32	33

	Difference - FV less infl adj principal		$ (20283630)			Fixed Income-HY		3	5

				Fixed Income-Tips		6		5

	Fiscal year to date return		-1755			Money Market		2	2

	Longterm expected mean return		716			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		016

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 43009		$ 329329930			Global Equity		45	48

	Principal as of 43009 adjusted for inflation		$ 387228603			Private Equity		2	2

	Fair Value as of 43009		$ 297088357			Real Estate		7	5

				Fixed Income-IG		0		3

	Difference - FV less principal		$ (32241574)			Fixed Income-tax ex		41	30

	Difference - FV less infl adj principal		$ (90140246)			Fixed Income-HY		3	5

				Fixed Income-Tips		0		5

	Fiscal year to date return		1901			Money Market		1	2

	Longterm expected return (lower due to tax exempts)		674			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-026

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Dakota Cement Trust

	Principal as of 43009		$ 238000000

	Principal as of 43009 adjusted for inflation		$ 286287885

	Fair Value as of 43009		$ 203821564

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (34178436)			Global Equity		45	48

	Difference - FV less infl adj principal		$ (82466321)			Private Equity		2	2

				Real Estate		7		5

	Fiscal year to date return		-1849			Fixed Income-IG		32	33

	Longterm expected mean return		716			Fixed Income-HY		3	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-084			Money Market		4	2

				Total		100		100

	Distribution for FY 09 (MayJune 2009 to Gen Fund)		1200000000			Pays out 5 of average balance with $12 million

	Distribution for FY 09 (June 2009 to be appropriated)		152294252			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 43009		$ 137164209			Global Equity		47	48

				Private Equity		2		2

	Fiscal year to date return		-1671			Real Estate		7	5

	Longterm expected mean return		716			Fixed Income-IG		28	33

				Fixed Income-non-mk		3

	Distribution for FY 09 (paid in Feb 2009 to K-12 schools)		10996684			Fixed Income-HY		3	5

	Distribution for FY 09 to Board of Regents (June)		1981000			Fixed Income-Tips		6	5

				Money Market		4		2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



		SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		5312009		ESTIMATE		UNAUDITED

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 53109		$ 85631024			Asset Allocation		Current		Benchmark

	Principal as of 53109 adjusted for inflation	Est		$ 100536475			Global Equity		50		48

	Fair Value as of 53109	Est		$ 83611847			Private Equity		2		2

				Real Estate		6		5

	Difference - FV less principal		$ (2019177)			Fixed Income-IG		31		33

	Difference - FV less infl adj principal		$ (16924628)			Fixed Income-HY		3		5

				Fixed Income-Tips		6		5

	Fiscal year to date return	Est		-1410			Money Market		2		2

	Longterm expected mean return		716			Total		100		100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		016

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 53109		$ 329329930			Global Equity		47		48

	Principal as of 53109 adjusted for inflation	Est		$ 387228603			Private Equity		2		2

	Fair Value as of 53109	Est		$ 308445679			Real Estate		7		5

				Fixed Income-IG		0		3

	Difference - FV less principal		$ (20884251)			Fixed Income-tax ex		40		30

	Difference - FV less infl adj principal		$ (78782924)			Fixed Income-HY		3		5

				Fixed Income-Tips		0		5

	Fiscal year to date return	Est		-1590			Money Market		1		2

	Longterm expected return (lower due to tax exempts)		674			Total		100		100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-026

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Dakota Cement Trust

	Principal as of 53109		$ 238000000

	Principal as of 53109 adjusted for inflation	Est		$ 286287885

	Fair Value as of 53109	Est		$ 205827040

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (32172960)			Global Equity		49		48

	Difference - FV less infl adj principal		$ (80460845)			Private Equity		2		2

				Real Estate		7		5

	Fiscal year to date return	Est		-1520			Fixed Income-IG		32		33

	Longterm expected mean return		716			Fixed Income-HY		3		5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6		5

	Expected return cushionshortfall		-084			Money Market		1		2

				Total		100		100

	Distribution for FY 09 (MayJune 2009 to Gen Fund)		1200000000			Pays out 5 of average balance with $12 million

	Distribution for FY 09 (June 2009 to be appropriated)		152294252			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 53109	Est		$ 140889106			Global Equity		49		48

				Private Equity		2		2

	Fiscal year to date return		-1320			Real Estate		6		5

	Longterm expected mean return		716			Fixed Income-IG		27		33

				Fixed Income-non-mk		2

	Distribution for FY 09 (paid in Feb 2009 to K-12 schools)		10996684			Fixed Income-HY		3		5

	Distribution for FY 09 to Board of Regents (June)		1981000			Fixed Income-Tips		6		5

				Money Market		4		2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



		SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		6302009			UNAUDITED

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 63009		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 63009 adjusted for inflation		$ 101381720			Global Equity		50	48

	Fair Value as of 63009		$ 82341925			Private Equity		2	2

				Real Estate		6		5

	Difference - FV less principal		$ (3289099)			Fixed Income-IG		32	33

	Difference - FV less infl adj principal		$ (19039795)			Fixed Income-HY		3	5

				Fixed Income-Tips		6		5

	Fiscal year to date return		-1539			Money Market		2	2

	Longterm expected mean return		755			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		055

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 63009		$ 329329930			Global Equity		47	48

	Principal as of 63009 adjusted for inflation		$ 390484170			Private Equity		2	2

	Fair Value as of 63009		$ 302487843			Real Estate		6	5

				Fixed Income-IG		0		0

	Difference - FV less principal		$ (26842087)			Fixed Income-tax ex		40	37

	Difference - FV less infl adj principal		$ (87996327)			Fixed Income-HY		3	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		-1753			Money Market		1	2

	Longterm expected return (lower due to tax exempts)		710			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		010

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Dakota Cement Trust

	Principal as of 63009		$ 238000000

	Principal as of 63009 adjusted for inflation		$ 288694808

	Fair Value as of 63009		$ 194950778

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (43049222)			Global Equity		50	48

	Difference - FV less infl adj principal		$ (93744030)			Private Equity		2	2

				Real Estate		7		5

	Fiscal year to date return		-1664			Fixed Income-IG		30	33

	Longterm expected mean return		755			Fixed Income-HY		4	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-045			Money Market		1	2

				Total		100		100

	Distribution for FY 09 (MayJune 2009 to Gen Fund)		1200000000			Pays out 5 of average balance with $12 million

	Distribution for FY 09 (June 2009 to Opportunity Sch)		152294200			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 63009		$ 139124660			Global Equity		49	48

				Private Equity		2		2

	Fiscal year to date return		-1464			Real Estate		6	5

	Longterm expected mean return		755			Fixed Income-IG		29	33

				Fixed Income-non-mk		3

	Distribution for FY 09 (paid in Feb 2009 to K-12 schools)		10996684			Fixed Income-HY		2	5

	Distribution for FY 09 to Board of Regents (June)		1974654			Fixed Income-Tips		6	5

				Money Market		3		2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



		SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		7312009			PRELIMINARY ESTIMATE

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 73109		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 73109 adjusted for inflation		$ 101381720			Global Equity		52	48

	Fair Value as of 73109		$ 86973018			Private Equity		2	2

				Real Estate		5		5

	Difference - FV less principal		$ 1341994			Fixed Income-IG		30	33

	Difference - FV less infl adj principal		$ (14408702)			Fixed Income-HY		3	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		567			Money Market		2	2

	Longterm expected mean return		755			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		055

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 73109		$ 329329930			Global Equity		50	48

	Principal as of 73109 adjusted for inflation		$ 390484170			Private Equity		2	2

	Fair Value as of 73109		$ 319861363			Real Estate		6	5

				Fixed Income-IG		0		0

	Difference - FV less principal		$ (9468567)			Fixed Income-tax ex		37	37

	Difference - FV less infl adj principal		$ (70622807)			Fixed Income-HY		3	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		581			Money Market		2	2

	Longterm expected return (lower due to tax exempts)		710			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		010

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

Dakota Cement Trust

	Principal as of 73109		$ 238000000

	Principal as of 73109 adjusted for inflation		$ 288694808

	Fair Value as of 73109		$ 206115486

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (31884514)			Global Equity		52	48

	Difference - FV less infl adj principal		$ (82579322)			Private Equity		2	2

				Real Estate		6		5

	Fiscal year to date return		573			Fixed Income-IG		29	33

	Longterm expected mean return		755			Fixed Income-HY		3	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-045			Money Market		1	2

				Total		100		100

	Distribution for FY 09 (MayJune 2009 to Gen Fund)		1200000000			Pays out 5 of average balance with $12 million

	Distribution for FY 09 (June 2009 to Opportunity Sch)		152294200			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 73109		$ 147259289			Global Equity		53	48

				Private Equity		2		2

	Fiscal year to date return		580			Real Estate		5	5

	Longterm expected mean return		755			Fixed Income-IG		27	33

				Fixed Income-non-mk		2

	Distribution for FY 09 (paid in Feb 2009 to K-12 schools)		10996684			Fixed Income-HY		3	5

	Distribution for FY 09 to Board of Regents (June)		1974654			Fixed Income-Tips		6	5

				Money Market		2		2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



		SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		8142009			ESTIMATE

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 81409		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 81409 adjusted for inflation		$ 101381720			Global Equity		54	48

	Fair Value as of 81409		$ 91903000			Private Equity		2	2

				Real Estate		5		5

	Difference - FV less principal		$ 6271976			Fixed Income-IG		29	33

	Difference - FV less infl adj principal		$ (9478720)			Fixed Income-HY		3	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		1175			Money Market		2	2

	Longterm expected mean return		755			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		055

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

				388245159		ESTIMATE		FY 11 MAX

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 81409		$ 329329930			Global Equity		52	48

	Principal as of 81409 adjusted for inflation		$ 390484170			Private Equity		2	2

	Fair Value as of 81409		$ 337042000			Real Estate		6	5

				Fixed Income-IG		0		0

	Difference - FV less principal		$ 7712070			Fixed Income-tax ex		36	37

	Difference - FV less infl adj principal		$ (53442170)			Fixed Income-HY		3	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1142			Money Market		2	2

	Longterm expected return (lower due to tax exempts)		710			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		010

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000			be distributed as long as principal is not violated

				as of December 31 each year

				1478468913		ESTIMATE		FY 11 MAX

Dakota Cement Trust

	Principal as of 81409		$ 238000000

	Principal as of 81409 adjusted for inflation		$ 288694808

	Fair Value as of 81409		$ 217800000

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (20200000)			Global Equity		54	48

	Difference - FV less infl adj principal		$ (70894808)			Private Equity		2	2

				Real Estate		6		5

	Fiscal year to date return		1195			Fixed Income-IG		28	33

	Longterm expected mean return		755			Fixed Income-HY		3	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-045			Money Market		2	2

				Total		100		100

	Distribution for FY 09 (MayJune 2009 to Gen Fund)		1200000000			Pays out 5 of average balance with $12 million

	Distribution for FY 09 (June 2009 to Opportunity Sch)		152294200			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 81409		$ 155864000			Global Equity		54	48

				Private Equity		2		2

	Fiscal year to date return		1160			Real Estate		5	5

	Longterm expected mean return		755			Fixed Income-IG		26	33

				Fixed Income-non-mk		2

	Distribution for FY 09 (paid in Feb 2009 to K-12 schools)		10996684			Fixed Income-HY		3	5

	Distribution for FY 09 to Board of Regents (June)		1974654			Fixed Income-Tips		5	5

				Money Market		2		2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



		SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		12312009		11302009

		ESTIMATE

Health Care Trust

	Principal as of 63002		6246528432		6246528432

	addition received 92602		791310500		791310500

	addition received 121802		779835213		779835213

	addition received 62003		47997767		47997767

	addition received 7903 from CFF		2776599		2776599

	addition received 42104 from CFF		17312825		17312825

	addition received 21605 from CFF		22493265		22493265

	addition received 112305 from CFF		258587330		258587330

	Principal as of 113009		$ 85631024		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 113009 adjusted for inflation		$ 102011400		$ 102701117			Global Equity		54	48

	Fair Value as of 113009		$ 94480000		$ 94238676			Private Equity		2	2

					Real Estate		5		5

	Difference - FV less principal		$ 8848976		$ 8607652			Fixed Income-IG		29	33

	Difference - FV less infl adj principal		$ (7531400)		$ (8462441)			Fixed Income-HY		3	5

					Fixed Income-Tips		5		5

	Fiscal year to date return		1500		1464			Money Market		1	2

	Longterm expected mean return		755		755			Total		100	100

	Payout of 4 plus expected inflation of 3		700		700

	Expected return cushionshortfall		055		055

					Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000		000			be distributed as long as principal is not violated

					as of December 31 each year

					388000000		ESTIMATE		FY 11

Education Enhancement Trust

	Principal as of 63002		8183596860		8183596860

	addition received 92402 taxable		13138079076		13138079076

	addition received 92402 tax-exempt		11221576255		11221576255

	addition received 52703 issuance costs		5135110		5135110

					Asset Allocation		Current		Benchmark

	Principal as of 113009		$ 329329930		$ 329329930			Global Equity		53	48

	Principal as of 113009 adjusted for inflation		$ 392909459		$ 395565987			Private Equity		2	2

	Fair Value as of 113009		$ 346200000		$ 343781630			Real Estate		5	5

					Fixed Income-IG		0		0

	Difference - FV less principal		$ 16870070		$ 14451700			Fixed Income-tax ex		35	37

	Difference - FV less infl adj principal		$ (46709459)		$ (51784357)			Fixed Income-HY		3	5

					Fixed Income-Tips		0		1

	Fiscal year to date return		1470		1390			Money Market		1	2

	Longterm expected return (lower due to tax exempts)		710		710			Total		100	100

	Payout of 4 plus expected inflation of 3		700		700

	Expected return cushionshortfall		010		010

					Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		000		000			be distributed as long as principal is not violated

					as of December 31 each year

					1480000000		ESTIMATE		FY 11

Dakota Cement Trust

	Principal as of 113009		$ 238000000		$ 238000000

	Principal as of 113009 adjusted for inflation		$ 290487885		$ 292451923

	Fair Value as of 113009		$ 223800000		$ 223246711

					Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (14200000)		$ (14753289)			Global Equity		54	48

	Difference - FV less infl adj principal		$ (66687885)		$ (69205212)			Private Equity		3	2

					Real Estate		6		5

	Fiscal year to date return		1500		1473			Fixed Income-IG		28	33

	Longterm expected mean return		755		755			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-045		-045			Money Market		2	2

					Total		100		100

	Distribution for FY 10 (June 2010 to Gen Fund)		1200000000		1200000000			Pays out 5 of average balance with $12 million

	Distribution for FY 10 for education		- 0		- 0			always paid Education money distributed as long

					as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

					Asset Allocation		Current		Benchmark

	Fair Value as of 113009		$ 162300000		$ 160768354			Global Equity		54	48

					Private Equity		2		2

	Fiscal year to date return		1490		1457			Real Estate		5	5

	Longterm expected mean return		755		755			Fixed Income-IG		26	33

					Fixed Income-non-mk		2

	Distribution for FY 10 (pay in Feb 2010 to K-12)		8673527		8673527			Fixed Income-HY		3	5

	Distribution for FY 09 to Board of Regents (June)		1974654		1974654			Fixed Income-Tips		5	5

					Money Market		3		2

					Total		100		100

					Pays out all receipted income after inflation

					adjustment

						2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		12312009

				(Unaudited)

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 123109		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 123109 adjusted for inflation		$ 102838682			Global Equity		55	48

	Fair Value as of 123109		$ 94534794			Private Equity		2	2

				Real Estate		5		5

	Difference - FV less principal		$ 8903770			Fixed Income-IG		29	33

	Difference - FV less infl adj principal		$ (8303887)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		1504			Money Market		2	2

	Longterm expected mean return		755			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		055

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		0			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		388642682			as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 123109		$ 329329930			Global Equity		55	48

	Principal as of 123109 adjusted for inflation		$ 396095836			Private Equity		2	2

	Fair Value as of 123109		$ 346403613			Real Estate		6	5

				Fixed Income-IG		0		0

	Difference - FV less principal		$ 17073682			Fixed Income-tax ex		34	37

	Difference - FV less infl adj principal		$ (49692223)			Fixed Income-HY		2	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1480			Money Market		2	2

	Longterm expected return (lower due to tax exempts)		710			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		010

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		0			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		1480278952			as of December 31 each year

Dakota Cement Trust

	Principal as of 123109		$ 238000000

	Principal as of 123109 adjusted for inflation		$ 292843654

	Fair Value as of 123109		$ 223972423

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (14027577)			Global Equity		55	48

	Difference - FV less infl adj principal		$ (68871230)			Private Equity		3	2

				Real Estate		6		5

	Fiscal year to date return		1513			Fixed Income-IG		27	33

	Longterm expected mean return		755			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-045			Money Market		2	2

				Total		100		100

	Distribution for FY 10 (June 2010 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 10 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 123109		$ 162378143			Global Equity		54	48

				Private Equity		2		2

	Fiscal year to date return		1497			Real Estate		5	5

	Longterm expected mean return		755			Fixed Income-IG		27	33

				Fixed Income-non-mk		2

	Distribution for FY 10 (pay in Feb 2010 to K-12)		8671911			Fixed Income-HY		2	5

	Distribution for FY 09 to Board of Regents (June)		1974654			Fixed Income-Tips		5	5

	TOTAL		10646564			Money Market		3	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		5312010			ESTIMATE

				(Unaudited)

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 53110		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 53110 adjusted for inflation		$ 102856645			Global Equity		54	48

	Fair Value as of 53110		$ 95541267			Private Equity		3	2

				Real Estate		6		5

	Difference - FV less principal		$ 9910243			Fixed Income-IG		29	33

	Difference - FV less infl adj principal		$ (7315378)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		1637			Money Market		2	2

	Longterm expected mean return		645			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-055

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		0			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 53110		$ 329329930			Global Equity		53	48

	Principal as of 53110 adjusted for inflation		$ 396165026			Private Equity		3	2

	Fair Value as of 53110		$ 349403361			Real Estate		6	5

				Fixed Income-IG		0		0

	Difference - FV less principal		$ 20073431			Fixed Income-tax ex		34	37

	Difference - FV less infl adj principal		$ (46761665)			Fixed Income-HY		2	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1595			Money Market		2	2

	Longterm expected return (lower due to tax exempts)		612			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-088

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		0			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust

	Principal as of 53110		$ 238000000

	Principal as of 53110 adjusted for inflation		$ 292894808

	Fair Value as of 53110		$ 215387311

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (22612689)			Global Equity		53	48

	Difference - FV less infl adj principal		$ (77507497)			Private Equity		3	2

				Real Estate		7		5

	Fiscal year to date return		1674			Fixed Income-IG		28	33

	Longterm expected mean return		645			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		5	5

	Expected return cushionshortfall		-155			Money Market		2	2

				Total		100		100

	Distribution for FY 10 (May 2010 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 10 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 53110		$ 159915217			Global Equity		53	48

				Private Equity		3		2

	Fiscal year to date return		1636			Real Estate		6	5

	Longterm expected mean return		645			Fixed Income-IG		26	33

				Fixed Income-non-mk		2

	Distribution for FY 10 (paid in Feb 2010 to K-12)		8671911			Fixed Income-HY		2	5

	Distribution for FY 10 to Board of Regents (June)		1836973			Fixed Income-Tips		6	5

	TOTAL		10508884			Money Market		3	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		6302010			(Unaudited)

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 63010		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 63010 adjusted for inflation		$ 102549369			Global Equity		49	48

	Fair Value as of 63010		$ 93580202			Private Equity		3	2

				Real Estate		7		5

	Difference - FV less principal after 71 distribution		$ 4062751			Fixed Income-IG		30	33

	Difference - FV less infl adj prin after 71 distribution		$ (12855595)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		1399			Money Market		4	2

	Longterm expected mean return		688			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-012

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		0			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 63010		$ 329329930			Global Equity		48	48

	Principal as of 63010 adjusted for inflation		$ 394981514			Private Equity		3	2

	Fair Value as of 63010		$ 341082078			Real Estate		7	5

				Fixed Income-IG		0		0

	Difference - FV less principal after 71 distribution		$ (3050643)			Fixed Income-tax ex		35	37

	Difference - FV less infl adj prin after 71 distribution		$ (68702226)			Fixed Income-HY		2	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1320			Money Market		5	2

	Longterm expected return (lower due to tax exempts)		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 10 (July 1 2009)		0			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust

	Principal as of 63010		$ 238000000

	Principal as of 63010 adjusted for inflation		$ 292019808

	Fair Value as of 63010		$ 215387311

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (22612689)			Global Equity		51	48

	Difference - FV less infl adj principal		$ (76632497)			Private Equity		3	2

				Real Estate		8		5

	Fiscal year to date return		1434			Fixed Income-IG		29	33

	Longterm expected mean return		688			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		6	5

	Expected return cushionshortfall		-112			Money Market		2	2

				Total		100		100

	Distribution for FY 10 (April 2010 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 10 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 63010		$ 154895479			Global Equity		51	48

				Private Equity		3		2

	Fiscal year to date return		1387			Real Estate		7	5

	Longterm expected mean return		688			Fixed Income-IG		28	33

				Fixed Income-non-mk		2

	Distribution for FY 10 (paid in Feb 2010 to K-12)		8671911			Fixed Income-HY		2	5

	Distribution for FY 10 to Board of Regents (June)		1836973			Fixed Income-Tips		6	5

	TOTAL		10508884			Money Market		2	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND VALUE AND ASSET ALLOCATION

		11302010			(Unaudited)

		ESTIMATE

Health Care Trust

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 113010		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 113010 adjusted for inflation		$ 103231522			Global Equity		53	48

	Fair Value as of 113010		$ 99297009			Private Equity		3	2

				Real Estate		8		5

	Difference - FV less principal		$ 13665985			Fixed Income-IG		29	33

	Difference - FV less infl adj prin		$ (3934513)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		1050			Money Market		1	2

	Longterm expected mean return		688			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-012

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011) ESTIMATE		3866797			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 113010		$ 329329930			Global Equity		52	48

	Principal as of 113010 adjusted for inflation		$ 397608910			Private Equity		3	2

	Fair Value as of 113010		$ 360457057			Real Estate		8	5

				Fixed Income-IG		0		0

	Difference - FV less principal		$ 31127127			Fixed Income-tax ex		34	37

	Difference - FV less infl adj prin		$ (37151853)			Fixed Income-HY		2	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1050			Money Market		0	2

	Longterm expected return (lower due to tax exempts)		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011) ESTIMATE		14435131			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust

	Principal as of 113010		$ 238000000

	Principal as of 113010 adjusted for inflation		$ 293962308

	Fair Value as of 113010		$ 233553388

				Asset Allocation		Current		Benchmark

	Difference - FV less principal		$ (4446612)			Global Equity		53	48

	Difference - FV less infl adj principal		$ (60408920)			Private Equity		3	2

				Real Estate		9		5

	Fiscal year to date return		1050			Fixed Income-IG		27	33

	Longterm expected mean return		688			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		5	5

	Expected return cushionshortfall		-112			Money Market		1	2

				Total		100		100

	Distribution for FY 11 (May 2011 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 11 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 113010		$ 172851861			Global Equity		53	48

				Private Equity		3		2

	Fiscal year to date return		1050			Real Estate		8	5

	Longterm expected mean return		688			Fixed Income-IG		26	33

				Fixed Income-non-mk		2

	Distribution for FY 11 (in Feb 2011 to K-12)		8273931			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)EST		1700000			Fixed Income-Tips		5	5

	TOTAL		9973931			Money Market		2	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		12312010			(Unaudited)

Health Care Trust (established April 2001)

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 123110		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 123110 adjusted for inflation		$ 104120259			Global Equity		55	48

	Fair Value (FV) as of 123110		$ 103097343			Private Equity		3	2

				Real Estate		9		5

	Difference - FV less principal less 2012 payout		$ 13590021			Fixed Income-IG		27	33

	Difference - FV less infl adj prin less 2012 payout		$ (4899214)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		1518			Money Market		0	2

	Longterm expected mean return		688			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-012

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		3876298			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 123110		$ 329329930			Global Equity		54	48

	Principal as of 123110 adjusted for inflation		$ 401031990			Private Equity		3	2

	Fair Value (FV) as of 123110		$ 374159937			Real Estate		10	5

				Fixed Income-IG		0		0

	Difference - FV less principal less 2012 payout		$ 30360619			Fixed Income-tax ex		31	37

	Difference - FV less infl adj prin less 2012 payout		$ (41341441)			Fixed Income-HY		2	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1496			Money Market		1	2

	Longterm expected return (lower due to tax exempts)		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		14469388			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust (established April 2001)

	Principal as of 123110		$ 238000000

	Principal as of 123110 adjusted for inflation		$ 293962308

	Fair Value (FV) as of 123110		$ 242989568

				Asset Allocation		Current		Benchmark

	Difference - FV less principal less 2011 Gen Fund		$ (7010432)			Global Equity		54	48

	Difference - FV less infl adj principal less 2011 GF		$ (62972740)			Private Equity		4	2

				Real Estate		11		5

	Fiscal year to date return		1542			Fixed Income-IG		25	33

	Longterm expected mean return		688			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		5	5

	Expected return cushionshortfall		-112			Money Market		0	2

				Total		100		100

	Distribution for FY 11 (May 2011 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 11 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 123110		$ 180637862			Global Equity		54	48

				Private Equity		3		2

	Fiscal year to date return		1498			Real Estate		9	5

	Longterm expected mean return		688			Fixed Income-IG		24	33

				Fixed Income-non-mk		2

	Distribution for FY 11 (in Feb 2011 to K-12)		8273930			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)EST		1745000			Fixed Income-Tips		5	5

	TOTAL		10018930			Money Market		2	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		3312011			(Unaudited)

		ESTIMATE

Health Care Trust (established April 2001)

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 33111		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 33111 adjusted for inflation		$ 105074233			Global Equity		55	48

	Fair Value (FV) as of 33111		$ 106915957			Private Equity		3	2

				Real Estate		9		5

	Difference - FV less principal less 2012 payout		$ 17408635			Fixed Income-IG		26	33

	Difference - FV less infl adj prin less 2012 payout		$ (2034574)			Fixed Income-HY		2	5

				Fixed Income-Tips		4		5

	Fiscal year to date return		1949			Money Market		1	2

	Longterm expected mean return		688			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-012

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		3876298			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 33111		$ 329329930			Global Equity		55	48

	Principal as of 33111 adjusted for inflation		$ 404706338			Private Equity		3	2

	Fair Value (FV) as of 33111		$ 386953815			Real Estate		10	5

				Fixed Income-IG		0		0

	Difference - FV less principal less 2012 payout		$ 43154497			Fixed Income-tax ex		30	37

	Difference - FV less infl adj prin less 2012 payout		$ (32221911)			Fixed Income-HY		2	5

				Fixed Income-Tips		0		1

	Fiscal year to date return		1897			Money Market		0	2

	Longterm expected return (lower due to tax exempts)		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		14469388			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust (established April 2001)

	Principal as of 33111		$ 238000000

	Principal as of 33111 adjusted for inflation		$ 299209615

	Fair Value (FV) as of 33111		$ 251897377

				Asset Allocation		Current		Benchmark

	Difference - FV less principal less 2011 Gen Fund		$ 1897377			Global Equity		55	48

	Difference - FV less infl adj principal less 2011 GF		$ (59312238)			Private Equity		3	2

				Real Estate		10		5

	Fiscal year to date return		1970			Fixed Income-IG		25	33

	Longterm expected mean return		688			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		5	5

	Expected return cushionshortfall		-112			Money Market		1	2

				Total		100		100

	Distribution for FY 11 (MayJune 2011 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 11 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

				Asset Allocation		Current		Benchmark

	Fair Value as of 33111		$ 183057397			Global Equity		56	48

				Private Equity		3		2

	Fiscal year to date return		1930			Real Estate		9	5

	Longterm expected mean return		688			Fixed Income-IG		24	33

				Fixed Income-non-mk		1

	Distribution for FY 11 (in Feb 2011 to K-12)		8273935			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)EST		1600000			Fixed Income-Tips		5	5

	TOTAL		9873935			Money Market		1	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		5312011			(Unaudited)

		ESTIMATE ADJUSTED FOR JUNE AND JULY DISTRIBUTIONS

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 53111		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 53111 adjusted for inflation		$ 106272137			Global Equity		52	52

	Fair Value (FV) as of 53111		$ 105173606			Private Equity		3	2

				Real Estate		10		6

	Difference - FV less principal after 2012 payout		$ 19542582			Fixed Income-IG		27	28

	Difference - FV less infl adj prin after 2012 payout		$ (1098531)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		2189			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		3876298			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust (established April 2001)							FY 12

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

				Asset Allocation		Current		Benchmark

	Principal as of 53111		$ 329329930			Global Equity		51	52

	Principal as of 53111 adjusted for inflation		$ 409320212			Private Equity		3	2

	Fair Value (FV) as of 53111		$ 380504466			Real Estate		11	6

				Fixed Income-IG		0		0

	Difference - FV less principal after 2012 payout		$ 51174536			Fixed Income-tax ex		31	30

	Difference - FV less infl adj prin after 2012 payout		$ (28815746)			Fixed Income-HY		2	5

				Fixed Income-Tips		1		3

	Fiscal year to date return		2146			Money Market		1	2

	Longterm expected return (lower due to tax exempts)		598			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-102

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		14469388			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust (established April 2001)

	Principal as of 53111		$ 238000000

	Principal as of 53111 adjusted for inflation		$ 302620769

	Fair Value (FV) as of 53111		$ 245063537					FY 12

				Asset Allocation		Current		Benchmark

	Difference - FV less principal after 2011 Gen Fund		$ 7063537			Global Equity		51	52

	Difference - FV less infl adj principal after 2011 GF		$ (57557232)			Private Equity		3	2

				Real Estate		12		6

	Fiscal year to date return		2217			Fixed Income-IG		26	28

	Longterm expected mean return		639			Fixed Income-HY		2	5

	Payout of 5 plus expected inflation of 3		800			Fixed Income-Tips		5	5

	Expected return cushionshortfall		-161			Money Market		1	2

				Total		100		100

	Distribution for FY 11 (MayJune 2011 to Gen Fund)		12000000			Pays out 5 of average balance with $12 million

	Distribution for FY 11 for education		0			always paid Education money distributed as long

				as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 53111		$ 186130019			Global Equity		53	52

				Private Equity		3		2

	Fiscal year to date return		2175			Real Estate		10	6

	Longterm expected mean return		639			Fixed Income-IG		26	28

				Fixed Income-non-mk		1

	Distribution for FY 11 (in Feb 2011 to K-12)		8273935			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)		1628788			Fixed Income-Tips		5	5

	TOTAL		9902723			Money Market		1	2

				Total		100		100

				Pays out all receipted income after inflation

				adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		6302011			(Unaudited)

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 63011		$ 85631024			Asset Allocation		Current		Benchmark

	Principal as of 63011 adjusted for inflation		$ 106035771			Global Equity		50		52

	Fair Value (FV) as of 63011		$ 107927588			Private Equity		3		2

				Real Estate		10		6

	Difference - FV less principal after 7111 distribution		$ 18420266			Fixed Income-IG		26		28

	Difference - FV less infl adj prin after 7111 distribution		$ (1984481)			Fixed Income-HY		2		5

				Fixed Income-Tips		5		5

	Fiscal year to date return		2065			Money Market		5		2

	Longterm expected mean return		639			Total		100		100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		3876298			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

						FY 12

	Principal as of 63011		$ 329329930			Asset Allocation		Current		Benchmark

	Principal as of 63011 adjusted for inflation		$ 408409819			Global Equity		48		52

	Fair Value (FV) as of 63011		$ 391603272			Private Equity		3		2

				Real Estate		11		6

	Difference - FV less principal after 7111 distribution		$ 47803953			Fixed Income-IG		0		0

	Difference - FV less infl adj prin After 7111 distribution		$ (31275935)			Fixed Income-tax ex		30		30

				Fixed Income-HY		2		5

	Fiscal year to date return		2044			Fixed Income-Tips		5		3

	Longterm expected return (lower due to tax exempts)		598			Money Market		5		2

	Payout of 4 plus expected inflation of 3		700			Total		105		100

	Expected return cushionshortfall		-102

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		14469388			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust (established April 2001)

						FY 12

	Principal as of 63011		$ 238000000			Asset Allocation		Current		Benchmark

	Principal as of 63011 adjusted for inflation		$ 301947692			Global Equity		50		52

	Fair Value (FV) as of 63011		$ 242694682			Private Equity		4		2

				Real Estate		12		6

	Difference - FV less principal		$ 4694682			Fixed Income-IG		26		28

	Difference - FV less infl adj principal		$ (59253010)			Fixed Income-HY		2		5

				Fixed Income-Tips		5		5

	Fiscal year to date return		2103			Money Market		1		2

	Longterm expected mean return		639			Total		100		100

	Payout of 5 plus expected inflation of 3		800

	Expected return cushionshortfall		-161

				Pays out 5 of average balance with $12 million

	Distribution for FY 11 (June 15 2011 to Gen Fund)		12000000			always paid Education money distributed as long

	Distribution for FY 11 for education		0			as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 63011		$ 184124447			Global Equity		52		52

	(after Bd of Regents distribution)				Private Equity		3		2

	Fiscal year to date return		2042			Real Estate		10		6

	Longterm expected mean return		639			Fixed Income-IG		26		28

				Fixed Income-non-mk		1

	Distribution for FY 11 (in Feb 2011 to K-12)		8273935			Fixed Income-HY		2		5

	Distribution for FY 11 to Board of Regents (June)		1628788			Fixed Income-Tips		5		5

	TOTAL		9902723			Money Market		1		2

				Total		100		100

				Pays out all land receipted income

				Pays out investment receipted income after CPI adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		9302011			(Unaudited)

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 93011		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 93011 adjusted for inflation		$ 107288985			Global Equity		47	52

	Fair Value (FV) as of 93011		$ 95868719			Private Equity		3	2

				Real Estate		12		6

	Difference - FV less principal		$ 10237695			Fixed Income-IG		31	28

	Difference - FV less infl adj prin		$ (11420266)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-776			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		3876298			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		3886427			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

						FY 12

	Principal as of 93011		$ 329329930			Asset Allocation		Current	Benchmark

	Principal as of 93011 adjusted for inflation		$ 413236725			Global Equity		46	52

	Fair Value (FV) as of 93011		$ 348051685			Private Equity		4	2

				Real Estate		13		6

	Difference - FV less principal		$ 18721755			Fixed Income-IG		0	0

	Difference - FV less infl adj prin		$ (65185040)			Fixed Income-tax ex		35	30

				Fixed Income-HY		2		5

	Fiscal year to date return		-758			Fixed Income-Tips		1	3

	Longterm expected return (lower due to tax exempts)		598			Money Market		1	2

	Payout of 4 plus expected inflation of 3		700			Total		100	100

	Expected return cushionshortfall		-102

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 12 (July 1 2011)		14469388			be distributed as long as principal is not violated

	Distribution for FY 11 (July 1 2010)		14802790			as of December 31 each year

Dakota Cement Trust (established April 2001)

						FY 12

	Principal as of 93011		$ 238000000			Asset Allocation		Current	Benchmark

	Principal as of 93011 adjusted for inflation		$ 305516346			Global Equity		45	52

	Fair Value (FV) as of 93011		$ 223836931			Private Equity		4	2

				Real Estate		14		6

	Difference - FV less principal		$ (14163069)			Fixed Income-IG		29	28

	Difference - FV less infl adj principal		$ (81679415)			Fixed Income-HY		2	5

				Fixed Income-Tips		6		5

	Fiscal year to date return		-766			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 5 plus expected inflation of 3		800

	Expected return cushionshortfall		-161

				Pays out 5 of average balance with $12 million

	Distribution for FY 11 (June 15 2011 to Gen Fund)		12000000			always paid Education money distributed as long

	Distribution for FY 11 for education		0			as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 93011		$ 170221977			Global Equity		47	52

				Private Equity		3		2

	Fiscal year to date return		-790			Real Estate		11	6

	Longterm expected mean return		639			Fixed Income-IG		29	28

				Fixed Income-non-mk		2

	Distribution for FY 11 (in Feb 2011 to K-12)		8273935			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)		1628788			Fixed Income-Tips		5	5

	TOTAL		9902723			Money Market		2	2

				Total		100		100

				Pays out all land receipted income

				Pays out investment receipted income after CPI adjustment

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		10312011			(Unaudited)

		ESTIMATE

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 103111		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 103111 adjusted for inflation		$ 107288985			Global Equity		49	52

	Fair Value (FV) as of 103111		$ 101090000			Private Equity		3	2

				Real Estate		12		6

	Difference - FV less principal		$ 15458976			Fixed Income-IG		30	28

	Difference - FV less infl adj prin		$ (6198985)			Fixed Income-HY		1	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-270			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13 (est to 103111)		3825233			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		3876298			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

						FY 12

	Principal as of 103111		$ 329329930			Asset Allocation		Current	Benchmark

	Principal as of 103111 adjusted for inflation		$ 413236725			Global Equity		48	52

	Fair Value (FV) as of 103111		$ 366320000			Private Equity		4	2

				Real Estate		13		6

	Difference - FV less principal		$ 36990070			Fixed Income-IG		0	0

	Difference - FV less infl adj prin		$ (46916725)			Fixed Income-tax ex		33	30

				Fixed Income-HY		1		5

	Fiscal year to date return		-270			Fixed Income-Tips		1	3

	Longterm expected return (lower due to tax exempts)		598			Money Market		1	2

	Payout of 4 plus expected inflation of 3		700			Total		100	100

	Expected return cushionshortfall		-102

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13 (est to 103111)		14048946			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		14469388			as of December 31 each year

Dakota Cement Trust (established April 2001)

						FY 12

	Principal as of 103111		$ 238000000			Asset Allocation		Current	Benchmark

	Principal as of 103111 adjusted for inflation		$ 305516346			Global Equity		47	52

	Fair Value (FV) as of 103111		$ 236030000			Private Equity		4	2

				Real Estate		14		6

	Difference - FV less principal		$ (1970000)			Fixed Income-IG		28	28

	Difference - FV less infl adj principal		$ (69486346)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-260			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 5 plus expected inflation of 3		800

	Expected return cushionshortfall		-161

				Pays out 5 of average balance with $12 million

	Distribution for FY 12 (June 2012 to Gen Fund)		12000000			minimum paid Education money distributed as long

	Distribution for FY 12 for education		0			as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 103111		$ 179670000			Global Equity		49	52

				Private Equity		3		2

	Fiscal year to date return		-290			Real Estate		11	6

	Longterm expected mean return		639			Fixed Income-IG		28	28

				Fixed Income-non-mk		1

	Distribution for FY 12 (in Feb 2012 to K-12)		7433191			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)		1628788			Fixed Income-Tips		5	5

	TOTAL		9061980			Money Market		2	2

				Total		100		100

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		11302011			(Unaudited)

		ESTIMATE

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 113011		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 113011 adjusted for inflation		$ 107198220			Global Equity		49	52

	Fair Value (FV) as of 113011		$ 100100000			Private Equity		3	2

				Real Estate		11		6

	Difference - FV less principal		$ 14468976			Fixed Income-IG		29	28

	Difference - FV less infl adj prin		$ (7098220)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-360			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13 (est to 113011)		3822865			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		3876298			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

						FY 12

	Principal as of 113011		$ 329329930			Asset Allocation		Current	Benchmark

	Principal as of 113011 adjusted for inflation		$ 412887134			Global Equity		48	52

	Fair Value (FV) as of 113011		$ 363270000			Private Equity		3	2

				Real Estate		12		6

	Difference - FV less principal		$ 33940070			Fixed Income-IG		0	0

	Difference - FV less infl adj prin		$ (49617134)			Fixed Income-tax ex		33	30

				Fixed Income-HY		2		5

	Fiscal year to date return		-350			Fixed Income-Tips		1	3

	Longterm expected return (lower due to tax exempts)		598			Money Market		1	2

	Payout of 4 plus expected inflation of 3		700			Total		100	100

	Expected return cushionshortfall		-102

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13 (est to 113011)		14041314			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		14469388			as of December 31 each year

Dakota Cement Trust (established April 2001)

						FY 12

	Principal as of 113011		$ 238000000			Asset Allocation		Current	Benchmark

	Principal as of 113011 adjusted for inflation		$ 305257885			Global Equity		48	52

	Fair Value (FV) as of 113011		$ 233500000			Private Equity		3	2

				Real Estate		13		6

	Difference - FV less principal		$ (4500000)			Fixed Income-IG		28	28

	Difference - FV less infl adj principal		$ (71757885)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-360			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 5 plus expected inflation of 3		800

	Expected return cushionshortfall		-161

				Pays out 5 of average balance with $12 million

	Distribution for FY 12 (June 2012 to Gen Fund)		12000000			minimum paid Education money distributed as long

	Distribution for FY 12 for education		0			as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 113011		$ 179000000			Global Equity		49	52

				Private Equity		3		2

	Fiscal year to date return		-370			Real Estate		11	6

	Longterm expected mean return		639			Fixed Income-IG		28	28

				Fixed Income-non-mk		1

	Distribution for FY 12 (in Feb 2012 to K-12)		7433191			Fixed Income-HY		2	5

	Distribution for FY 11 to Board of Regents (June)		1628788			Fixed Income-Tips		5	5

	TOTAL		9061980			Money Market		2	2

				Total		100		100

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		12312011			(Unaudited)

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 123111		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 123111 adjusted for inflation		$ 107190656			Global Equity		52	52

	Fair Value (FV) as of 123111		$ 101151012			Private Equity		3	2

				Real Estate		11		6

	Difference - FV less principal		$ 15519988			Fixed Income-IG		26	28

	Difference - FV less infl adj prin		$ (6039644)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-262			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-061

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13		3825385			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		3876298			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

						FY 12

	Principal as of 123111		$ 329329930			Asset Allocation		Current	Benchmark

	Principal as of 123111 adjusted for inflation		$ 412858001			Global Equity		49	52

	Fair Value (FV) as of 123111		$ 367821426			Private Equity		3	2

				Real Estate		12		6

	Difference - FV less principal		$ 38491496			Fixed Income-IG		0	0

	Difference - FV less infl adj prin		$ (45036575)			Fixed Income-tax ex		32	30

				Fixed Income-HY		2		5

	Fiscal year to date return		-226			Fixed Income-Tips		1	3

	Longterm expected return (lower due to tax exempts)		598			Money Market		1	2

	Payout of 4 plus expected inflation of 3		700			Total		100	100

	Expected return cushionshortfall		-102

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13		14052700			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		14469388			as of December 31 each year

Dakota Cement Trust (established April 2001)

						FY 12

	Principal as of 123111		$ 238000000			Asset Allocation		Current	Benchmark

	Principal as of 123111 adjusted for inflation		$ 305236346			Global Equity		51	52

	Fair Value (FV) as of 123111		$ 235771870			Private Equity		4	2

				Real Estate		13		6

	Difference - FV less principal		$ (2228130)			Fixed Income-IG		25	28

	Difference - FV less infl adj principal		$ (69464476)			Fixed Income-HY		2	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		-267			Money Market		1	2

	Longterm expected mean return		639			Total		100	100

	Payout of 5 plus expected inflation of 3		800

	Expected return cushionshortfall		-161

				Pays out 5 of average balance with $12 million

	Distribution for FY 12 (June 2012 to Gen Fund)		12000000			minimum paid Education money distributed as long

	Distribution for FY 12 for education		0			as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 123111		$ 181989503			Global Equity		51	52

				Private Equity		3		2

	Fiscal year to date return		-275			Real Estate		11	6

	Longterm expected mean return		639			Fixed Income-IG		25	28

				Fixed Income-non-mk		1

	Distribution for FY 12 (Feb 1 2012 to K-12)		7433191			Fixed Income-HY		2	5

	Distribution for FY 12 to Board of Regents (EST)		1500000			Fixed Income-Tips		5	5

	TOTAL		8933191			Money Market		3	2

				Total		100		100

					2106 - To Common Schools		$ 824650430



	SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION

		6302012			(Unaudited)

Health Care Trust (established April 2001)							FY 12

	Principal as of 63002		6246528432

	addition received 92602		791310500

	addition received 121802		779835213

	addition received 62003		47997767

	addition received 7903 from CFF		2776599

	addition received 42104 from CFF		17312825

	addition received 21605 from CFF		22493265

	addition received 112305 from CFF		258587330

	Principal as of 63012		$ 85631024			Asset Allocation		Current	Benchmark

	Principal as of 63012 adjusted for inflation		$ 108075139			Global Equity		49	52

	Fair Value (FV) as of 63012		$ 106790272			Private Equity		3	2

				Real Estate		11		6

	Difference - FV less principal		$ 21159248			Fixed Income-IG		23	28

	Difference - FV less infl adj prin		$ (1284867)			Fixed Income-HY		4	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		287			Money Market		5	2

	Longterm expected mean return		643			Total		100	100

	Payout of 4 plus expected inflation of 3		700

	Expected return cushionshortfall		-057

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13 (July 2 2012)		3825385			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		3876298			as of December 31 each year

Education Enhancement Trust (established April 2001)

	Principal as of 63002		8183596860

	addition received 92402 taxable		13138079076

	addition received 92402 tax-exempt		11221576255

	addition received 52703 issuance costs		5135110

						FY 12

	Principal as of 63012		$ 329329930			Asset Allocation		Current	Benchmark

	Principal as of 63012 adjusted for inflation		$ 416264694			Global Equity		46	52

	Fair Value (FV) as of 63012		$ 386854918			Private Equity		3	2

				Real Estate		12		6

	Difference - FV less principal		$ 57524988			Fixed Income-IG		0	0

	Difference - FV less infl adj prin		$ (29409776)			Fixed Income-tax ex		31	30

				Fixed Income-HY		4		5

	Fiscal year to date return		290			Fixed Income-Tips		0	3

	Longterm expected return (lower due to tax exempts)		597			Money Market		3	2

	Payout of 4 plus expected inflation of 3		700			Total		100	100

	Expected return cushionshortfall		-103

				Law allows up to 4 of the 16 quarter average to

	Distribution for FY 13 (July 2 2012)		14052700			be distributed as long as principal is not violated

	Distribution for FY 12 (July 1 2011)		14469388			as of December 31 each year

Dakota Cement Trust (established April 2001)

						FY 12

	Principal as of 63012		$ 238000000			Asset Allocation		Current	Benchmark

	Principal as of 63012 adjusted for inflation		$ 307755000			Global Equity		49	52

	Fair Value (FV) as of 63012		$ 236725023			Private Equity		4	2

				Real Estate		14		6

	Difference - FV less principal		$ (1274977)			Fixed Income-IG		24	28

	Difference - FV less infl adj principal		$ (71029977)			Fixed Income-HY		4	5

				Fixed Income-Tips		5		5

	Fiscal year to date return		280			Money Market		1	2

	Longterm expected mean return		643			Total		100	100

	Payout of 5 plus expected inflation of 3		800

	Expected return cushionshortfall		-157

				Pays out 5 of average balance with $12 million

	Distribution for FY 12 (June 15 2012 to Gen Fund)		12000000			minimum paid Education money distributed as long

	Distribution for FY 12 for education		0			as principal not violated as of June 30 each year

School amp Public Lands

	Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains)

						FY 12

				Asset Allocation		Current		Benchmark

	Fair Value as of 63012		$ 188364817			Global Equity		52	52

				Private Equity		3		2

	Fiscal year to date return		259			Real Estate		11	6

	Longterm expected mean return		643			Fixed Income-IG		24	28

				Fixed Income-non-mk		1

	Distribution for FY 12 (Feb 1 2012 to K-12)		7433191			Fixed Income-HY		4	5

	Distribution for FY 12 to Board of Regents		1956537			Fixed Income-Tips		5	5

	TOTAL		9389728			Money Market		1	2

				Total		100		100

					2106 - To Common Schools		$ 824650430

and budget request fy 2023

Documents

LTP

Exec Summary

SDRS contr

Historical Unit Cost

Transition incr

Promotion-Yrs Exp

Promotion Schedule by Person

NOTES

FY 20 Final Budget Summary

FY23 SDIC Budget Request

FY21 Bgt=actual sal incr

FY23 SDIC Budget Request

FY21 Bgt=actual sal incr

June 20

April 20

Dec 19

June 19

April 19

Dec 18

Oct 18

June 18

March 18

June 17

May 17

Dec 16

June 16

Dec 15

Aug 15

June 15

Dec 14

Oct 14

June 14

April 14

Dec 13

June 13

Dec 12

June 12

Dec 11

Nov 11

Oct 11

Sept 11

June 11

May 11

Mar 11

Dec 10

Nov 10

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Dec 31

Nov 30

Sept 14

July 09

June 09

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April 09