New Mexico State Investment Council (NMSIC) manages investments for 22 state agencies including four different permanent funds: land grant, severance tax, tobacco settlement and water trust fund. It also oversees the Tax Stabilization Fund, known as the state’s rainy-day fund, and the Rural Libraries Endowment Fund. The NMSIC has created an "Intergenerational Equity Index" to illustrate the probability of the permanent funds providing equally for current and future generations of New Mexicans.