september 2013 board book
DESCRIPTION
NMRHCA Monthly Board MeetingTRANSCRIPT
(PLEASE FIND THE AGENDA/TABLE OF CONTENTS ON PAGE 5.)
REGULAR MEETING
OF THE
BOARD OF DIRECTORS
September 3, 2013
9:30 AM NMRHCA Board Room
2nd Floor Suite 207 4308 Carlisle Blvd. NE
Albuquerque, New Mexico
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Board of Directors Regular Meeting September 3, 2013 2
New Mexico Retiree Health Care Authority Regular Meeting
BOARD OF DIRECTORS
ROLL CALL
September 3, 2013
Member in Attendance
Mr. Santistevan, President
Mr. Sullivan, Vice-President
Mr. Montaño, Secretary
Mr. Baca
Mr. Crandall
Ms. Goodwin
Mr. Johnson
Mr. Linton
Ms. Padilla-Jackson
Ms. Sucher
Board of Directors Regular Meeting September 3, 2013 3
NMRHCA BOARD OF DIRECTORS
September 2013
Mr. Julian Baca Designee of PERA Executive Director 33 Plaza La Prensa Santa Fe, NM 87507 PO Box 2123 Santa Fe, NM 87504-2123 [email protected]
Ms. Jan Goodwin, Executive Director Educational Retirement Board PO Box 26129 Santa Fe, NM 87502-0129 [email protected]; (W) 505-827-8030 (F) 505-827-1855
The Honorable Mr. Wayne Johnson NM Association of Counties Bernalillo County Commissioner One Civic Plaza, NW Albuquerque, NM 87102 Ms. Karen Brown Deputy County Commissioner Bernalillo County, District 5 [email protected]; 505-468-7212 (office) 505-462-9821 (fax)
The Honorable Mr. James B Lewis NM State Treasurer 2055 South Pacheco Street Suite 100 & 200 Santa Fe, NM 87505-5135 [email protected] (W) 505-955-1120 (Fax) 505-955-1195
Mr. Terry Linton Governor’s Appointee 1204 Central Ave. SW Albuquerque, NM 87102 [email protected]; 505-247-1530
Mr. Joe Montaño, Secretary NM Assoc. of Educational Retirees 5304 Hattiesburg NW Albuquerque, NM 87120 [email protected] (H) 897-9518
Ms. Olivia Padilla-Jackson NM Municipal League Director, Financial Services City of Rio Rancho [email protected] W: 505-896-8761
Mr. Wayne Propst Executive Director Public Employees Retirement Association 33 Plaza La Prensa Santa Fe, NM 87507 PO Box 2123 Santa Fe, NM 87504-2123 [email protected]; W: (505) 476-9301
Mr. Alfredo Santistevan, President Designee of NM State Treasurer [email protected] 505-228-4487
Ms. Karen Sucher NEA-NM, Classroom Teachers Assoc., & NM Federation of Educational Employees PO BOX 1983 Tijeras, NM 87059 [email protected] Phone: 505-286-8702
Mr. Tom Sullivan, Vice President Superintendents’ Association of NM 800 Kiva Dr. SE Albuquerque, NM 87123 [email protected]; 505-330-2600
Mr. Doug Crandall Retired Public Employees of New Mexico PO Box 20607 Albuquerque, NM 87154-0607
Board of Directors Regular Meeting September 3, 2013 4
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
Board of Directors
September 3, 2013 9:30 AM
NMRHCA Board Room 2nd Floor Suite 207
4308 Carlisle Blvd. NE Albuquerque, New Mexico
AGENDA
Call to Order Mr. Santistevan, Chair Page
Roll Call to Ascertain Quorum Ms. Beatty, Recorder 3
Pledge of Allegiance Mr. Santistevan, Chair
Public Forum and Introductions Mr. Santistevan, Chair
Approval of Agenda Mr. Santistevan, Chair 5
Approval of Annual Meeting Minutes Mr. Santistevan, Chair 7 July 9 &10, 2013
*Approval of Medicare Advantage Selection Mr. Santistevan, Chair
*Approval of FY2015 Budget Appropriation Request Mr. Santistevan, Chair
Executive Director’s Update Mr. Tyndall, Executive Director
Operational Update Mr. Tyndall, Executive Director
Date & Location of the next Regular Board Meeting
November , 2013, 9:30 AM, NMRHCA Board Room, 2nd Floor Suite 207, 4308 Carlisle Blvd. NE, Albuquerque, New Mexico.
Other Business Mr. Santistevan, Chair
Adjourn
*(The Board has Discretion to take Action on any Agenda Item.)
Board of Directors Regular Meeting September 3, 2013 5
MINUTES OF THE NM RETIREE HEALTH CARE AUTHORITY BOARD OF DIRECTORS ANNUAL MEETING: JULY 9 & 10, 2013
CALL TO ORDER
The Annual Meeting of the Board of Directors of the New Mexico Retiree Health Care Authority was called to order on July 9, 2013, at 10:00 a.m. in the Sagebrush Inn Conference Center, 1508 Paseo del Pueblo Sur, Taos, New Mexico.
ROLL CALL TO ASCERTAIN QUORUM
A quorum was present, as follows:
Members Present:
Mr. Alfredo Santistevan, President, [designee of the Honorable James B. Lewis, NM State Treasurer]
Mr. Tom Sullivan, Vice President Mr. Joe Montaño, Secretary Mr. Doug Crandall Ms. Jan Goodwin Mr. Wayne Johnson Ms. Olivia Padilla–Jackson Mr. Wayne Propst [arriving 2:15 p.m.] Ms. Karen Sucher
Members Excused:
Ms. Elizabeth Jeffreys Mr. Terry Linton
Staff Present:
Mr. Mark Tyndall, Executive Director Mr. David Archuleta, Deputy Director Ms. Deb Vering, Chief Financial Officer Ms. Ramona Martinez, Director, Public Affairs Mr. Tomas Rodriguez, IT Director Ms. Kimberly Scott, Operations & Customer Service Manager Mr. Rudy Bantista, Communications & Board Recording Secretary Ms. Judith S. Beatty, Recorder
Others Present:
[See sign–in sheet.]
PLEDGE OF ALLEGIANCE
Mr. Gary Petersen led the pledge.
APPROVAL OF AGENDA
Ms. Goodwin moved for approval of the agenda, as published. Ms. Sucher seconded the motion, which passed unanimously by voice vote.
Board of Directors Regular Meeting September 3, 2013 6
APPROVAL OF REGULAR MEETING MINUTES: JUNE 4, 2013
Mr. Crandall moved approval of the minutes of the June 4, 2013, meeting, as submitted. Ms. Goodwin seconded the motion, which passed unanimously by voice vote.
ELECTION OF BOARD OFFICERS
Mr. Crandall moved the serving Board of Directors Officers be retained in office. No other nominations were put forward. Nominations were closed. Ms. Goodwin seconded the motion, which passed unanimously by voice vote.
CONSENT AGENDA—BOARD TRAVEL
• Any Board Member or Designate—IFEBP 59th Annual Employee Benefits Conference, October 19–23, 2013, Las Vegas NV
• Any Board Member or Designate—NASACT Annual Conference, August 10–14, 2013, Boston MA
Mr. Crandall moved approval of the Consent Agenda, as presented. Ms. Goodwin seconded the motion, which passed unanimously by voice vote.
PUBLIC FORUM AND INTRODUCTIONS
Audience members introduced themselves to the Board.
Ms. Ann Crandall, a Public Employees Retirement Association (PERA) retiree and for 13 years a NMRHCA eligible–retiree program member, requested the Board to add compounded hormones as a covered benefit. She cannot take Premarin, a synthetic hormone, due to her medical condition, and her physician has prescribed compounded hormones to her. Ms. Crandall, as NMRHCA Operations Manager, had received approximately 20 calls each year from Members experiencing the undesirable side effects of synthetic hormones. Ms. Crandall asserted her conviction that compounded hormones are effective biosimilar medications.
Ms. Denae Brake and Ms. Amy Daily, Express Scripts, Inc. (ESI) employees, reported the United States Food and Drug Administration (USFDA) classifies compounded medications as investigational drugs, therefore; compounded medications are not proven safe and effective for use in humans. FDA–approved ingredients in compounded hormones may be reimbursed under the benefits plan, but non–approved ingredients are rejected at the point of sale.
Ms. Daily reported NMRHCA could cover compounded hormones by overriding the system and reimbursing the pharmacy at a higher rate. The pharmacy has a 25 percent markup on compounding the ingredients, but many of the ingredients are inexpensive.
Mr. Tyndall stated that he would research the issue raised by Ms. Crandall and report back at the next board meeting.
PROVIDER PRESENTATIONS
Express Scripts, Inc.
Ms. Brake and Ms. Daily presented:
— Plan cost per member per month (pmpm) is $161.69, a 2.3% trend over previous period
Board of Directors Regular Meeting September 3, 2013 7
— Generic fill rate increased 4.1% to 81.4%.
— Member cost share increased slightly; driven by 1/1/13 copay changes
— Generic, home delivery and formulary compliance rates for both the commercial and EGWP (Employer Group Waiver Plan) NMRHCA populations remain well above respective peer groups
— The largest trend is in cancer, at 25.6%.
— The top 10 indications represent 61.1% of the NMRHCA’s total Plan cost. Diabetes ranks as #1.
Chairman Santistevan noted that some groups are reducing the copay for the diabetes medication, the assumption being that this will increase adherence and avoid the secondary problems that develop from not taking the medication.
Ms. Daily responded that the NMRHCA’s reduction in the copay did in fact increase adherence. She added that eliminating the copay altogether does not increase adherence unless it is paired with a disease management program, which can move someone from high risk to low risk.
Responding to Ms. Padilla–Jackson, Ms. Brake said adherence among NMRHCA members with diabetes is in the high 70% range to low 80% range, which is approximately the goal set by Express Scripts.
Ms. Scott commented that she receives at least one call a day from someone saying they can no longer afford their diabetes medication.
Ms. Padilla–Jackson asked what the average annual out–of–pocket cost is for insulin, and Mr. Tyndall responded that a 90–day supply is $100.
Mr. Tyndall added that the Board has discussed lowering the copay for insulin, something not being recommended right now. He would like to expand the conversation beyond just insulin in the future, because there are other medications that cost a fair amount of money out of pocket, there is no generic alternative, and there are consequences to not taking the drug. He said he would like to develop a comprehensive approach where all of these medications would be tied to disease management programs.
Mr. Tyndall stated that the agency works on a case–by–case basis with callers who say they cannot afford their diabetes medication.
Mr. Tyndall stated that the NMRHCA’s contract with ESI is just ending, and the PBM contract will go out to bid this fall. He said value–based plan design would definitely be part of that conversation.
Responding to Ms. Padilla–Jackson, Mr. Tyndall said the NMRHCA has contracted with third party vendors in the past who administer disease management programs, but it did not work out very well. He said the closer disease management and wellness programs are to the providers of the services (e.g., the doctors), the better.
Responding to Mr. Sullivan, Dr. Mike Madalena, Data Warehouse consultant, said 5,532 members out of the 7,242 members with diabetes are Medicare recipients, or about 70%.
Board of Directors Regular Meeting September 3, 2013 8
2. Presbyterian Health Plan (PHP)
Mr. Tim Rivera with Dr. Norman White, PHP employees, presented.
— PHP Services is New Mexico’s largest care provider, with 1,600 PCPs, 7 urgent care clinics, clinics in over 25 specialties (7,000 specialists), and employs 600+ physicians
— PHP Customer Service Center consistently answered 80% of all calls in 30 seconds or less (average of 9 seconds in 2013)
— Customer and member satisfaction are over 92%
Mr. Rivera reported PHP Treatment Cost Calculator, which went live on July 1, is a unique tool that gives NMRHCA members the ability to shop online and identify the lowest cost for a given procedure. He said there are 100 different procedure bundles in the program.
Mr. Tyndall commented that he has been asking for this program for a long time, and could not overemphasize the importance of this element of transparency, because there is a large variation on what the costs are for certain frequently–used services.
Ms. Padilla–Jackson stressed the importance of incentivizing the membership to utilize this tool, and communicating that effectively in the newsletter. She added that NMRHCA might also make use of this tool in terms of requiring members to select some of the lowest cost services.
Mr. Rivera stated that, although Nurse Advice Line services are currently through a third party vendor, PHP plans to in–source the program in the near future with PHP nurses answering the phones.
Responding to Mr. Montaño, Mr. Tyndall said there were over 1,200 calls over a one–year period to the BCBSNM and PHP nurse advice lines.
[Lunch break 12:10—1:10 p.m.]
3. Blue Cross Blue Shield of New Mexico (BCBSNM)
Ms. Lori Bell, BCBSNM employee, presented.
— Of NMRHCA’s 48,256 total members, 68% (32,844) are BCBSNM members.
— Calls received and answered from NMRHCA members in 2012: 22,023. Average speed of answer, 25 seconds.
— Disease management for period 4/1/12—3/31/13 touched 3,389 out of total 10,731 non–Medicare members through mailing or outreach, and 1,467 members were specifically targeted. Of those, 477 verbally consented to participate
— NMRHCA’s engagement rate is significantly higher than any other active employer group
— 24/7 Nurseline. 746 calls YTD, of which 422 required the attention of a clinician; 70% were redirected to more appropriate level of care
Board of Directors Regular Meeting September 3, 2013 9
Ms. Bell stated that the BCBSNM Integrated Provider Finder allows members to get an estimate of treatment costs that are tied to true claims data. There are 200 services on the web at the current time, which will increase to 350 in the near future. In November, BCBSNM will roll out a Member Liability Estimator, which will tell members the cost for specific procedures based on their own insurance, deductible and copayment.
Mr. Johnson suggested that NMRHCA could use a notification system, similar to the Nixle notification service for law enforcement and government agencies, to contact the membership.
[The agenda was reprioritized.]
REVIEW AND DISCUSSION OF NAPRAPATHIC SERVICES
Mr. Tyndall stated that, based on estimates made from data received from the health plans administering the state’s Risk Management program, NMRHCA would probably spend about $500,000 if it were to add naprapathic services to the plan. Options for incorporating naprapathic services from a cost neutral perspective include:
— Increasing pre–Medicare specialist visit copays from $35 and $45 under the Premier Plus/Premier plans
— Reducing the annual benefit maximums for the chiropractic, acupuncture and naprapathic services (combined) to $1,500
— Decreasing the Medicare Supplemental benefit maximum for acupuncture services from $1,500 to $1,000 combined with naprapathic services
Responding to Mr. Crandall, Dr. Patrick Nuzzo said there are 17 providers in New Mexico and two schools in the United States, one of them in Santa Fe.
Responding to Mr. Johnson, Mr. Tyndall said about 300 members hit the maximum, and there are a lot more between $1,000 and $1,500, which is where the agency would make up the $500,000.
Mr. Crandall said he thought the idea of adding naprapathic services should be studied further.
Dr. Nuzzo stated that naprapathy was established 108 years ago. While chiropractic involves high velocity adjusting of the bony structure, naprapathy involves the treatment of the soft and connective tissue around the bony structure. He said naprapathic practitioners treat headaches, carpal tunnel syndrome, low back pain and shoulder pain.
Ms. Padilla–Jackson suggested introducing naprapathy to the membership at a health fair through a demonstration, at which time interest in this additional service can be gauged.
Mr. Johnson suggested establishing a pilot program and then evaluating it after a year. Chairman Santistevan commented that this was a very good idea.
REVIEW AND DISCUSSION OF LIFE INSURANCE
[Mr. Propst joined the proceedings.]
Mr. Tyndall stated that all members who retired prior to January 1, 2012 have been provided a $6,000 basic life policy at no expense to themselves and at a cost to the NMRHCA of $12 a month for 32,000 retirees.
Board of Directors Regular Meeting September 3, 2013 10
Mr. Tyndall referred to the NMRHCA Long–Term Solvency Modeling spreadsheet, reflecting an annual expense for Basic Life of $4.4 million. If the Basic Life policy were eliminated from next year forward, NMRHCA would gain about a year of solvency.
Mr. Tyndall stated that, based on an average of 750 claims annually, the risk pool will deteriorate, and this is a liability the agency will have to address into the future.
Mr. Tyndall recommended discussing this issue during the next procurement cycle, which will come up soon, and that the agency works with whoever the life insurance carrier is moving forward.
Ms. Goodwin asked Mr. Tyndall if NMRHCA has explored the idea of having the members pick up part of the cost of a Basic Life policy.
Mr. Tyndall responded that this was certainly possible. Another idea would be to make it part of the medical premium.
Ms. Goodwin asked Mr. Tyndall how much of the overall accrued liability is attributable to the life insurance benefit, and Mr. Tyndall responded that it was about $120 million. He said the total unfunded liability is $3.6 billion.
Ms. Padilla–Jackson said that, while the Basic Life subsidy is not a huge liability relative to total liability, it is not a core mission service and it makes no sense to continue to subsidize it given the plan’s solvency picture. She also questioned how the NMRHCA could reasonably tell the membership that it would continue to subsidize completely a non–core service while reducing their core benefits.
Ms. Padilla–Jackson suggested a 5–year lead–time and elimination of Basic Life benefit.
Mr. Montaño commented many people depend on the $6,000 payout. While the agency will obviously have to phase this benefit out at some point, it should be as painless as possible. He reminded the Board that many of the older members would have to pay much higher premiums when/if they find a new policy on their own.
Responding to Ms. Sucher and Mr. Sullivan, Mr. Tyndall said it would be possible to transfer ownership of the policy to the member, and that the agency could phase out the subsidy over a period of time. He could include this stipulation as part of the upcoming procurement cycle.
WELLNESS AND DISEASE MANAGEMENT UPDATE
Mr. Tyndall, with Ms. Amy Olcott, R.N. and Ms. Katherine Silva, PHP employees, presented an update of the NMRHCA Wellness and Disease Management Program. Mr. Tyndall reported NMRHCA’s agreement with the health plans has a 3–point strategy for wellness and disease management:
1. Population–based wellness program that provides access to all members
• Benefit plan pays for 100% of all services recommended by the Preventative Services Task Force as well as all immunizations recommended by CDC. Utilization of wellness services is better than national benchmarks. In addition to the 100% benefit, NMRHCA provides access to biometric screenings at all enrollment meetings,
Board of Directors Regular Meeting September 3, 2013 11
access to the flu shot and pneumococcal vaccines, and education information.
• Preventative care visits, cholesterol screening rate, colon cancer screening rate and mammogram screening rate are at or above the national benchmark, while cervical cancer screenings are slightly below the benchmark.
2. Enhanced identification of members with diabetes and coronary artery disease for participation in Disease Management programs
• Done through medical & prescription claims, results of screening events, New Mexico Nurse Advice Line, physician referrals, family member referrals, and Personal Health Assessment (PHA)
• Over 2–year period, only 260 members have completed the PHA.
Ms. Goodwin asked if the NMRHCA health plans have considered incentives for people who complete the PHA.
Mr. Tyndall responded that the NMRHCA has done it in the past with a $20 or $25 gift certificate, but not many people took the PHA then, either. He said the State at one point offered a credit toward the deductible, but the percentage did not go up appreciably. He said there is a point (around $50) where people can be incented to take the PHA, but he is not convinced this is the best investment.
3. Identify and quantify measurable results of the Disease Management programs.
Ms. Olcott discussed the goals and results of the Disease Management programs for diabetes and coronary artery disease.
Concluding the report, Mr. Tyndall said he would give the NMRHCA an overall B rating, as the wellness and Disease Management programs are demonstrably producing positive results with the members that take advantage of them. He said improvements can be made in identifying and routing members into the program, and elements of clinical data remain difficult to measure in some provider settings.
Ms. Goodwin said she feels it very important that NMRHCA dramatically ramp up its wellness efforts effective in January 2014. Not only do the healthcare providers say it is cost effective, so do the Harvard Business Review and many other big organizations. She said the agency has to do something to bend the cost curve, and there are many ways of doing it. She said it could be a combination of carrots and sticks; for example, the Affordable Care Act rules allow for substantial premium changes if someone is doing a health risk assessment and a 50% premium adjustment if someone is a tobacco user.
Ms. Goodwin pointed out that 80% of the cost of healthcare is under the direct control of the individual; it is lifestyle choices, i.e., drinking, smoking, diet, and not exercising. If the NMRHCA could remove half of that from its cost structure, there would be a substantial improvement in long–term sustainability.
Board of Directors Regular Meeting September 3, 2013 12
Ms. Sucher noted that APS has been phasing in a personal health assessment program for several years, and this year the premiums will go up for tobacco users. She stated that the program costs no money for the employee.
Ms. Padilla–Jackson agreed with Ms. Goodwin and suggested setting a target for self-assessments such as 25% or 50% of the membership. She would support developing performance measures and specific goals going into the next year with respect to member participation.
Mr. Tyndall said he would be happy to revisit the idea of a premium differential, noting that the Board voted down a smoker’s premium differential about three years ago.
ACTUARIAL PRESENTATIONS
1. Solvency
Mr. Petersen and Ms. Stephanie Calandro, Segal consulting actuaries, with Dr. Mike Madalena, Data Warehouse healthcare consultant, presented.
[Report on file at NMRHCA offices.]
Ms. Calandro reviewed baseline assumptions being used for the long–term solvency projections, with no changes except in following areas, with 2029 as the projected year of insolvency:
• Annual payroll growth assumes 2% [was previously 4%] through 6/30/14 and 4% thereafter;
• Annual non–Medicare rate increases of 8% in 2014–2016, 3% non–Medicare thereafter, 6% Medicare Supplemental rate increases beginning in CY14 and thereafter;
• Consolidation of non–Medicare plans in CY17, annual plan changes thereafter to keep projected claims beneath Cadillac Tax threshold;
• Annual index in Cadillac Tax thresholds assumes 3% increase per year.
Ms. Calandro explained that, beginning in 2018, an employer or health insurer offering a plan that costs more than $10,200 for an individual and $27,500 for a family (adjusted for inflation) would typically pay a 40% excise tax on the amount exceeding the threshold. The thresholds increase for individuals in high–risk professions and for employers with a disproportionately older population. At the current time, the age range is 55 to 64 but adjustments will be made to be consistent with the national workforce.
Ms. Padilla–Jackson wondered if a payroll growth rate of 4% is realistic given the recessionary environment.
Mr. Petersen responded that Segal has analyzed the data and calculated that NMRHCA would lose a year of solvency by lowering the assumption from 4% to 3.75%. He said Segal feels the assumptions should mirror those of PERA and ERB over time.
Mr. Tyndall stated that ERB’s is 3.75% and PERA’s is 4%.
Responding to a request from Ms. Padilla–Jackson, Mr. Petersen agreed to look at Segal’s database to determine if 4% is the average among other clients.
Board of Directors Regular Meeting September 3, 2013 13
2. GASB
Mr. Tyndall stated that the GASB valuation is currently at $3.6 billion, but unfunded liability goes down to $3.4 billion in 2018 by paying the 40% excise tax. If the Board opts to let the plan stay the same and pay the excise tax, the unfunded liability would go up to $3.8 billion.
Mr. Tyndall said that, from both a GASB and solvency scenario, it would be necessary for the Board to state its intent with respect to making plan design changes.
[Recess: 4:35 p.m.]
CALL TO ORDER
The second day of the Annual Meeting of the Board of Directors of the New Mexico Retiree Health Care Authority was called to order on July 10, 2013, at 9:10 a.m. in the Sagebrush Inn Conference Center, 1508 Paseo del Pueblo Sur, Taos, New Mexico.
ROLL CALL TO ASCERTAIN QUORUM
A quorum was present, as follows:
Members Present:
Mr. Alfredo Santistevan, President, [designee of the Honorable James B. Lewis, NM State Treasurer]
Mr. Tom Sullivan, Vice President Mr. Joe Montaño, Secretary Mr. Julian Baca Mr. Doug Crandall Ms. Jan Goodwin Mr. Wayne Johnson Ms. Olivia Padilla–Jackson Ms. Karen Sucher
Members Excused:
Ms. Elizabeth Jeffreys Mr. Terry Linton
Staff Present:
Mr. Mark Tyndall, Executive Director Mr. David Archuleta, Deputy Director Ms. Deb Vering, Chief Financial Officer Ms. Ramona Martinez, Director, Public Affairs Mr. Tomas Rodriguez, IT Director Ms. Kimberly Scott, Operations & Customer Service Manager Mr. Rudy Bantista, Communications & Board Recording Secretary Ms. Judith S. Beatty, Recorder
Others Present:
[See sign–in sheet.]
Board of Directors Regular Meeting September 3, 2013 14
OPEN MEETINGS ACT RESOLUTION
Mr. Johnson moved approval of the Open Meetings Resolution. Ms. Padilla–Jackson seconded the motion, which passed unanimously by voice vote.
OPERATIONAL UPDATE
Customer Service
Ms. Scott presented an Operations status report, with the following highlights:
For Q2 2013, there were 8,699 incoming calls with a 5.4% abandonment rate and an average delay time of 9 seconds. By contrast, in Q2 2012 there were 6,152 calls with an abandonment rate of 2.7% and an average delay of 8 seconds.
There are two vacancies in the Albuquerque office. A Customer Service Representative was promoted to HR manager, and another person left.
The positions will be posted this week.
Responding to the Chair, Ms. Scott said any member who calls the agency is asked for updated information, including email address.
Mr. Rodriguez added that anyone logging into the NMRHCA website is asked to update their personal information, which is replicated to the database.
Information Technology
Mr. Rodriguez reviewed accomplishments and challenges, as well as a REBIS project update.
Responding to Ms. Goodwin, Mr. Rodriguez said he will be asking CAANES to do another security assessment within the next 30 days.
Mr. Rodriguez stated that the integration of the Santa Fe phone system into the Albuquerque Call Center system has been a 4–year effort. He said a VOIP (voice over internet protocol) system would take about one day to implement at a cost of about $2,000, but the state does not support VOIP, and requests for waivers from the state have been denied.
Ms. Martinez discussed the new website design and e–newsletter format, both of which are much more readable and user–friendly.
Mr. Sullivan asked Mr. Tyndall to bring back the Strategic Plan to see what needs updating.
Ms. Goodwin commented that this is timely, because the budget submitted to DFA in September must include a strategic plan.
Ms. Sucher noted that Mr. Rodriguez has a staff of only 3 people, and recommended that he consider using interns. Mr. Rodriguez responded that this was an excellent idea and he would explore it.
Mr. Crandall observed that staffing levels have remained the same for years even though the membership has increased. He said interns are fine, at least for now, but the agency should be expanding staff to meet increased need.
Board of Directors Regular Meeting September 3, 2013 15
Mr. Tyndall stated that the FY 2015 appropriation request will include additional positions in Customer Service and IT.
FY2013 End–of–year Projections
Mr. Archuleta presented preliminary end–of–year projections based on information at June 24.
Health Care Benefit Fund
• Expenditures are at $229.4 million and revenues are at $271.5 million, creating a surplus of $42 million. Management projects a trust fund contribution of $30 million for FY13.
• Estimated claim expenditures through the end of FY13, as compared to the same period in FY12, have increased by approximately $6.9 million, or 3%.
Program Support Fund
Budget for FY13 is $2.6 million, expenditures are $2.2 million, and revenues are $2.6 million, creating a reserve of $452,000. Management projects a reserve of $268,000 for June 30, 2013, resulting from staff vacancies and closing monitoring expenditures in contractual services and other costs.
ATTESTATION OF INTENT WITH REGARD TO EXCISE TAX
Mr. Tyndall stated that, beginning in 2018, federal health care reform will require any plans with an actuarial value above a certain level to pay a 40% excise tax on any excesses. The current annual value for a retiree plan is $11,850, but it is uncertain if that figure will be indexed. It is possible, even likely, that NMRHCA may have plans that will be in excess of this figure by 2018. This would increase the current UAAL to $3.8 billion.
Mr. Tyndall said that, with the Board’s stated intent that it will adjust plans to avoid the excise tax, the current UAAL would be reduced to $3.4 billion. He requested that the Board adopt the following attestation of intent:
“NMRHCA’s Board of Directors hereby states its intent to modify plan designs as necessary to preclude the payment of any excise tax established by 2010’s Patient Protection and Affordable Care Act beginning in 2018.”
Ms. Goodwin asked what kinds of plan design changes are contemplated to meet these goals.
Mr. Tyndall responded that the Board yesterday discussed eliminating Premier Plus, retaining Premier, and creating a second and more affordable plan under Premier. Right now, the law requires that the actuarial value associated with the Cadillac Tax will go up in accordance with the Consumer Price Indexes program (CPI), which is unknown, but if it is higher than what medical cost inflation is, the Board will have to regularly revisit ways of staying below the excise tax limit.
Mr. Sullivan suggested that, to avoid confusion, NMRHCA keep the “Premier Plus” and “Premier” plan names but change the designs.
Board of Directors Regular Meeting September 3, 2013 16
Mr. Crandall moved for approval of the Attestation of Intent. Mr. Johnson seconded the motion, which passed unanimously by voice vote.
APPROVAL OF CY 2014 PLAN DESIGNS AND MEMBER RATES
Mr. Tyndall stated that the NMRHCA’s long–term solvency projections include annual 8% rate increases as part of their base line. Changes to this rate of increase in any given year are based on an evaluation of NMRHCA’s overall loss ratio (how closely NMRHCA rates match actual costs).
Mr. Tyndall noted that, last year, the rates did not quite keep up with actual costs, and in 2013 rates were raised by 8% with some benefit modifications, resulting in a little bit of progress. The overall loss ratio has improved slightly from 104% to 103%, almost all of it because of federal funds from the Medicare Supplement plan. As such, it is recommended that pre–Medicare plans adjust with trend and the Medicare Supplement be given due consideration of its improved position.
Mr. Tyndall recommended that the Board adjust all pre–Medicare rates by 8% and the Medicare Supplement by 6% in accordance with the current loss ratio.
Mr. Tyndall stated that 40,261 members would be impacted, with an average impact of $14 per month. The increases would be as follows:
• Premier—Retiree: $10.78
• Premier—Spouse: $20.02
• Premier Plus—Retiree: $20.15
• Premier Plus—Spouse: $31.20
• Medicare Supp.—Retiree: $9.05
• Medicare Supp.—Spouse: $13.58
Mr. Crandall moved approval to adjust all pre–Medicare rates by 8% and the Medicare Supplement by 6% in accordance with the current loss ratio. Mr. Montaño seconded the motion.
Ms. Goodwin asked that the Board act on the following at the August meeting: For 2015, a differential premium for smokers; Beginning January 2014, new members be required to have a health risk assessment; and Beginning January 2015, require a mandatory health risk assessment for all members.
Ms. Goodwin said this implementation schedule would give sufficient notice to the members. She recommended that the NMRHCA take an aggressive approach, including having tobacco cessation programs available.
The motion passed unanimously by voice vote.
Regarding Ms. Goodwin’s recommendations, Chairman Santistevan recommended doing the health risk assessment as a pilot program for all new members beginning in January 2014, which would allow an opportunity receive feedback on what is and isn’t working and what changes should be made before making the program permanent.
Board of Directors Regular Meeting September 3, 2013 17
Ms. Goodwin further recommended that the NMRHCA begin having a conversation with its vendors beginning in 2014 on a fee–for–outcome as opposed to a fee–for–service, with the idea of improving outcomes and reducing costs.
Mr. Tyndall said these conversations have already begun with some providers, and will continue. He added that he would expect the next round of renewals with the vendors to include a fee for outcome component.
Mr. Tyndall commented that it may be problematic to tie reimbursement to outcomes, but NMRHCA can make sure that it is providing the doctors, hospitals and clinics the right incentives for them to keep the care as well–managed as possible.
Ms. Goodwin agreed that this is a great way for the agency to go; with the passage with the Telemedicine Act in New Mexico, it has made it possible for providers to provide those services telephonically. However, because NMRHCA is the payer, it also has the option of moving away from only allowing physician–based services to nurse–based services. She said the NMRHCA should work with the vendors on this.
Ms. Padilla–Jackson stated that, over the next year, she would like the Board to formalize the NMRHCA’s funding goals as part of the strategic planning process. While the Board informally discusses extending out solvency from 15 years to 20 years, it really has not formalized that.
She added that the goals should also address customer service, quality of service, etc., and should be incorporated into an action plan.
Chairman Santistevan agreed. He noted that the current strategic plan has a 5–year action plan with a 30–year solvency window. He said there are a number of variables, including ER–EE contributions.
Ms. Goodwin said she would also like to see a timetable for being fully funded as part of the strategic planning process, given that GASB is about to start looking at other post–employment benefits, which includes retiree healthcare, and probably make the same changes in financial reporting and accounting that they’ve just made for pension plans.
DATE AND LOCATION FOR THE NEXT REGULAR BOARD MEETING:
August 6, 2013, 9:30 a.m. NMRHCA Board Room, 2nd floor, Suite 207, 4308 Carlisle Blvd., NE., Albuquerque, NM.
OTHER BUSINESS
Board members signed and turned in the Code of Ethics Disclosure Statement.
ADJOURNMENT
Its business completed, the NMRHCA Board adjourned the meeting at 10:55 a.m.
Board of Directors Regular Meeting September 3, 2013 18
Alfredo Santistevan, Chair Joe Montaño, Secretary
Board of Directors Regular Meeting September 3, 2013 19
NMRHCA Staff Recommendation for 2014 Medicare Advantage Procurement
Background NMRHCA’s last procurement of Medical plan services (including Medicare Advantage) became effective July 1, 2012. While the procurement process generally allows for a four‐year cycle, market conditions warranted a reexamination of the Medicare Advantage offerings. Provider network changes as well as a larger array of market options were contributing factors. Board approval for a procurement specific to Medicare Advantage products was granted in December, 2012 for a January 1, 2014 effective date.
Process NMRHCA collaborated with General Service Department’s State Purchasing Division to ensure the process was in accordance with the state’s Procurement Code and would yield the most advantageous results to the agency. The Request for Proposal was released in May, 2013 with responses received in June, 2013. The proposals were reviewed by an evaluation committee with representation from the Board of Directors, agency management, customer service as well an external adviser from the IBAC purchasing collaborative. A consensus scoring methodology was employed and there was unanimous agreement of the resulting recommendation.
Recommendation NMRHCA staff requests board approval to pursue contract negotiations with the following organizations: Lovelace Health Plan (Statewide HMO) Presbyterian Health Plan (Statewide PPO) United Health Care (Nationwide PPO) Negotiations will proceed in accordance with procurement guidelines and rates as outlined in the attached Evaluation Committee Report which will be made public upon successful negotiations/awards. All contracts negotiated as a result of this recommendation will be subject to board approval.
Board of Directors Regular Meeting September 3, 2013 20
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
EXECUTIVE COMMITTEE 2:30 P.M., August 15, 2013
NMRHCA 4308 Carlisle Blvd, NE, Suite 104
Albuquerque, NM Participant Passcode: 473289
Phone Number: Toll free: 1-888-205-5513 AGENDA
Attendees: Mr. Alfredo Santistevan, Chair Mr. Joe Montaño Mr. Tom Sullivan
Guests: Staff: Mr. Mark Tyndall, Executive Director
Mr.David Archuleta, Deputy Director Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, Chair Roll Call to Ascertain Quorum Mr. Bantista, Recorder Approval of Agenda Mr. Santistevan, Chair Open Discussion. Budget Mr. Santistevan, Chair Strategic Plan IT Plan Executive Director’s Report Mr. Tyndall, Executive Director President’s Report Mr. Santistevan, Chair Other Business Mr. Santistevan, Chair Date and Location for the Next Regular Meeting Adjourn
Board of Directors Regular Meeting September 3, 2013 21
Minutes of the Regular Meeting of the
NEW MEXICO RETIREE HEALTH CARE AUTHORITY
E X E C U T I V E C O M M I T T E E
August 15, 2013, 2:30 PM
4308 Carlisle Blvd. NE, Suite 104
Albuquerque, New Mexico
CALL TO ORDER
Mr. Santistevan, Board President, called the meeting to order at ~2:35 PM.
ROLL CALL TO ASCERTAIN QUORUM
Mr. Santistevan. Mr. Sullivan, Vice-President, and Mr. Montaño, Secretary, attended.
APPROVAL OF AGENDA
The Committee approved the agenda by unanimous vote.
OPEN DISCUSSION
Legislative matters were discussed by the Committee.
BUDGET REPORT
Mr. Tyndall, Executive Director, reviewed the Staff recommended budget request.
STRATEGIC PLAN
Mr. Tyndall reviewed the Strategic plan prepared under by Staff according to statutory
budget request guidance.
IT PLAN
The IT plan, also part of the statutory budget request, has been prepared by Staff in
accordance with those rules.
EXECUTIVE DIRECTOR'S REPORT
Mr. Tyndall reported Staff progress in several personnel matters.
PRESIDENT'S REPORT
The schedule for Executive, Finance and Investment Committee meetings was
discussed. The topics for Committee Agendas were designated for the Executive Director’s
action.
OTHER BUSINESS
The Committee discussed topics for future Board meetings.
DATE AND LOCATION OF THE NEXT MEETING
The next Executive Committee meeting is to be Monday, August 19, 2013, at 11:30.
ADJOURN
The Committee adjourned ~3:15 PM.
Board of Directors Regular Meeting September 3, 2013 22
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
EXECUTIVE COMMITTEE 11:00 A.M., July 22, 2013
NMRHCA 4308 Carlisle Blvd, NE, Suite 104
Albuquerque, NM Participant Passcode: 473289
Phone Number: Toll free: 1-888-205-5513 AGENDA
Attendees: Mr. Alfredo Santistevan, Chair Mr. Joe Montaño Mr. Tom Sullivan
Guests: Staff: Mr. Mark Tyndall, Executive Director
Mr.David Archuleta, Deputy Director Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, Chair Roll Call to Ascertain Quorum Mr. Bantista, Recorder Approval of Agenda Mr. Santistevan, Chair Open Discussion. Mr. Santistevan, Chair Executive Director’s Report Mr. Tyndall, Executive Director President’s Report Mr. Santistevan, Chair Other Business Mr. Santistevan, Chair Date and Location for the Next Regular Meeting Adjourn
Board of Directors Regular Meeting September 3, 2013 23
Minutes of the Regular Meeting of the
NEW MEXICO RETIREE HEALTH CARE AUTHORITY
E X E C U T I V E C O M M I T T E E
July 22, 2013, 11:00 AM
4308 Carlisle Blvd. NE, Suite 104
Albuquerque, New Mexico
CALL TO ORDER
Mr. Santistevan, Board President, called the meeting to order at ~11:00 AM.
ROLL CALL TO ASCERTAIN QUORUM
Mr. Santistevan. Mr. Sullivan, Vice-President, and Mr. Montaño, Secretary, attended.
APPROVAL OF AGENDA
The Committee approved the agenda by unanimous vote.
OPEN DISCUSSION
The Legislative Finance Committee had met July 17 through 19. Mr. Tyndall, Executive
Director, Mr. Archuleta, Deputy Director, and Mr. Santistevan had the opportunity to attend
the Group Health Benefits and Premiums, Risk Rates Fund Balances, and Actuarial
Conditions session and shared their observations with Mr. Montaño.
EXECUTIVE DIRECTOR'S REPORT
Mr. Sullivan joined the meeting as Mr. Tyndall reviewed a presentation in advance of
a scheduled meeting with Department of Finance and Administration. The presentation was
discussed in detail. The Committee expressed their appreciation.
Mr. Tyndall has an approved leave scheduled for later in the week.
PRESIDENT'S REPORT
The next meeting should discuss the Investment and Pensions Oversight Committee.
OTHER BUSINESS
Mr. Montaño described the expectations for an upcoming presentation for
educational employees and retirees. Mr. Archuleta may represent the Agency at this
meeting.
DATE AND LOCATION OF THE NEXT MEETING
The next Executive Committee meeting was not set.
ADJOURN
The Committee adjourned ~11:58 AM.
Board of Directors Regular Meeting September 3, 2013 24
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
EXECUTIVE COMMITTEE 11:00 A.M., August 5, 2013
NMRHCA 4308 Carlisle Blvd, NE, Suite 104
Albuquerque, NM Participant Passcode: 473289
Phone Number: Toll free: 1-888-205-5513 AGENDA
Attendees: Mr. Alfredo Santistevan, Chair Mr. Joe Montaño Mr. Tom Sullivan
Guests: Staff: Mr. Mark Tyndall, Executive Director
Mr.David Archuleta, Deputy Director Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, Chair Roll Call to Ascertain Quorum Mr. Bantista, Recorder Approval of Agenda Mr. Santistevan, Chair Open Discussion. Investment Pension Oversight Committee Mr. Santistevan, Chair Executive Director’s Report Mr. Tyndall, Executive Director President’s Report Mr. Santistevan, Chair Other Business Mr. Santistevan, Chair Date and Location for the Next Regular Meeting Adjourn
Board of Directors Regular Meeting September 3, 2013 25
Revised: August 2, 2013TENTATIVE AGENDA
for theTHIRD MEETING IN 2013
of theINVESTMENTS AND PENSIONS OVERSIGHT COMMITTEE
August 9, 2013Room 309, State CapitolSanta Fe, New Mexico
Friday, August 9
9:00 a.m. Call to Order—Representative Jim R. Trujillo, Chair
9:05 a.m. Approval of July 10, 2013 Meeting Minutes
9:10 a.m. (1) Capital Outlay: Statewide and Local Overview—Sonya Snyder, Senior Fiscal Analyst, Legislative Finance Committee—Kathleen Dexter, Researcher, Legislative Council Service
10:00 a.m. (2) State Investment Council (SIC) Investment Policies, Practices andReturns of the Economically Targeted Investments; Sun MountainCapital Report on Private Equity Programs; Albuquerque EconomicDevelopment Report on "Closing Funds" as Economic Tools—Steven K. Moise, State Investment Officer, SIC—Vince Smith, Deputy State Investment Officer, SIC—Sally Corning, Partner, Sun Mountain Capital—Gary Tonjes, President, Albuquerque Economic Development
11:00 a.m. (3) New Mexico Small Business Investment Corporation (SBIC) ProgramsUpdate—Russ Cummins, Executive Director and Investment Adviser, SBIC—Joseph Badal, President and Chair, SBIC
12:30 p.m. Lunch
1:30 p.m. (4) Educational Retirement Board (ERB) Update on Meetings WithStakeholders and Possible Changes to the Pension Plan; Update onPending Litigation—Jan Goodwin, Executive Director, ERB—Chris Schatzman, General Counsel, ERB
Board of Directors Regular Meeting September 3, 2013 26
2:15 p.m. (5) New Mexico Retiree Health Care Authority (RHCA) — Post-AnnualBoard Meeting Update and Possible Statutory Changes—Mark Tyndall, Executive Director, RHCA
3:00 p.m. (6) Judicial Retirement Act and Magistrate Retirement Act Potential PlanSolvency Changes, Report on Stakeholders' Input—Arthur W. Pepin, Director, Administrative Office of the Courts (AOC)—Oscar Arevalo, Chief Financial Officer, AOC—Wayne Propst, Executive Director, Public Employees Retirement
Association
4:30 p.m. Adjourn
Board of Directors Regular Meeting September 3, 2013 27
Minutes of the Regular Meeting of the
NEW MEXICO RETIREE HEALTH CARE AUTHORITY
E X E C U T I V E C O M M I T T E E
August 5, 2013, 11:00 AM
4308 Carlisle Blvd. NE, Suite 104
Albuquerque, New Mexico
CALL TO ORDER
Mr. Santistevan, Board President, called the meeting to order at ~11:16 AM.
ROLL CALL TO ASCERTAIN QUORUM
Mr. Santistevan. Mr. Sullivan, Vice-President, and Mr. Montaño, Secretary, attended.
APPROVAL OF AGENDA
The Committee approved the agenda by unanimous vote.
OPEN DISCUSSION
Mr. Sullivan and Mr. Montaño discussed a lawsuit between Educational Retirement
Board (ERB) and the University of New Mexico (UNM). Potential changes to Federal Laws that
could affect Public Employees Retirement Association (PERA) pensions.
INVESTMENT AND PENSIONS OVERSIGHT COMMITTEE
The Investment and Pensions Oversight Committee will meet August 9, 2013, in
Room 309 of the State Capital. Mr. Tyndall, Executive Director, and Mr. Archuleta, Deputy
Director, are prepared to appear and present to the Committee. Mr. Santistevan and Mr.
Montaño will attend the session. Elements of the presentation were discussed by the
Committee.
EXECUTIVE DIRECTOR'S REPORT
Mr. Tyndall reported the progress of the selection process for a Medicare insurance
provider organization.
PRESIDENT'S REPORT
The schedule for Finance and Investment Committee meetings was discussed. Mr.
Santistevan reviewed the topics for Committee Agendas with staff.
OTHER BUSINESS
Mr. Montaño discussed matters related to the ERB. ERB is also scheduled to present
at the IPOC on the same day.
DATE AND LOCATION OF THE NEXT MEETING
The next Executive Committee meeting was not set.
ADJOURN
The Committee adjourned ~11:48 AM.
Board of Directors Regular Meeting September 3, 2013 28
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
EXECUTIVE COMMITTEE 2:30 P.M., August 15, 2013
NMRHCA 4308 Carlisle Blvd, NE, Suite 104
Albuquerque, NM Participant Passcode: 473289
Phone Number: Toll free: 1-888-205-5513 AGENDA
Attendees: Mr. Alfredo Santistevan, Chair Mr. Joe Montaño Mr. Tom Sullivan
Guests: Staff: Mr. Mark Tyndall, Executive Director
Mr.David Archuleta, Deputy Director Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, Chair Roll Call to Ascertain Quorum Mr. Bantista, Recorder Approval of Agenda Mr. Santistevan, Chair Open Discussion. Budget Mr. Santistevan, Chair Strategic Plan IT Plan Executive Director’s Report Mr. Tyndall, Executive Director President’s Report Mr. Santistevan, Chair Other Business Mr. Santistevan, Chair Date and Location for the Next Regular Meeting Adjourn
Board of Directors Regular Meeting September 3, 2013 29
Minutes of the Regular Meeting of the
NEW MEXICO RETIREE HEALTH CARE AUTHORITY
E X E C U T I V E C O M M I T T E E
August 15, 2013, 2:30 PM
4308 Carlisle Blvd. NE, Suite 104
Albuquerque, New Mexico
CALL TO ORDER
Mr. Santistevan, Board President, called the meeting to order at ~2:35 PM.
ROLL CALL TO ASCERTAIN QUORUM
Mr. Santistevan. Mr. Sullivan, Vice-President, and Mr. Montaño, Secretary, attended.
APPROVAL OF AGENDA
The Committee approved the agenda by unanimous vote.
OPEN DISCUSSION
Legislative matters were discussed by the Committee.
BUDGET REPORT
Mr. Tyndall, Executive Director, reviewed the Staff recommended budget request.
STRATEGIC PLAN
Mr. Tyndall reviewed the Strategic plan prepared under by Staff according to statutory
budget request guidance.
IT PLAN
The IT plan, also part of the statutory budget request, has been prepared by Staff in
accordance with those rules.
EXECUTIVE DIRECTOR'S REPORT
Mr. Tyndall reported Staff progress in several personnel matters.
PRESIDENT'S REPORT
The schedule for Executive, Finance and Investment Committee meetings was
discussed. The topics for Committee Agendas were designated for the Executive Director’s
action.
OTHER BUSINESS
The Committee discussed topics for future Board meetings.
DATE AND LOCATION OF THE NEXT MEETING
The next Executive Committee meeting is to be Monday, August 19, 2013, at 11:30.
ADJOURN
The Committee adjourned ~3:15 PM.
Board of Directors Regular Meeting September 3, 2013 30
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
E X E C U T I V E C O M M I T T E E
August 19, 2013, 11:30 AM
4308 Carlisle Blvd. NE, Suite 104 Albuquerque, New Mexico
Participant Passcode: 473289
Phone Number: Toll free: 1-888-205-5513
AGENDA
Attendees: Mr. Alfredo Santistevan, President Mr. Joe Montaño, Secretary
Member Excused: Mr. Tom Sullivan, Vice President
Staff: Mr. Mark Tyndall, Executive Director Mr. David Archuleta, Deputy Director Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, President
Roll Call to Ascertain Quorum Mr. Bantista, Recorder
Approval of Agenda Mr. Santistevan, President
Strategic Plan Discussion Mr. Santistevan, President
Executive Director’s Report Mr. Tyndall, Executive Director
President's Report Mr. Santistevan, President
Other Business Mr. Santistevan, President
Date and Location for the Next Regular Meeting:
The next Executive Committee meeting is to be determined.
Adjourn
Board of Directors Regular Meeting September 3, 2013 31
Minutes of the Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
E X E C U T I V E C O M M I T T E E
August 19, 2013, 11:30 AM 4308 Carlisle Blvd. NE, Suite 104
Albuquerque, New Mexico
CALL TO ORDER
Mr. Santistevan, Board President, called the meeting to order at ~11:30 AM.
ROLL CALL TO ASCERTAIN QUORUM
Mr. Santistevan and Mr. Montaño, Secretary, attended. Mr. Sullivan, Vice-President, was excused.
APPROVAL OF AGENDA
The Committee approved the agenda by unanimous vote.
STRATEGIC PLAN DISCUSSION
Mr. Tyndall, Executive Director, reviewed the Strategic Plan submission as part of the Agency’s Budget Request. Significant changes of the FY2014 Strategic Priorities were described in detail.
Mr. Archuleta, Deputy Director, has been working with other Agencies to coordinate Performance Measures revisions.
EXECUTIVE DIRECTOR'S REPORT
Mr. Tyndall noted parts of the IT Plan are controlled outside the Agency.
PRESIDENT'S REPORT
The Finance Committee will hear the Draft Budget request on Wednesday, August 21, 2013.
OTHER BUSINESS
Mr. Montaño ask the progress of the Medicare Advantage Plan procurement.
DATE AND LOCATION OF THE NEXT MEETING
The next Executive Committee meeting was not set.
ADJOURN
The Committee adjourned ~12:15 PM.
Board of Directors Regular Meeting September 3, 2013 32
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
FINANCE COMMITTEE
August 21, 2013 11:30 AM
ERB Board Room 701 Camino de los Márquez
Santa Fe, New Mexico
Participant Passcode: 473289 Phone Number: Toll free: 1-888-205-5513
AGENDA
Attendees: Mr. Alfredo Santistevan, Chair Mr. Doug Crandall Ms. Jan Goodwin Ms. Olivia Padilla-Jackson Mr. Joe Montaño Mr. Tom Sullivan
Staff: Mr. Mark Tyndall, Executive Director Mr. David Archuleta, Deputy Director Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, Chair
Roll Call to Ascertain Quorum Mr. Bantista, Recorder
Approval of Agenda Mr. Santistevan, Chair
FY2015 Budget Review Mr. Tyndall, Executive Director Mr. Archuleta, Deputy Director
Action Item Approval Mr. Santistevan, Chair
Open Discussion Mr. Santistevan, Chair
Executive Director’s Report Mr. Tyndall, Executive Director
President’s Report Mr. Santistevan, Chair
Other Business Mr. Santistevan, Chair
Date and Location for the Next Regular Meeting
The Date and Location for the next Committee meeting is to be determined.
Adjourn
Board of Directors Regular Meeting September 3, 2013 33
Minutes of the Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
F I N A N C E C O M M I T T E E
August 21, 2013 11:30 AM
ERB Board Room 701 Camino de los Márquez
Santa Fe, New Mexico
CALL TO ORDER
Mr. Alfredo Santistevan, Chair, called the meeting to order at ~11:38 AM.
ROLL CALL TO ASCERTAIN QUORUM
Mr. Santistevan and Ms. Goodwin attended. Mr. Crandall, Mr. Montaño, and Ms. Padilla-Jackson attended by teleconference. Mr. Sullivan was excused.
APPROVAL OF AGENDA
The agenda was approved by unanimous voice vote.
FY2015 BUDGET REVIEW
Mr. Tyndall, Executive Director, and Mr. Archuleta, Deputy Director reviewed the staff recommendations for the Agency FY2015 Appropriation request.
The Committee requested some text changes.
ACTION ITEM
Mr. Santistevan stated that an approval was not in order at this time.
OPEN DISCUSSION
The Committee discussed reports and presentations that would be helpful to the Board. Stakeholder contact and outreach was discussed.
EXECUTIVE DIRECTOR'S REPORT
None.
PRESIDENT'S REPORT
None.
OTHER BUSINESS
None.
DATE AND LOCATION FOR THE NEXT REGULAR MEETING:
The next Finance Committee meeting is expected to be August 28, 2013, in the Albuquerque office.
ADJOURN
The meeting adjourned at ~12:45 PM.
Board of Directors Regular Meeting September 3, 2013 34
Regular Meeting of the NEW MEXICO RETIREE HEALTH CARE AUTHORITY
FINANCE COMMITTEE 11:30 August 28, 2013
NMRHCA 4308 Carlisle Blvd, NE, Suite 104
Albuquerque, NM Participant Passcode: 473289
Phone Number: Toll free: 1-888-205-5513 AGENDA
Attendees: Mr. Alfredo Santistevan, Chair Mr. Doug Crandle Ms. Jan Goodwin Ms. Olivia Padilla-Jackson Mr. Joe Montaño Mr. Tom Sullivan
Guests: Staff: Mr. Mark Tyndall, Executive Director Mr. David Archuleta
Mr. Rudy M. Bantista, Communications and Board Recording Secretary
Call to Order Mr. Santistevan, Chair Roll Call to Ascertain Quorum Mr. Bantista, Recorder Approval of Agenda FY 15 Budget Request - Final Review anApproval Mr. David Archuleta Open Discussion Mr. Santistevan, Chair Executive Director’s Report Mr. Tyndall, Executive Director President’s Report Mr. Santistevan, Chair Other Business Mr. Santistevan, Chair Date and Location for the Next Regular Meeting Adjourn
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FY15 IT PLAN Summary
Next FY15 Security Assessment Date Third party assessment or self‐assessment
September 2013 (annual assessment) Third Party Assessment
Specific Skill Set Gap Impacts Mitigation Steps if any
Example: Data Base
administration
Example: Inability to install
updates
Example: Delay updates or hire a
contractor
Systems Administrator Limited ability to adequately
support the agencies system
programming needs and
support.
The IT director acts as a backup
to the current Systems Analyst.
IT Training AreaTypical IT Training
Provider
Number of Staff to be
Trained
Typical Individual Cost
of Training
(add lines as needed)
Configuring and
Managing and
Maintaining current
version of the
Windows Server
Software, specifically
VM Ware.
Global Knowledge 2 $2,000.00 per person.
C # training. Global Knowledge 1 $3,000.00
Board of Directors Regular Meeting September 3, 2013 56
Unique infrastructure Service
Plans to develop as a
new service
Plans to move
service into
production
Plans to expand or
enhance the service
Plans to replace the
service
Plans to sunset or
remove the service
No current plans to
change service
Personal Computer Support X
Network Support X
Web Site Support X
Audio/Visual Support X
Avaya Call Center System X
Unique Business Application Service
Plans to develop as a
new service
Plans to move
service into
production
Plans to expand or
enhance the service
Plans to replace the
service
Plans to sunset or
remove the service
No current plans to
change service
Retiree Benefit Intake System X
Employer System X
Scanning System X
Federal or State of New Mexico Initiative, Statutory Mandates or Regulatory Compliance
ChangeImpact
Federal Change:
HIPAA 5010 Compliance continues in 2013/2014
The 5010 ASC X12 transactions focus on the electronic exchange of administrative and
financial information between health care providers and health plans for patient care
services, claims and remittance payment. Covered entities, such as health plans,
healthcare clearinghouses, and healthcare providers, are required to conform to HIPAA
5010 standards.
Use of the 5010 version of the X12 standards and the NCPDP D.0 standard is required by
federal law.
The NMRHCA has meet the standard with one contracted health care provider and are in
the process of working with other contracted health care providers so to meet the new
standard with all providers when they are ready.
Board of Directors Regular Meeting September 3, 2013 57
AccomplishmentActual
Expenditures
IT Item Procured, Built,
Developed or Updated
Impact of Accomplishment to
the Agency
FY14
Agency IT
Plan:
FY13
Initiatives
or Project
Start of the REBIS
Upgrade and
Enhancement
project
$208,350 of
$1,926,300
Six sprint cycles have been
completed in support of the
system architecture and
database design. Initial
Requirements and Design
documentation has been
delivered. Overall project
status is GREEN
Reduce the time it takes to
process member information
which helps the agency meet the
goal of having efficient and
effective operational structure
for the purpose of administering
the NMRHCA’s benefit programs.
Provide a system that has
adequate integrity checks so that
errors are reduced and data is
reliable. This helps the agency of
meeting the goal of having
efficient and effective
operational structure for the
purpose of administering the
NMRHCA’s health care and life
insurance benefits program.
Provide better reporting
capabilities which helps the
agency meet the goal of having
efficient and effective
operational structure for the
purpose of administering the
NMRHCA’s health care and life
insurance benefits program.
FY13:
Approval
of the
REBIS
project.
Board of Directors Regular Meeting September 3, 2013 58
Agency
Name
New Mexico Retiree Health Care Authority Agency 3 digit
Code
34300
Project
Name
Funding Type
(Capital,
Special, or
Supplemental)
Anticipated
Start Date
Anticipated
End Date
Funding
Source
FY13 FY14 Project Total
REBIS
Upgrade
and
Enhanceme
nt Project
Special 06/05/12 10/01/14 Laws 2012,
Chapter
19, Section
7(6).
$208,350 1,717,950 $1,926,300
Agency Cabinet
Secretary/Direc
tor (mandatory)
CIO or IT
Lead
(mandatory)
Budget
Director
(mandatory
Print Name Mark Tyndall Tomas Rodriguez Debbie Vering
Signature
Date (505) 222‐6416 (505) 222‐6421 (505) 222‐6406
Phone
Email [email protected]
m.us [email protected]
Board of Directors Regular Meeting September 3, 2013 59
Agency IT Strategic Goal‐(1)
REQUIRED
(The goal should reflect 3‐5 years)
To implement efficient and effective operational structure for the purpose of administering the NMRHCA’s benefit programs.
(Why) Goal‐(n) Alignment
Enter below he Department Strategic Goal(s) and the State IT Strategic Goal(s) in which the IT Strategic Goal‐1 is in alignment with:
Department Strategic Goal: Improve management and IT processes to assure the accuracy and timely receipt of employer/employee contributions from participating entities.
State
IT Strategic Goal:
Encourage IT Resource Management to deliver real value to stakeholders and citizens.
(What) Target Objectives
Enter below the Strategic Target Objective for IT Strategic Goal‐1. (The objective should
reflect 1‐5 years)
IT Performance Measure (PM)
Enter below the IT Performance Matrix(s) in which the objective is measured by:
FY15
PM Target
Enter proposed FY15 target below:
Encourage IT Resource Management to deliver real value to stakeholders. Encourage IT Resource Management to deliver real value to stakeholders. To have the new REBIS system in place
(How) Strategies
Construct methods that will be employed to achieve the result of an Objective.
Enter the Strategic Strategies for Goal‐1
(When)
(Strategic Planning 1‐5 years)
Prior
Year
FY 2015 FY
2016
FY
2017
FY
2018
FY
2019
Strategy‐1 Reduce the time it takes to process member information which helps the agency
meet the goal of having efficient and effective operational structure for the purpose of
administering the NMRHCA’s benefit programs.
X X
(Strategic Actions) Initiatives
Assemble resources and scope to achieve the result of the Strategic Strategy‐
1. Enter the Strategic Initiatives for Goal‐1, Strategy‐.
Prior Year FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Initiative‐1 To better understand the business process of the Customer
Service Department.
X
Initiative‐(2) – To understand and capture the business requirements of the
Finance Department
Initiative‐(3 ) – To understand, capture, and implement of Executive
Management
Initiative (4) – To understand, capture, and implement the business
requirements of the participants we serve.
X
X
X
Board of Directors Regular Meeting September 3, 2013 60
Strategy‐(n)
(Add lines as needed)
(Strategic Actions) InitiativesAssemble resources and scope to achieve the result of the Strategic Strategy‐(n).
Enter the Strategic Initiatives for Goal‐1, Strategy‐(n).
Prior Year FY 2015 FY 2016 FY 2017
Initiative‐1
Legislative support – To obtain legislative support for the use of
internal funding for the project.
x
Initiative‐2
Board project approval and support – To obtain project approval and
funding support for project.
x
Tactical Actions – Equipment and Software
IT equipment and software that will be refreshed to achieve the result of Goal‐1
Equipment/Software Description (When)(Tactical Planning 1‐3 years)
Prior Year FY
2015
HP ProLient Servers (Production/Test/Development) To add three servers, one server will be virtualized for the
development and test environment of the project the other
two will be dedicated servers for production.
x
Tactical Actions – IT ProjectsIT projects that will be active in FY15 to achieve the result of Objective(n) for Goal‐1
Project Name Project Description Include project certification phase if applicable.
(When)(Tactical Planning 1‐3 years)
Prior Year
REBIS Upgrade and Enhancement Project Planning Phase x
Board of Directors Regular Meeting September 3, 2013 61
Information Technology
Base Operating Budget
Informational Purposes Only
Agency Name: New Mexico Retiree Health Care Authority Agency Code:
343000
Appropriation Funding
Type:
Base Request Operational Support of IT
Please check one of the options below:
Flat Budget or Expansion from previous year
Revenue IT Base Budget (dollars in thousands)
FY12
Actual
FY13
Actual
FY14
OpBud
FY15 Request FY16 Estimate
General Fund
Other State Funds 342.7 342.7 427.9 469.9
ISF/IAT
Federal Funds
Total 0.0 342.7 342.7 427.9 469.9
Expenditure Categories (dollars in thousands)
Category or Account
Description
FY12
Actual
FY13 Actual FY14
OpBud
FY15
Request
FY16 Estimate
Personal Services &
Employee Benefits 267.0 267.0 267.0 369.9 369.9
Contractual &
Professional Services 54.9 53.7 35.00 35.00 75.00
IT Other Services
Other Financing Uses 40.7 22.0 22.0 23.0 25.0
Total 362.6 342.7 342.7 427.9 469.9
Agency Cabinet
Secretary/Director
(mandatory)
CIO or IT Lead
(mandatory)
Budget Director
(mandatory)
Print Name Mark Tyndall Tomas Rodriguez Debbie Vering
Signature
Phone (505) 222‐6416 (505) 222‐6421 (505) 222‐6406
Date
Email address [email protected] [email protected] [email protected]
Board of Directors Regular Meeting September 3, 2013 62
Board of Directors Regular Meeting September 3, 2013 63
NMRHCA Proposed Timeline for Further Evaluation and Implementation
of Wellness & Disease Management Programs
I. November, 2013 ‐ Discuss and approve goals for Wellness and Disease Management programs for 2014
II. January, 2014 ‐ Update implementation of activities to achieve goals
III. March, 2014 ‐ Review most recent peer‐reviewed studies of various wellness program effectiveness including impact of incentives / penalties (Discussion to be led by field experts)
IV. July, 2014 ‐ Establish any additional parameters for Wellness and Disease Management programs as well as goals for 2015
V. September, 2014 ‐ Review 1st half of 2014 Wellness / Disease Mgmt results compared to goals
Board of Directors Regular Meeting September 3, 2013 64
Large Core Large Non U.S. Non U.S. Mid/Small
Market Value Cap Active Bonds Cap Index Developed Emerging Cap Total
June 30, 2008 $33,337,848.09 $54,039,938.62 $32,093,972.78 $34,258,914.03 $8,414,684.58 $8,591,721.48 $170,737,079.59
June 30, 2009 $25,428,515.83 $52,613,843.42 $24,010,898.77 $22,957,428.20 $5,760,368.05 $5,703,696.21 $136,474,750.49
June 30, 2010 $29,156,286.60 $60,717,949.86 $27,937,204.70 $24,731,396.80 $7,089,655.94 $6,840,515.93 $156,473,009.83
June 30, 2011 $29,235,981.94 $73,235,011.40 $26,163,668.03 $33,147,628.54 $29,974,935.32 $21,622,699.75 $213,379,924.98
June 30, 2012 $31,331,005.79 $86,755,598.95 $30,037,991.92 $31,909,575.81 $27,067,713.47 $22,532,433.90 $229,634,319.83
Market Value May 31, 2013 $39,691,200.23 $96,778,915.95 $39,037,165.04 $41,700,684.55 $31,370,799.63 $30,908,664.80 $279,487,430.21
Prior Month Adjustment 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Distributions/Withdrawals 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fees (38,869.64) (48,673.14) (1,749.34) (4,830.61) (10,357.57) (52,561.37) (157,041.68)
Income Earned 51,414.16 326,767.18 (3.49) 59,314.66 135,520.25 22,087.16 595,099.93
Capital Appreciation/Depreciation (539,924.51) (2,786,191.65) (529,732.08) (1,539,110.96) (2,150,929.58) 182,955.78 (7,362,933.01)
Market Value June 30, 2013 $39,163,820.24 $94,270,818.34 $38,505,680.13 $40,216,057.64 $29,345,032.73 $31,061,146.38 $272,562,555.45
NEW MEXICO RETIREE HEALTH CARE AUTHORITY
CHANGE IN NET ASSET VALUE
FOR THE MONTH ENDED JUNE 30, 2013
$0
$25,000,000
$50,000,000
$75,000,000
$100,000,000
$125,000,000
$150,000,000
$175,000,000
$200,000,000
$225,000,000
$250,000,000
31
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2
31
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12
30
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31
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New Mexico Retiree Health Care Authority
Market Value of Investment
Fiscal Year 2013
Mid/Small Cap
Emerging Markets
Non US Developed
Large Cap Index
Core Bonds
Board of Directors Regular Meeting September 3, 2013 65
Long-term Policy
Investment Market Value % of Total Target Range
Equity
Domestic
Large Cap Active 39,163,820.24$ 14% 12.5% 20-30%
Large Cap Index 38,505,680.13 14% 12.5%
Mid/Small Cap 31,061,146.38 11% 10% 5-15%
40% 35%
International
Non US Developed 40,216,057.64 16% 15% 10-20%
Emerging Markets 29,345,032.73 10% 15% 10-20%
26% 30%
Fixed Income
Core Bonds 94,270,818.34 35% 35% 30-40%
35% 35%
Total 272,562,555.45$ 100% 100%
NEW MEXICO RETIREE HEALTH CARE AUTHORITY
PORTFOLIO ALLOCATION
FOR THE MONTH ENDED JUNE 30, 2013
14% Large
Cap Active
37% Core
Bonds
12% Large
Cap Index
16% Non US
Developed
11% Emerging
Markets
10% Mid/
Small Cap
Asset Allocation
Board of Directors Regular Meeting September 3, 2013 66
New Mexico
State Investment Council
Investment Holdings Report
June 30, 2013
FY 2013
Board of Directors Regular Meeting September 3, 2013 67
Description
Managed Net Assets 1
Land Grant Permanent Fund 2
Severance Tax Permanent Fund 3
Tobacco Settlement Permanent Fund 4
Water Permanent Fund 5
Third Party Investors Asset Allocation 6
Third Party Investors Allocation by Pool 7
Change in Market Values for Month by Asset Class 8
Change in Market Values for Month for Investment Pools Detail by Mgr 9-10
Change in Market Values for Month for Permanent Funds 11
Change in Market Values for Month for Third Party Investors 12-15
Change in Market Values for Quarter by Asset Class 16
Change in Market Values for Quarter Investment Pools Detail by Manager 17-18
Change in Market Values for Quarter for Permanent Funds 19
Change in Market Values for Quarter for Third Party Investors 20-23
Notes to Investment Holdings Report 24
Page No.
Index
Investment Holdings ReportJune 30, 2013
FY 2013
Board of Directors Regular Meeting September 3, 2013 68
Managed Net AssetsJune 30, 2013
Cash & Accrued Other Assets % ofSecurities Income & Liabilities Net Assets Total
Equities
Domestic Equities:Large Cap Pools
Large Cap Active Pool 2,005,168,349 65,271,892 (4,551,574) 2,065,888,667 12.09%Large Cap Indexed Pool 2,683,405,484 387,084 (590,272) 2,683,202,296 15.70%Large Cap Enhanced Indexed Pool 495,445,660 2,019,237 1,861,651 499,326,548 2.92%
Total Large Cap Equities 5,184,019,493 67,678,213 (3,280,195) 5,248,417,511 30.71%
Small/Mid Cap PoolMid/Small Cap Pool 699,505,987 28,536,948 2,293,978 730,336,913 4.27%Small/Mid Cap Index Pool 60,060,014 60,060,014 0.35%Small/Mid Cap Enhanced Index Pool 269,544,663 1,948,673 48,213 271,541,549 1.59%
Total Small/Mid Cap Equities 1,029,110,664 30,485,621 2,342,191 1,061,938,476 6.21%
Total Domestic Equities 6,213,130,157 98,163,834 (938,004) 6,310,355,987 36.93%
International PoolsNon-US Developed Markets 1,463,812,211 12,733,532 (3,558,901) 1,472,986,841 8.62%Non-US Emerging Markets 880,658,342 12,323,436 (315,074) 892,666,703 5.22%
Total International Equities 2,344,470,553 25,056,968 (3,873,975) 2,365,653,544 13.84%
Total Equities 8,557,600,710 123,220,802 (4,811,979) 8,676,009,532 50.77%
Fixed Income Core Bonds Pool 3,277,093,326 102,910,558 (183,606,284) 3,196,397,598 18.70%Credit & Structured Finance 691,737,545 2,557,578 694,295,123 4.06%
Total Fixed Income 3,968,830,871 105,468,136 (183,606,284) 3,890,692,721 22.77%
Other Securities and Cash 128,062,993 54,424,478 182,487,471 1.07%
Real Estate 951,156,494 49,051,118 1,000,207,612 5.85%
Real Assets 324,929,047 155,114,121 (35,143,096) 444,900,073 2.60%
Absolute Return 1,157,157,527 9,831,538 1,166,989,058 6.83%
Private Equity 1,623,375,710 101,324,867 1,724,700,577 10.09%Stock Distributions/Private Equity 2,736,681 2,736,681 0.02%
Total Managed Net Assets 16,585,787,040 672,073,575 (169,136,881) 17,088,723,725 100.00%
State Investment Council
June 2013 Investmnet Holdings Report7/17/2013
Board of Directors Regular Meeting September 3, 2013 69
Long-Term
Target
Cash / Cash Equivalents / Accruals 84,516,510 0.70% 0.00%
Equities:Large Cap Active Pool 1,499,538,732 12.36%
Large Cap Index Pool 1,861,941,051 15.34%
Large Cap Enhanced Indexed Pool 375,005,049 3.09%
Small/Mid Cap Active Pool 501,945,997 4.14%
Small/Mid Cap Index Pool 33,601,493 0.27%
Small/Mid Cap Enhanced Index Pool 219,095,411 1.80%
Total US Equities 4,491,127,733 36.90% 43.00%
Non-US Developed Markets Pool 1,037,979,455 8.55%
Non-US Emerging Markets Pool 636,891,148 5.25%
Total Non-US Equities 1,674,870,603 13.80% 15.00%
Total Equities 6,165,998,336 51.70% 58.00%
Core Bonds 2,215,801,039 18.26% 14.00%
Credit & Structured Finance 547,659,491 4.51% 6.00%
Total Fixed Income 2,763,460,530 22.77% 20.00%
Real Estate 752,617,971 6.20% 6.00%
Real Assets 357,554,394 2.95% 1.00%
Private Equity:Private Equity National 1,165,533,233 9.60%
Private Equity New Mexico - - Stock Distributions/Private Equity - 0.00%
Total Private Equity 1,165,533,233 9.60% 10.00%
Absolute Return 846,945,076 6.98% 6.00%
Total Fund Net Assets 12,136,626,050 100% 100%
Market Value % of Net Assets
Land Grant Permanent FundJune 30, 2013
June 2013 Investmnet Holdings Report
7/17/2013Board of Directors Regular Meeting September 3, 2013 70
Long-Term
Target
Cash / Cash Equivalents / Accruals 36,189,998 0.87% 0.00%
Equities:Large Cap Active Pool 488,918,877 11.79%
Large Cap Index Pool 585,082,438 14.11%
Large Cap Enhanced Indexed Pool 124,321,501 3.00%
Small/Mid Cap Active Pool 165,869,088 4.00%
Small/Mid Cap Index Pool 11,603,594 0.28%
Small/Mid Cap Enhanced Index Pool 52,446,137 1.26%
Total US Equities 1,428,241,636 34.44% 43.00%
Non-US Developed Markets Pool 365,517,918 8.81%
Non-US Emerging Markets Pool 214,434,920 5.17%
Total Non-US Equities 579,952,838 13.98% 15.00%
Total Equities 2,008,194,473 48.42% 58.00%
Core Bonds 705,695,035 17.02% 14.00%
Credit & Structured Finance 146,634,150 3.54% 6.00%
Total Fixed income 852,329,185 20.56% 20.00%
Economically Targeted Invest. 54,424,478 1.31% 0.00%
Real Estate 247,589,642 5.97% 6.00%
Real Assets 87,345,678 2.11%
Private Equity:Private Equity National 357,297,362 8.62%
Private Equity New Mexico 201,869,983 4.87%Stock Distributions/Private Equity 2,736,680 0.07%
Total Private Equity 561,904,025 13.56% 10.00%
Absolute Return 299,290,435 7.22% 6.00%
Total Fund Net Assets 4,147,267,914 100.0% 100.0%
Market Value % of Net Assets
Severance Tax Permanent FundJune 30, 2013
June 2013 Investmnet Holdings Report7/17/2013
Board of Directors Regular Meeting September 3, 2013 71
Long-Term
Target
7,087,024 4.16%
Equities:Large Cap Active Pool 421,434 0.25%
Large Cap Index Pool 82,219,396 48.32% 48.56% 46.00%
Small/Mid Cap Active Pool 1,100,827 0.65% 0.65% 11.00%
Small/Mid Cap Index Pool 14,854,930
Total US Equities 98,596,587 49.21% 57.00%
Non-US Developed Markets Pool 8,141,011 4.78% 7.0%
Non-US Emerging Markets Pool 3,113,175 1.83% 3.0%
Total Non-US Equities 11,254,186 6.61% 10.00%
Total Equities 109,850,773 55.83% 67.00%
Core Bonds 37,191,027 21.86% 23.0%
Absolute Return 16,036,751 9.42% 10.00%
Total Fund Net Assets, excl. cash 163,078,551 91.27% 100.00%
Total Fund Net Assets 170,165,575
Tobacco Settlement Permanent FundJune 30, 2013
Cash / Cash Equivalents / Accruals
Market Value % of Net Assets
June 2013 Investmnet Holdings Report
7/17/2013
Board of Directors Regular Meeting September 3, 2013 72
Long-Term
% of Net Assets Target
269,392 0.58%
Equities:Large Cap Active Pool (163,045) -0.35% -0.35% 46.0%
Large Cap Index Pool 24,741,987 0.00%
Small/Mid Cap Active Pool 1,332,481 2.86% 2.86% 11.00%
Total US Equities 25,911,423 2.51% 57.00%
Non-US Developed Markets Pool 3,332,739 7.16% 7.0%
Non-US Emerging Markets Pool 1,149,449 2.47% 3.0%
Total Non-US Equities 4,482,188 9.63% 10.00%
Total Equities 30,393,611 12.14% 67.00%
Core Bonds 11,177,276 24.01% 23.0%
Absolute Return 4,717,913 10.13% 10.00%
Total Fund Net Assets, excl. cash 46,288,800 46.86% 100.00%
Total Fund Net Assets 46,558,192
Market Value
Cash / Cash Equivalents / Accruals
Water Permanent FundJune 30, 2013
June 2013 Investmnet Holdings Report7/17/2013
Board of Directors Regular Meeting September 3, 2013 73
Third Party Investors Asset AllocationJune 30, 2013
Cash / Cash Equivalents 0 0.00%
Equities:Large Cap Active Pool 77,172,644 13.12%
Large Cap Index Pool 129,218,847 21.97%
Small/Mid Cap Active Pool 60,088,679 10.22%
Total US Equities 266,480,170 45.31%
Non-US Developed Markets Pool 58,015,748 9.86%
Non-US Emerging Markets Pool 37,077,866 6.30%
Total Non-US Equities 95,093,614 16.17%
Total Equities 361,573,784 61.48%
Core Bonds 226,534,621 38.52%
Total Third Party Ownership 588,108,405 100.00%
Market Value % of Net Assets
June 2013 Investmnet Holdings Report
7/17/2013
Board of Directors Regular Meeting September 3, 2013 74
Large Cap Large Cap Non-US Small/Mid Non US
Active Index Core Bond Emerging Cap Developed Total
Pool Pool Pool Pool Pool Markets Pool Investments
NMMI Trust Scholarship - 2,076,013 1,708,538 115,188 665,168 638,734 5,203,641
NMMI Legislative Scholarship - 3,687,912 3,035,915 241,837 1,134,789 1,134,172 9,234,625
NMMI Patterson Account - 1,740,727 1,430,932 114,105 535,514 534,559 4,355,837
NMMI Capital Outlay - 377,455 314,585 24,796 116,384 117,570 950,790
NMIMT Employee Benefit Trust - 545,035 272,606 - 119,454 85,867 1,022,962
NMIMT Plant/Debt/Allocated Fund - - 13,354,479 - - - 13,354,479
NMIMT Endowment Fund - 13,952,628 11,145,303 - - - 25,097,931
NM Tech Research Fund - 13,157,574 2,448,751 - - - 15,606,325
NMMI LFC/VC M - 2,004,627 1,647,773 131,400 616,655 615,638 5,016,093
NM School for the Visually Handicapped 826,974 - 4,782,864 777,980 956,445 724,517 8,068,780
NM Retiree Health Care Authority 39,163,820 38,505,680 94,270,818 29,345,033 31,061,146 40,216,058 272,562,555
NM Commissioner of Public Lands-O&G 3,091,993 2,905,853 5,607,467 - - - 11,605,313
NM Game and Fish Department - 361,106 347,833 46,634 125,873 58,508 939,954 Eastern NM University - 4,391,814 2,049,533 71,222 1,356,596 799,161 8,668,326
ISC-Improvement to the Rio Grande 715,756 - 726,589 - - - 1,442,345
ISC-Improvement Works Construction 10,934,902 - 7,604,668 - - - 18,539,570
PRC-Patients' Comp Fund - 8,061,858 25,647,998 2,061,680 2,306,343 2,558,755 40,636,634
LACCIPPERMANENT 6,134,670 6,409,731 3,956,829 1,129,213 5,242,535 3,359,383 26,232,361
LACCEMETERY 187,171 194,856 119,963 34,882 160,431 101,296 798,599
LACGENFUN 3,116,892 3,319,654 2,141,816 579,109 2,800,093 2,305,666 14,263,230
NM Finance Authority - 4,490,223 19,106,697 - - - 23,596,920
NMMFA IFT Hou - - 9,331,506 - - - 9,331,506
NMPSIA - Benefits - 5,877,838 3,956,937 830,823 1,555,872 594,659 12,816,129
NMPSIA - Risk - 5,740,045 3,984,238 845,701 1,502,844 585,470 12,658,298
NMHU Endowment - 1,327,727 936,916 105,353 391,372 188,062 2,949,430
Springer - 43,519 24,084 32,840 34,025 34,720 169,188
CYFD Trust Fund Non-Expendable 202,272 - 1,087,424 10,502 - 48,185 1,348,383
CYFD Next Generation Fund 202,272 - 1,087,424 10,502 - 48,185 1,348,383
NMHED 6,815,221 6,963,435 4,404,135 569,066 3,893,347 1,264,861 23,910,065
City of Las Cruces 5,780,701 3,083,537 - - 5,513,793 2,001,722 16,379,753
Total 77,172,644 129,218,847 226,534,621 37,077,866 60,088,679 58,015,748 588,108,405
Third Party Investors Allocation by Pool
June 30, 2013
June 2013 Investmnet Holdings Report7/17/2013
Board of Directors Regular Meeting September 3, 2013 75
Market Value Interfund Asset Securities Gains - Realized Market ValueFund Name 5/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unrealized 06/30/13
By Asset Class:
Investment Pools Assets: *
US Large Cap Active Pool 2,122,720,175 - - (29,012,322) (2,050,371) - - 2,712,093 (28,480,919) 2,065,888,656 US Large Cap Index Pool 2,870,282,916 - (8,045,000) (142,000,000) (121,900) - - (243) (36,913,478) 2,683,202,295 US Large Cap Enhanced Index Pool 549,704,067 - - (40,000,000) - - - 710,915 (11,088,434) 499,326,548 US Mid/Small Cap Pool 838,771,657 - (2,020,000) (110,000,000) (1,235,869) - - 519,332 4,301,792 730,336,912 Small/Mid Cap Index Pool 60,646,549 - - - - - - (586,534) - 60,060,015 Small/Mid Cap Enhanced Index Pool 274,829,860 - - - - - - 828,153 (4,116,464) 271,541,549 US Core Bonds Pool 3,339,618,728 - (8,180,099) (50,000,000) (1,650,338) - - 11,079,545 (94,470,235) 3,196,397,601 Credit & Structured Finance 677,824,928 - - 10,000,000 - - - 2,576,956 3,893,236 694,295,120 Non-US. Developed Markets Pool 1,528,218,093 - (854,000) - (176,930) - - 2,172,509 (56,372,831) 1,472,986,841 Non-US Emerging Markets Pool 955,647,907 - (1,358,000) - (315,074) - - 4,122,482 (65,430,612) 892,666,703 Absolute Return Pool 1,054,359,977 - - 100,000,000 - - - 749 12,628,345 1,166,989,071 Private Equity Pool 1,505,512,921 - - (30,000,000) - - - 1,499,112 45,818,561 1,522,830,594 Real Estate Pool 950,647,650 - - 30,000,000 - - - 4,527,420 15,032,542 1,000,207,612 Real Asset Pool 293,127,702 - - 150,000,000 - - - 734,364 1,038,007 444,900,073 Total Investment Pools 17,021,913,129 - (20,457,099) (111,012,322) (5,550,482) - - 30,896,853 (214,160,490) 16,701,629,589
Fund-Specific Assets:
Land Grant Permanent Fund: ** Cash and accruals 55,799,346 47,155,504 (43,903,879) 25,762,322 (298,153) 1,384 84,516,524
Severance Tax Permanent Fund: ** Cash and accruals 7,251,681 85 (14,681,057) 40,000,000 (316,293) 3,390,241 545,309 36,189,966 Economically Targeted Investments (ETI's) 54,497,546 (67,344) 47,994 (53,718) 54,424,478 Private Equity New Mexico 206,878,519 (3,317,172) (1,691,364) 201,869,983 Stock Distributions/Private Equity 2,736,681 (5,725) 2,355 3,370 2,736,681
Tobacco Settlement Permanent Fund: ** Cash and accruals 1,390,146 (39,303,327) 45,000,000 292 7,087,112
Water Fund ** Cash and accruals 19,392 250,000 269,392
Grand Totals 17,350,486,440 47,155,589 (118,345,362) - (6,164,928) - - 31,494,187 (215,902,202) 17,088,723,725
* Detail by investment manager presented on the following two pages.* Valuations for Private Equity, Real Estate and Real Assets are valued on a quarter lag.
Change in Market Value06/30/13
of this report.
** The assets listed for each permanent fund on the schedule include cash, accruals and ETI investments in the STPF. The permanent funds' investments in the equity, bond, and alternative pools are included in the pool totals
along with all of the other investors and are specifically allocated to each investor on the succeeding pages
Board of Directors Regular Meeting September 3, 2013 76
Market Value Interfund Asset Securities Gains - Realized Market ValueFund Name 5/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unrealized 06/30/13
Change in Market Value06/30/13
Investment Pools Detail by Manager (Benchmark):
US Large Cap Active Pool: SIC Managed Large Cap Active (Russell 1000 Index) 14,012,440 (14,012,322) 8 126 JP Morgan Asset Mgmt (Russell 1000 Growth Index) 485,895,695 150,000,000 (517,236) 336,935 (16,117,647) 619,597,747 T. Rowe Price (Russell 1000 Growth Index) 251,713,549 15,000,000 (216,543) 141,717 (2,376,748) 264,261,975 Brown Brothers Harriman (Russell 1000 Index) 560,808,497 (30,000,000) (729,714) 1,011,561 (2,285,565) 528,804,779 Wellington Mgmt Co. (Russell 1000 Value Index) 812,340,376 (150,000,000) (586,878) 1,221,872 (7,700,959) 655,274,411 Total externally managed US Large Cap Active funds 2,110,758,117 - - (15,000,000) (2,050,371) - - 2,712,085 (28,480,919) 2,067,938,912 Sub - Total US Large Cap Active Pool 2,124,770,557 - - (29,012,322) (2,050,371) - - 2,712,093 (28,480,919) 2,067,939,038 Management Fees (2,050,371) - (2,050,371) Total US Large Cap Active Pool 2,122,720,187 - - (29,012,322) (2,050,371) - - 2,712,093 (28,480,919) 2,065,888,668
US Large Cap Index Pool: SIC Managed Large Cap Index (S&P 500 Index) 471,441 (1,139) 470,302 Northern Trust (Russell 1000 Index) 2,869,924,153 (8,045,000) (142,000,000) (121,900) 741 (36,913,618) 2,682,844,376 Northern Trust Transition Account 9,222 155 140 9,517 Sub -Total US Large Cap Index Pool 2,870,404,816 - (8,045,000) (142,000,000) (121,900) - - (243) (36,913,478) 2,683,324,195 Management Fees (121,900) (121,900) Total US Large Cap Index Pool 2,870,282,916 - (8,045,000) (142,000,000) (121,900) - - (243) (36,913,478) 2,683,202,295
US Large Cap Enhanced Index Pool Pan Agora (Russell 1000 Index) 549,704,067 (40,000,000) 710,915 (11,088,434) 499,326,548 Sub -Total Enhanced Index Pool 549,704,067 - - (40,000,000) - - - 710,915 (11,088,434) 499,326,548 Management Fees - - Total US Enhanced Index Pool 549,704,067 - - (40,000,000) - - - 710,915 (11,088,434) 499,326,548
US Mid/Small Cap Pool: Blackrock (Russell Smallcap Index) - - Cortina (Russell Smallcap Growth Index) 274,718,078 (421,023) 6,810 11,647,582 285,951,447 Donald Smith (Russell Smallcap Value Index) 283,955,365 (2,020,000) (55,000,000) (503,235) 124,276 (8,467,967) 218,088,439 Seizert Partners (Russell Midcap Index) 281,334,083 (55,000,000) (311,611) 388,246 1,122,177 227,532,895 Sub-Total Mid/Small Cap Funds 840,007,526 - (2,020,000) (110,000,000) (1,235,869) - - 519,332 4,301,792 731,572,781 Management Fees (1,235,869) - (1,235,869) Total Mid/Small Cap Pool 838,771,657 - (2,020,000) (110,000,000) (1,235,869) - - 519,332 4,301,792 730,336,912
Small/Mid Cap Index Pool Northern Trust (Russell 2500 Index) 60,646,549 - (586,534) 60,060,015
Small/Mid Cap Enhanced Index Pool Blackrock (Russell 2000 Smallcap Index) 274,649,504 148,692 828,040 (4,116,600) 271,509,636 Blackrock Transition 180,356 (148,692) 113 136 31,913 Total US SMID Enhanced Index Pool 274,829,860 - - - - - - 828,153 (4,116,464) 271,541,549
Total US Equities in Investment Pools 6,716,955,236 - (10,065,000) (321,012,322) (3,408,140) - - 4,183,716 (76,297,503) 6,310,355,987
US Core Bonds Pool US Core Bonds Cash 4,610,194 (3,737,099) 9 873,104 PIMCO Barclays (Universal Bond Index) 1,639,751,420 (4,443,000) - (879,641) 3,910,715 (42,432,925) 1,595,906,569 Prudential Barclays Universal (Bond Index) 855,303,963 (27,000,000) (339,839) 4,110,494 (26,842,684) 805,231,934 Loomis Sayles Barclays (Universal Bond Index) 841,603,489 (23,000,000) (430,858) 3,058,327 (25,194,626) 796,036,332 Sub - Total Core Bonds Pool 3,341,269,066 - (8,180,099) (50,000,000) (1,650,338) - - 11,079,545 (94,470,235) 3,198,047,939 Management Fees (1,650,338) - (1,650,338) Total US Core Bonds Pool 3,339,618,728 - (8,180,099) (50,000,000) (1,650,338) - - 11,079,545 (94,470,235) 3,196,397,601
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Change in Market Value06/30/13
Investment Pools Detail by Manager (Benchmark) (continued):
Credit & Structured Finance Cash 44,540,778 (41,983,360) 159 2,557,577 Equity LP Interests 633,284,152 51,983,360 2,576,797 3,893,236 691,737,545 Total CDO Equity Pool 677,824,929 - - 10,000,000 - - - 2,576,956 3,893,236 694,295,121
Total Fixed Income in Investment Pools 4,017,443,657 - (8,180,099) (40,000,000) (1,650,338) - - 13,656,501 (90,576,999) 3,890,692,722
Absolute Return Cash Account 9,830,782 723 9,831,505 Austin Capital 10,550,776 192,133 10,742,909 Crestline Enchantment 306,891,004 3,379,158 310,270,162 Crestline Enchantment LLC 40,734,759 26 40,734,785 Crestline Offshore Recovery 12,472,113 (17,208) 12,454,905 Mariner Select LP 342,427,935 46,000,000 5,610,891 394,038,826 Altair Stars LP 201,097 201,097 Preferred LP 5,156,499 5,156,499 AAM High Desert 326,095,005 54,000,000 3,463,371 383,558,376 Total Hedge Funds 1,054,359,970 - - 100,000,000 - - - 749 12,628,345 1,166,989,064
Total US Assets in Investment Pools 11,788,758,863 - (18,245,099) (261,012,322) (5,058,478) - - 17,840,966 (154,246,157) 11,368,037,773
Non-US Developed Markets Pool Alliance Bernstein (MSCI - EAFE Index) 1,527,758,400 (854,000) (176,930) 2,236,547 (56,373,212) 1,472,590,805 SIC Tax Reclaims 636,622 (64,038) 381 572,965 Management Fees (176,930) - (176,930) Total Non-US Developed Markets Pool 1,528,218,092 - (854,000) - (176,930) - - 2,172,509 (56,372,831) 1,472,986,840
Non-US Emerging Markets Pool Alliance Bernstein (MSCI Emerg Mkts Free Index) 955,962,981 (1,358,000) (315,074) 4,122,482 (65,430,612) 892,981,777 Management Fees (315,074) - (315,074) Total Non-US Emerging Markets Pool 955,647,907 - (1,358,000) - (315,074) - - 4,122,482 (65,430,612) 892,666,703
Private Equity Pool National 1,209,337,026 (23,403,404) 326,969 42,341,620 1,228,602,211 International 191,221,654 (49,343) 1,171,532 3,465,375 195,809,218 Cash 91,762,697 (6,934,566) 575 84,828,706 Stock Distributions 13,191,544 387,313 36 11,566 13,590,459 Total Private Equity Pool 1,505,512,921 - - (30,000,000) - - - 1,499,112 45,818,561 1,522,830,594
Real Estate Pool Real Estate 897,176,212 34,420,959 4,526,860 15,032,542 951,156,573 Cash Account 53,471,438 (4,420,959) 560 49,051,039 Total Real Estate Pool 950,647,650 - - 30,000,000 - - - 4,527,420 15,032,542 1,000,207,612
Real Asset Pool Real Assets 146,475,572 77,524,666 471,289 1,748,457 226,219,984 Floating Rate Bank Loan 99,677,182 262,049 (710,450) 99,228,781 Cash Account 46,974,948 72,475,334 1,026 119,451,308 Total Real Asset Pool 293,127,702 - - 150,000,000 - - - 734,364 1,038,007 444,900,073
Total Non-US Equities in Investment Pools 2,483,865,999 - (2,212,000) - (492,004) - - 6,294,991 (121,803,443) 2,365,653,543
Total Internally Managed Assets - - -
Total Externally Managed Assets 17,021,913,134 - (20,457,099) (111,012,322) (5,550,482) - - 30,896,853 (214,160,490) 16,701,629,594
Total Assets in Investment Pools 17,021,913,134 - (20,457,099) (111,012,322) (5,550,482) - - 30,896,853 (214,160,490) 16,701,629,594
Board of Directors Regular Meeting September 3, 2013 78
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Change in Market Value06/30/13
Permanent Funds:
Land Grant Permanent Fund: Cash and accruals 55,799,332 47,155,504 (43,903,879) 25,762,322 (298,153) - - 1,384 - 84,516,510 Private Equity Pool 1,149,317,568 (20,000,000) 1,147,380 35,068,285 1,165,533,233 Real Estate Pool 697,899,848 40,000,000 - - 3,406,710 11,311,413 752,617,971 Real Asset Pool 236,129,986 120,000,000 - - 590,189 834,219 357,554,394 Absolute Return Pool 782,779,488 - 55,000,000 - - - 544 9,165,044 846,945,076 US Large Cap Active Pool 1,533,743,806 - - (14,012,322) (1,488,281) - - 1,968,590 (20,673,061) 1,499,538,732 US Large Cap Index Pool 1,974,390,980 - - (86,750,000) (84,589) - - (169) (25,615,171) 1,861,941,051 US Large Cap Enhanced Index Pool 422,798,790 (40,000,000) - - 533,913 (8,327,654) 375,005,049 US Mid/Small Cap Pool 534,481,924 - - (35,000,000) (849,388) - - 356,926 2,956,535 501,945,997 Small/Mid Cap Index Pool 48,929,638 (15,000,000) - (328,145) - 33,601,493 Small/Mid Cap Enhanced Index Pool 221,748,610 - 668,202 (3,321,401) 219,095,411 US Core Bonds Pool 2,314,752,993 (40,000,000) (1,144,044) - 7,680,538 (65,488,448) 2,215,801,039 Credit & Structured Finance 532,555,799 10,000,000 - - - 2,032,705 3,070,987 547,659,491 Non-US. Developed Markets Pool 1,076,297,834 - - (124,678) - - 1,530,916 (39,724,617) 1,037,979,455 Non-US Emerging Markets Pool 680,857,479 - (224,796) - - 2,941,269 (46,682,804) 636,891,148 Total - Land Grant Permanent Fund 12,262,484,075 47,155,504 (43,903,879) - (4,213,929) - - 22,530,952 (147,426,673) 12,136,626,050
Severance Tax Permanent Fund: Cash and accruals 7,251,713 85 (14,681,057) 40,000,000 (316,293) 3,390,241 - 545,309 - 36,189,998 Economically Targeted Investments (ETI's) 54,497,546 - - - - (67,344) - 47,994 (53,718) 54,424,478 Private Equity New Mexico 206,878,519 - - - - (3,317,172) - - (1,691,364) 201,869,983 Private Equity Pool 356,195,354 (10,000,000) 351,732 10,750,276 357,297,362 Stock Distributions/Private Equity 2,736,680 - - - (5,725) - 2,355 3,370 2,736,680 Real Estate Pool 252,747,803 (10,000,000) - - 1,120,710 3,721,129 247,589,642 Real Asset Pool 56,997,715 30,000,000 - - 144,175 203,788 87,345,678 Absolute Return Pool 251,051,535 45,000,000 - - - 192 3,238,708 299,290,435 US Large Cap Active Pool 495,502,644 - (485,246) - - 641,851 (6,740,372) 488,918,877 US Large Cap Index Pool 633,158,189 - (40,000,000) (26,581) - - (53) (8,049,117) 585,082,438 US Large Cap Enhanced Index Pool 126,905,279 - - - 177,002 (2,760,780) 124,321,501 US Mid/Small Cap Pool 220,054,830 - (55,000,000) (280,682) - - 117,947 976,993 165,869,088 Small/Mid Cap Index Pool 11,716,912 - (113,318) - 11,603,594 Small/Mid Cap Enhanced Index Pool 53,081,249 - 159,951 (795,063) 52,446,137 US Core Bonds Pool 724,470,244 - (364,359) - 2,446,122 (20,856,972) 705,695,035 Credit & Structured Finance 145,267,650 - - - 544,251 822,249 146,634,150 Non-US. Developed Markets Pool 379,011,494 - - (43,905) - - 539,103 (13,988,774) 365,517,918 Non-US Emerging Markets Pool 229,237,946 - - (75,687) - - 990,296 (15,717,635) 214,434,920 Total - Severance Tax Permanent Fund 4,206,763,302 85 (14,681,057) - (1,592,753) - - 7,715,619 (50,937,282) 4,147,267,914
Tobacco Settlement Permanent Fund Cash and accruals 1,390,059 - (39,303,327) 45,000,000 - - - 292 - 7,087,025 Absolute Return Pool 15,863,202 - - - - 10 173,539 16,036,751 US Large Cap Active Pool 10,427,109 - - (10,000,000) (418) - - 553 (5,810) 421,434 US Large Cap Index Pool 108,354,251 - - (25,000,000) (3,735) - - (7) (1,131,113) 82,219,396 US Mid/Small Cap Pool 16,095,423 - - (15,000,000) (1,863) - - 783 6,484 1,100,827 Small/Mid Cap Index Pool - 15,000,000 - - (145,070) - 14,854,930 US Core Bonds Pool 48,180,503 - - (10,000,000) (19,202) - 128,914 (1,099,188) 37,191,027 Non-US. Developed Markets Pool 8,441,547 - - - (978) - - 12,007 (311,565) 8,141,011 Non-US Emerging Markets Pool 3,328,086 - - - (1,099) - - 14,377 (228,189) 3,113,175 Total - Tobacco Settlement Permanent Fund 212,080,180 - (39,303,327) - (27,295) - - 11,859 (2,595,842) 170,165,576
Water Permanent Fund Cash and accruals 19,392 - - 250,000 - - - - - 269,392 Absolute Return Pool 4,666,856 - - - 3 51,054 4,717,913 US Large Cap Active Pool 4,834,759 (5,000,000) 162 - - (214) 2,248 (163,045) US Large Cap Index Pool 15,333,495 9,750,000 (1,124) - - (2) (340,382) 24,741,987 US Mid/Small Cap Pool 6,325,939 (5,000,000) (2,255) - - 948 7,849 1,332,481 US Core Bonds Pool 11,474,650 (5,771) - 38,743 (330,346) 11,177,276 Non-US. Developed Markets Pool 3,455,772 (400) - - 4,915 (127,548) 3,332,739 Non-US Emerging Markets Pool 1,228,801 (406) - - 5,308 (84,254) 1,149,449 Total - Water Permanent Fund 47,339,664 - - - (9,794) - - 49,701 (821,379) 46,558,192
Total Permanent Funds 16,728,667,222 47,155,589 (97,888,263) - (5,843,771) - - 30,308,131 (201,781,176) 16,500,617,732 Board of Directors Regular Meeting September 3, 2013 79
Market Value Interfund Asset Securities Gains - Realized Market ValueFund Name 5/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unrealized 06/30/13
Change in Market Value06/30/13
Third Party Investors:
NMMI Trust Scholarship Investment in US Large Cap Index Pool 2,104,673 (94) - - - (28,560) 2,076,019 Investment in US Mid/Small Cap Pool 661,907 (1,126) - - 473 3,918 665,172 Investment in US Core Bonds Pool 1,753,938 (882) - - 5,922 (50,496) 1,708,482 Investment in Non-US Developed Markets Pool 662,309 (77) - - 942 (24,445) 638,729 Investment in Non-US Emerging Markets Pool 123,147 (41) - - 532 (8,443) 115,195
5,305,974 - - - (2,220) - - 7,869 (108,026) 5,203,597
NMMI Legislative ScholarshipInvestment in US Large Cap Index Pool 3,738,032 (168) - - - (50,736) 3,687,128 Investment in US Mid/Small Cap Pool 1,129,024 (1,920) - - 807 6,684 1,134,595 Investment in US Core Bonds Pool 3,117,581 (1,567) - - 10,523 (89,727) 3,036,810 Investment in Non-US Developed Markets Pool 957,451 (136) - - 1,673 (43,406) 915,582 Investment in Non-US Emerging Markets Pool 476,727 (85) - - 1,117 (17,726) 460,033
9,418,815 - - - (3,876) - - 14,120 (194,911) 9,234,148
NMMI Patterson AccountInvestment in US Large Cap Index Pool 1,764,762 (79) - - - (23,948) 1,740,735 Investment in US Mid/Small Cap Pool 532,864 (906) - - 381 3,154 535,493 Investment in US Core Bonds Pool 1,469,026 (739) - - 4,960 (42,291) 1,430,956 Investment in Non-US Developed Markets Pool 554,293 (64) - - 788 (20,458) 534,559 Investment in Non-US Emerging Markets Pool 121,989 (40) - - 527 (8,364) 114,112
4,442,934 - - - (1,828) - - 6,656 (91,907) 4,355,855
NMMI Capital OutlayInvestment in US Large Cap Index Pool 382,676 (17) - - (5,193) 377,466 Investment in US Mid/Small Cap Pool 115,807 (197) - 83 686 116,379 Investment in US Core Bonds Pool 322,969 (162) - 1,090 (9,298) 314,599 Investment in Non-US Developed Markets Pool 121,910 (14) - 173 (4,500) 117,569 Investment in Non-US Emerging Markets Pool 26,509 (9) - 115 (1,818) 24,797
969,871 - - - (399) - 1,461 (20,123) 950,810
NMIMT Employee Benefit TrustInvestment in US Large Cap Index Pool 552,561 (25) - - (7,498) 545,038 Investment in US Mid/Small Cap Pool 118,863 (202) - 85 704 119,450 Investment in US Core Bonds Pool 279,857 - - - (141) - - 945 (8,057) 272,604 Investment in Non-US Developed Markets Pool 89,043 - - - (10) - - 127 (3,286) 85,874
1,040,324 - - - (378) - - 1,157 (18,137) 1,022,966
NMIMT Plant/Debt/Allocated FundInvestment in US Core Bonds Pool 13,709,796 - - (6,895) - - 46,290 (394,695) 13,354,496
13,709,796 - - - (6,895) - - 46,290 (394,695) 13,354,496
NMIMT Endowment FundInvestment in US Large Cap Index Pool 14,145,210 (634) - - (1) (191,950) 13,952,625 Investment in US Core Bonds Pool 11,441,841 - - - (5,754) - - 38,633 (329,402) 11,145,318
25,587,051 - - - (6,388) - - 38,632 (521,352) 25,097,943
NM Tech Research FundInvestment in US Large Cap Index Pool 13,339,176 (598) - - (1) (181,012) 13,157,565 Investment in US Core Bonds Pool 3,713,875 - (1,200,000) (1,264) - - 8,488 (72,373) 2,448,726
17,053,051 - (1,200,000) - (1,862) - - 8,487 (253,385) 15,606,291
NM School for the Blind and Visually ImpairedInvestment in US Large Cap Active Pool 838,077 (821) - 1,086 (11,401) 826,941 Investment in US Mid/Small Cap Pool 951,788 (1,618) - 680 5,634 956,484 Investment in US Core Bonds Pool 4,910,122 (2,469) - - 16,579 (141,359) 4,782,873 Investment in Non-US Developed Markets Pool 751,263 (87) - 1,069 (27,728) 724,517 Investment in Non-US Emerging Markets Pool 831,687 (275) - 3,593 (57,024) 777,981
8,282,937 - - - (5,270) - - 23,007 (231,878) 8,068,796
Board of Directors Regular Meeting September 3, 2013 80
Market Value Interfund Asset Securities Gains - Realized Market ValueFund Name 5/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unrealized 06/30/13
Change in Market Value06/30/13
NM Retiree Health Care AuthorityInvestment in US Large Cap Active Pool 39,691,193 (38,870) - - 51,414 (539,923) 39,163,814 Investment in US Large Cap Index Pool 39,037,194 (1,749) - - (3) (529,732) 38,505,710 Investment in US Mid/Small Cap Pool 30,908,646 (52,561) - - 22,087 182,955 31,061,127 Investment in US Core Bonds Pool 96,779,201 (48,673) - - 326,767 (2,786,195) 94,271,100 Investment in Non-US Developed Markets Pool 41,700,671 (4,831) - - 59,315 (1,539,113) 40,216,042 Investment in Non-US Emerging Markets Pool 31,370,826 (10,358) - - 135,520 (2,150,930) 29,345,058
279,487,731 - - - (157,042) - - 595,100 (7,362,938) 272,562,851
NM Comm. of Public Lands-O&GInvestment in US Large Cap Index Pool 2,945,960 (132) - - - (39,977) 2,905,851 Investment in US Large Cap Active Pool 3,133,638 - - (3,069) - - 4,059 (42,627) 3,092,001 Investment in US Core Bonds Pool 5,756,656 - - (2,895) - - 19,437 (165,730) 5,607,468
11,836,254 - - - (6,096) - - 23,496 (248,334) 11,605,320
NM Game and Fish DepartmentInvestment in US Large Cap Index Pool 366,096 (16) - - (4,968) 361,112 Investment in US Mid/Small Cap Pool 125,256 (213) - 90 741 125,874 Investment in US Core Bonds Pool 357,108 - - (180) - - 1,206 (10,280) 347,854 Investment in Non-US Developed Markets Pool 60,674 - - - (7) - - 86 (2,239) 58,514 Investment in Non-US Emerging Markets Pool 49,858 - - - (16) - - 215 (3,418) 46,639
958,992 - - - (432) - - 1,597 (20,164) 939,993
Eastern NM UniversityInvestment in US Large Cap Index Pool 4,452,430 (200) - - (60,419) 4,391,811 Investment in US Mid/Small Cap Pool 1,349,944 (2,296) - 965 7,991 1,356,604 Investment in US Core Bonds Pool 2,104,045 - - (1,058) - - 7,104 (60,574) 2,049,517 Investment in Non-US Developed Markets Pool 828,675 - - (96) - - 1,179 (30,585) 799,173 Investment in Non-US Emerging Markets Pool 76,146 - - (25) - - 329 (5,220) 71,230
8,811,240 - - - (3,675) - - 9,577 (148,807) 8,668,335
ISC-Improvement to the Rio GrandeInvestment in US Large Cap Active Pool 725,389 - - - (710) - - 940 (9,868) 715,751 Investment in US Core Bonds Pool 745,913 - - - (375) - - 2,519 (21,474) 726,583
1,471,302 - - - (1,085) - - 3,459 (31,342) 1,442,334
ISC-Irrigation Works ConstructionInvestment in US Large Cap Active Pool 11,082,168 - - (10,853) - - 14,355 (150,752) 10,934,918 Investment in US Core Bonds Pool 7,806,999 - - - (3,926) - - 26,360 (224,758) 7,604,675
18,889,167 - - - (14,779) - - 40,715 (375,510) 18,539,593
PRC Patients' Comp FundInvestment in US Large Cap Index Pool 8,173,127 (366) - (1) (110,909) 8,061,851 Investment in US Mid/Small Cap Pool 2,295,018 (3,903) - 1,640 13,585 2,306,340 Investment in US Core Bonds Pool 26,330,408 - - (13,242) - - 88,903 (758,032) 25,648,037 Investment in Non-US Developed Markets Pool 2,653,220 - - - (307) - - 3,774 (97,926) 2,558,761 Investment in Non-US Emerging Markets Pool 2,204,000 - - - (728) - - 9,521 (151,117) 2,061,676
41,655,773 - - - (18,546) - - 103,837 (1,104,399) 40,636,665
LACCIPPERMANENTInvestment in US Large Cap Active Pool 6,217,270 - - (6,089) - - 8,054 (84,574) 6,134,661 Investment in US Large Cap Index Pool 6,494,088 - - (291) - - (1) (88,180) 6,405,616 Investment in US Mid/Small Cap Pool 5,216,763 - - (8,871) - - 3,728 30,879 5,242,499 Investment in US Core Bonds Pool 4,062,082 - - (2,043) - - 13,715 (116,945) 3,956,809 Investment in Non-US Developed Markets Pool 3,483,412 - - (404) - - 4,955 (128,567) 3,359,396 Investment in Non-US Emerging Markets Pool 1,207,194 (399) - - 5,215 (82,769) 1,129,241
26,680,809 - - - (18,097) - - 35,666 (470,156) 26,228,222
LACCCEMETERYInvestment in US Large Cap Active Pool 189,695 - - (186) - - 246 (2,580) 187,175 Investment in US Large Cap Index Pool 197,502 - - (9) - - - (2,681) 194,812 Investment in US Mid/Small Cap Pool 159,607 - - (271) - - 114 945 160,395 Investment in US Core Bonds Pool 122,985 - - (62) - - 416 (3,546) 119,793 Investment in Non-US Developed Markets Pool 105,038 - - (12) - - 149 (3,877) 101,298 Investment in Non-US Emerging Markets Pool 37,306 (12) - - 161 (2,557) 34,898
812,132 - - - (552) - - 1,086 (14,296) 798,370 Board of Directors Regular Meeting September 3, 2013 81
Market Value Interfund Asset Securities Gains - Realized Market ValueFund Name 5/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unrealized 06/30/13
Change in Market Value06/30/13
LACGENFUNInvestment in US Large Cap Active Pool 3,158,875 - - (3,093) - - 4,092 (42,970) 3,116,904 Investment in US Large Cap Index Pool 3,362,668 - - (151) - - - (45,669) 3,316,848 Investment in US Mid/Small Cap Pool 2,786,348 - - (4,738) - - 1,991 16,493 2,800,094 Investment in US Core Bonds Pool 2,198,826 - - (1,106) - - 7,424 (63,302) 2,141,842 Investment in Non-US Developed Markets Pool 2,390,796 - - (277) - - 3,401 (88,240) 2,305,680 Investment in Non-US Emerging Markets Pool 619,155 - - (204) - - 2,674 (42,448) 579,177
14,516,669 - - - (9,569) - - 19,582 (266,136) 14,260,546
NMPSIA - BenefitsInvestment in US Large Cap Index Pool 11,893,972 (5,935,000) (267) - (1) (80,863) 5,877,841 Investment in US Mid/Small Cap Pool 3,038,239 (1,490,000) (2,633) - 1,106 9,164 1,555,876 Investment in US Core Bonds Pool 8,505,223 - (4,443,000) - (2,043) - - 13,716 (116,948) 3,956,948 Investment in Non-US Developed Markets Pool 1,246,621 - (630,000) - (71) - - 877 (22,758) 594,669 Investment in Non-US Emerging Markets Pool 1,890,157 - (1,002,000) - (293) - - 3,837 (60,898) 830,803
26,574,212 - (13,500,000) - (5,307) - - 19,535 (272,303) 12,816,137
NMPSIA - RiskInvestment in US Large Cap Index Pool 7,929,265 (2,110,000) (261) - (1) (78,967) 5,740,036 Investment in US Mid/Small Cap Pool 2,025,477 (530,000) (2,543) - 1,069 8,852 1,502,855 Investment in US Core Bonds Pool 5,670,236 - (1,580,000) - (2,057) - - 13,810 (117,755) 3,984,234 Investment in Non-US Developed Markets Pool 831,088 - (224,000) - (70) - - 864 (22,407) 585,475 Investment in Non-US Emerging Markets Pool 1,260,084 - (356,000) - (298) - - 3,906 (61,988) 845,704
17,716,150 - (4,800,000) - (5,229) - - 19,648 (272,265) 12,658,304
NMHU Endowment FundInvestment in US Large Cap Index Pool 1,346,047 (60) - - (18,266) 1,327,721 Investment in US Mid/Small Cap Pool 389,445 (662) - 278 2,305 391,366 Investment in US Core Bonds Pool 961,740 - - (484) - - 3,248 (27,691) 936,813 Investment in Non-US Developed Markets Pool 195,000 - - - (23) - - 277 (7,197) 188,057 Investment in Non-US Emerging Markets Pool 112,468 - - - (37) - - 487 (7,722) 105,196
3,004,700 - - - (1,266) - - 4,290 (58,571) 2,949,153
Springer School DistrictInvestment in US Large Cap Index Pool 44,114 (2) - - (599) 43,513 Investment in US Mid/Small Cap Pool 33,852 (58) - 24 200 34,018 Investment in US Core Bonds Pool 24,724 - (12) - - 83 (712) 24,083 Investment in Non-US Developed Markets Pool 36,164 - - (4) - - 51 (1,329) 34,882 Investment in Non-US Emerging Markets Pool 34,941 - - (12) - - 152 (2,407) 32,674
173,795 - - - (88) - - 310 (4,847) 169,170
NMMFA General FundInvestment in US Large Cap Index Pool 4,552,195 (204) - - (61,773) 4,490,218 Investment in US Core Bonds Pool 19,615,042 - - (9,865) - - 66,229 (564,703) 19,106,703
24,167,237 - - - (10,069) - - 66,229 (626,476) 23,596,921
NMMFA IFT Housing Trust FundInvestment in US Core Bonds Pool 10,536,789 (957,099) - (4,818) - - 32,345 (275,795) 9,331,422
10,536,789 - (957,099) - (4,818) - - 32,345 (275,795) 9,331,422
NMMI LFC/VC Maint. EndowmentInvestment in US Large Cap Index Pool 2,033,120 (91) - - - (27,578) 2,005,451 Investment in US Mid/Small Cap Pool 613,788 (1,043) - - 438 3,632 616,815 Investment in US Core Bonds Pool 1,690,836 (851) - - 5,712 (48,700) 1,646,997 Investment in Non-US Developed Markets Pool 638,679 (74) - - 908 (23,561) 615,952 Investment in Non-US Emerging Markets Pool 140,536 (46) - - 607 (9,631) 131,466
5,116,959 - - - (2,105) - - 7,665 (105,838) 5,016,681
CYFD Trust Fund Non-ExpendableInvestment in US Large Cap Active Pool 204,999 (201) - - 266 (2,789) 202,275 Investment in US Core Bonds Pool 1,116,354 (561) - - 3,769 (32,139) 1,087,423 Investment in Non-US Developed Markets Pool 49,950 (6) - - 71 (1,844) 48,171 Investment in Non-US Emerging Markets Pool 11,222 (4) - - 48 (770) 10,496
1,382,525 - - - (772) - - 4,154 (37,542) 1,348,365
Board of Directors Regular Meeting September 3, 2013 82
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Change in Market Value06/30/13
CYFD Next Generation FundInvestment in US Large Cap Active Pool 204,999 (201) - - 266 (2,789) 202,275 Investment in US Core Bonds Pool 1,116,354 (561) - - 3,769 (32,139) 1,087,423 Investment in Non-US Developed Markets Pool 49,950 (6) - - 71 (1,844) 48,171 Investment in Non-US Emerging Markets Pool 11,222 (4) - - 48 (770) 10,496
1,382,525 - - - (772) - - 4,154 (37,542) 1,348,365
NM Higher EducationInvestment in US Large Cap Active Pool 6,906,997 (6,764) - - 8,947 (93,957) 6,815,223 Investment in US Large Cap Index Pool 7,059,557 (316) - - (1) (95,798) 6,963,442 Investment in US Mid/Small Cap Pool 3,874,240 (6,588) - - 2,769 22,932 3,893,353 Investment in US Core Bonds Pool 4,521,357 (2,274) - - 15,266 (130,165) 4,404,184 Investment in Non-US Developed Markets Pool 1,311,569 (152) - - 1,866 (48,408) 1,264,875 Investment in Non-US Emerging Markets Pool 608,359 (201) - - 2,628 (41,711) 569,075
24,282,079 - - - (16,295) - - 31,475 (387,107) 23,910,152
City of Las CrucesInvestment in US Large Cap Active Pool 5,858,543 (5,737) - - 7,589 (79,694) 5,780,701 Investment in US Large Cap Index Pool 3,126,095 (140) - - - (42,421) 3,083,534 Investment in US Mid/Small Cap Pool 5,486,725 (9,330) - - 3,921 32,477 5,513,793 Investment in Non-US Developed Markets Pool 2,075,606 (240) - - 2,952 (76,608) 2,001,710
16,546,969 - - - (15,447) - - 14,462 (166,246) 16,379,738 -
Total Third Party Investors 621,821,652 - (20,457,099) - (321,157) - - 1,186,061 (14,121,028) 588,108,405 -
Grand Total 17,350,486,440 47,155,589 (118,345,362) - (6,164,928) - - 31,494,192 (215,902,204) 17,088,723,725
Board of Directors Regular Meeting September 3, 2013 83
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
By Asset Class
Investment Pools Assets: *
US Large Cap Active Pool 2,528,750,475 818,000 (2,100,000) (514,012,322) (4,100,742) - - 8,848,912 47,684,341 2,065,888,660 US Large Cap Index Pool 2,374,081,237 818,000 (10,145,000) 243,000,000 (243,800) - - 4,210 75,687,648 2,683,202,295 US Large Cap Enhanced Index Pool 530,386,565 - - (40,000,000) - - - 2,443,811 6,496,172 499,326,548 US Mid/Small Cap Pool 792,776,192 664,000 (3,027,750) (110,000,000) (2,471,738) - - 1,338,754 51,057,454 730,336,912 Small/Mid Cap Index Pool 58,694,861 - - - - - - (586,534) 1,951,688 60,060,015 Small/Mid Cap Enhanced Index Pool 264,356,927 - - - - - - 1,483,728 5,700,894 271,541,549 US Core Bonds Pool 3,360,180,508 2,810,069 (12,017,098) (50,000,000) (3,300,676) - - 31,484,804 (132,760,006) 3,196,397,601 Credit & Structured Finance 667,367,654 - - 3,298,948 - - - 10,305,497 13,323,021 694,295,120 Non-US. Developed Markets Pool 1,486,874,700 983,000 (1,054,000) - (353,860) - - 17,653,950 (31,116,949) 1,472,986,841 Non-US Emerging Markets Pool 974,751,225 979,000 (1,658,000) - (630,148) - - 9,197,086 (89,972,460) 892,666,703 Absolute Return Pool 1,034,725,711 - - 100,000,000 - - - 770 32,262,586 1,166,989,067 Private Equity Pool 1,597,885,903 - - (122,000,000) - - - 9,092,394 37,852,297 1,522,830,594 Real Estate Pool 925,841,890 - - 30,000,000 - - - 10,202,667 34,163,055 1,000,207,612 Real Asset Pool 93,639,960 - - 346,701,052 - - - 1,142,204 3,416,857 444,900,073 Total Investment Pools 16,690,313,807 7,072,069 (30,001,848) (113,012,322) (11,100,964) - - 102,612,253 55,746,598 16,701,629,589
Fund-Specific Assets:
Land Grant Permanent Fund: ** Cash and accruals 77,733,572 132,127,843 (131,711,637) 10,762,322 (4,398,153) - - 2,577 - 84,516,524
Severance Tax Permanent Fund: ** Cash and accruals (10,314,153) 85 (44,043,171) 95,000,000 (1,816,293) (3,205,075) - 568,573 - 36,189,966 Economically Targeted Investments (ETI's) 54,615,543 - - - - (136,419) - 61,896 (116,542) 54,424,478 Private Equity New Mexico 203,875,583 - - - - 808,579 - - (2,814,179) 201,869,983 Stock Distributions/Private Equity 198,041 - - - - 2,532,915 - 2,355 3,370 2,736,681
Tobacco Settlement Permanent Fund: ** Cash and accruals 86,700 39,303,327 (39,303,327) 7,000,000 - - - 411 - 7,087,112
Water Fund Cash and accruals 19,392 - - 250,000 - - - - - 269,392
Grand Totals 17,016,528,485 178,503,324 (245,059,983) - (17,315,410) - - 103,248,065 52,819,247 17,088,723,725
* Detail by investment manager presented on the following two pages.* Valuations for Private Equity, Real Estate and Real Assets are valued on a quarter lag.
. along with all of the other investors and are specifically allocated to each investor on the succeeding pages
Change in Market ValueFor Quarter Ended June 30, 2013
of this report.
** The assets listed for each permanent fund on the schedule include cash, accruals and ETI investments in the STPF. The permanent funds' investments in the equity, bond, and alternative pools are included in the pool totals
Board of Directors Regular Meeting September 3, 2013 84
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
Change in Market ValueFor Quarter Ended June 30, 2013
Investment Pools Detail by Manager (Benchmark):
US Large Cap Active Pool: SIC Managed Large Cap Active (Russell 1000 Index) 499,549,438 812,500 (1,350,000) (499,012,322) - - - 510 - 126 JP Morgan Asset Mgmt (Russell 1000 Growth Index) 463,621,821 5,500 (750,000) 150,000,000 (517,236) - - 1,179,719 6,057,943 619,597,747 T. Rowe Price (Russell 1000 Growth Index) 238,436,269 - - 15,000,000 (216,543) - - 385,770 10,656,479 264,261,975 Brown Brothers Harriman (Russell 1000 Index) 545,024,707 - - (30,000,000) (729,714) - - 2,351,506 12,158,280 528,804,779 Wellington Mgmt Co. (Russell 1000 Value Index) 782,118,243 - - (150,000,000) (586,878) - - 4,931,407 18,811,639 655,274,411 Total externally managed US Large Cap Active funds 2,029,201,040 5,500 (750,000) (15,000,000) (2,050,371) - - 8,848,402 47,684,341 2,067,938,912 Sub - Total US Large Cap Active Pool 2,528,750,478 818,000 (2,100,000) (514,012,322) (2,050,371) - - 8,848,912 47,684,341 2,067,939,038 Management Fees 0 - - - (2,050,371) - - - - (2,050,371) Total US Large Cap Active Pool 2,528,750,479 818,000 (2,100,000) (514,012,322) (4,100,742) - - 8,848,912 47,684,341 2,065,888,668
US Large Cap Index Pool: SIC Managed Large Cap Index (S&P 500 Index) 386,607 - - - - - - (774) 84,469 470,302 Northern Trust (Russell 1000 Index) 2,373,684,532 818,000 (10,145,000) 243,000,000 (121,900) - - 4,515 75,604,229 2,682,844,376 Northern Trust Transition Account 10,098 - - - - - - 469 (1,050) 9,517 Sub -Total US Large Cap Index Pool 2,374,081,237 818,000 (10,145,000) 243,000,000 (121,900) - - 4,210 75,687,648 2,683,324,195 Management Fees - - - - (121,900) - - - - (121,900) Total US Large Cap Index Pool 2,374,081,237 818,000 (10,145,000) 243,000,000 (243,800) - - 4,210 75,687,648 2,683,202,295
US Large Cap Enhanced Index Pool Pan Agora (Russell 1000 Index) 530,386,565 - - (40,000,000) - - - 2,443,811 6,496,172 499,326,548 Sub -Total Enhanced Index Pool 530,386,565 - - (40,000,000) - - - 2,443,811 6,496,172 499,326,548 Management Fees - - - - - - - - - - Total US Enhanced Index Pool 530,386,565 - - (40,000,000) - - - 2,443,811 6,496,172 499,326,548
US Mid/Small Cap Pool: Blackrock (Russell Smallcap Index) - - - - - - - - - - Cortina (Russell Smallcap Growth Index) 260,327,421 - - - (421,023) - - 22,661 26,022,388 285,951,447 Donald Smith (Russell Smallcap Value Index) 270,146,919 664,000 (3,027,750) (55,000,000) (503,235) - - 431,891 5,376,614 218,088,439 Seizert Partners (Russell Midcap Index) 262,301,852 - - (55,000,000) (311,611) - - 884,202 19,658,452 227,532,895 Sub-Total Mid/Small Cap Funds 792,776,192 664,000 (3,027,750) (110,000,000) (1,235,869) - - 1,338,754 51,057,454 731,572,781 Management Fees - - - - (1,235,869) - - - - (1,235,869) Total Mid/Small Cap Pool 792,776,192 664,000 (3,027,750) (110,000,000) (2,471,738) - - 1,338,754 51,057,454 730,336,912
Small/Mid Cap Index Pool Northern Trust (Russell 2500 Index) 58,694,861 - - - - - - (586,534) 1,951,688 60,060,015
Small/Mid Cap Enhanced Index Pool Blackrock (Russell 2000 Smallcap Index) 264,175,637 - - 148,692 - - - 1,483,610 5,701,697 271,509,636 Blackrock Transition 181,290 - - (148,692) - - - 118 (803) 31,913 Total US SMID Enhanced Index Pool 264,356,927 - - - - - - 1,483,728 5,700,894 271,541,549
- - - - - - - - Total US Equities in Investment Pools 6,549,046,261 2,300,000 (15,272,750) (421,012,322) (6,816,280) - - 13,532,881 188,578,197 6,310,355,987
- - - - - - - - US Core Bonds Pool - - - - - - - - US Core Bonds Cash 5,637,058 2,810,069 (7,574,098) - - - - 75 - 873,104 PIMCO Barclays (Universal Bond Index) 1,650,425,022 - (4,443,000) - (879,641) - - 11,687,729 (60,883,541) 1,595,906,569 Prudential Barclays (Universal Bond Index) 856,732,368 - - (27,000,000) (339,839) - - 10,511,551 (34,672,146) 805,231,934 Loomis Sayles Barclays (Universal Bond Index) 847,386,060 - - (23,000,000) (430,858) - - 9,285,449 (37,204,319) 796,036,332 Sub - Total Core Bonds Pool 3,360,180,508 2,810,069 (12,017,098) (50,000,000) (1,650,338) - - 31,484,804 (132,760,006) 3,198,047,939 Management Fees - - - - (1,650,338) - - - - (1,650,338) Total US Core Bonds Pool 3,360,180,508 2,810,069 (12,017,098) (50,000,000) (3,300,676) - - 31,484,804 (132,760,006) 3,196,397,601
Board of Directors Regular Meeting September 3, 2013 85
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Change in Market ValueFor Quarter Ended June 30, 2013
Investment Pools Detail by Manager (Benchmark) (continued):
Credit & Structured Finance Cash 91,295,146 - - (88,738,739) - - - 1,170 - 2,557,577 Equity LP Interests 576,072,510 - - 92,037,687 - - - 10,304,327 13,323,021 691,737,545 Total CDO Equity Pool 667,367,655 - - 3,298,948 - - - 10,305,497 13,323,021 694,295,121
Total Fixed Income in Investment Pools 4,027,548,163 2,810,069 (12,017,098) (46,701,052) (3,300,676) - - 41,790,301 (119,436,985) 3,890,692,722
Absolute Return Cash Account 189,795 - - 9,640,966 - - - 744 - 9,831,505 Austin Capital 10,700,814 - - - - - - - 42,095 10,742,909 Crestline Enchantment 304,016,195 - - - - - - - 6,253,967 310,270,162 Crestline Enchantment LLC 48,508,122 - - (7,911,000) - - - 26 137,637 40,734,785 Crestline Offshore Recovery 12,943,397 - - (736,966) - - - - 248,474 12,454,905 Mariner Select LP 333,230,426 - - 46,000,000 - - - - 14,808,400 394,038,826 Altair Stars LP 201,097 - - - - - - - - 201,097 CT Preferred LP 6,062,877 - - (993,000) - - - - 86,622 5,156,499 AAM High Desert 318,872,985 - - 54,000,000 - - - - 10,685,391 383,558,376 Total Hedge Funds 1,034,725,708 - - 100,000,000 - - - 770 32,262,586 1,166,989,064
Total US Assets in Investment Pools 11,611,320,132 5,110,069 (27,289,848) (367,713,374) (10,116,956) - - 55,323,952 101,403,798 11,368,037,773
Non-US Developed Markets Pool Alliance Bernstein (MSCI - EAFE Index) 1,486,232,863 983,000 (1,054,000) - (176,930) - - 17,722,988 (31,117,116) 1,472,590,805 SIC Tax Reclaims 483,206 - - 158,630 - - - (69,038) 167 572,965 Simms Capital (MSCI - EAFE Index) 158,630 - - (158,630) - - - - - (0) Management Fees - - - - (176,930) - - - - (176,930) Total Non-US Developed Markets Pool 1,486,874,699 983,000 (1,054,000) - (353,860) - - 17,653,950 (31,116,949) 1,472,986,840
Non-US Emerging Markets Pool Alliance Bernstein (MSCI Emerg Mkts Free Index) 974,751,225 979,000 (1,658,000) - (315,074) - - 9,197,086 (89,972,460) 892,981,777 Non US SIC Managed - - - - - - - - - - Management Fees - - - - (315,074) - - - - (315,074) Total Non-US Emerging Markets Pool 974,751,225 979,000 (1,658,000) - (630,148) - - 9,197,086 (89,972,460) 892,666,703
Private Equity Pool National 1,250,242,405 - - (61,367,186) - - - 7,569,267 32,157,725 1,228,602,211 International 195,185,183 - - (5,855,644) - - - 1,518,827 4,960,852 195,809,218 Cash 140,769,573 - - (55,943,219) - - - 2,352 - 84,828,706 Stock Distributions 11,688,742 - - 1,166,049 - - - 1,948 733,720 13,590,459 Total Private Equity Pool 1,597,885,903 - - (122,000,000) - - - 9,092,394 37,852,297 1,522,830,594
Real Estate Pool Real Estate 854,923,493 - - 51,868,885 - - - 10,201,140 34,163,055 951,156,573 Cash Account 70,918,397 - - (21,868,885) - - - 1,527 - 49,051,039 Total Real Estate Pool 925,841,890 - - 30,000,000 - - - 10,202,667 34,163,055 1,000,207,612
Real Asset Pool Real Assets 78,601,036 - - 142,291,118 - - - 874,929 4,452,901 226,219,984 Floating Rate Bank Loan - - 100,000,000 - - - 264,825 (1,036,044) 99,228,781 Cash Account 15,038,924 - - 104,409,934 - - - 2,450 - 119,451,308 Total Real Asset Pool 93,639,960 - - 346,701,052 - - - 1,142,204 3,416,857 444,900,073
Total Non-US Equities in Investment Pools 2,461,625,924 1,962,000 (2,712,000) - (984,008) - - 26,851,036 (121,089,409) 2,365,653,543
Total Internally Managed Assets 499,549,438 812,500 (1,350,000) (499,012,322) - - - 510 - 126
Total Externally Managed Assets 16,190,764,369 6,259,569 (28,651,848) 386,000,000 (11,100,964) - - 102,611,743 55,746,598 16,701,629,467
Total Assets in Investment Pools 16,690,313,808 7,072,069 (30,001,848) (113,012,322) (11,100,964) - - 102,612,253 55,746,598 16,701,629,594
Board of Directors Regular Meeting September 3, 2013 86
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
Change in Market ValueFor Quarter Ended June 30, 2013
Permanent Funds:
Land Grant Permanent Fund: Cash and accruals 77,733,558 132,127,843 (131,711,637) 10,762,322 (4,398,153) - - 2,577 - 84,516,510 Private Equity Pool 1,189,617,258 - - (60,000,000) - - - 6,923,146 28,992,829 1,165,533,233 Real Estate Pool 679,689,171 - - 40,000,000 - - - 7,573,085 25,355,715 752,617,971 Real Asset Pool 70,229,971 - - 283,569,088 - - - 918,750 2,836,585 357,554,394 Absolute Return Pool 768,202,602 - - 55,000,000 - - - 560 23,741,914 846,945,076 US Large Cap Active Pool 1,736,453,918 - - (274,012,322) (2,969,752) - - 6,358,855 33,708,033 1,499,538,732 US Large Cap Index Pool 1,730,508,052 - - 78,250,000 (168,441) - - 2,894 53,348,546 1,861,941,051 US Large Cap Enhanced Index Pool 427,940,948 - - (60,000,000) - - - 1,866,751 5,197,350 375,005,049 US Mid/Small Cap Pool 504,954,138 - - (35,000,000) (1,636,908) - - 879,045 32,749,722 501,945,997 Small/Mid Cap Index Pool 47,355,016 - - (15,000,000) - - - (328,145) 1,574,622 33,601,493 Small/Mid Cap Enhanced Index Pool 213,298,442 - - - - - - 1,197,158 4,599,811 219,095,411 US Core Bonds Pool 2,328,278,413 - - (40,000,000) (2,287,924) - - 21,827,020 (92,016,470) 2,215,801,039 Credit & Structured Finance 512,831,562 - - 16,430,912 - - - 8,070,977 10,326,040 547,659,491 Non-US. Developed Markets Pool 1,047,704,637 - - - (249,287) - - 12,436,511 (21,912,406) 1,037,979,455 Non-US Emerging Markets Pool 694,948,074 - - - (449,273) - - 6,557,936 (64,165,589) 636,891,148 Total - Land Grant Permanent Fund 12,029,745,760 132,127,843 (131,711,637) - (12,159,738) - - 74,287,120 44,336,702 12,136,626,050
Severance Tax Permanent Fund: Cash and accruals (10,314,121) 85 (44,043,171) 95,000,000 (1,816,293) (3,205,075) - 568,573 - 36,189,998 Economically Targeted Investments (ETI's) 54,615,543 - - - - (136,419) - 61,896 (116,542) 54,424,478 Private Equity New Mexico 203,875,583 - - - - 808,579 - - (2,814,179) 201,869,983 Private Equity Pool 408,268,646 - - (62,000,000) - - - 2,169,248 8,859,468 357,297,362 Stock Distributions/Private Equity 198,040 - - - - 2,532,915 - 2,355 3,370 2,736,680 Real Estate Pool 246,152,720 - - (10,000,000) - - - 2,629,582 8,807,340 247,589,642 Real Asset Pool 23,409,988 - - 63,131,964 - - - 223,454 580,272 87,345,678 Absolute Return Pool 246,376,469 - - 45,000,000 - - - 197 7,913,769 299,290,435 US Large Cap Active Pool 647,029,892 - - (170,000,000) (963,860) - - 2,057,949 10,794,896 488,918,877 US Large Cap Index Pool 481,204,859 - - 87,000,000 (53,471) - - 929 16,930,121 585,082,438 US Large Cap Enhanced Index Pool 102,445,619 - - 20,000,000 - - - 577,060 1,298,822 124,321,501 US Mid/Small Cap Pool 207,897,762 - - (55,000,000) (604,917) - - 332,912 13,243,331 165,869,088 Small/Mid Cap Index Pool 11,339,846 - - - - - - (113,318) 377,066 11,603,594 Small/Mid Cap Enhanced Index Pool 51,058,484 - - - - - - 286,570 1,101,083 52,446,137 US Core Bonds Pool 728,703,425 - - - (722,370) - - 6,873,684 (29,159,704) 705,695,035 Credit & Structured Finance 154,534,613 - - (13,131,964) - - - 2,234,520 2,996,981 146,634,150 Non-US. Developed Markets Pool 368,942,579 - - - (87,785) - - 4,379,440 (7,716,316) 365,517,918 Non-US Emerging Markets Pool 233,982,109 - - - (151,266) - - 2,207,992 (21,603,915) 214,434,920 Total - Severance Tax Permanent Fund 4,159,722,056 85 (44,043,171) - (4,399,962) - - 24,493,043 11,495,863 4,147,267,914
Tobacco Settlement Permanent Fund Cash and accruals 86,700 39,303,327 (39,303,327) 7,000,000 - - - 324 - 7,087,024 Absolute Return Pool 15,567,798 - - - - - - 10 468,943 16,036,751 US Large Cap Active Pool 49,344,691 - - (50,000,000) (10,490) - - 74,088 1,013,145 421,434 US Large Cap Index Pool 27,498,580 - - 53,000,000 (8,337) - - 161 1,728,992 82,219,396 US Mid/Small Cap Pool 15,206,221 - - (15,000,000) (25,578) - - 16,506 903,678 1,100,827 Small/Mid Cap Index Pool - - 15,000,000 - - - (145,070) - 14,854,930 US Core Bonds Pool 48,462,029 - - (10,000,000) (43,011) - - 423,366 (1,651,357) 37,191,027 Non-US. Developed Markets Pool 8,217,287 - - - (1,955) - - 97,541 (171,862) 8,141,011 Non-US Emerging Markets Pool 3,396,961 - - - (2,196) - - 32,056 (313,646) 3,113,175 Total - Tobacco Settlement Permanent Fund 167,780,267 39,303,327 (39,303,327) - (91,567) - - 498,982 1,977,893 170,165,575
Water Permanent Fund Cash and accruals 19,392 - - 250,000 - - - - - 269,392 Absolute Return Pool 4,579,950 - - - - - - 3 137,960 4,717,913 US Large Cap Active Pool 19,393,902 - - (20,000,000) (4,508) - - 30,034 417,527 (163,045) US Large Cap Index Pool - - 24,750,000 (1,775) - - 22 (6,260) 24,741,987 US Mid/Small Cap Pool 5,976,458 - - (5,000,000) (11,576) - - 7,128 360,471 1,332,481 US Core Bonds Pool 11,541,697 - - - (11,441) - - 108,870 (461,850) 11,177,276 Non-US. Developed Markets Pool 3,363,966 - - - (800) - - 39,930 (70,357) 3,332,739 Non-US Emerging Markets Pool 1,254,231 - - - (811) - - 11,836 (115,807) 1,149,449 Total - Water Permanent Fund 46,129,596 - - - (30,911) - - 197,823 261,684 46,558,192
Total Permanent Funds 16,403,377,680 171,431,255 (215,058,135) - (16,682,178) - - 99,476,968 58,072,142 16,500,617,732 Board of Directors Regular Meeting September 3, 2013 87
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
Change in Market ValueFor Quarter Ended June 30, 2013
Third Party Investors:
NMMI Trust Scholarship Investment in US Large Cap Index Pool 2,022,200 - - - (183) - - 3 53,999 2,076,019 Investment in US Mid/Small Cap Pool 625,340 - - - (2,101) - - 1,119 40,814 665,172 Investment in US Core Bonds Pool 1,764,186 - - - (1,749) - - 16,642 (70,597) 1,708,482 Investment in Non-US Developed Markets Pool 644,714 - - - (154) - - 7,653 (13,484) 638,729 Investment in Non-US Emerging Markets Pool 125,696 - - - (82) - - 1,186 (11,605) 115,195
5,182,136 - - - (4,269) - - 26,603 (873) 5,203,597
NMMI Legislative ScholarshipInvestment in US Large Cap Index Pool 3,591,524 - - - (327) - - 6 95,925 3,687,128 Investment in US Mid/Small Cap Pool 1,066,640 - - - (3,584) - - 1,910 69,629 1,134,595 Investment in US Core Bonds Pool 3,135,792 - - - (3,107) - - 29,570 (125,445) 3,036,810 Investment in Non-US Developed Markets Pool 926,209 - - - (272) - - 13,589 (23,944) 915,582 Investment in Non-US Emerging Markets Pool 482,076 - - - (170) - - 2,491 (24,364) 460,033
9,202,241 - - - (7,460) - - 47,566 (8,199) 9,234,148
NMMI Patterson AccountInvestment in US Large Cap Index Pool 1,695,608 - - - (154) - - 3 45,278 1,740,735 Investment in US Mid/Small Cap Pool 503,425 - - - (1,691) - - 901 32,858 535,493 Investment in US Core Bonds Pool 1,477,610 - - - (1,465) - - 13,937 (59,126) 1,430,956 Investment in Non-US Developed Markets Pool 539,567 - - - (128) - - 6,404 (11,284) 534,559 Investment in Non-US Emerging Markets Pool 124,514 - - - (80) - - 1,175 (11,497) 114,112
4,340,724 - - - (3,518) - - 22,420 (3,771) 4,355,855
NMMI Capital OutlayInvestment in US Large Cap Index Pool 367,681 - - - (33) - - 1 9,817 377,466 Investment in US Mid/Small Cap Pool 109,409 - - - (368) - - 196 7,142 116,379 Investment in US Core Bonds Pool 324,857 - - - (322) - - 3,063 (12,999) 314,599 Investment in Non-US Developed Markets Pool 118,671 - - - (28) - - 1,408 (2,482) 117,569 Investment in Non-US Emerging Markets Pool 27,058 - - - (18) - - 256 (2,499) 24,797
947,676 - - - (769) - - 4,924 (1,021) 950,810
NMIMT Employee Benefit TrustInvestment in US Large Cap Index Pool 530,908 - - - (48) - - 1 14,177 545,038 Investment in US Mid/Small Cap Pool 112,295 - - - (377) - - 202 7,330 119,450 Investment in US Core Bonds Pool 281,492 - - - (279) - - 2,655 (11,264) 272,604 Investment in Non-US Developed Markets Pool 86,677 - - - (20) - - 1,029 (1,812) 85,874
1,011,372 - - - (724) - - 3,887 8,431 1,022,966
NMIMT Plant/Debt/Allocated FundInvestment in US Core Bonds Pool 13,789,905 - - - (13,670) - - 130,076 (551,815) 13,354,496
13,789,905 - - - (13,670) - - 130,076 (551,815) 13,354,496
NMIMT Endowment FundInvestment in US Large Cap Index Pool 13,590,920 - - - (1,235) - - 21 362,919 13,952,625 Investment in US Core Bonds Pool 11,508,697 - - - (11,408) - - 108,559 (460,530) 11,145,318
25,099,617 - - - (12,643) - - 108,580 (97,611) 25,097,943
NM Tech Research FundInvestment in US Large Cap Index Pool 12,816,471 - - - (1,165) - - 20 342,239 13,157,565 Investment in US Core Bonds Pool 3,735,576 - (1,200,000) - (3,099) - - 31,185 (114,936) 2,448,726
16,552,047 - (1,200,000) - (4,264) - - 31,205 227,303 15,606,291
NM School for the Blind and Visually ImpairedInvestment in US Large Cap Active Pool 806,396 - - - (1,631) - - 3,509 18,667 826,941 Investment in US Mid/Small Cap Pool 899,208 - - - (3,020) - - 1,610 58,686 956,484 Investment in US Core Bonds Pool 4,938,812 - - - (4,895) - - 46,587 (197,631) 4,782,873 Investment in Non-US Developed Markets Pool 731,305 - - - (174) - - 8,681 (15,295) 724,517 Investment in Non-US Emerging Markets Pool 848,899 - - - (549) - - 8,011 (78,380) 777,981
8,224,620 - - - (10,269) - - 68,398 (213,953) 8,068,796
Board of Directors Regular Meeting September 3, 2013 88
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
Change in Market ValueFor Quarter Ended June 30, 2013
NM Retiree Health Care AuthorityInvestment in US Large Cap Active Pool 37,392,277 812,500 - - (77,208) - - 165,270 870,975 39,163,814 Investment in US Large Cap Index Pool 36,709,477 812,500 - - (3,407) - - 57 987,083 38,505,710 Investment in US Mid/Small Cap Pool 28,552,452 650,000 - - (98,103) - - 52,185 1,904,593 31,061,127 Investment in US Core Bonds Pool 95,101,817 2,275,000 - - (96,498) - - 911,118 (3,920,337) 94,271,100 Investment in Non-US Developed Markets Pool 39,666,443 975,000 - - (9,659) - - 477,773 (893,515) 40,216,042 Investment in Non-US Emerging Markets Pool 31,052,044 975,000 - - (20,701) - - 299,662 (2,960,947) 29,345,058
268,474,510 6,500,000 - - (305,576) - - 1,906,065 (4,012,148) 272,562,851
NM Comm. of Public Lands-O&GInvestment in US Large Cap Index Pool 2,830,519 - - - (257) - - 5 75,584 2,905,851 Investment in US Large Cap Active Pool 3,015,182 - - - (6,096) - - 13,117 69,798 3,092,001 Investment in US Core Bonds Pool 5,790,294 - - - (5,740) - - 54,618 (231,704) 5,607,468
11,635,995 - - - (12,093) - - 67,740 (86,322) 11,605,320
NM Game and Fish DepartmentInvestment in US Large Cap Index Pool 351,751 - - - (32) - - 1 9,392 361,112 Investment in US Mid/Small Cap Pool 118,337 - - - (398) - - 212 7,723 125,874 Investment in US Core Bonds Pool 359,194 - - - (356) - - 3,388 (14,372) 347,854 Investment in Non-US Developed Markets Pool 59,062 - - - (14) - - 701 (1,235) 58,514 Investment in Non-US Emerging Markets Pool 50,889 - - - (32) - - 480 (4,698) 46,639
939,233 - - - (832) - - 4,782 (3,190) 939,993
Eastern NM UniversityInvestment in US Large Cap Index Pool 4,277,958 - - - (389) - - 7 114,235 4,391,811 Investment in US Mid/Small Cap Pool 1,275,365 - - - (4,285) - - 2,284 83,240 1,356,604 Investment in US Core Bonds Pool 2,116,339 - - - (2,098) - - 19,963 (84,687) 2,049,517 Investment in Non-US Developed Markets Pool 806,660 - - - (192) - - 9,576 (16,871) 799,173 Investment in Non-US Emerging Markets Pool 77,723 - - - (50) - - 733 (7,176) 71,230
8,554,045 - - - (7,014) - - 32,563 88,741 8,668,335
ISC-Improvement to the Rio GrandeInvestment in US Large Cap Active Pool 697,969 - - - (1,411) - - 3,037 16,156 715,751 Investment in US Core Bonds Pool 750,271 - - - (744) - - 7,078 (30,022) 726,583
1,448,240 - - - (2,155) - - 10,115 (13,866) 1,442,334
ISC-Irrigation Works ConstructionInvestment in US Large Cap Active Pool 10,663,242 - - - (21,557) - - 46,391 246,842 10,934,918 Investment in US Core Bonds Pool 7,852,617 - - - (7,784) - - 74,072 (314,230) 7,604,675
18,515,859 - - - (29,341) - - 120,463 (67,388) 18,539,593
PRC Patients' Comp FundInvestment in US Large Cap Index Pool 7,852,857 - - (713) - - 12 209,695 8,061,851 Investment in US Mid/Small Cap Pool 2,168,228 - - - (7,285) - - 3,882 141,515 2,306,340 Investment in US Core Bonds Pool 26,484,260 - - - (26,254) - - 249,820 (1,059,789) 25,648,037 Investment in Non-US Developed Markets Pool 2,582,734 - - - (614) - - 30,657 (54,016) 2,558,761 Investment in Non-US Emerging Markets Pool 2,249,613 - - - (1,455) - - 21,229 (207,711) 2,061,676
41,337,692 - - - (36,321) - - 305,600 (970,306) 40,636,665
LACCIPPERMANENTInvestment in US Large Cap Active Pool 6,382,246 - (400,000) - (12,094) - - 26,026 138,483 6,134,661 Investment in US Large Cap Index Pool 6,639,451 - (400,000) - (567) - - 9 166,723 6,405,616 Investment in US Mid/Small Cap Pool 4,928,559 - - - (16,558) - - 8,824 321,674 5,242,499 Investment in US Core Bonds Pool 5,785,817 - (1,700,000) - (4,050) - - 38,541 (163,499) 3,956,809 Investment in Non-US Developed Markets Pool 3,390,870 - - - (807) - - 40,251 (70,918) 3,359,396 Investment in Non-US Emerging Markets Pool 1,232,176 - - - (797) - - 11,628 (113,766) 1,129,241
28,359,119 - (2,500,000) - (34,873) - - 125,279 278,697 26,228,222
Board of Directors Regular Meeting September 3, 2013 89
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
Change in Market ValueFor Quarter Ended June 30, 2013
LACCCEMETERYInvestment in US Large Cap Active Pool 177,024 5,500 - - (369) - - 794 4,226 187,175 Investment in US Large Cap Index Pool 184,261 5,500 - - (17) - - - 5,068 194,812 Investment in US Mid/Small Cap Pool 136,787 14,000 - - (506) - - 270 9,844 160,395 Investment in US Core Bonds Pool 160,704 - (37,000) - (123) - - 1,169 (4,957) 119,793 Investment in Non-US Developed Markets Pool 94,247 8,000 - - (24) - - 1,214 (2,139) 101,298 Investment in Non-US Emerging Markets Pool 34,077 4,000 - - (24) - - 359 (3,514) 34,898
787,099 37,000 (37,000) - (1,063) - - 3,806 8,528 798,370
LACGENFUNInvestment in US Large Cap Active Pool 4,716,235 - (1,700,000) - (6,144) - - 14,688 92,125 3,116,904 Investment in US Large Cap Index Pool 4,906,727 - (1,700,000) - (294) - - 5 110,410 3,316,848 Investment in US Mid/Small Cap Pool 3,630,300 - (1,000,000) - (8,843) - - 4,860 173,777 2,800,094 Investment in US Core Bonds Pool 4,300,378 - (2,099,999) - (2,193) - - 23,361 (79,705) 2,141,842 Investment in Non-US Developed Markets Pool 2,517,311 - (200,000) - (554) - - 28,462 (39,539) 2,305,680 Investment in Non-US Emerging Markets Pool 929,818 - (300,000) - (408) - - 6,731 (56,964) 579,177
21,000,770 - (6,999,999) - (18,436) - - 78,107 200,104 14,260,546
NMPSIA - BenefitsInvestment in US Large Cap Index Pool 11,427,898 - (5,935,000) - (772) - - 17 385,698 5,877,841 Investment in US Mid/Small Cap Pool 2,870,389 - (1,490,000) - (7,110) - - 4,074 178,523 1,555,876 Investment in US Core Bonds Pool 8,554,920 - (4,443,000) - (6,246) - - 65,695 (214,421) 3,956,948 Investment in Non-US Developed Markets Pool 1,213,504 - (630,000) - (215) - - 13,508 (2,128) 594,669 Investment in Non-US Emerging Markets Pool 1,929,275 - (1,002,000) - (916) - - 13,877 (109,433) 830,803
25,995,986 - (13,500,000) - (15,259) - - 97,171 238,239 12,816,137
NMPSIA - RiskInvestment in US Large Cap Index Pool 7,618,552 - (2,110,000) - (598) - - 11 232,071 5,740,036 Investment in US Mid/Small Cap Pool 1,913,578 (530,000) - (5,527) - - 3,047 121,757 1,502,855 Investment in US Core Bonds Pool 5,703,367 - (1,580,000) - (4,859) - - 48,464 (182,738) 3,984,234 Investment in Non-US Developed Markets Pool 809,008 - (224,000) - (166) - - 9,285 (8,652) 585,475 Investment in Non-US Emerging Markets Pool 1,286,162 - (356,000) - (713) - - 10,599 (94,344) 845,704
17,330,667 - (4,800,000) - (11,863) - - 71,406 68,094 12,658,304
NMHU Endowment FundInvestment in US Large Cap Index Pool 1,293,301 - - - (117) - - 2 34,535 1,327,721 Investment in US Mid/Small Cap Pool 367,930 - - - (1,236) - - 658 24,014 391,366 Investment in US Core Bonds Pool 967,360 - - - (959) - - 9,126 (38,714) 936,813 Investment in Non-US Developed Markets Pool 189,820 - - - (46) - - 2,253 (3,970) 188,057 Investment in Non-US Emerging Markets Pool 114,798 - - - (74) - - 1,086 (10,614) 105,196
2,933,209 - - - (2,432) - - 13,125 5,251 2,949,153
Springer School DistrictInvestment in US Large Cap Index Pool 42,386 - - - (4) - - - 1,131 43,513 Investment in US Mid/Small Cap Pool 39,732 - (7,750) - (108) - - 57 2,087 34,018 Investment in US Core Bonds Pool 24,869 - - - (24) - - 234 (996) 24,083 Investment in Non-US Developed Markets Pool 35,208 - - - (8) - - 416 (734) 34,882 Investment in Non-US Emerging Markets Pool 35,669 - - - (24) - - 338 (3,309) 32,674
177,864 - (7,750) - (168) - - 1,045 (1,821) 169,170
NMMFA General FundInvestment in US Large Cap Index Pool 4,373,813 - - - (397) - - 7 116,795 4,490,218 Investment in US Core Bonds Pool 19,729,656 - - - (19,558) - - 186,105 (789,500) 19,106,703
24,103,469 - - - (19,955) - - 186,112 (672,705) 23,596,921
NMMFA IFT Housing Trust FundInvestment in US Core Bonds Pool 10,063,451 535,069 (957,099) - (10,025) - - 96,705 (396,679) 9,331,422
10,063,451 535,069 (957,099) - (10,025) - - 96,705 (396,679) 9,331,422
Board of Directors Regular Meeting September 3, 2013 90
Market Value Interfund Asset Securities Gains- Real. Market ValueFund Name 3/31/2013 Contributions Distributions Transfers Fees re-allocation Lend. Income Income & Unreal. 6/30/13
Change in Market ValueFor Quarter Ended June 30, 2013
NMMI LFC/VC Maint. EndowmentInvestment in US Large Cap Index Pool 1,953,483 - - - (177) - - 3 52,142 2,005,451 Investment in US Mid/Small Cap Pool 579,887 - - - (1,947) - - 1,038 37,837 616,815 Investment in US Core Bonds Pool 1,700,720 - - - (1,687) - - 16,050 (68,086) 1,646,997 Investment in Non-US Developed Markets Pool 621,721 - - - (148) - - 7,376 (12,997) 615,952 Investment in Non-US Emerging Markets Pool 143,443 - - - (92) - - 1,353 (13,238) 131,466
4,999,254 - - - (4,051) - - 25,820 (4,342) 5,016,681
CYFD Trust Fund Non-ExpendableInvestment in US Large Cap Active Pool 197,249 - - - (399) - - 859 4,566 202,275 Investment in US Core Bonds Pool 1,122,878 - - - (1,113) - - 10,591 (44,933) 1,087,423 Investment in Non-US Developed Markets Pool 48,623 - - - (12) - - 577 (1,017) 48,171 Investment in Non-US Emerging Markets Pool 11,454 - - - (8) - - 108 (1,058) 10,496
1,380,204 - - - (1,532) - - 12,135 (42,442) 1,348,365
CYFD Next Generation FundInvestment in US Large Cap Active Pool 197,249 - - - (399) - - 859 4,566 202,275 Investment in US Core Bonds Pool 1,122,878 - - - (1,113) - - 10,591 (44,933) 1,087,423 Investment in Non-US Developed Markets Pool 48,623 - - - (12) - - 577 (1,017) 48,171 Investment in Non-US Emerging Markets Pool 11,454 - - - (8) - - 108 (1,058) 10,496
1,380,204 - - - (1,532) - - 12,135 (42,442) 1,348,365
NM Higher EducationInvestment in US Large Cap Active Pool 6,645,901 - - - (13,436) - - 28,914 153,844 6,815,223 Investment in US Large Cap Index Pool 6,782,924 - - - (616) - - 10 181,124 6,963,442 Investment in US Mid/Small Cap Pool 3,660,205 - - - (12,296) - - 6,554 238,890 3,893,353 Investment in US Core Bonds Pool 4,547,776 - - - (4,508) - - 42,897 (181,981) 4,404,184 Investment in Non-US Developed Markets Pool 1,276,726 - - - (304) - - 15,155 (26,702) 1,264,875 Investment in Non-US Emerging Markets Pool 620,949 - - - (402) - - 5,860 (57,332) 569,075
23,534,481 - - - (31,562) - - 99,390 307,843 23,910,152
City of Las CrucesInvestment in US Large Cap Active Pool 5,637,080 - - - (11,396) - - 24,524 130,493 5,780,701 Investment in US Large Cap Index Pool 3,003,596 - - - (273) - - 5 80,206 3,083,534 Investment in US Mid/Small Cap Pool 5,183,607 - - - (17,414) - - 9,281 338,319 5,513,793 Investment in Non-US Developed Markets Pool 2,020,464 - - - (480) - - 23,983 (42,257) 2,001,710
15,844,747 - - - (29,563) - - 57,793 506,761 16,379,738
Total Third Party Investors 613,153,341 7,072,069 (30,001,848) - (633,232) - - 3,771,016 (5,252,902) 588,108,405
Grand Total 17,016,528,485 178,503,324 (245,059,983) - (17,315,410) - - 103,247,984 52,819,240 17,088,723,725
Board of Directors Regular Meeting September 3, 2013 91
Investment Holdings Report Notes to Report June 30, 2013
Page eight reflects the summary of activity in the State Investment Council’s portfolio for the month ended June 30, 2013. Items to note:
The monthly contribution from the State Land Office was $47,155,504; an increase of $4,429,945 compared to May.
The Severance Tax Bonding fund provided a distribution of $85; the total for FY13 was $339.00. The distribution received in FY12 was $103,888,028.
The distribution from the Tobacco Settlement Permanent Fund was $39,303,327 which was the entire contribution for FY13.
The monthly beneficiary distributions of $ 43,903,879 and $14,681,057 from the
permanent funds are reflected for LGPF and STPF, respectively.
Third party client activity included redemptions of $20,257,099 and is accounted on pages 12 thru 15.
The Absolute Return Pool funded $100,000,000; $46,000,000 to Mariner and $54,000,000 to AAM High Desert on page 10.
The management fee accrual for the fourth quarter is reflected in the respective pools on pages 9 & 10.
The total on page ten reflects only the investment pools included on page eight as a sub‐total.
The total on page eleven is inclusive of the permanent funds and exclusive of the third
party investors.
Board of Directors Regular Meeting September 3, 2013 92
2013 Switch Meeting Schedule October 11, 2013
Raton Convention Center 901 S 3rd St Raton, NM 87740 10:30 a.m. – 11:30 a.m. Medicare Medical/RX 11:45 a.m. – 12:45 a.m. Voluntary Coverage 1:00 p.m. – 2:00 p.m. Non-Medicare Medical/RX
October 14 & Nov. 1, 2013 UNM Continuing Ed. Auditorium 1634 University Blvd., NE Albuquerque, NM 87131 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
October 15, 2013 Destiny Center Church Auditorium 4401 Northern Blvd., NE Rio Rancho, NM 87124 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
October 16 & 25, 2013 Santa FE CC Jemez Room 6401 Richards Ave. Santa Fe, NM 87508 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
October 17, 2013
Red Rock State Park Dining & Conference Room Gallup, NM 87311 10:30 a.m. – 11:30 a.m. Medicare Medical/RX 11:45 a.m. – 12:45 a.m. Voluntary Coverage 1:00 p.m. – 2:00 p.m. Non-Medicare Medical/RX
October 18, 2013
Northern NM College Nick L. Salazar Center for Performing Arts 921 Paseo de Onate Espanola, NM 87532 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
October 21, 2013 Farmington Civic Center Miriam Taylor Theatre 200 West Arrington Farmington, NM 87401 10:30 a.m. – 11:30 a.m. Medicare Medical/RX 11:45 a.m. – 12:45 a.m. Voluntary Coverage 1:00 p.m. – 2:00 p.m. Non-Medicare Medical/RX
October 22, 2013 WNMU – Silver City Besse-Forward Global Resource Center Corner of 12th and Kentucky Silver City, NM 1:30 p.m. – 2:30 p.m. Medicare Medical/RX 2:45 p.m. – 3:45 p.m. Voluntary Coverage 4:00 p.m. – 5:00 p.m. Non-Medicare Medical/RX
October 23 & 24, 2013 NM Farm & Ranch Heritage Museum 4100 Dripping Springs Rd. Las Cruces, NM 88005 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
October 28, 2013 NMHU Ballroom 800 National Avenue (Corner of 8th and National) Las Vegas, NM 87701 10:30 a.m. – 11:30 a.m. Medicare Medical/RX 11:45 a.m. – 12:45 a.m. Voluntary Coverage 1:00 p.m. – 2:00 p.m. Non-Medicare Medical/RX
October 29, 2013 NM Military Institute Pearson Auditorium 101 West College Blvd Roswell, NM 88201 1:30 p.m. – 2:30 p.m. Medicare Medical/RX 2:45 p.m. – 3:45 p.m. Voluntary Coverage 4:00 p.m. – 5:00 p.m. Non-Medicare Medical/RX
October 30, 2013 NM Junior College Training and Outreach Facility 5317 North Lovington Hwy Hobbs, NM 88240 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
October 31, 2013 Clovis Civic Center 801 Schepps Blvd Clovis, NM 88101 9:30 a.m. – 10:30 a.m. Medicare Medical/RX 10:45 a.m. – 11:45 a.m. Voluntary Coverage 12:00 p.m. – 1:00 p.m. Non-Medicare Medical/RX
Wellness Screenings Now Featured At All Switch Enrollment Meetings
In an effort to help all of us stay healthier, the following may be offered to all attendees at no cost at all meeting locations: Flu shots and other age‐appropriate immunizations (subject to serum availability) Biometric screenings to make you aware of your health status may include the
following: Cholesterol level Blood sugar level Blood pressure Body mass index
Health‐related materials and information Please plan on arriving either a little early or staying a little later to take advantage of these cost‐free services
DEADLINE FOR CHANGES MUST BE POSTMARKED NO LATER THAN NOVEMBER 12, 2013
Board of Directors Regular Meeting September 3, 2013 93