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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
Sr Portfolio Manager Global Equity
Portfolio Manager Global Equity
Portfolio Manager Global Equity
Portfolio Manager Global Equity
Sr Portfolio Manager Global Equity
Sr Portfolio Manager Global Equity
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
Portfolio Manager SmMid Cap Equity
Asst Invest Officer Fixed IncomeDeriv
Sr Portfolio Manager Fixed IncomeHESP
Portfolio Manager High Yield Fixed Inc
Senior Investment Accountant
Senior Investment Accountant
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 Yield Fixed Inc
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
Assoc Portfolio Mgr I SmMid Cap Equity
Research Analyst High Yield
Assoc Portfolio Mgr I High YieldFixed Inc
Business Manager
Asst Business Mgr Accountant
Research Analyst Equity
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
Assoc Portfolio Mgr I
SmMid Cap Equity
Portfolio Manager
SmMid Cap Equity
Portfolio Manager
SmMid Cap Equity
Sr Portfolio Manager
SmMid Cap Equity
Sr Portfolio Manager
Fixed IncomeHESP
Assoc Portfolio Mgr I
High YieldFixed Inc
Assoc Portfolio Mgr II
High YieldFixed Inc
Portfolio Manager
High YieldFixed Inc
Portfolio Manager
High Yield Fixed Inc
Portfolio Manager
High Yield Fixed Inc
Assoc Portfolio Mgr I
Global Equity
Portfolio Manager
Global Equity
Portfolio Manager
Global Equity
Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Asst Invest Officer
Fixed IncomeDeriv
Asst Invest Officer
Global Eq Arbitrage
Asst Invest Officer
Fixed IncomeAlt Inv
State Investment Officer
LRC
Executive Board
South Dakota Investment Council
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
$18
451
FY 7
3
FY 7
4
FY 7
5
FY 7
6
FY 7
7
FY 7
8
FY 7
9
FY 8
0
FY 8
1
FY 8
2
FY 8
3
FY 8
4
FY 8
5
FY 8
6
FY 8
7
FY 8
8
FY 8
9
FY 9
0
FY 9
1
FY 9
2
FY 9
3
FY 9
4
FY 9
5
FY 9
6
FY 9
7
FY 9
8
FY 9
9
FY 0
0
FY 0
1
FY 0
2
FY 0
3
FY 0
4
FY 0
5
FY 0
6
FY 0
7
FY 0
8
FY 0
9
FY 1
0
FY 1
1
FY 1
2
FY 1
3
FY 1
4
FY 1
5
FY 1
6
FY 1
7
FY 1
8
FY 1
9
FY 2
0
FY 2
1
South Dakota Retirement System 146193$ 792Health Care Trust Fund 2229 12Education Enhancement Trust Fund 7257 39School amp Public Lands Fund 3788 21Dakota Cement Trust Fund 3785 21South Dakota Cash Flow Fund 21261 115
184513$ 1000
Fiscal Years 1973 to 2021$ in Millions
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)
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 10 years $ 9906 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
Excess Earnings (In Millions)
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
SDIO Internal ampOutside Managers
AveragePublicPensionFund
Median TargetDate MutualFunds
MedianAlternativeAsset Managers
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
Retirement System = 875
Cash Flow Fund = 24
South Dakota Retirement System = 875
Cash Flow Fund = 24
Dakota Cement Trust = 24
Education Enhancement Trust = 43
Health Care Trust = 11
School amp Public Lands = 23
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
Page ampP82019
Page ampP82011
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
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
Total Personal Services 20695881 21687291 479
OPERATING EXPENSESContractual Total (see next page for further details) 2372642 2450903 330Travel 86431 86431 000Office Supplies 7000 7000 000Capital Assets 40520 40520 000
Total Operating Expenses 2506593 2584854 312
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
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
Law allows up to 4 of the 16 quarter average to Distribution for FY 22 (July 1 2021) 23673657 be distributed as long as principal is not violated Distribution for FY 21 (July 1 2020) 22515470 as of December 31 each year
17
Trust Funds (unaudited)
Dakota Cement Trust (established April 2001)FY 21
Principal as of 63020 238000000$ Asset Allocation Current BenchmarkPrincipal as of 63020 adjusted for inflation 364782115$ Global amp Private Equity 31 51Fair Value (FV) as of 63020 378520394$ Real Estate 9 10
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
Money Market 34 2Fiscal year to date return 1752 Total 100 100Longterm expected mean return 616Payout of 4 plus expected inflation of 225 625Expected return cushionshortfall -009
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
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
CONTRACTUAL SERVICESInvestment 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 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
Total Administrative Expenses 634506 666886 32380
TOTAL CONTRACTUAL SERVICES 1829979 2434567 604588
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 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312012 | (Unaudited) | |||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 123112 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 109191260 | Global Equity | 52 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 110293014 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 24661990 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj prin | $ 1101754 | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 727 | Money Market | 1 | 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 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 123112 | $ 329329930 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 420563572 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 397930633 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 68600703 | Fixed Income-IG | 0 | 0 | ||||||||
Difference - FV less infl adj prin | $ (22632939) | Fixed Income-tax ex | 29 | 30 | ||||||||
Fixed Income-HY | 4 | 5 | ||||||||||
Fiscal year to date return | 694 | Fixed Income-Tips | 0 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 597 | Money Market | 1 | 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 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 123112 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 310933269 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 253441000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 15441000 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj principal | $ (57492269) | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 722 | Money Market | 2 | 2 | ||||||||
Longterm expected mean return | 643 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -057 | |||||||||||
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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123112 | $ 207226129 | Global Equity | 52 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 724 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 643 | Fixed Income-IG | 22 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 4 | 5 | ||||||||
Distribution for FY 12 to Board of Regents | 1956537 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9378968 | Money Market | 3 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302013 | ||||||||||||
UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 63013 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 110120179 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 121106711 | Private Equity | 3 | 2 | ||||||||
Real Estate | 11 | 6 | ||||||||||
Difference - FV less principal | $ 35475687 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj prin | $ 10986532 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1786 | Money Market | 9 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 63013 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 428842498 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 441011625 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 106999012 | Fixed Income-IG | 11 | 0 | ||||||||
Difference - FV less infl adj prin | $ 12169127 | Fixed Income-tax ex | 11 | 30 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1732 | Fixed Income-Tips | 4 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 7 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 63013 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 313578462 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 268843121 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 30843121 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj principal | $ (44735340) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1776 | Money Market | 6 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 13 (June 2013 to Gen Fund) | 9356955 | 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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63013 | $ 222342174 | Global Equity | 50 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1758 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 21 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9403223 | Money Market | 6 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312013 | ||||||||||||
ESTIMATEUNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 123113 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 110565966 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 128488000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 42856976 | Fixed Income-IG | 20 | 28 | ||||||||
Difference - FV less infl adj prin | $ 17922034 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 968 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 4322076 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 123113 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 430578531 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 467830000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 133817387 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 37251469 | Fixed Income-tax ex | 11 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 967 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 10 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 15696982 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 123113 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 314847885 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 294796000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 56796000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (20051885) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 965 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10061446 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123113 | $ 248037000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 2 | 2 | ||||||||||
Fiscal year to date return | 966 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10754613 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302014 | ||||||||||||
ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 43014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 111684923 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 132190000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 46558976 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 20505077 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1280 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 43014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 442655644 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 489300000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 147567846 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 46644356 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1290 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 43014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 318034231 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 303500000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 65500000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (14534231) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1290 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43014 | $ 250800000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1280 | Real Estate | 10 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 18 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 14 to Board of Regents (EST) | 1960000 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10733822 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302014 | ||||||||||||
Unaudited | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 63014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 112365185 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 136016642 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 50385618 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 23651457 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1611 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 63014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 445351817 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 503354908 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 161622754 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 58003091 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1613 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 63014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 319971346 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 302362260 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 64362260 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (17609086) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1625 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63014 | $ 256694476 | Global Equity | 48 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1607 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
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 | 10817612 | Money Market | 11 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 103114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 112336821 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 132004787 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 46373763 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 19667966 | Fixed Income-HY | 5 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 023 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
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 | ||||||||||
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 15 | ||||||||||||
Principal as of 103114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 445239398 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 488761822 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 147029668 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 43522424 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Fiscal year to date return | 023 | Fixed Income-Tips | 4 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17039659 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4260mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 103114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 319890577 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 303239158 | Private Equity | 4 | 0 | ||||||||
Real Estate | 13 | 10 | ||||||||||
Difference - FV less principal | $ 65239158 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj principal | $ (16651419) | Fixed Income-HY | 6 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 029 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103114 | $ 258494303 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 019 | Real Estate | 10 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2414) | 8773822 | Fixed Income-HY | 5 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 10817612 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 123114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 111635286 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 133310000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 47678976 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj prin | $ 21674714 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 130 | Money Market | 12 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 4670000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 123114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 442458912 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 493040000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 151307846 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 50581088 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 6 | 7 | ||||||||||
Fiscal year to date return | 110 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17000000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 123114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 317892885 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 306240000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 68240000 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (11652885) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 120 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123114 | $ 263140000 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 120 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2215) | 9969231 | Fixed Income-HY | 6 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12013021 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302015 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 63015 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 112409149 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 137528097 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 51897073 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 25118948 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 3 | 2 | ||||||||||
Fiscal year to date return | 443 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 63015 | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 451089124 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 514166745 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 166913737 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 63077621 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | 431 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 63015 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 320096538 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 305394373 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 67394373 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (14702165) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 456 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63015 | $ 264009889 | Global Equity | 42 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 420 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12061393 | Money Market | 19 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
8312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 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 | ||||||||||
Difference - FV less principal | $ 44098498 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 17251826 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -240 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | 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 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 451364194 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 485280849 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 138027841 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 33916655 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | -240 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 19 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 320291731 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 298604335 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 60604335 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (21687396) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -220 | Money Market | 19 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 8312015 (EST) | $ 258319441 | Global Equity | 41 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -250 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12061393 | Money Market | 20 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 12312015 (EST) | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 112562787 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 129420000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 43788976 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 16857213 | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 16 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 4970600 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 451705661 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 484274000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 137020992 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 32568339 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 8 | 7 | ||||||||||
Fiscal year to date return | -260 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 595 | Money Market | 17 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 18244700 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 320534038 | Global Equity | 40 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 297473000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 59473000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (23061038) | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (June 2016 to GF) | 11437300 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 12312015 (EST) | $ 260467000 | Global Equity | 42 | 51 | ||||||||
Private Equity | 2 | 0 | ||||||||||
Fiscal year to date return | -260 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 8 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12319567 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302016 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 63016 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 113421269 | Global Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 133161442 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 47530418 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 19740173 | Fixed Income-HY | 10 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 023 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 63016 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 466281046 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 507946208 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 149625213 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 41665162 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 10 | 7 | ||||||||||
Fiscal year to date return | -009 | Fixed Income-Tips | 0 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 589 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -111 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 63016 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 322978654 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 294571755 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 56571755 | Fixed Income-IG | 22 | 30 | ||||||||
Difference - FV less infl adj principal | $ (28406899) | Fixed Income-HY | 11 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 021 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63016 | $ 259767962 | Global Equity | 40 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -001 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 594 | Fixed Income-IG | 20 | 30 | ||||||||
Fixed Income-non-mk | 0 | 0 | ||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 11 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6916) | 2264613 | Fixed Income-Tips | 0 | 0 | ||||||||
TOTAL | 12492018 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312016 | ESTIMATES AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 123116 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 114565755 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 135925000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 50293976 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 21359245 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5213000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 123116 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 470986087 | Global Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 519450000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 161129005 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 48463913 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 600 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 25 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19372000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 123116 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 326237692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 312280000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 74280000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (13957692) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (June 2017 to GF) | 11977000 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123116 | $ 278590000 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 630 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
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 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
5312017 | ESTIMATES | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 53117 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 115229471 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 141606863 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 55975839 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 26377392 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1047 | Money Market | 27 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 53117 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 474503693 | Global Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 549164994 | Private Equity | 3 | 0 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Difference - FV less principal | $ 182618214 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 74661301 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1045 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 53117 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 328127692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 313242965 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 75242965 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (14884727) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1041 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 53117 | $ 285840535 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1058 | Real Estate | 6 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 27 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302017 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 63017 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 115247435 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 143034115 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 57403091 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 27786680 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1158 | Money Market | 26 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 63017 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 482001898 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 554492395 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 187945615 | Fixed Income-IG | 9 | 20 | ||||||||
Difference - FV less infl adj prin | $ 72490497 | Fixed Income-tax ex | 8 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1152 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 63017 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 328178846 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 316483727 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 78483727 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (11695119) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1155 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63017 | $ 286383911 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1168 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 586 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 26 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
3312018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 33118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 117928773 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 144825065 | Real Estate | 7 | 10 | ||||||||
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 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414856 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 33118 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 493216119 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 562421108 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 195874328 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 69204989 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 510 | Money Market | 32 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430221 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 33118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 335814231 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 332548926 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 94548926 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (3265305) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 508 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 33118 | $ 298711517 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 517 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
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 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 63018 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 118588235 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 147135167 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 61504143 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 28546932 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 33 | 2 | ||||||||||
Fiscal year to date return | 676 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 63018 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 526766203 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 602643318 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 205408134 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 75877115 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 682 | Money Market | 36 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 63018 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 337692115 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 325465103 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 87465103 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (12227012) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 678 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63018 | $ 302239678 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Fiscal year to date return | 680 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 33 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 103118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 119125731 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 141087000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 55455976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 21961269 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 30 | 2 | ||||||||||
Fiscal year to date return | -045 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5524000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 103118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 529153751 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 579324000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 182088816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 50170249 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -050 | Money Market | 34 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21356000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 103118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 339222692 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 323931000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 85931000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (15291692) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | -048 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103118 | $ 301798000 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -039 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 34 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 123118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 119542681 | Global amp Private Equity | 42 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 139382000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 53750976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 19839319 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 19 | 2 | ||||||||||
Fiscal year to date return | -165 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5520000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 123118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 531005833 | Global amp Private Equity | 44 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 570560000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 173324816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 39554167 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -200 | Money Market | 23 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21335000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 123118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 340410000 | Global amp Private Equity | 43 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 319869000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 81869000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (20541000) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 20 | 2 | ||||||||||
Fiscal year to date return | -170 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF)ESTIMATE | 12682000 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123118 | $ 298936000 | Global amp Private Equity | 43 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -180 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 23 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 14753921 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
4302019 | ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 19 | ||||||||||||
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 43019 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 120526910 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 149543137 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 63912113 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 29016227 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 23 | 2 | |||||||||||
Fiscal year to date return | 552 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 5520072 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | |||||||||||||
Principal as of 43019 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 541749192 | Global amp Private Equity | 41 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 619650988 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 216044367 | Fixed Income-tax ex | 8 | 10 | |||||||||
Difference - FV less infl adj prin | $ 77901796 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 5 | 0 | |||||||||||
Fiscal year to date return | 533 | Money Market | 27 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -108 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 19 | |||||||||||||
Principal as of 43019 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 343212692 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 343286155 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 19 | 30 | |||||||||||
Difference - FV less principal | $ 105286155 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ 73463 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 24 | 2 | |||||||||||
Fiscal year to date return | 548 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 43019 | $ 317148884 | Global amp Private Equity | 40 | 51 | |||||||||
Real Estate | 7 | 10 | |||||||||||
Fiscal year to date return | 539 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 27 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2290000 | est | Total | 100 | 100 | ||||||||
TOTAL | 14402218 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302019 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 63019 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 120690948 | Global amp Private Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 150272736 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 64641712 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 29581788 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 25 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 5520073 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 63019 | $ 403606621 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 542486518 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 621227029 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 217620408 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 78740511 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 560 | Money Market | 29 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 63019 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 343679808 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 332141897 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 94141897 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (11537911) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 23 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63019 | $ 316481430 | Global amp Private Equity | 39 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 26 | 2 | ||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | ||||||||
TOTAL | 14924949 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
12312019 | ESTIMATE AND UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 20 | ||||||||||||
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 123119 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
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 | ||||||||
Fixed Income-IG | 21 | 30 | |||||||||||
Difference - FV less principal | $ 65017976 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 28714000 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 5670000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | |||||||||||||
Principal as of 123119 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 548077000 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 625067000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 221460379 | Fixed Income-tax ex | 7 | 10 | |||||||||
Difference - FV less infl adj prin | $ 76990000 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Fiscal year to date return | 420 | Money Market | 32 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -025 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 22500000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 20 | |||||||||||||
Principal as of 123119 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 347221000 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 345778000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 107778000 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ (1443000) | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 20 (June 2020 to GF) ESTIMATE | 13000000 | quarter average balance or 2) the current | |||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | |||||||||||
the following year | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 123119 | Prelim | $ 332527000 | Global amp Private Equity | 34 | 51 | ||||||||
Real Estate | 8 | 10 | |||||||||||
Fiscal year to date return | 420 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 32 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | |||||||||
TOTAL | 14924949 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302020 | ESTIMATE AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 20 | |||||||||||
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 43020 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 120973170 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 145879876 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 60248852 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 24906706 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 078 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 5676706 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | ||||||||||||
Principal as of 43020 | $ 410923760 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 551072196 | Global amp Private Equity | 36 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 606694395 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 10 | 22 | ||||||||||
Difference - FV less principal | $ 195770635 | Fixed Income-tax ex | 7 | 8 | ||||||||
Difference - FV less infl adj prin | $ 55622199 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Fiscal year to date return | -010 | Money Market | 30 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -025 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 22515469 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 20 | ||||||||||||
Principal as of 43020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 344483462 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 334583350 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 96583350 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (9900112) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 074 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 20 (May 2020 to GF) | 13004590 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43020 | $ 319016557 | Global amp Private Equity | 37 | 51 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Fiscal year to date return | 179 | Fixed Income-IG | 19 | 30 | ||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Distribution for FY 20 K-12 (2420) | 12694914 | Money Market | 26 | 2 | ||||||||
Distribution for FY 20 Board of Regents (6920) | 3426000 | Total | 100 | 100 | ||||||||
TOTAL | 16120914 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302020 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 20 | |||||||||||
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 63020 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 121593395 | Global amp Private Equity | 29 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 151165694 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 17 | 30 | ||||||||||
Difference - FV less principal | $ 65534670 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 29572299 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 35 | 2 | ||||||||||
Fiscal year to date return | 443 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 5676706 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | ||||||||||||
Principal as of 63020 | $ 410923760 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 553607481 | Global amp Private Equity | 30 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 630712226 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 10 | 22 | ||||||||||
Difference - FV less principal | $ 219788466 | Fixed Income-tax ex | 7 | 8 | ||||||||
Difference - FV less infl adj prin | $ 77104745 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 367 | Money Market | 35 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -025 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 22515469 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 21 | ||||||||||||
Principal as of 63020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 364782115 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 378520394 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 15 | 30 | ||||||||||
Difference - FV less principal | $ 140520394 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ 13738279 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 34 | 2 | ||||||||||
Fiscal year to date return | 1752 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 616 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -009 | |||||||||||
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 Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation if inflation not offset by realized net gains) | FY 21 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63020 | $ 378763803 | Global amp Private Equity | 32 | 51 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Fiscal year to date return | 1756 | Fixed Income-IG | 15 | 30 | ||||||||
Longterm 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 | |||||||||||
2106 - To Common Schools | $ 824650430 |
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 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312012 | (Unaudited) | |||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 123112 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 109191260 | Global Equity | 52 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 110293014 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 24661990 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj prin | $ 1101754 | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 727 | Money Market | 1 | 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 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 123112 | $ 329329930 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 420563572 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 397930633 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 68600703 | Fixed Income-IG | 0 | 0 | ||||||||
Difference - FV less infl adj prin | $ (22632939) | Fixed Income-tax ex | 29 | 30 | ||||||||
Fixed Income-HY | 4 | 5 | ||||||||||
Fiscal year to date return | 694 | Fixed Income-Tips | 0 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 597 | Money Market | 1 | 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 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 123112 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 310933269 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 253441000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 15441000 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj principal | $ (57492269) | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 722 | Money Market | 2 | 2 | ||||||||
Longterm expected mean return | 643 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -057 | |||||||||||
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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123112 | $ 207226129 | Global Equity | 52 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 724 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 643 | Fixed Income-IG | 22 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 4 | 5 | ||||||||
Distribution for FY 12 to Board of Regents | 1956537 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9378968 | Money Market | 3 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302013 | ||||||||||||
UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 63013 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 110120179 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 121106711 | Private Equity | 3 | 2 | ||||||||
Real Estate | 11 | 6 | ||||||||||
Difference - FV less principal | $ 35475687 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj prin | $ 10986532 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1786 | Money Market | 9 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 63013 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 428842498 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 441011625 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 106999012 | Fixed Income-IG | 11 | 0 | ||||||||
Difference - FV less infl adj prin | $ 12169127 | Fixed Income-tax ex | 11 | 30 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1732 | Fixed Income-Tips | 4 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 7 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 63013 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 313578462 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 268843121 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 30843121 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj principal | $ (44735340) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1776 | Money Market | 6 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 13 (June 2013 to Gen Fund) | 9356955 | 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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63013 | $ 222342174 | Global Equity | 50 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1758 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 21 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9403223 | Money Market | 6 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312013 | ||||||||||||
ESTIMATEUNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 123113 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 110565966 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 128488000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 42856976 | Fixed Income-IG | 20 | 28 | ||||||||
Difference - FV less infl adj prin | $ 17922034 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 968 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 4322076 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 123113 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 430578531 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 467830000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 133817387 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 37251469 | Fixed Income-tax ex | 11 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 967 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 10 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 15696982 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 123113 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 314847885 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 294796000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 56796000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (20051885) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 965 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10061446 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123113 | $ 248037000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 2 | 2 | ||||||||||
Fiscal year to date return | 966 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10754613 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302014 | ||||||||||||
ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 43014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 111684923 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 132190000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 46558976 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 20505077 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1280 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 43014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 442655644 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 489300000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 147567846 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 46644356 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1290 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 43014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 318034231 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 303500000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 65500000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (14534231) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1290 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43014 | $ 250800000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1280 | Real Estate | 10 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 18 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 14 to Board of Regents (EST) | 1960000 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10733822 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302014 | ||||||||||||
Unaudited | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 63014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 112365185 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 136016642 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 50385618 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 23651457 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1611 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 63014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 445351817 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 503354908 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 161622754 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 58003091 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1613 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 63014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 319971346 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 302362260 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 64362260 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (17609086) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1625 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63014 | $ 256694476 | Global Equity | 48 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1607 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
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 | 10817612 | Money Market | 11 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 103114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 112336821 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 132004787 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 46373763 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 19667966 | Fixed Income-HY | 5 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 023 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
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 | ||||||||||
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 15 | ||||||||||||
Principal as of 103114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 445239398 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 488761822 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 147029668 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 43522424 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Fiscal year to date return | 023 | Fixed Income-Tips | 4 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17039659 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4260mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 103114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 319890577 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 303239158 | Private Equity | 4 | 0 | ||||||||
Real Estate | 13 | 10 | ||||||||||
Difference - FV less principal | $ 65239158 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj principal | $ (16651419) | Fixed Income-HY | 6 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 029 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103114 | $ 258494303 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 019 | Real Estate | 10 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2414) | 8773822 | Fixed Income-HY | 5 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 10817612 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 123114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 111635286 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 133310000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 47678976 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj prin | $ 21674714 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 130 | Money Market | 12 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 4670000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 123114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 442458912 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 493040000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 151307846 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 50581088 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 6 | 7 | ||||||||||
Fiscal year to date return | 110 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17000000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 123114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 317892885 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 306240000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 68240000 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (11652885) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 120 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123114 | $ 263140000 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 120 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2215) | 9969231 | Fixed Income-HY | 6 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12013021 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302015 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 63015 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 112409149 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 137528097 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 51897073 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 25118948 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 3 | 2 | ||||||||||
Fiscal year to date return | 443 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 63015 | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 451089124 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 514166745 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 166913737 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 63077621 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | 431 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 63015 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 320096538 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 305394373 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 67394373 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (14702165) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 456 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63015 | $ 264009889 | Global Equity | 42 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 420 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12061393 | Money Market | 19 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
8312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 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 | ||||||||||
Difference - FV less principal | $ 44098498 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 17251826 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -240 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | 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 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 451364194 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 485280849 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 138027841 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 33916655 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | -240 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 19 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 320291731 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 298604335 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 60604335 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (21687396) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -220 | Money Market | 19 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 8312015 (EST) | $ 258319441 | Global Equity | 41 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -250 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12061393 | Money Market | 20 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 12312015 (EST) | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 112562787 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 129420000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 43788976 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 16857213 | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 16 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 4970600 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 451705661 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 484274000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 137020992 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 32568339 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 8 | 7 | ||||||||||
Fiscal year to date return | -260 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 595 | Money Market | 17 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 18244700 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 320534038 | Global Equity | 40 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 297473000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 59473000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (23061038) | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (June 2016 to GF) | 11437300 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 12312015 (EST) | $ 260467000 | Global Equity | 42 | 51 | ||||||||
Private Equity | 2 | 0 | ||||||||||
Fiscal year to date return | -260 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 8 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12319567 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302016 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 63016 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 113421269 | Global Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 133161442 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 47530418 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 19740173 | Fixed Income-HY | 10 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 023 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 63016 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 466281046 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 507946208 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 149625213 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 41665162 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 10 | 7 | ||||||||||
Fiscal year to date return | -009 | Fixed Income-Tips | 0 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 589 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -111 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 63016 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 322978654 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 294571755 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 56571755 | Fixed Income-IG | 22 | 30 | ||||||||
Difference - FV less infl adj principal | $ (28406899) | Fixed Income-HY | 11 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 021 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63016 | $ 259767962 | Global Equity | 40 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -001 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 594 | Fixed Income-IG | 20 | 30 | ||||||||
Fixed Income-non-mk | 0 | 0 | ||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 11 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6916) | 2264613 | Fixed Income-Tips | 0 | 0 | ||||||||
TOTAL | 12492018 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312016 | ESTIMATES AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 123116 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 114565755 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 135925000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 50293976 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 21359245 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5213000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 123116 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 470986087 | Global Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 519450000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 161129005 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 48463913 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 600 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 25 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19372000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 123116 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 326237692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 312280000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 74280000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (13957692) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (June 2017 to GF) | 11977000 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123116 | $ 278590000 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 630 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
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 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
5312017 | ESTIMATES | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 53117 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 115229471 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 141606863 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 55975839 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 26377392 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1047 | Money Market | 27 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 53117 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 474503693 | Global Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 549164994 | Private Equity | 3 | 0 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Difference - FV less principal | $ 182618214 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 74661301 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1045 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 53117 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 328127692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 313242965 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 75242965 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (14884727) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1041 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 53117 | $ 285840535 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1058 | Real Estate | 6 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 27 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302017 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 63017 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 115247435 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 143034115 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 57403091 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 27786680 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1158 | Money Market | 26 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 63017 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 482001898 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 554492395 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 187945615 | Fixed Income-IG | 9 | 20 | ||||||||
Difference - FV less infl adj prin | $ 72490497 | Fixed Income-tax ex | 8 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1152 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 63017 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 328178846 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 316483727 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 78483727 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (11695119) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1155 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63017 | $ 286383911 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1168 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 586 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 26 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
3312018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 33118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 117928773 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 144825065 | Real Estate | 7 | 10 | ||||||||
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 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414856 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 33118 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 493216119 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 562421108 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 195874328 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 69204989 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 510 | Money Market | 32 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430221 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 33118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 335814231 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 332548926 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 94548926 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (3265305) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 508 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 33118 | $ 298711517 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 517 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
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 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 63018 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 118588235 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 147135167 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 61504143 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 28546932 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 33 | 2 | ||||||||||
Fiscal year to date return | 676 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 63018 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 526766203 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 602643318 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 205408134 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 75877115 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 682 | Money Market | 36 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 63018 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 337692115 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 325465103 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 87465103 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (12227012) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 678 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63018 | $ 302239678 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Fiscal year to date return | 680 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 33 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 103118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 119125731 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 141087000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 55455976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 21961269 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 30 | 2 | ||||||||||
Fiscal year to date return | -045 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5524000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 103118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 529153751 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 579324000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 182088816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 50170249 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -050 | Money Market | 34 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21356000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 103118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 339222692 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 323931000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 85931000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (15291692) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | -048 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103118 | $ 301798000 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -039 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 34 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 123118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 119542681 | Global amp Private Equity | 42 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 139382000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 53750976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 19839319 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 19 | 2 | ||||||||||
Fiscal year to date return | -165 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5520000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 123118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 531005833 | Global amp Private Equity | 44 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 570560000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 173324816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 39554167 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -200 | Money Market | 23 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21335000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 123118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 340410000 | Global amp Private Equity | 43 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 319869000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 81869000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (20541000) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 20 | 2 | ||||||||||
Fiscal year to date return | -170 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF)ESTIMATE | 12682000 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123118 | $ 298936000 | Global amp Private Equity | 43 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -180 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 23 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 14753921 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
4302019 | ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 19 | ||||||||||||
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 43019 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 120526910 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 149543137 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 63912113 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 29016227 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 23 | 2 | |||||||||||
Fiscal year to date return | 552 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 5520072 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | |||||||||||||
Principal as of 43019 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 541749192 | Global amp Private Equity | 41 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 619650988 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 216044367 | Fixed Income-tax ex | 8 | 10 | |||||||||
Difference - FV less infl adj prin | $ 77901796 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 5 | 0 | |||||||||||
Fiscal year to date return | 533 | Money Market | 27 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -108 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 19 | |||||||||||||
Principal as of 43019 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 343212692 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 343286155 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 19 | 30 | |||||||||||
Difference - FV less principal | $ 105286155 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ 73463 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 24 | 2 | |||||||||||
Fiscal year to date return | 548 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 43019 | $ 317148884 | Global amp Private Equity | 40 | 51 | |||||||||
Real Estate | 7 | 10 | |||||||||||
Fiscal year to date return | 539 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 27 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2290000 | est | Total | 100 | 100 | ||||||||
TOTAL | 14402218 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302019 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 63019 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 120690948 | Global amp Private Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 150272736 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 64641712 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 29581788 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 25 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 5520073 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 63019 | $ 403606621 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 542486518 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 621227029 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 217620408 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 78740511 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 560 | Money Market | 29 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 63019 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 343679808 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 332141897 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 94141897 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (11537911) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 23 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63019 | $ 316481430 | Global amp Private Equity | 39 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 26 | 2 | ||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | ||||||||
TOTAL | 14924949 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
12312019 | ESTIMATE AND UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 20 | ||||||||||||
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 123119 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
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 | ||||||||
Fixed Income-IG | 21 | 30 | |||||||||||
Difference - FV less principal | $ 65017976 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 28714000 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 5670000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | |||||||||||||
Principal as of 123119 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 548077000 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 625067000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 221460379 | Fixed Income-tax ex | 7 | 10 | |||||||||
Difference - FV less infl adj prin | $ 76990000 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Fiscal year to date return | 420 | Money Market | 32 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -025 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 22500000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 20 | |||||||||||||
Principal as of 123119 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 347221000 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 345778000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 107778000 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ (1443000) | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 20 (June 2020 to GF) ESTIMATE | 13000000 | quarter average balance or 2) the current | |||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | |||||||||||
the following year | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 123119 | Prelim | $ 332527000 | Global amp Private Equity | 34 | 51 | ||||||||
Real Estate | 8 | 10 | |||||||||||
Fiscal year to date return | 420 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 32 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | |||||||||
TOTAL | 14924949 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302020 | ESTIMATE AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 20 | |||||||||||
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 43020 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 120973170 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 145879876 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 60248852 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 24906706 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 078 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 5676706 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | ||||||||||||
Principal as of 43020 | $ 410923760 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 551072196 | Global amp Private Equity | 36 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 606694395 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 10 | 22 | ||||||||||
Difference - FV less principal | $ 195770635 | Fixed Income-tax ex | 7 | 8 | ||||||||
Difference - FV less infl adj prin | $ 55622199 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Fiscal year to date return | -010 | Money Market | 30 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -025 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 22515469 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 20 | ||||||||||||
Principal as of 43020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 344483462 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 334583350 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 96583350 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (9900112) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 074 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 20 (May 2020 to GF) | 13004590 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43020 | $ 319016557 | Global amp Private Equity | 37 | 51 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Fiscal year to date return | 179 | Fixed Income-IG | 19 | 30 | ||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Distribution for FY 20 K-12 (2420) | 12694914 | Money Market | 26 | 2 | ||||||||
Distribution for FY 20 Board of Regents (6920) | 3426000 | Total | 100 | 100 | ||||||||
TOTAL | 16120914 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302020 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 21 | |||||||||||
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 63020 | $ 135631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 181814200 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 222925449 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 15 | 30 | ||||||||||
Difference - FV less principal | $ 87294425 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 41111249 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 34 | 2 | ||||||||||
Fiscal year to date return | 1728 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 616 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected 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) | ||||||||||||
Principal as of 63002 | 8183596860 | |||||||||||
addition received 92402 taxable | 13138079076 | |||||||||||
addition received 92402 tax-exempt | 11221576255 | |||||||||||
addition received 52703 issuance costs | 5135110 | |||||||||||
FY 21 | ||||||||||||
Principal as of 63020 | $ 420763604 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 593579637 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 725699117 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 9 | 22 | ||||||||||
Difference - FV less principal | $ 304935513 | Fixed Income-tax ex | 6 | 8 | ||||||||
Difference - FV less infl adj prin | $ 132119480 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1785 | Money Market | 35 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 611 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -014 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 22 (July 1 2021) | 23673657 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 21 (July 1 2020) | 22515470 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 20 | ||||||||||||
Principal as of 63020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 346249615 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 333808943 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 18 | 30 | ||||||||||
Difference - FV less principal | $ 95808943 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (12440672) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 33 | 2 | ||||||||||
Fiscal year to date return | 453 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 20 (May 2020 to GF) | 13004590 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation if inflation not offset by realized net gains) | FY 20 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63020 | $ 327870736 | Global amp Private Equity | 31 | 51 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Fiscal year to date return | 555 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 20 K-12 (2420) | 12694914 | Money Market | 32 | 2 | ||||||||
Distribution for FY 20 Board of Regents (6920) | 3426067 | Total | 100 | 100 | ||||||||
TOTAL | 16120981 | |||||||||||
2106 - To Common Schools | $ 824650430 |
Updated for special approps in FY20 amp final budget received for FY21 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||
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 | |||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||
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 | |||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||
Investment Services | |||||||||||||||||||||
Consulting Services | 130000 | 180000 | 3846 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | 137977 | 153314 | 1112 | ||||||||||||||||||
Investment Databases Newsfeeds amp Quote Fees | 710436 | 734267 | 335 | ||||||||||||||||||
Investment Research Services | 394025 | 450100 | 1423 | ||||||||||||||||||
Flexibility - From Brokerage to Independent Research | 100000 | 250000 | 15000 | ||||||||||||||||||
Total Investment Services | 1472438 | 1767681 | 2005 | ||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||
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 | |||||||||||||||||
Total Administrative Expenses | 648767 | 656007 | 112 | ||||||||||||||||||
TOTAL CONTRACTUAL SERVICES | 2121205 | 2423688 | 1426 | ||||||||||||||||||
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 | |||||||||||||||||
TOTAL OPERATING EXPENSES | 2255156 | 2557639 | 1341 | ||||||||||||||||||
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 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||
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 | ||||||||||||||||||
Investment Research Services | |||||||||||||||||||||
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 | |||||||||||||||
Investment Council | 6457 | 6457 | 000 | 6585 | 198 | ||||||||||||||||
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 | |||||||||||||||||||||
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 $56357 | ||||||||||||||||||||
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 | ||||||||||||||||||
Total personal services for 3211 | 11328728 | 11831187 | 11831187 | ||||||||||||||||||
TOTAL PERSONAL SERVICES | 18717571 | 19253466 | 19420145 | ||||||||||||||||||
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 | ||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 761553 | 808775 | 47222 | 808775 | ||||||||||||||||
Retirement - 6 | 006 | 597297 | 434333 | (162963) | 434333 | ||||||||||||||||
Unemployment Insurance 0010 | 0001 | 9955 | 10572 | 617 | 10572 | ||||||||||||||||
Workers Compensation 0005 | 00005 | 4977 | 5286 | 309 | 5286 | ||||||||||||||||
Total Benefits 3211 | 1373782 | 1258966 | 1258966 | ||||||||||||||||||
TOTAL BENEFITS - SDIC | 2627558 | 2470101 | 2512411 | ||||||||||||||||||
Decreased by $200000 | |||||||||||||||||||||
Adjusting for SDRS comp limit of $280000 | |||||||||||||||||||||
Phasing in rest of discount over couple yrs | |||||||||||||||||||||
FY 2021 | 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 | ||||||||||||||||||
8 replacement laptops $1020 ea | 8160 | ||||||||||||||||||||
PC headsets (3 at 60) | 180 | ||||||||||||||||||||
keyboardmouse replacements (5 at $50) | 250 | ||||||||||||||||||||
COMPUTER EQUIPMENT | 11540 | ||||||||||||||||||||
SOFTWARE - Adobe Acrobat renewals - 6 x approx 100 | 600 | ||||||||||||||||||||
TELEPHONE EQUIPMENT | |||||||||||||||||||||
3 telephone headsets 285 ea | 855 | ||||||||||||||||||||
FURNITURE amp chair upgrades | 24425 | ||||||||||||||||||||
BOOKS (4 in CFA $744 ea) | 3100 | ||||||||||||||||||||
40520 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||||||||
FY 2023 Budget Request | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | chng | |||||||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | ||||||||||||||||||||||||
INVESTMENT SERVICES-DETAILED | For budget submission in RB16 | ||||||||||||||||||||||||||
Consulting Services | Inflation | ExpRed | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Research Services | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Council | 6585 | 6790 | 679000 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Staff Base Compensation | 5595504 | 5924242 | 6138506 | 362 | 6272430 | 588 | |||||||||||||||||||||
Administrative Accounting Legal amp Longevity | 626820 | 691805 | 698107 | 091 | 713880 | 319 | 12481 | Unused comp - extra for accts CH amp LR | |||||||||||||||||||
TOTAL STAFF - FULL TIME | 6222325 | 6616047 | 6836614 | 333 | 6986310 | 560 | 47744 | ||||||||||||||||||||
Part-Time - Legal amp Interns | no interns fy19 | 36942 | 83422 | 83422 | 000 | 85299 | 225 | 7293 | |||||||||||||||||||
Investment Council | 6585 | 6790 | 6790 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | 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 | ||||||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 808775 | 856112 | 906409 | 50297 | 906409 | |||||||||||||||||||||
Retirement - 6 | 006 | 434333 | 471460 | 510909 | 39449 | 510909 | |||||||||||||||||||||
Unemployment Insurance 0010 | 0001 | 10572 | 11191 | 11848 | 657 | 11848 | |||||||||||||||||||||
Workers Compensation 0005 | 00005 | 5286 | 5596 | 5924 | 328 | 5924 | |||||||||||||||||||||
Total Benefits 3211 | 1258966 | 1344359 | 1435091 | 90732 | 1435091 | ||||||||||||||||||||||
TOTAL BENEFITS - SDIC | 2512411 | 2630818 | 2744188 | 2765299 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Updated for special approps in FY20 amp final budget received for FY21 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||
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 | |||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||
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 | |||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||
Investment Services | |||||||||||||||||||||
Consulting Services | 130000 | 180000 | 3846 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | 137977 | 153314 | 1112 | ||||||||||||||||||
Investment Databases Newsfeeds amp Quote Fees | 710436 | 734267 | 335 | ||||||||||||||||||
Investment Research Services | 394025 | 450100 | 1423 | ||||||||||||||||||
Flexibility - From Brokerage to Independent Research | 100000 | 250000 | 15000 | ||||||||||||||||||
Total Investment Services | 1472438 | 1767681 | 2005 | ||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||
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 | |||||||||||||||||
Total Administrative Expenses | 648767 | 656007 | 112 | ||||||||||||||||||
TOTAL CONTRACTUAL SERVICES | 2121205 | 2423688 | 1426 | ||||||||||||||||||
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 | |||||||||||||||||
TOTAL OPERATING EXPENSES | 2255156 | 2557639 | 1341 | ||||||||||||||||||
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 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||
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 | ||||||||||||||||||
Investment Research Services | |||||||||||||||||||||
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 | |||||||||||||||
Investment Council | 6457 | 6457 | 000 | 6585 | 198 | ||||||||||||||||
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 | |||||||||||||||||||||
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 $56357 | ||||||||||||||||||||
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 | ||||||||||||||||||
Total personal services for 3211 | 11328728 | 11831187 | 11831187 | ||||||||||||||||||
TOTAL PERSONAL SERVICES | 18717571 | 19253466 | 19420145 | ||||||||||||||||||
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 | ||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 761553 | 808775 | 47222 | 808775 | ||||||||||||||||
Retirement - 6 | 006 | 597297 | 434333 | (162963) | 434333 | ||||||||||||||||
Unemployment Insurance 0010 | 0001 | 9955 | 10572 | 617 | 10572 | ||||||||||||||||
Workers Compensation 0005 | 00005 | 4977 | 5286 | 309 | 5286 | ||||||||||||||||
Total Benefits 3211 | 1373782 | 1258966 | 1258966 | ||||||||||||||||||
TOTAL BENEFITS - SDIC | 2627558 | 2470101 | 2512411 | ||||||||||||||||||
Decreased by $200000 | |||||||||||||||||||||
Adjusting for SDRS comp limit of $280000 | |||||||||||||||||||||
Phasing in rest of discount over couple yrs | |||||||||||||||||||||
FY 2021 | 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 | ||||||||||||||||||
8 replacement laptops $1020 ea | 8160 | ||||||||||||||||||||
PC headsets (3 at 60) | 180 | ||||||||||||||||||||
keyboardmouse replacements (5 at $50) | 250 | ||||||||||||||||||||
COMPUTER EQUIPMENT | 11540 | ||||||||||||||||||||
SOFTWARE - Adobe Acrobat renewals - 6 x approx 100 | 600 | ||||||||||||||||||||
TELEPHONE EQUIPMENT | |||||||||||||||||||||
3 telephone headsets 285 ea | 855 | ||||||||||||||||||||
FURNITURE amp chair upgrades | 24425 | ||||||||||||||||||||
BOOKS (4 in CFA $744 ea) | 3100 | ||||||||||||||||||||
40520 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||||||||
FY 2023 Budget Request | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | chng | |||||||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||||||||
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 (see next page for further details) | 1195473 | 1767681 | 1703846 | 1762373 | 343 | ||||||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | ||||||||||||||||||||||||
INVESTMENT SERVICES-DETAILED | For budget submission in RB16 | ||||||||||||||||||||||||||
Consulting Services | Inflation | ExpRed | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Research Services | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Council | 6585 | 6790 | 679000 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Staff Base Compensation | 5595504 | 5924242 | 6138506 | 362 | 6272430 | 588 | |||||||||||||||||||||
Administrative Accounting Legal amp Longevity | 626820 | 691805 | 698107 | 091 | 713880 | 319 | 12481 | Unused comp - extra for accts CH amp LR | |||||||||||||||||||
TOTAL STAFF - FULL TIME | 6222325 | 6616047 | 6836614 | 333 | 6986310 | 560 | 47744 | ||||||||||||||||||||
Part-Time - Legal amp Interns | no interns fy19 | 36942 | 83422 | 83422 | 000 | 85299 | 225 | 7293 | |||||||||||||||||||
Investment Council | 6585 | 6790 | 6790 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | 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 | ||||||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 808775 | 856112 | 906409 | 50297 | 906409 | |||||||||||||||||||||
Retirement - 6 | 006 | 434333 | 471460 | 510909 | 39449 | 510909 | |||||||||||||||||||||
Unemployment Insurance 0010 | 0001 | 10572 | 11191 | 11848 | 657 | 11848 | |||||||||||||||||||||
Workers Compensation 0005 | 00005 | 5286 | 5596 | 5924 | 328 | 5924 | |||||||||||||||||||||
Total Benefits 3211 | 1258966 | 1344359 | 1435091 | 90732 | 1435091 | ||||||||||||||||||||||
TOTAL BENEFITS - SDIC | 2512411 | 2630818 | 2744188 | 2765299 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 | Unexpended | |||||||||||||
FY 2021 | FY 2021 | FY 2021 | |||||||||||||
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 (see next page for further details) | 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 | Unexpended | |||||||||||||
FY 2021 | FY 2021 | FY 2021 | |||||||||||||
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 | 379856 | ||||||||||||
Administrative Accounting Legal amp Longevity | 446998 | 626820 | 179823 | ||||||||||||
TOTAL STAFF - FULL TIME | 5662646 | 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 | 8108290 | 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 | ||||||||||||||
FY 2023 | |||||||||||||||
2 desktop computers 1100 ea (replacements) | 2200 | ||||||||||||||
5 Monitors - replacement at $150 ea | 750 | ||||||||||||||
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 | |||||||||||||||
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 | Riss Laurie Began in Inv Acct first several years | PM | SrPM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||
Total Expenses as of Total Assets | 0300 | 0165 | 0289 | 0269 | 0342 | 0375 | ||||||||
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 | ||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | ||||||||
Long-Term Plan | ||||||||
Executive Summary | ||||||||
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 | |||||
(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 | ||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 233092 | 244280 | 512012 | 536588 | 556979 | 582043 | 582043 | 589027 | 614061 | 637088 | 662572 | 689075 | 716638 | 745303 | 775115 | 806120 | 838365 | 871899 | 906775 | 943046 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 199430 | 209003 | 438070 | 459097 | 476543 | 497987 | 497987 | 503963 | 525381 | 545083 | 566886 | 589562 | 613144 | 637670 | 663177 | 689704 | 717292 | 745984 | 775823 | 806856 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 198918 | 208466 | 436945 | 457918 | 475319 | 496708 | 496708 | 502669 | 524032 | 543684 | 565431 | 588048 | 611570 | 636033 | 661474 | 687933 | 715451 | 744069 | 773831 | 804785 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 480 | 480 | 480 | 380 | 450 | 000 | 120 | 371 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 173027 | 181332 | 380072 | 398316 | 413452 | 432057 | 432057 | 437242 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 480 | 480 | 480 | 380 | 450 | 000 | 120 | 371 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 173027 | 181332 | 380072 | 398316 | 413452 | 432057 | 432057 | 437242 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 480 | 480 | 980 | 380 | 450 | 000 | 120 | 425 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 109435 | 114688 | 240386 | 263944 | 273974 | 286303 | 286303 | 289738 | 302052 | 313379 | 325914 | 338951 | 352509 | 366609 | 381274 | 396525 | 412386 | 428881 | 446036 | 463878 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 171675 | 179915 | 377103 | 395204 | 410221 | 428681 | 428681 | 433825 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 895 | ERRORREF | 480 | 545 | 480 | 380 | 450 | 000 | 120 | 452 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 170611 | 178800 | 377102 | 395205 | 410223 | 428683 | 428683 | 433827 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 1202 fy03 | ERRORREF | 1654 | 2000 | 2010 | 967 | 882 | 200 | 120 | 425 | 528 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 103584 | 120716 | 289720 | 347951 | 381596 | 415270 | 423575 | 428658 | 446876 | 470452 | 489270 | 508841 | 529195 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 703 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 104 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0504 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0104 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0805 fy06 | ERRORREF | 1505 | 2028 | 1681 | 1554 | 1939 | 1000 | 520 | 625 | 675 | 750 | 750 | 594 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 73852 | 84967 | 204396 | 238756 | 275858 | 329346 | 362281 | 381119 | 404939 | 432273 | 464693 | 499545 | 529194 | 550362 | 572376 | 595271 | 619082 | 643845 | 669599 | 696383 | 724239 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0507 fy08 | ERRORREF | 537 | 1511 | 1430 | 1928 | 1633 | 1200 | 1120 | 1425 | 875 | 900 | 750 | 750 | 750 | 548 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 67315 | 70930 | 163294 | 186639 | 222622 | 258980 | 290058 | 322544 | 368507 | 400751 | 436818 | 469580 | 504798 | 542658 | 572376 | 595271 | 619082 | 643845 | 669599 | 696383 | 724238 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0507 fy08 | ERRORREF | 537 | 1511 | 1430 | 1928 | 1633 | 1200 | 1120 | 1425 | 875 | 900 | 750 | 750 | 750 | 548 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 67315 | 70930 | 163294 | 186639 | 222622 | 258980 | 290058 | 322544 | 368507 | 400751 | 436818 | 469580 | 504798 | 542658 | 572376 | 595271 | 619082 | 643845 | 669599 | 696383 | 724238 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0509 fy10 | ERRORREF | 1008 | 1515 | 1430 | 1928 | 1170 | 520 | 620 | 1525 | 1475 | 1400 | 1400 | 900 | 750 | 750 | 750 | 574 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 58328 | 64207 | 147865 | 169008 | 201592 | 225178 | 236888 | 251575 | 289940 | 332706 | 379285 | 432384 | 471299 | 506646 | 544645 | 585493 | 619082 | 643845 | 669599 | 696383 | 724238 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
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 - 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 | |||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | 117273 | 126890 | 147700 | 168747 | 191950 | 209225 | 248978 | 276365 | 301238 | 328350 | 377602 | 430466 | 490732 | 559434 | 609783 | 664663 | 724483 | 778819 | 814670 | 847257 | 881147 | 916393 | 953049 | 991171 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
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] | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
RESEARCH ANALYST | new | 50620 | 54591 | 56065 | 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 | 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 INCENTIVE MAXIMUM | 130971 | 145640 | 163408 | 194783 | 222052 | 242037 | 288024 | 319707 | 348480 | 379843 | 436820 | 497975 | 567691 | 647168 | 705413 | 758319 | 815193 | 876332 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 587 | 400 | 655 | 300 | 270 | 000 | 120 | 250 | 200 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT ACCOUNTANT | Sami | 60138 | 63665 | 66212 | 72210 | 74376 | 76384 | 83258 | 86756 | 88925 | 91593 | 94340 | 96463 | 98633 | 100852 | 103121 | 105442 | 107814 | 110240 | 112720 | 115257 | 117850 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 586 | 400 | 906 | 300 | 270 | 900 | 420 | 250 | 300 | 300 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT ACCOUNTANT | Krystal | 53078 | 56175 | 58422 | 66400 | 68392 | 70239 | 70941 | 76047 | 81752 | 83591 | 85472 | 87395 | 89361 | 91372 | 93428 | 95530 | 97679 | 99877 | 102124 | 104422 | 106772 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 583 | 400 | 1366 | 300 | 270 | 100 | 720 | 750 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 300 | 300 | 400 | 200 | 270 | 000 | 561 | 250 | 200 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 300 | 300 | 400 | 200 | 270 | 2709 | 440 | 650 | 625 | 650 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 300 | 461 | 299 | 506 | 359 | 000 | 120 | 250 | 196 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unemployment Insurance | 010 | 3261 | 7324 | 8019 | 8922 | 9461 | 9932 | 9955 | 10572 | 11191 | 11933 | 12900 | 12568 | 13334 | 14156 | 15005 | 15888 | 15960 | 16936 | 17955 | |||||||||||||||||||||||||||||||||||||||||||||||||
Workers Compensation | 005 | 1631 | 3662 | 4009 | 4461 | 4731 | 4966 | 4977 | 5286 | 5596 | 5966 | 6450 | 6284 | 6667 | 7078 | 7502 | 7944 | 7980 | 8468 | 8977 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Per Matt - For FY17 year ending assets haircut assets by 75 Assumed 75 correction to fair value for stocks and bonds using current allocation | 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
South Dakota Investment Council
State Investment Officer
General Counsel
Asst Invest Officer Global Eq Arbitrage
Sr Portfolio Manager Global Equity
Sr Portfolio Manager Global Equity
Portfolio Manager Global Equity
Portfolio Manager Global Equity
Portfolio Manager Global Equity
Sr Portfolio Manager Global Equity
Sr Portfolio Manager Global Equity
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
Portfolio Manager SmMid Cap Equity
Asst Invest Officer Fixed IncomeDeriv
Sr Portfolio Manager Fixed IncomeHESP
Portfolio Manager High Yield Fixed Inc
Senior Investment Accountant
Senior Investment Accountant
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 Yield Fixed Inc
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
Assoc Portfolio Mgr I SmMid Cap Equity
Research Analyst High Yield
Assoc Portfolio Mgr I High YieldFixed Inc
Business Manager
Asst Business Mgr Accountant
Research Analyst Equity
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
Assoc Portfolio Mgr I
SmMid Cap Equity
Portfolio Manager
SmMid Cap Equity
Portfolio Manager
SmMid Cap Equity
Sr Portfolio Manager
SmMid Cap Equity
Sr Portfolio Manager
Fixed IncomeHESP
Assoc Portfolio Mgr I
High YieldFixed Inc
Assoc Portfolio Mgr II
High YieldFixed Inc
Portfolio Manager
High YieldFixed Inc
Portfolio Manager
High Yield Fixed Inc
Portfolio Manager
High Yield Fixed Inc
Assoc Portfolio Mgr I
Global Equity
Portfolio Manager
Global Equity
Portfolio Manager
Global Equity
Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Sr Portfolio Manager
Global Equity
Asst Invest Officer
Fixed IncomeDeriv
Asst Invest Officer
Global Eq Arbitrage
Asst Invest Officer
Fixed IncomeAlt Inv
State Investment Officer
LRC
Executive Board
South Dakota Investment Council
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
$18
451
FY 7
3
FY 7
4
FY 7
5
FY 7
6
FY 7
7
FY 7
8
FY 7
9
FY 8
0
FY 8
1
FY 8
2
FY 8
3
FY 8
4
FY 8
5
FY 8
6
FY 8
7
FY 8
8
FY 8
9
FY 9
0
FY 9
1
FY 9
2
FY 9
3
FY 9
4
FY 9
5
FY 9
6
FY 9
7
FY 9
8
FY 9
9
FY 0
0
FY 0
1
FY 0
2
FY 0
3
FY 0
4
FY 0
5
FY 0
6
FY 0
7
FY 0
8
FY 0
9
FY 1
0
FY 1
1
FY 1
2
FY 1
3
FY 1
4
FY 1
5
FY 1
6
FY 1
7
FY 1
8
FY 1
9
FY 2
0
FY 2
1
South Dakota Retirement System 146193$ 792Health Care Trust Fund 2229 12Education Enhancement Trust Fund 7257 39School amp Public Lands Fund 3788 21Dakota Cement Trust Fund 3785 21South Dakota Cash Flow Fund 21261 115
184513$ 1000
Fiscal Years 1973 to 2021$ in Millions
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)
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 10 years $ 9906 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
Excess Earnings (In Millions)
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
SDIO Internal ampOutside Managers
AveragePublicPensionFund
Median TargetDate MutualFunds
MedianAlternativeAsset Managers
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
Retirement System = 875
Cash Flow Fund = 24
South Dakota Retirement System = 875
Cash Flow Fund = 24
Dakota Cement Trust = 24
Education Enhancement Trust = 43
Health Care Trust = 11
School amp Public Lands = 23
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
Page ampP82019
Page ampP82011
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
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
Total Personal Services 20695881 21687291 479
OPERATING EXPENSESContractual Total (see next page for further details) 2372642 2450903 330Travel 86431 86431 000Office Supplies 7000 7000 000Capital Assets 40520 40520 000
Total Operating Expenses 2506593 2584854 312
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
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
Law allows up to 4 of the 16 quarter average to Distribution for FY 22 (July 1 2021) 23673657 be distributed as long as principal is not violated Distribution for FY 21 (July 1 2020) 22515470 as of December 31 each year
17
Trust Funds (unaudited)
Dakota Cement Trust (established April 2001)FY 21
Principal as of 63020 238000000$ Asset Allocation Current BenchmarkPrincipal as of 63020 adjusted for inflation 364782115$ Global amp Private Equity 31 51Fair Value (FV) as of 63020 378520394$ Real Estate 9 10
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
Money Market 34 2Fiscal year to date return 1752 Total 100 100Longterm expected mean return 616Payout of 4 plus expected inflation of 225 625Expected return cushionshortfall -009
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
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
CONTRACTUAL SERVICESInvestment 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 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
Total Administrative Expenses 634506 666886 32380
TOTAL CONTRACTUAL SERVICES 1829979 2434567 604588
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 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312012 | (Unaudited) | |||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 123112 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 109191260 | Global Equity | 52 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 110293014 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 24661990 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj prin | $ 1101754 | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 727 | Money Market | 1 | 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 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 123112 | $ 329329930 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 420563572 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 397930633 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 68600703 | Fixed Income-IG | 0 | 0 | ||||||||
Difference - FV less infl adj prin | $ (22632939) | Fixed Income-tax ex | 29 | 30 | ||||||||
Fixed Income-HY | 4 | 5 | ||||||||||
Fiscal year to date return | 694 | Fixed Income-Tips | 0 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 597 | Money Market | 1 | 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 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 123112 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 310933269 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 253441000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 15441000 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj principal | $ (57492269) | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 722 | Money Market | 2 | 2 | ||||||||
Longterm expected mean return | 643 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -057 | |||||||||||
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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123112 | $ 207226129 | Global Equity | 52 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 724 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 643 | Fixed Income-IG | 22 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 4 | 5 | ||||||||
Distribution for FY 12 to Board of Regents | 1956537 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9378968 | Money Market | 3 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302013 | ||||||||||||
UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 63013 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 110120179 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 121106711 | Private Equity | 3 | 2 | ||||||||
Real Estate | 11 | 6 | ||||||||||
Difference - FV less principal | $ 35475687 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj prin | $ 10986532 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1786 | Money Market | 9 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 63013 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 428842498 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 441011625 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 106999012 | Fixed Income-IG | 11 | 0 | ||||||||
Difference - FV less infl adj prin | $ 12169127 | Fixed Income-tax ex | 11 | 30 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1732 | Fixed Income-Tips | 4 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 7 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 63013 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 313578462 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 268843121 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 30843121 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj principal | $ (44735340) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1776 | Money Market | 6 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 13 (June 2013 to Gen Fund) | 9356955 | 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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63013 | $ 222342174 | Global Equity | 50 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1758 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 21 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9403223 | Money Market | 6 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312013 | ||||||||||||
ESTIMATEUNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 123113 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 110565966 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 128488000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 42856976 | Fixed Income-IG | 20 | 28 | ||||||||
Difference - FV less infl adj prin | $ 17922034 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 968 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 4322076 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 123113 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 430578531 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 467830000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 133817387 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 37251469 | Fixed Income-tax ex | 11 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 967 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 10 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 15696982 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 123113 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 314847885 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 294796000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 56796000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (20051885) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 965 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10061446 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123113 | $ 248037000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 2 | 2 | ||||||||||
Fiscal year to date return | 966 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10754613 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302014 | ||||||||||||
ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 43014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 111684923 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 132190000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 46558976 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 20505077 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1280 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 43014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 442655644 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 489300000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 147567846 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 46644356 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1290 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 43014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 318034231 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 303500000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 65500000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (14534231) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1290 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43014 | $ 250800000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1280 | Real Estate | 10 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 18 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 14 to Board of Regents (EST) | 1960000 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10733822 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302014 | ||||||||||||
Unaudited | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 63014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 112365185 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 136016642 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 50385618 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 23651457 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1611 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 63014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 445351817 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 503354908 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 161622754 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 58003091 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1613 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 63014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 319971346 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 302362260 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 64362260 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (17609086) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1625 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63014 | $ 256694476 | Global Equity | 48 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1607 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
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 | 10817612 | Money Market | 11 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 103114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 112336821 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 132004787 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 46373763 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 19667966 | Fixed Income-HY | 5 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 023 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
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 | ||||||||||
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 15 | ||||||||||||
Principal as of 103114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 445239398 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 488761822 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 147029668 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 43522424 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Fiscal year to date return | 023 | Fixed Income-Tips | 4 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17039659 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4260mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 103114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 319890577 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 303239158 | Private Equity | 4 | 0 | ||||||||
Real Estate | 13 | 10 | ||||||||||
Difference - FV less principal | $ 65239158 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj principal | $ (16651419) | Fixed Income-HY | 6 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 029 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103114 | $ 258494303 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 019 | Real Estate | 10 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2414) | 8773822 | Fixed Income-HY | 5 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 10817612 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 123114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 111635286 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 133310000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 47678976 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj prin | $ 21674714 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 130 | Money Market | 12 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 4670000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 123114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 442458912 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 493040000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 151307846 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 50581088 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 6 | 7 | ||||||||||
Fiscal year to date return | 110 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17000000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 123114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 317892885 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 306240000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 68240000 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (11652885) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 120 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123114 | $ 263140000 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 120 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2215) | 9969231 | Fixed Income-HY | 6 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12013021 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302015 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 63015 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 112409149 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 137528097 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 51897073 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 25118948 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 3 | 2 | ||||||||||
Fiscal year to date return | 443 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 63015 | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 451089124 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 514166745 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 166913737 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 63077621 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | 431 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 63015 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 320096538 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 305394373 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 67394373 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (14702165) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 456 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63015 | $ 264009889 | Global Equity | 42 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 420 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12061393 | Money Market | 19 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
8312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 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 | ||||||||||
Difference - FV less principal | $ 44098498 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 17251826 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -240 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | 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 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 451364194 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 485280849 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 138027841 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 33916655 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | -240 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 19 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 320291731 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 298604335 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 60604335 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (21687396) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -220 | Money Market | 19 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 8312015 (EST) | $ 258319441 | Global Equity | 41 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -250 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12061393 | Money Market | 20 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 12312015 (EST) | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 112562787 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 129420000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 43788976 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 16857213 | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 16 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 4970600 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 451705661 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 484274000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 137020992 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 32568339 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 8 | 7 | ||||||||||
Fiscal year to date return | -260 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 595 | Money Market | 17 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 18244700 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 320534038 | Global Equity | 40 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 297473000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 59473000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (23061038) | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (June 2016 to GF) | 11437300 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 12312015 (EST) | $ 260467000 | Global Equity | 42 | 51 | ||||||||
Private Equity | 2 | 0 | ||||||||||
Fiscal year to date return | -260 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 8 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12319567 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302016 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 63016 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 113421269 | Global Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 133161442 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 47530418 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 19740173 | Fixed Income-HY | 10 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 023 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 63016 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 466281046 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 507946208 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 149625213 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 41665162 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 10 | 7 | ||||||||||
Fiscal year to date return | -009 | Fixed Income-Tips | 0 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 589 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -111 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 63016 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 322978654 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 294571755 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 56571755 | Fixed Income-IG | 22 | 30 | ||||||||
Difference - FV less infl adj principal | $ (28406899) | Fixed Income-HY | 11 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 021 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63016 | $ 259767962 | Global Equity | 40 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -001 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 594 | Fixed Income-IG | 20 | 30 | ||||||||
Fixed Income-non-mk | 0 | 0 | ||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 11 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6916) | 2264613 | Fixed Income-Tips | 0 | 0 | ||||||||
TOTAL | 12492018 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312016 | ESTIMATES AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 123116 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 114565755 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 135925000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 50293976 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 21359245 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5213000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 123116 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 470986087 | Global Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 519450000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 161129005 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 48463913 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 600 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 25 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19372000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 123116 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 326237692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 312280000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 74280000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (13957692) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (June 2017 to GF) | 11977000 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123116 | $ 278590000 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 630 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
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 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
5312017 | ESTIMATES | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 53117 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 115229471 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 141606863 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 55975839 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 26377392 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1047 | Money Market | 27 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 53117 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 474503693 | Global Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 549164994 | Private Equity | 3 | 0 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Difference - FV less principal | $ 182618214 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 74661301 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1045 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 53117 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 328127692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 313242965 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 75242965 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (14884727) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1041 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 53117 | $ 285840535 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1058 | Real Estate | 6 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 27 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302017 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 63017 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 115247435 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 143034115 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 57403091 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 27786680 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1158 | Money Market | 26 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 63017 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 482001898 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 554492395 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 187945615 | Fixed Income-IG | 9 | 20 | ||||||||
Difference - FV less infl adj prin | $ 72490497 | Fixed Income-tax ex | 8 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1152 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 63017 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 328178846 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 316483727 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 78483727 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (11695119) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1155 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63017 | $ 286383911 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1168 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 586 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 26 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
3312018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 33118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 117928773 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 144825065 | Real Estate | 7 | 10 | ||||||||
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 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414856 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 33118 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 493216119 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 562421108 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 195874328 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 69204989 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 510 | Money Market | 32 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430221 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 33118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 335814231 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 332548926 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 94548926 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (3265305) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 508 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 33118 | $ 298711517 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 517 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
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 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 63018 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 118588235 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 147135167 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 61504143 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 28546932 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 33 | 2 | ||||||||||
Fiscal year to date return | 676 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 63018 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 526766203 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 602643318 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 205408134 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 75877115 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 682 | Money Market | 36 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 63018 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 337692115 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 325465103 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 87465103 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (12227012) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 678 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63018 | $ 302239678 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Fiscal year to date return | 680 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 33 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 103118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 119125731 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 141087000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 55455976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 21961269 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 30 | 2 | ||||||||||
Fiscal year to date return | -045 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5524000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 103118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 529153751 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 579324000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 182088816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 50170249 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -050 | Money Market | 34 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21356000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 103118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 339222692 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 323931000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 85931000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (15291692) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | -048 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103118 | $ 301798000 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -039 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 34 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 123118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 119542681 | Global amp Private Equity | 42 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 139382000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 53750976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 19839319 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 19 | 2 | ||||||||||
Fiscal year to date return | -165 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5520000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 123118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 531005833 | Global amp Private Equity | 44 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 570560000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 173324816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 39554167 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -200 | Money Market | 23 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21335000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 123118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 340410000 | Global amp Private Equity | 43 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 319869000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 81869000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (20541000) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 20 | 2 | ||||||||||
Fiscal year to date return | -170 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF)ESTIMATE | 12682000 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123118 | $ 298936000 | Global amp Private Equity | 43 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -180 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 23 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 14753921 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
4302019 | ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 19 | ||||||||||||
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 43019 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 120526910 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 149543137 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 63912113 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 29016227 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 23 | 2 | |||||||||||
Fiscal year to date return | 552 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 5520072 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | |||||||||||||
Principal as of 43019 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 541749192 | Global amp Private Equity | 41 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 619650988 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 216044367 | Fixed Income-tax ex | 8 | 10 | |||||||||
Difference - FV less infl adj prin | $ 77901796 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 5 | 0 | |||||||||||
Fiscal year to date return | 533 | Money Market | 27 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -108 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 19 | |||||||||||||
Principal as of 43019 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 343212692 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 343286155 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 19 | 30 | |||||||||||
Difference - FV less principal | $ 105286155 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ 73463 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 24 | 2 | |||||||||||
Fiscal year to date return | 548 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 43019 | $ 317148884 | Global amp Private Equity | 40 | 51 | |||||||||
Real Estate | 7 | 10 | |||||||||||
Fiscal year to date return | 539 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 27 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2290000 | est | Total | 100 | 100 | ||||||||
TOTAL | 14402218 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302019 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 63019 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 120690948 | Global amp Private Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 150272736 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 64641712 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 29581788 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 25 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 5520073 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 63019 | $ 403606621 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 542486518 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 621227029 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 217620408 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 78740511 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 560 | Money Market | 29 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 63019 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 343679808 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 332141897 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 94141897 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (11537911) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 23 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63019 | $ 316481430 | Global amp Private Equity | 39 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 26 | 2 | ||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | ||||||||
TOTAL | 14924949 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
12312019 | ESTIMATE AND UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 20 | ||||||||||||
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 123119 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
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 | ||||||||
Fixed Income-IG | 21 | 30 | |||||||||||
Difference - FV less principal | $ 65017976 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 28714000 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 5670000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | |||||||||||||
Principal as of 123119 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 548077000 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 625067000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 221460379 | Fixed Income-tax ex | 7 | 10 | |||||||||
Difference - FV less infl adj prin | $ 76990000 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Fiscal year to date return | 420 | Money Market | 32 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -025 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 22500000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 20 | |||||||||||||
Principal as of 123119 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 347221000 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 345778000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 107778000 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ (1443000) | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 20 (June 2020 to GF) ESTIMATE | 13000000 | quarter average balance or 2) the current | |||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | |||||||||||
the following year | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 123119 | Prelim | $ 332527000 | Global amp Private Equity | 34 | 51 | ||||||||
Real Estate | 8 | 10 | |||||||||||
Fiscal year to date return | 420 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 32 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | |||||||||
TOTAL | 14924949 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302020 | ESTIMATE AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 20 | |||||||||||
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 43020 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 120973170 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 145879876 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 60248852 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 24906706 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 078 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 5676706 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | ||||||||||||
Principal as of 43020 | $ 410923760 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 551072196 | Global amp Private Equity | 36 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 606694395 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 10 | 22 | ||||||||||
Difference - FV less principal | $ 195770635 | Fixed Income-tax ex | 7 | 8 | ||||||||
Difference - FV less infl adj prin | $ 55622199 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Fiscal year to date return | -010 | Money Market | 30 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -025 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 22515469 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 20 | ||||||||||||
Principal as of 43020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 344483462 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 334583350 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 96583350 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (9900112) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 074 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 20 (May 2020 to GF) | 13004590 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43020 | $ 319016557 | Global amp Private Equity | 37 | 51 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Fiscal year to date return | 179 | Fixed Income-IG | 19 | 30 | ||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Distribution for FY 20 K-12 (2420) | 12694914 | Money Market | 26 | 2 | ||||||||
Distribution for FY 20 Board of Regents (6920) | 3426000 | Total | 100 | 100 | ||||||||
TOTAL | 16120914 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302020 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 20 | |||||||||||
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 63020 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 121593395 | Global amp Private Equity | 29 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 151165694 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 17 | 30 | ||||||||||
Difference - FV less principal | $ 65534670 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 29572299 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 35 | 2 | ||||||||||
Fiscal year to date return | 443 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 5676706 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | ||||||||||||
Principal as of 63020 | $ 410923760 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 553607481 | Global amp Private Equity | 30 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 630712226 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 10 | 22 | ||||||||||
Difference - FV less principal | $ 219788466 | Fixed Income-tax ex | 7 | 8 | ||||||||
Difference - FV less infl adj prin | $ 77104745 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 367 | Money Market | 35 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -025 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 22515469 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 21 | ||||||||||||
Principal as of 63020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 364782115 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 378520394 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 15 | 30 | ||||||||||
Difference - FV less principal | $ 140520394 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ 13738279 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 34 | 2 | ||||||||||
Fiscal year to date return | 1752 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 616 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -009 | |||||||||||
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 Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation if inflation not offset by realized net gains) | FY 21 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63020 | $ 378763803 | Global amp Private Equity | 32 | 51 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Fiscal year to date return | 1756 | Fixed Income-IG | 15 | 30 | ||||||||
Longterm 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 | |||||||||||
2106 - To Common Schools | $ 824650430 |
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 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312012 | (Unaudited) | |||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 123112 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 109191260 | Global Equity | 52 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 110293014 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 24661990 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj prin | $ 1101754 | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 727 | Money Market | 1 | 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 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 123112 | $ 329329930 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 420563572 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 397930633 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 68600703 | Fixed Income-IG | 0 | 0 | ||||||||
Difference - FV less infl adj prin | $ (22632939) | Fixed Income-tax ex | 29 | 30 | ||||||||
Fixed Income-HY | 4 | 5 | ||||||||||
Fiscal year to date return | 694 | Fixed Income-Tips | 0 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 597 | Money Market | 1 | 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 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 123112 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123112 adjusted for inflation | $ 310933269 | Global Equity | 50 | 52 | ||||||||
Fair Value (FV) as of 123112 | $ 253441000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 15441000 | Fixed Income-IG | 23 | 28 | ||||||||
Difference - FV less infl adj principal | $ (57492269) | Fixed Income-HY | 4 | 5 | ||||||||
Fixed Income-Tips | 5 | 5 | ||||||||||
Fiscal year to date return | 722 | Money Market | 2 | 2 | ||||||||
Longterm expected mean return | 643 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -057 | |||||||||||
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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123112 | $ 207226129 | Global Equity | 52 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 724 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 643 | Fixed Income-IG | 22 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 4 | 5 | ||||||||
Distribution for FY 12 to Board of Regents | 1956537 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9378968 | Money Market | 3 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302013 | ||||||||||||
UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 13 | |||||||||||
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 63013 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 110120179 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 121106711 | Private Equity | 3 | 2 | ||||||||
Real Estate | 11 | 6 | ||||||||||
Difference - FV less principal | $ 35475687 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj prin | $ 10986532 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1786 | Money Market | 9 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 3825385 | 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 13 | ||||||||||||
Principal as of 63013 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 428842498 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 441011625 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 106999012 | Fixed Income-IG | 11 | 0 | ||||||||
Difference - FV less infl adj prin | $ 12169127 | Fixed Income-tax ex | 11 | 30 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1732 | Fixed Income-Tips | 4 | 3 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 7 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 13 (July 2 2012) | 14052700 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 13 | ||||||||||||
Principal as of 63013 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63013 adjusted for inflation | $ 313578462 | Global Equity | 47 | 52 | ||||||||
Fair Value (FV) as of 63013 | $ 268843121 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 30843121 | Fixed Income-IG | 21 | 28 | ||||||||
Difference - FV less infl adj principal | $ (44735340) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1776 | Money Market | 6 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 13 (June 2013 to Gen Fund) | 9356955 | 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) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 13 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63013 | $ 222342174 | Global Equity | 50 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1758 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 21 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 13 (Feb 4 2013 to K-12) | 7422432 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 9403223 | Money Market | 6 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312013 | ||||||||||||
ESTIMATEUNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 123113 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 110565966 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 128488000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 42856976 | Fixed Income-IG | 20 | 28 | ||||||||
Difference - FV less infl adj prin | $ 17922034 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 968 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 4322076 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 123113 | $ 334012613 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 430578531 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 467830000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 133817387 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 37251469 | Fixed Income-tax ex | 11 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 967 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 10 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) ESTIMATE | 15696982 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 123113 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123113 adjusted for inflation | $ 314847885 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 123113 | $ 294796000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 56796000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (20051885) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 965 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10061446 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123113 | $ 248037000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 2 | 2 | ||||||||||
Fiscal year to date return | 966 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 13 to Board of Regents | 1980791 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10754613 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302014 | ||||||||||||
ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 43014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 111684923 | Global Equity | 46 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 132190000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 46558976 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 20505077 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1280 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 43014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 442655644 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 489300000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 147567846 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 46644356 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1290 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 620 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -080 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 43014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43014 adjusted for inflation | $ 318034231 | Global Equity | 45 | 52 | ||||||||
Fair Value (FV) as of 43014 | $ 303500000 | Private Equity | 3 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 65500000 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (14534231) | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1290 | Money Market | 11 | 2 | ||||||||
Longterm expected mean return | 627 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -073 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43014 | $ 250800000 | Global Equity | 47 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1280 | Real Estate | 10 | 6 | ||||||||
Longterm expected mean return | 627 | Fixed Income-IG | 18 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 (Feb 4 2014 to K-12) | 8773822 | Fixed Income-HY | 5 | 5 | ||||||||
Distribution for FY 14 to Board of Regents (EST) | 1960000 | Fixed Income-Tips | 4 | 5 | ||||||||
TOTAL | 10733822 | Money Market | 12 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302014 | ||||||||||||
Unaudited | ||||||||||||
Health Care Trust (established April 2001) | FY 14 | |||||||||||
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 63014 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 112365185 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 136016642 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 50385618 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj prin | $ 23651457 | Fixed Income-HY | 5 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1611 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 3959754 | 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 14 | ||||||||||||
Principal as of 63014 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 445351817 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 503354908 | Private Equity | 3 | 2 | ||||||||
Real Estate | 12 | 6 | ||||||||||
Difference - FV less principal | $ 161622754 | Fixed Income-IG | 10 | 17 | ||||||||
Difference - FV less infl adj prin | $ 58003091 | Fixed Income-tax ex | 10 | 11 | ||||||||
Fixed Income-HY | 5 | 5 | ||||||||||
Fiscal year to date return | 1613 | Fixed Income-Tips | 4 | 5 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 14 (July 1 2013) | 14413354 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 14 | ||||||||||||
Principal as of 63014 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63014 adjusted for inflation | $ 319971346 | Global Equity | 44 | 52 | ||||||||
Fair Value (FV) as of 63014 | $ 302362260 | Private Equity | 4 | 2 | ||||||||
Real Estate | 13 | 6 | ||||||||||
Difference - FV less principal | $ 64362260 | Fixed Income-IG | 19 | 28 | ||||||||
Difference - FV less infl adj principal | $ (17609086) | Fixed Income-HY | 6 | 5 | ||||||||
Fixed Income-Tips | 4 | 5 | ||||||||||
Fiscal year to date return | 1625 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 quarter | ||||||||||||
Distribution for FY 14 (June 2014 to Gen Fund) | 10063456 | average balance or 2) the current December 31 market | ||||||||||
Distribution for FY 13 (June 14 2013 to Gen Fund) | 9356955 | value be distributed by June of the following year | ||||||||||
(Change Nov 2012) | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - (payout is reduced by inflation to extent inflation not offset by realized gains) | ||||||||||||
FY 14 | ||||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63014 | $ 256694476 | Global Equity | 48 | 52 | ||||||||
Private Equity | 3 | 2 | ||||||||||
Fiscal year to date return | 1607 | Real Estate | 11 | 6 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 28 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
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 | 10817612 | Money Market | 11 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 103114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 112336821 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 132004787 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 46373763 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 19667966 | Fixed Income-HY | 5 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 023 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
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 | ||||||||||
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 15 | ||||||||||||
Principal as of 103114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 445239398 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 488761822 | Private Equity | 3 | 0 | ||||||||
Real Estate | 12 | 10 | ||||||||||
Difference - FV less principal | $ 147029668 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 43522424 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Fiscal year to date return | 023 | Fixed Income-Tips | 4 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17039659 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4260mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 103114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103114 adjusted for inflation | $ 319890577 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 103114 | $ 303239158 | Private Equity | 4 | 0 | ||||||||
Real Estate | 13 | 10 | ||||||||||
Difference - FV less principal | $ 65239158 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj principal | $ (16651419) | Fixed Income-HY | 6 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 029 | Money Market | 10 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103114 | $ 258494303 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 019 | Real Estate | 10 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2414) | 8773822 | Fixed Income-HY | 5 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 10817612 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312014 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 123114 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 111635286 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 133310000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 47678976 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj prin | $ 21674714 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 130 | Money Market | 12 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 4670000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 123114 | $ 341732154 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 442458912 | Global Equity | 46 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 493040000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 151307846 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 50581088 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 6 | 7 | ||||||||||
Fiscal year to date return | 110 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 650 | Money Market | 12 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -050 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) EST | 17000000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 123114 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123114 adjusted for inflation | $ 317892885 | Global Equity | 44 | 53 | ||||||||
Fair Value (FV) as of 123114 | $ 306240000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 10 | 10 | ||||||||||
Difference - FV less principal | $ 68240000 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (11652885) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 120 | Money Market | 13 | 2 | ||||||||
Longterm expected mean return | 658 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -042 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123114 | $ 263140000 | Global Equity | 47 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 120 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 658 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 14 K-12 (2215) | 9969231 | Fixed Income-HY | 6 | 7 | ||||||||
Distribution for FY 14 Board of Regents (61614) | 2043790 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12013021 | Money Market | 13 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302015 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 15 | |||||||||||
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 63015 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 112409149 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 137528097 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 51897073 | Fixed Income-IG | 19 | 26 | ||||||||
Difference - FV less infl adj prin | $ 25118948 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 3 | 2 | ||||||||||
Fiscal year to date return | 443 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | as of December 31 each year Avg = $1168mm | ||||||||||
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 15 | ||||||||||||
Principal as of 63015 | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 451089124 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 514166745 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 166913737 | Fixed Income-IG | 10 | 16 | ||||||||
Difference - FV less infl adj prin | $ 63077621 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | 431 | Fixed Income-Tips | 3 | 2 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year Avg = $4258mm | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 15 | ||||||||||||
Principal as of 63015 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63015 adjusted for inflation | $ 320096538 | Global Equity | 39 | 53 | ||||||||
Fair Value (FV) as of 63015 | $ 305394373 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 67394373 | Fixed Income-IG | 20 | 26 | ||||||||
Difference - FV less infl adj principal | $ (14702165) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 2 | ||||||||||
Fiscal year to date return | 456 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized gains) | FY 15 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63015 | $ 264009889 | Global Equity | 42 | 53 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 420 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 26 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 2 | ||||||||
TOTAL | 12061393 | Money Market | 19 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
8312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 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 | ||||||||||
Difference - FV less principal | $ 44098498 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 17251826 | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -240 | Money Market | 18 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 4322835 | 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 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 451364194 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 485280849 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 138027841 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 33916655 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 7 | 7 | ||||||||||
Fiscal year to date return | -240 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax exempts) | 595 | Money Market | 19 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 16 (July 1 2015) | 17038734 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 15 (July 1 2014) | 15699869 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 8312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 8312015 (EST) adjusted for inflation | $ 320291731 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 8312015 (EST) | $ 298604335 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 60604335 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (21687396) | Fixed Income-HY | 7 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -220 | Money Market | 19 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 8312015 (EST) | $ 258319441 | Global Equity | 41 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -250 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 15 K-12 (2215) | 9969231 | Fixed Income-HY | 7 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12061393 | Money Market | 20 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312015 (EST) | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 12312015 (EST) | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 112562787 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 129420000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 43788976 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 16857213 | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 16 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 4970600 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 347253008 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 451705661 | Global Equity | 41 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 484274000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 137020992 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 32568339 | Fixed Income-tax ex | 10 | 10 | ||||||||
Fixed Income-HY | 8 | 7 | ||||||||||
Fiscal year to date return | -260 | Fixed Income-Tips | 3 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 595 | Money Market | 17 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -105 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) EST | 18244700 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 12312015 (EST) | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 12312015 (EST) adjusted for inflation | $ 320534038 | Global Equity | 40 | 51 | ||||||||
Fair Value (FV) as of 12312015 (EST) | $ 297473000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 59473000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (23061038) | Fixed Income-HY | 8 | 7 | ||||||||
Fixed Income-Tips | 4 | 0 | ||||||||||
Fiscal year to date return | -260 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 603 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -097 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (June 2016 to GF) | 11437300 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 12312015 (EST) | $ 260467000 | Global Equity | 42 | 51 | ||||||||
Private Equity | 2 | 0 | ||||||||||
Fiscal year to date return | -260 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 603 | Fixed Income-IG | 19 | 30 | ||||||||
Fixed Income-non-mk | 1 | |||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 8 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6815) | 2092161 | Fixed Income-Tips | 3 | 0 | ||||||||
TOTAL | 12319567 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302016 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 16 | |||||||||||
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 63016 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 113421269 | Global Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 133161442 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 47530418 | Fixed Income-IG | 21 | 30 | ||||||||
Difference - FV less infl adj prin | $ 19740173 | Fixed Income-HY | 10 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 023 | Money Market | 20 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 4674130 | 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 16 | ||||||||||||
Principal as of 63016 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 466281046 | Global Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 507946208 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 149625213 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 41665162 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 10 | 7 | ||||||||||
Fiscal year to date return | -009 | Fixed Income-Tips | 0 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 589 | Money Market | 21 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -111 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 16 (July 1 2015) | 17036734 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 16 | ||||||||||||
Principal as of 63016 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63016 adjusted for inflation | $ 322978654 | Global Equity | 39 | 51 | ||||||||
Fair Value (FV) as of 63016 | $ 294571755 | Private Equity | 3 | 0 | ||||||||
Real Estate | 9 | 10 | ||||||||||
Difference - FV less principal | $ 56571755 | Fixed Income-IG | 22 | 30 | ||||||||
Difference - FV less infl adj principal | $ (28406899) | Fixed Income-HY | 11 | 7 | ||||||||
Fixed Income-Tips | 0 | 0 | ||||||||||
Fiscal year to date return | 021 | Money Market | 17 | 2 | ||||||||
Longterm expected mean return | 594 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -106 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 15 (June 12 2015 to GF) | 10803626 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 16 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63016 | $ 259767962 | Global Equity | 40 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | -001 | Real Estate | 8 | 10 | ||||||||
Longterm expected mean return | 594 | Fixed Income-IG | 20 | 30 | ||||||||
Fixed Income-non-mk | 0 | 0 | ||||||||||
Distribution for FY 16 K-12 (2416) | 10227405 | Fixed Income-HY | 11 | 7 | ||||||||
Distribution for FY 15 Board of Regents (6916) | 2264613 | Fixed Income-Tips | 0 | 0 | ||||||||
TOTAL | 12492018 | Money Market | 18 | 2 | ||||||||
Total | 100 | 100 | ||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312016 | ESTIMATES AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 123116 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 114565755 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 135925000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 50293976 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 21359245 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5213000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 123116 | $ 358320995 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 470986087 | Global Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 519450000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 161129005 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 48463913 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 600 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 25 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19372000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 123116 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123116 adjusted for inflation | $ 326237692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123116 | $ 312280000 | Private Equity | 3 | 0 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Difference - FV less principal | $ 74280000 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (13957692) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 600 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (June 2017 to GF) | 11977000 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123116 | $ 278590000 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 630 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
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 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
5312017 | ESTIMATES | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 53117 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 115229471 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 141606863 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 55975839 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 26377392 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1047 | Money Market | 27 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 53117 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 474503693 | Global Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 549164994 | Private Equity | 3 | 0 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Difference - FV less principal | $ 182618214 | Fixed Income-IG | 10 | 20 | ||||||||
Difference - FV less infl adj prin | $ 74661301 | Fixed Income-tax ex | 9 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1045 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 582 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -118 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 53117 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 53117 adjusted for inflation | $ 328127692 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 53117 | $ 313242965 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 75242965 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (14884727) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1041 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 587 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -113 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 53117 | $ 285840535 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1058 | Real Estate | 6 | 10 | ||||||||
Longterm expected mean return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 27 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302017 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 17 | |||||||||||
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 63017 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 115247435 | Global Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 143034115 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 57403091 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj prin | $ 27786680 | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1158 | Money Market | 26 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 5214739 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 4970123 | 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 17 | ||||||||||||
Principal as of 63017 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 482001898 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 554492395 | Private Equity | 3 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 187945615 | Fixed Income-IG | 9 | 20 | ||||||||
Difference - FV less infl adj prin | $ 72490497 | Fixed Income-tax ex | 8 | 10 | ||||||||
Fixed Income-HY | 4 | 7 | ||||||||||
Fiscal year to date return | 1152 | HY RE Debt | 6 | 0 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Money Market | 28 | 2 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | Total | 100 | 100 | ||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 18 (July 1 2017) | 19377842 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 17 (July 1 2016) | 18242854 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 17 | ||||||||||||
Principal as of 63017 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63017 adjusted for inflation | $ 328178846 | Global Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 63017 | $ 316483727 | Private Equity | 4 | 0 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Difference - FV less principal | $ 78483727 | Fixed Income-IG | 20 | 30 | ||||||||
Difference - FV less infl adj principal | $ (11695119) | Fixed Income-HY | 5 | 7 | ||||||||
HY RE Debt | 7 | 0 | ||||||||||
Fiscal year to date return | 1155 | Money Market | 24 | 2 | ||||||||
Longterm expected mean return | 586 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 16 (May 2016 to GF) | 11436003 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 17 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63017 | $ 286383911 | Global Equity | 35 | 51 | ||||||||
Private Equity | 3 | 0 | ||||||||||
Fiscal year to date return | 1168 | Real Estate | 7 | 10 | ||||||||
Longterm expected mean return | 586 | Fixed Income-IG | 18 | 30 | ||||||||
Fixed Income-HY | 5 | 7 | ||||||||||
Distribution for FY 17 K-12 (2717) | 10196471 | HY RE Debt | 6 | 0 | ||||||||
Distribution for FY 17 Board of Regents (6817) | 2409329 | Money Market | 26 | 2 | ||||||||
TOTAL | 12605800 | Total | 100 | 100 | ||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
3312018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 33118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 117928773 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 144825065 | Real Estate | 7 | 10 | ||||||||
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 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414856 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 33118 | $ 366546780 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 493216119 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 562421108 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 195874328 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 69204989 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 510 | Money Market | 32 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430221 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 33118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 33118 adjusted for inflation | $ 335814231 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 33118 | $ 332548926 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 94548926 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (3265305) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 508 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 33118 | $ 298711517 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 517 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
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 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302018 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 18 | |||||||||||
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 63018 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 118588235 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 147135167 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 61504143 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 28546932 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 33 | 2 | ||||||||||
Fiscal year to date return | 676 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 5214739 | 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 18 | ||||||||||||
Principal as of 63018 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 526766203 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 602643318 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 205408134 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 75877115 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 682 | Money Market | 36 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 581 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -119 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 18 (July 3 2017) | 19377842 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 18 | ||||||||||||
Principal as of 63018 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63018 adjusted for inflation | $ 337692115 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63018 | $ 325465103 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 87465103 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (12227012) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | 678 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 586 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -114 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 18 (June 2018 to GF) | 12442947 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 17 (May 2017 to GF) | 11981721 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 18 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63018 | $ 302239678 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 6 | 10 | ||||||||||
Fiscal year to date return | 680 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 586 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 33 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
10312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 103118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 119125731 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 141087000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 55455976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 21961269 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 30 | 2 | ||||||||||
Fiscal year to date return | -045 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5524000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 103118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 529153751 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 579324000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 182088816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 50170249 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -050 | Money Market | 34 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21356000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 103118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 103118 adjusted for inflation | $ 339222692 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 103118 | $ 323931000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 19 | 30 | ||||||||||
Difference - FV less principal | $ 85931000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (15291692) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 31 | 2 | ||||||||||
Fiscal year to date return | -048 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 103118 | $ 301798000 | Global amp Private Equity | 33 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -039 | Fixed Income-IG | 17 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 18 K-12 (2718) | 11282447 | Money Market | 34 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 13924150 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
12312018 | ESTIMATE | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 123118 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 119542681 | Global amp Private Equity | 42 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 139382000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 53750976 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 19839319 | HY RE Debt | 7 | 0 | ||||||||
Money Market | 19 | 2 | ||||||||||
Fiscal year to date return | -165 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 5520000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 123118 | $ 397235184 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 531005833 | Global amp Private Equity | 44 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 570560000 | Real Estate | 6 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 173324816 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 39554167 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | -200 | Money Market | 23 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) ESTIMATE | 21335000 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 123118 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 123118 adjusted for inflation | $ 340410000 | Global amp Private Equity | 43 | 51 | ||||||||
Fair Value (FV) as of 123118 | $ 319869000 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 81869000 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (20541000) | HY RE Debt | 7 | 0 | ||||||||
Money Market | 20 | 2 | ||||||||||
Fiscal year to date return | -170 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF)ESTIMATE | 12682000 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 123118 | $ 298936000 | Global amp Private Equity | 43 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | -180 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 23 | 2 | ||||||||
Distribution for FY 18 Board of Regents (6618) | 2641703 | Total | 100 | 100 | ||||||||
TOTAL | 14753921 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
4302019 | ESTIMATE | ||||||||||||
Health Care Trust (established April 2001) | FY 19 | ||||||||||||
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 43019 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 120526910 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 149543137 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 63912113 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 29016227 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 23 | 2 | |||||||||||
Fiscal year to date return | 552 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 5520072 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | |||||||||||||
Principal as of 43019 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 541749192 | Global amp Private Equity | 41 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 619650988 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 216044367 | Fixed Income-tax ex | 8 | 10 | |||||||||
Difference - FV less infl adj prin | $ 77901796 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 5 | 0 | |||||||||||
Fiscal year to date return | 533 | Money Market | 27 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -108 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 19 | |||||||||||||
Principal as of 43019 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 43019 adjusted for inflation | $ 343212692 | Global amp Private Equity | 39 | 51 | |||||||||
Fair Value (FV) as of 43019 | $ 343286155 | Real Estate | 7 | 10 | |||||||||
Fixed Income-IG | 19 | 30 | |||||||||||
Difference - FV less principal | $ 105286155 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ 73463 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 24 | 2 | |||||||||||
Fiscal year to date return | 548 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 596 | ||||||||||||
Payout of 4 plus expected inflation of 3 | 700 | ||||||||||||
Expected return cushionshortfall | -104 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 43019 | $ 317148884 | Global amp Private Equity | 40 | 51 | |||||||||
Real Estate | 7 | 10 | |||||||||||
Fiscal year to date return | 539 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 27 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2290000 | est | Total | 100 | 100 | ||||||||
TOTAL | 14402218 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302019 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 19 | |||||||||||
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 63019 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 120690948 | Global amp Private Equity | 37 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 150272736 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | ||||||||||
Difference - FV less principal | $ 64641712 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 29581788 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 25 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 5520073 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 5414857 | 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 19 | ||||||||||||
Principal as of 63019 | $ 403606621 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 542486518 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 621227029 | Real Estate | 7 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | ||||||||||
Difference - FV less principal | $ 217620408 | Fixed Income-tax ex | 8 | 10 | ||||||||
Difference - FV less infl adj prin | $ 78740511 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 560 | Money Market | 29 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 592 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -108 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 20 (July 1 2019) | 21334593 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 19 (July 2 2018) | 20430222 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 19 | ||||||||||||
Principal as of 63019 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63019 adjusted for inflation | $ 343679808 | Global amp Private Equity | 38 | 51 | ||||||||
Fair Value (FV) as of 63019 | $ 332141897 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 21 | 30 | ||||||||||
Difference - FV less principal | $ 94141897 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (11537911) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 23 | 2 | ||||||||||
Fiscal year to date return | 603 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 596 | |||||||||||
Payout of 4 plus expected inflation of 3 | 700 | |||||||||||
Expected return cushionshortfall | -104 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | 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 | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 19 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63019 | $ 316481430 | Global amp Private Equity | 39 | 51 | ||||||||
Real Estate | 7 | 10 | ||||||||||
Fiscal year to date return | 587 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 596 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 26 | 2 | ||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | ||||||||
TOTAL | 14924949 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | |||||||||||||
12312019 | ESTIMATE AND UNAUDITED | ||||||||||||
Health Care Trust (established April 2001) | FY 20 | ||||||||||||
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 123119 | $ 85631024 | Asset Allocation | Current | Benchmark | |||||||||
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 | ||||||||
Fixed Income-IG | 21 | 30 | |||||||||||
Difference - FV less principal | $ 65017976 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj prin | $ 28714000 | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 5670000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | |||||||||||||
Principal as of 123119 | $ 403606621 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 548077000 | Global amp Private Equity | 34 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 625067000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 9 | 20 | |||||||||||
Difference - FV less principal | $ 221460379 | Fixed Income-tax ex | 7 | 10 | |||||||||
Difference - FV less infl adj prin | $ 76990000 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Fiscal year to date return | 420 | Money Market | 32 | 2 | |||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | |||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -025 | ||||||||||||
Law allows up to 4 of the 16 quarter average to | |||||||||||||
Distribution for FY 21 (July 1 2020) ESTIMATE | 22500000 | be distributed as long as principal is not violated | |||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | |||||||||||
Dakota Cement Trust (established April 2001) | |||||||||||||
FY 20 | |||||||||||||
Principal as of 123119 | $ 238000000 | Asset Allocation | Current | Benchmark | |||||||||
Principal as of 123119 adjusted for inflation | Prelim | $ 347221000 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 123119 | Prelim | $ 345778000 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 20 | 30 | |||||||||||
Difference - FV less principal | $ 107778000 | Fixed Income-HY | 4 | 7 | |||||||||
Difference - FV less infl adj principal | $ (1443000) | HY RE Debt | 6 | 0 | |||||||||
Money Market | 28 | 2 | |||||||||||
Fiscal year to date return | 410 | Total | 100 | 100 | |||||||||
Longterm expected mean return | 606 | ||||||||||||
Payout of 4 plus expected inflation of 225 | 625 | ||||||||||||
Expected return cushionshortfall | -019 | ||||||||||||
Constitution allows 4 of the lesser of 1) the 16 | |||||||||||||
Distribution for FY 20 (June 2020 to GF) ESTIMATE | 13000000 | quarter average balance or 2) the current | |||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | |||||||||||
the following year | |||||||||||||
School amp Public Lands | |||||||||||||
Inflation protection mandated by Constitutional Amendment - | |||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | ||||||||||||
Asset Allocation | Current | Benchmark | |||||||||||
Fair Value as of 123119 | Prelim | $ 332527000 | Global amp Private Equity | 34 | 51 | ||||||||
Real Estate | 8 | 10 | |||||||||||
Fiscal year to date return | 420 | Fixed Income-IG | 17 | 30 | |||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | |||||||||
HY RE Debt | 6 | 0 | |||||||||||
Distribution for FY 19 K-12 (2719) | 12112218 | Money Market | 32 | 2 | |||||||||
Distribution for FY 19 Board of Regents (61119) | 2812731 | Total | 100 | 100 | |||||||||
TOTAL | 14924949 | ||||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
4302020 | ESTIMATE AND UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 20 | |||||||||||
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 43020 | $ 85631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 120973170 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 145879876 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 60248852 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 24906706 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 078 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 5676706 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 5520073 | 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 20 | ||||||||||||
Principal as of 43020 | $ 410923760 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 551072196 | Global amp Private Equity | 36 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 606694395 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 10 | 22 | ||||||||||
Difference - FV less principal | $ 195770635 | Fixed Income-tax ex | 7 | 8 | ||||||||
Difference - FV less infl adj prin | $ 55622199 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Fiscal year to date return | -010 | Money Market | 30 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 600 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -025 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 21 (July 1 2020) | 22515469 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 20 (July 2 2019) | 21334593 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 20 | ||||||||||||
Principal as of 43020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 43020 adjusted for inflation | $ 344483462 | Global amp Private Equity | 35 | 51 | ||||||||
Fair Value (FV) as of 43020 | $ 334583350 | Real Estate | 8 | 10 | ||||||||
Fixed Income-IG | 22 | 30 | ||||||||||
Difference - FV less principal | $ 96583350 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (9900112) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 24 | 2 | ||||||||||
Fiscal year to date return | 074 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 20 (May 2020 to GF) | 13004590 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation to extent inflation not offset by realized net gains) | FY 20 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 43020 | $ 319016557 | Global amp Private Equity | 37 | 51 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Fiscal year to date return | 179 | Fixed Income-IG | 19 | 30 | ||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 5 | 0 | ||||||||||
Distribution for FY 20 K-12 (2420) | 12694914 | Money Market | 26 | 2 | ||||||||
Distribution for FY 20 Board of Regents (6920) | 3426000 | Total | 100 | 100 | ||||||||
TOTAL | 16120914 | |||||||||||
2106 - To Common Schools | $ 824650430 |
SUMMARY OF TRUST FUND FAIR VALUE AND ASSET ALLOCATION | ||||||||||||
6302020 | UNAUDITED | |||||||||||
Health Care Trust (established April 2001) | FY 21 | |||||||||||
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 63020 | $ 135631024 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 181814200 | Global amp Private Equity | 32 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 222925449 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 15 | 30 | ||||||||||
Difference - FV less principal | $ 87294425 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj prin | $ 41111249 | HY RE Debt | 6 | 0 | ||||||||
Money Market | 34 | 2 | ||||||||||
Fiscal year to date return | 1728 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 616 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected 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) | ||||||||||||
Principal as of 63002 | 8183596860 | |||||||||||
addition received 92402 taxable | 13138079076 | |||||||||||
addition received 92402 tax-exempt | 11221576255 | |||||||||||
addition received 52703 issuance costs | 5135110 | |||||||||||
FY 21 | ||||||||||||
Principal as of 63020 | $ 420763604 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 593579637 | Global amp Private Equity | 33 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 725699117 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 9 | 22 | ||||||||||
Difference - FV less principal | $ 304935513 | Fixed Income-tax ex | 6 | 8 | ||||||||
Difference - FV less infl adj prin | $ 132119480 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Fiscal year to date return | 1785 | Money Market | 35 | 2 | ||||||||
Longterm expected return (lower due to tax-exempts) | 611 | Total | 100 | 100 | ||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -014 | |||||||||||
Law allows up to 4 of the 16 quarter average to | ||||||||||||
Distribution for FY 22 (July 1 2021) | 23673657 | be distributed as long as principal is not violated | ||||||||||
Distribution for FY 21 (July 1 2020) | 22515470 | as of December 31 each year | ||||||||||
Dakota Cement Trust (established April 2001) | ||||||||||||
FY 20 | ||||||||||||
Principal as of 63020 | $ 238000000 | Asset Allocation | Current | Benchmark | ||||||||
Principal as of 63020 adjusted for inflation | $ 346249615 | Global amp Private Equity | 31 | 51 | ||||||||
Fair Value (FV) as of 63020 | $ 333808943 | Real Estate | 9 | 10 | ||||||||
Fixed Income-IG | 18 | 30 | ||||||||||
Difference - FV less principal | $ 95808943 | Fixed Income-HY | 4 | 7 | ||||||||
Difference - FV less infl adj principal | $ (12440672) | HY RE Debt | 6 | 0 | ||||||||
Money Market | 33 | 2 | ||||||||||
Fiscal year to date return | 453 | Total | 100 | 100 | ||||||||
Longterm expected mean return | 606 | |||||||||||
Payout of 4 plus expected inflation of 225 | 625 | |||||||||||
Expected return cushionshortfall | -019 | |||||||||||
Constitution allows 4 of the lesser of 1) the 16 | ||||||||||||
Distribution for FY 20 (May 2020 to GF) | 13004590 | quarter average balance or 2) the current | ||||||||||
Distribution for FY 19 (June 2019 to GF) | 12682857 | December 31 fair value be distributed by June of | ||||||||||
the following year | ||||||||||||
School amp Public Lands | ||||||||||||
Inflation protection mandated by Constitutional Amendment - | ||||||||||||
(payout is reduced by inflation if inflation not offset by realized net gains) | FY 20 | |||||||||||
Asset Allocation | Current | Benchmark | ||||||||||
Fair Value as of 63020 | $ 327870736 | Global amp Private Equity | 31 | 51 | ||||||||
Real Estate | 8 | 10 | ||||||||||
Fiscal year to date return | 555 | Fixed Income-IG | 18 | 30 | ||||||||
Longterm expected mean return | 606 | Fixed Income-HY | 4 | 7 | ||||||||
HY RE Debt | 6 | 0 | ||||||||||
Distribution for FY 20 K-12 (2420) | 12694914 | Money Market | 32 | 2 | ||||||||
Distribution for FY 20 Board of Regents (6920) | 3426067 | Total | 100 | 100 | ||||||||
TOTAL | 16120981 | |||||||||||
2106 - To Common Schools | $ 824650430 |
Updated for special approps in FY20 amp final budget received for FY21 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||
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 | |||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||
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 | |||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||
Investment Services | |||||||||||||||||||||
Consulting Services | 130000 | 180000 | 3846 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | 137977 | 153314 | 1112 | ||||||||||||||||||
Investment Databases Newsfeeds amp Quote Fees | 710436 | 734267 | 335 | ||||||||||||||||||
Investment Research Services | 394025 | 450100 | 1423 | ||||||||||||||||||
Flexibility - From Brokerage to Independent Research | 100000 | 250000 | 15000 | ||||||||||||||||||
Total Investment Services | 1472438 | 1767681 | 2005 | ||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||
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 | |||||||||||||||||
Total Administrative Expenses | 648767 | 656007 | 112 | ||||||||||||||||||
TOTAL CONTRACTUAL SERVICES | 2121205 | 2423688 | 1426 | ||||||||||||||||||
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 | |||||||||||||||||
TOTAL OPERATING EXPENSES | 2255156 | 2557639 | 1341 | ||||||||||||||||||
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 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||
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 | ||||||||||||||||||
Investment Research Services | |||||||||||||||||||||
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 | |||||||||||||||
Investment Council | 6457 | 6457 | 000 | 6585 | 198 | ||||||||||||||||
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 | |||||||||||||||||||||
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 $56357 | ||||||||||||||||||||
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 | ||||||||||||||||||
Total personal services for 3211 | 11328728 | 11831187 | 11831187 | ||||||||||||||||||
TOTAL PERSONAL SERVICES | 18717571 | 19253466 | 19420145 | ||||||||||||||||||
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 | ||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 761553 | 808775 | 47222 | 808775 | ||||||||||||||||
Retirement - 6 | 006 | 597297 | 434333 | (162963) | 434333 | ||||||||||||||||
Unemployment Insurance 0010 | 0001 | 9955 | 10572 | 617 | 10572 | ||||||||||||||||
Workers Compensation 0005 | 00005 | 4977 | 5286 | 309 | 5286 | ||||||||||||||||
Total Benefits 3211 | 1373782 | 1258966 | 1258966 | ||||||||||||||||||
TOTAL BENEFITS - SDIC | 2627558 | 2470101 | 2512411 | ||||||||||||||||||
Decreased by $200000 | |||||||||||||||||||||
Adjusting for SDRS comp limit of $280000 | |||||||||||||||||||||
Phasing in rest of discount over couple yrs | |||||||||||||||||||||
FY 2021 | 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 | ||||||||||||||||||
8 replacement laptops $1020 ea | 8160 | ||||||||||||||||||||
PC headsets (3 at 60) | 180 | ||||||||||||||||||||
keyboardmouse replacements (5 at $50) | 250 | ||||||||||||||||||||
COMPUTER EQUIPMENT | 11540 | ||||||||||||||||||||
SOFTWARE - Adobe Acrobat renewals - 6 x approx 100 | 600 | ||||||||||||||||||||
TELEPHONE EQUIPMENT | |||||||||||||||||||||
3 telephone headsets 285 ea | 855 | ||||||||||||||||||||
FURNITURE amp chair upgrades | 24425 | ||||||||||||||||||||
BOOKS (4 in CFA $744 ea) | 3100 | ||||||||||||||||||||
40520 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||||||||
FY 2023 Budget Request | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | chng | |||||||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | ||||||||||||||||||||||||
INVESTMENT SERVICES-DETAILED | For budget submission in RB16 | ||||||||||||||||||||||||||
Consulting Services | Inflation | ExpRed | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Research Services | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Council | 6585 | 6790 | 679000 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Staff Base Compensation | 5595504 | 5924242 | 6138506 | 362 | 6272430 | 588 | |||||||||||||||||||||
Administrative Accounting Legal amp Longevity | 626820 | 691805 | 698107 | 091 | 713880 | 319 | 12481 | Unused comp - extra for accts CH amp LR | |||||||||||||||||||
TOTAL STAFF - FULL TIME | 6222325 | 6616047 | 6836614 | 333 | 6986310 | 560 | 47744 | ||||||||||||||||||||
Part-Time - Legal amp Interns | no interns fy19 | 36942 | 83422 | 83422 | 000 | 85299 | 225 | 7293 | |||||||||||||||||||
Investment Council | 6585 | 6790 | 6790 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | 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 | ||||||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 808775 | 856112 | 906409 | 50297 | 906409 | |||||||||||||||||||||
Retirement - 6 | 006 | 434333 | 471460 | 510909 | 39449 | 510909 | |||||||||||||||||||||
Unemployment Insurance 0010 | 0001 | 10572 | 11191 | 11848 | 657 | 11848 | |||||||||||||||||||||
Workers Compensation 0005 | 00005 | 5286 | 5596 | 5924 | 328 | 5924 | |||||||||||||||||||||
Total Benefits 3211 | 1258966 | 1344359 | 1435091 | 90732 | 1435091 | ||||||||||||||||||||||
TOTAL BENEFITS - SDIC | 2512411 | 2630818 | 2744188 | 2765299 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Updated for special approps in FY20 amp final budget received for FY21 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||
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 | |||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||
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 | |||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||
Investment Services | |||||||||||||||||||||
Consulting Services | 130000 | 180000 | 3846 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | 137977 | 153314 | 1112 | ||||||||||||||||||
Investment Databases Newsfeeds amp Quote Fees | 710436 | 734267 | 335 | ||||||||||||||||||
Investment Research Services | 394025 | 450100 | 1423 | ||||||||||||||||||
Flexibility - From Brokerage to Independent Research | 100000 | 250000 | 15000 | ||||||||||||||||||
Total Investment Services | 1472438 | 1767681 | 2005 | ||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||
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 | |||||||||||||||||
Total Administrative Expenses | 648767 | 656007 | 112 | ||||||||||||||||||
TOTAL CONTRACTUAL SERVICES | 2121205 | 2423688 | 1426 | ||||||||||||||||||
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 | |||||||||||||||||
TOTAL OPERATING EXPENSES | 2255156 | 2557639 | 1341 | ||||||||||||||||||
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 | ||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||
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 | ||||||||||||||||||
Investment Research Services | |||||||||||||||||||||
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 | |||||||||||||||
Investment Council | 6457 | 6457 | 000 | 6585 | 198 | ||||||||||||||||
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 | |||||||||||||||||||||
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 $56357 | ||||||||||||||||||||
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 | ||||||||||||||||||
Total personal services for 3211 | 11328728 | 11831187 | 11831187 | ||||||||||||||||||
TOTAL PERSONAL SERVICES | 18717571 | 19253466 | 19420145 | ||||||||||||||||||
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 | ||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 761553 | 808775 | 47222 | 808775 | ||||||||||||||||
Retirement - 6 | 006 | 597297 | 434333 | (162963) | 434333 | ||||||||||||||||
Unemployment Insurance 0010 | 0001 | 9955 | 10572 | 617 | 10572 | ||||||||||||||||
Workers Compensation 0005 | 00005 | 4977 | 5286 | 309 | 5286 | ||||||||||||||||
Total Benefits 3211 | 1373782 | 1258966 | 1258966 | ||||||||||||||||||
TOTAL BENEFITS - SDIC | 2627558 | 2470101 | 2512411 | ||||||||||||||||||
Decreased by $200000 | |||||||||||||||||||||
Adjusting for SDRS comp limit of $280000 | |||||||||||||||||||||
Phasing in rest of discount over couple yrs | |||||||||||||||||||||
FY 2021 | 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 | ||||||||||||||||||
8 replacement laptops $1020 ea | 8160 | ||||||||||||||||||||
PC headsets (3 at 60) | 180 | ||||||||||||||||||||
keyboardmouse replacements (5 at $50) | 250 | ||||||||||||||||||||
COMPUTER EQUIPMENT | 11540 | ||||||||||||||||||||
SOFTWARE - Adobe Acrobat renewals - 6 x approx 100 | 600 | ||||||||||||||||||||
TELEPHONE EQUIPMENT | |||||||||||||||||||||
3 telephone headsets 285 ea | 855 | ||||||||||||||||||||
FURNITURE amp chair upgrades | 24425 | ||||||||||||||||||||
BOOKS (4 in CFA $744 ea) | 3100 | ||||||||||||||||||||
40520 | |||||||||||||||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | |||||||||||||||||||||||||||
FY 2023 Budget Request | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Performance Incentives | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | chng | |||||||||||||||||||||||
CONTRACTUAL SERVICES | |||||||||||||||||||||||||||
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 (see next page for further details) | 1195473 | 1767681 | 1703846 | 1762373 | 343 | ||||||||||||||||||||||
Administrative Expenses | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Expended | Received | Received | Request | ||||||||||||||||||||||||
FY 2021 | FY 2021 | FY 2022 | FY 2023 | ||||||||||||||||||||||||
INVESTMENT SERVICES-DETAILED | For budget submission in RB16 | ||||||||||||||||||||||||||
Consulting Services | Inflation | ExpRed | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Accounting Performance Benchmarking | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Research Services | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||
Investment Council | 6585 | 6790 | 679000 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Investment Staff Base Compensation | 5595504 | 5924242 | 6138506 | 362 | 6272430 | 588 | |||||||||||||||||||||
Administrative Accounting Legal amp Longevity | 626820 | 691805 | 698107 | 091 | 713880 | 319 | 12481 | Unused comp - extra for accts CH amp LR | |||||||||||||||||||
TOTAL STAFF - FULL TIME | 6222325 | 6616047 | 6836614 | 333 | 6986310 | 560 | 47744 | ||||||||||||||||||||
Part-Time - Legal amp Interns | no interns fy19 | 36942 | 83422 | 83422 | 000 | 85299 | 225 | 7293 | |||||||||||||||||||
Investment Council | 6585 | 6790 | 6790 | 000 | 6943 | 225 | |||||||||||||||||||||
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 | |||||||||||||||||||||
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 | 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 | ||||||||||||||||||||||
(addl 69802 for health in special approps) | |||||||||||||||||||||||||||
Personal Benefits - 3211 | |||||||||||||||||||||||||||
Social Security amp Medicare (765 on total compensaion--incl retirement portion) | 00765 | 808775 | 856112 | 906409 | 50297 | 906409 | |||||||||||||||||||||
Retirement - 6 | 006 | 434333 | 471460 | 510909 | 39449 | 510909 | |||||||||||||||||||||
Unemployment Insurance 0010 | 0001 | 10572 | 11191 | 11848 | 657 | 11848 | |||||||||||||||||||||
Workers Compensation 0005 | 00005 | 5286 | 5596 | 5924 | 328 | 5924 | |||||||||||||||||||||
Total Benefits 3211 | 1258966 | 1344359 | 1435091 | 90732 | 1435091 | ||||||||||||||||||||||
TOTAL BENEFITS - SDIC | 2512411 | 2630818 | 2744188 | 2765299 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 | Unexpended | |||||||||||||
FY 2021 | FY 2021 | FY 2021 | |||||||||||||
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 (see next page for further details) | 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 | Unexpended | |||||||||||||
FY 2021 | FY 2021 | FY 2021 | |||||||||||||
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 | 379856 | ||||||||||||
Administrative Accounting Legal amp Longevity | 446998 | 626820 | 179823 | ||||||||||||
TOTAL STAFF - FULL TIME | 5662646 | 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 | 8108290 | 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 | ||||||||||||||
FY 2023 | |||||||||||||||
2 desktop computers 1100 ea (replacements) | 2200 | ||||||||||||||
5 Monitors - replacement at $150 ea | 750 | ||||||||||||||
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 | |||||||||||||||
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 | Riss Laurie Began in Inv Acct first several years | PM | SrPM | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||
Total Expenses as of Total Assets | 0300 | 0165 | 0289 | 0269 | 0342 | 0375 | ||||||||
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 | ||||||||
SOUTH DAKOTA INVESTMENT COUNCIL | ||||||||
Long-Term Plan | ||||||||
Executive Summary | ||||||||
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 | |||||
(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 | ||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 233092 | 244280 | 512012 | 536588 | 556979 | 582043 | 582043 | 589027 | 614061 | 637088 | 662572 | 689075 | 716638 | 745303 | 775115 | 806120 | 838365 | 871899 | 906775 | 943046 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 199430 | 209003 | 438070 | 459097 | 476543 | 497987 | 497987 | 503963 | 525381 | 545083 | 566886 | 589562 | 613144 | 637670 | 663177 | 689704 | 717292 | 745984 | 775823 | 806856 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 198918 | 208466 | 436945 | 457918 | 475319 | 496708 | 496708 | 502669 | 524032 | 543684 | 565431 | 588048 | 611570 | 636033 | 661474 | 687933 | 715451 | 744069 | 773831 | 804785 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 480 | 480 | 480 | 380 | 450 | 000 | 120 | 371 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 173027 | 181332 | 380072 | 398316 | 413452 | 432057 | 432057 | 437242 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 480 | 480 | 480 | 380 | 450 | 000 | 120 | 371 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 173027 | 181332 | 380072 | 398316 | 413452 | 432057 | 432057 | 437242 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 480 | 480 | 980 | 380 | 450 | 000 | 120 | 425 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 109435 | 114688 | 240386 | 263944 | 273974 | 286303 | 286303 | 289738 | 302052 | 313379 | 325914 | 338951 | 352509 | 366609 | 381274 | 396525 | 412386 | 428881 | 446036 | 463878 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 171675 | 179915 | 377103 | 395204 | 410221 | 428681 | 428681 | 433825 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 895 | ERRORREF | 480 | 545 | 480 | 380 | 450 | 000 | 120 | 452 | 375 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | |||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 170611 | 178800 | 377102 | 395205 | 410223 | 428683 | 428683 | 433827 | 453448 | 470452 | 489270 | 508841 | 529195 | 550363 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 1202 fy03 | ERRORREF | 1654 | 2000 | 2010 | 967 | 882 | 200 | 120 | 425 | 528 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 103584 | 120716 | 289720 | 347951 | 381596 | 415270 | 423575 | 428658 | 446876 | 470452 | 489270 | 508841 | 529195 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 703 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 104 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0504 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0104 fy04 | ERRORREF | 1934 | 1654 | 1985 | 1910 | 1029 | 400 | 220 | 425 | 495 | 549 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 91079 | 108693 | 253342 | 303627 | 361618 | 398828 | 414781 | 423906 | 441922 | 463797 | 489270 | 508841 | 529194 | 550362 | 572377 | 595272 | 619083 | 643846 | 669600 | 696384 | 724239 | 753209 | 783337 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0805 fy06 | ERRORREF | 1505 | 2028 | 1681 | 1554 | 1939 | 1000 | 520 | 625 | 675 | 750 | 750 | 594 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 73852 | 84967 | 204396 | 238756 | 275858 | 329346 | 362281 | 381119 | 404939 | 432273 | 464693 | 499545 | 529194 | 550362 | 572376 | 595271 | 619082 | 643845 | 669599 | 696383 | 724239 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0507 fy08 | ERRORREF | 537 | 1511 | 1430 | 1928 | 1633 | 1200 | 1120 | 1425 | 875 | 900 | 750 | 750 | 750 | 548 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 67315 | 70930 | 163294 | 186639 | 222622 | 258980 | 290058 | 322544 | 368507 | 400751 | 436818 | 469580 | 504798 | 542658 | 572376 | 595271 | 619082 | 643845 | 669599 | 696383 | 724238 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0507 fy08 | ERRORREF | 537 | 1511 | 1430 | 1928 | 1633 | 1200 | 1120 | 1425 | 875 | 900 | 750 | 750 | 750 | 548 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 67315 | 70930 | 163294 | 186639 | 222622 | 258980 | 290058 | 322544 | 368507 | 400751 | 436818 | 469580 | 504798 | 542658 | 572376 | 595271 | 619082 | 643845 | 669599 | 696383 | 724238 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | 0509 fy10 | ERRORREF | 1008 | 1515 | 1430 | 1928 | 1170 | 520 | 620 | 1525 | 1475 | 1400 | 1400 | 900 | 750 | 750 | 750 | 574 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | ||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | ERRORREF | 58328 | 64207 | 147865 | 169008 | 201592 | 225178 | 236888 | 251575 | 289940 | 332706 | 379285 | 432384 | 471299 | 506646 | 544645 | 585493 | 619082 | 643845 | 669599 | 696383 | 724238 | 753208 | 783336 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
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 - 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 | |||||||||||||||||||||||||||||||||||||||||||
INVESTMENT INCENTIVE MAXIMUM | 117273 | 126890 | 147700 | 168747 | 191950 | 209225 | 248978 | 276365 | 301238 | 328350 | 377602 | 430466 | 490732 | 559434 | 609783 | 664663 | 724483 | 778819 | 814670 | 847257 | 881147 | 916393 | 953049 | 991171 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
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] | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
RESEARCH ANALYST | new | 50620 | 54591 | 56065 | 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 | 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 INCENTIVE MAXIMUM | 130971 | 145640 | 163408 | 194783 | 222052 | 242037 | 288024 | 319707 | 348480 | 379843 | 436820 | 497975 | 567691 | 647168 | 705413 | 758319 | 815193 | 876332 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 587 | 400 | 655 | 300 | 270 | 000 | 120 | 250 | 200 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT ACCOUNTANT | Sami | 60138 | 63665 | 66212 | 72210 | 74376 | 76384 | 83258 | 86756 | 88925 | 91593 | 94340 | 96463 | 98633 | 100852 | 103121 | 105442 | 107814 | 110240 | 112720 | 115257 | 117850 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 586 | 400 | 906 | 300 | 270 | 900 | 420 | 250 | 300 | 300 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT ACCOUNTANT | Krystal | 53078 | 56175 | 58422 | 66400 | 68392 | 70239 | 70941 | 76047 | 81752 | 83591 | 85472 | 87395 | 89361 | 91372 | 93428 | 95530 | 97679 | 99877 | 102124 | 104422 | 106772 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 583 | 400 | 1366 | 300 | 270 | 100 | 720 | 750 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 300 | 300 | 400 | 200 | 270 | 000 | 561 | 250 | 200 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 300 | 300 | 400 | 200 | 270 | 2709 | 440 | 650 | 625 | 650 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
INCREASE IN BASE | ERRORREF | 300 | 461 | 299 | 506 | 359 | 000 | 120 | 250 | 196 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | 225 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unemployment Insurance | 010 | 3261 | 7324 | 8019 | 8922 | 9461 | 9932 | 9955 | 10572 | 11191 | 11933 | 12900 | 12568 | 13334 | 14156 | 15005 | 15888 | 15960 | 16936 | 17955 | |||||||||||||||||||||||||||||||||||||||||||||||||
Workers Compensation | 005 | 1631 | 3662 | 4009 | 4461 | 4731 | 4966 | 4977 | 5286 | 5596 | 5966 | 6450 | 6284 | 6667 | 7078 | 7502 | 7944 | 7980 | 8468 | 8977 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 Per Matt - For FY17 year ending assets haircut assets by 75 Assumed 75 correction to fair value for stocks and bonds using current allocation | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||