DEFINITION of 'New Mexico State Investment Office Trust'
The New Mexico State Investment Office (SIO) is responsible for carrying out the investment management policies of the State Investment Council (SIC), which was established in 1958. Under the guidance of the SIC, the SIO manages the assets of four State of New Mexico permanent funds - the Land Grant Permanent Fund, the Severance Tax Permanent Fund, the Tobacco Settlement Permanent Fund and the Water Trust Fund. It is responsible for preserving and enhancing the principal of the permanent funds over the long term. The SIO also provides investment management services to 19 other state agencies and political subdivisions of New Mexico.
BREAKING DOWN 'New Mexico State Investment Office Trust'
New Mexico's permanent funds are viewed as assets that represent the depletion of the state's natural resources. As endowment trusts, the funds are intended to provide permanent and continuing benefits for both present and future generations of New Mexicans. As of March 31, 2010, the two largest permanent funds, the Land Grant Permanent Fund and the Severance Tax Permanent Fund, had assets of $9.49 billion and $3.66 billion respectively.