The state of New Mexico’s three investment agencies came out ahead and reached record highs during the fiscal year that ended June 30.

The New Mexico Educational Retirement Board reached a record high of $13.3 billion after posting an investment return of 7.29 percent. The fund surpassed its target goal of a 7.25 percent return and has achieved positive annual returns 10 years in a row, according to a news release.

“Investment earnings make up a substantial portion of benefit payments,” Educational Retirement Board Chairwoman Mary Lou Cameron said in a statement. “Without those gains, we would have to look elsewhere for benefit funding.”

The State Investment Council invests more conservatively than the Education Retirement Board. Its Land Grant Permanent Fund gained 5.72 percent to reach $18.6 billion and the Severance Tax Permanent Fund grew 5.37 percent to $5.2 billion, said Charles Wollman, the council’s communications director.

“Both were a little shy of target,” said Wollman, adding the land grant target is a 7 percent gain. The severance tax target growth is 6.75 percent. “There was a lot of volatility in December that impacted the funds negatively.”

The Dow Jones dropped 8.7 percent in December and the Standards & Poor 500 Index fell 9 percent. That was buoyed by the best June since 1938, with a 7.2 percent boost for the Dow. The S&P 500 gained 6.9 percent, its best June since 1955.

The Public Employees Retirement Association ended the fiscal year with $15.7 billion in assets. The fund posted an investment return of 6.38 percent. It fell short of the target 7.25 percent but remains above target for three, 10 and 30 years, said Dominic Garcia, the fund’s chief investment officer.