New Mexico State Investment Office Trust
Land Grant Permanent Fund
The Land Grant Permanent Fund (LGPF) is New Mexico?s largest endowment and permanent fund. It was established through, and continues to be maintained in part by leasing fees the State charges for 13.4 million acres of mineral resources and 8.8 million acres of surface land. The State Investment Council manages day to day operations of the Land Grant Permanent Fund, including investments and distributions.
Severance Tax Permanent Fund
The Severance Tax Permanent Fund (STPF) was established by the legislature as an endowment fund in 1973, to receive severance taxes collected on natural resources extracted from New Mexico lands. The State?s severance taxes have historically been used to retire debt from bond issues that have funded various capital projects.
Currently, severance tax revenues first pay the required debt service on severance tax bonds issued by the state, and the remaining (approximately 12.5%) severance tax receipts are then transferred to the Severance Tax Permanent Fund. The STPF is now a broadly diversified permanent fund, and except for its Economically Targeted Investment, the STPF investment statutes and asset allocations are essentially the same as those in the LGPF.
Tobacco Settlement Permanent Fund
The Tobacco Settlement Permanent Fund (TSPF) was established by New Mexico statute during Fiscal Year 2000 as the result of a legal settlement between most states and tobacco companies. The settlement provides ongoing annual payments, which currently go to the State?s general fund for government operations. However, after fiscal year 2006, 50% of the settlement payments will be deposited into the TSPF. When the fund reaches sufficient size, it will retain all annual payments, and distributions will be based on the 4.7% formula used by the Severance Tax Permanent Fund.
News and Updates2/8/2008
WebsiteNew Mexico State Investment Council
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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