(RALEIGH) -- The pension fund for North Carolina state employees produced a returned of 2.21 percent for the fiscal year ending June 30, 2012. The word came from State Treasurer Janet Cowell.

Cowell's reports also showed that the fund declined 1.23 percent during the second quarter. Pension fund assets were valued at $74.5 billion as of June 30, 2012.

“Equity markets across the globe have suffered this quarter from the continuing instability in the Eurozone and a slowdown in China,” said Cowell. “At the same time, movement to lower risk investments such as fixed income and real estate helped buffer those losses.”

The North Carolina Retirement Systems is now the eleventh largest public pension fund in the country. It provides retirement benefits and savings for more than 850,000 North Carolinians, including teachers, state employees, firefighters, police officers and other public workers.