According to the Associated Press New Mexico's Land Grant Permanent Fund and Severance Tax Permanent fund increased $708 million during the first quarter of 2011 thanks to investment gains. Both funds play a pivotal role in the financing of public education. The New Mexico State Investment Council reported the Land Grant Permanent Fund produced a 5% with the market value standing at more than $10.6 billion. The State Investment Council aslo said the Severance Tax Permanent Fund earned 5.5% and closed the quarter with a value of $3.9 billion.
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