Last year's market volatility made for a small return for the state pension fund, which gained just over 2 percent in 2011.
The fund clocked in at $71.8 billion at the end of December, State Treasurer Janet Cowell said in a statement.
"The fund was not able to overcome rough stock market performance brought on by conflicts in the Middle East, the debt crisis in Europe, and the first ever downgrade of sovereign debt in United States history," Cowell said in a release.
The state's stock portfolio decreased in 2011, falling 7 percent due to "economic weakness worldwide."
The credit and inflation portfolios also fell, though the two combined represent about 7 percent of the portfolio.
The state's real estate portfolio saw the biggest returns of the asset classes, gaining about 12.3 percent for the year. Bonds gained 10.8 percent in 201, and the state's alternative portfolio, which is mostly made up of private equity, returned about 11.9 percent.
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U.S. stocks are opening mixed as traders worry that European leaders don't have a concrete plan for dealing with Greece's financial troubles. Keep up with the latest business stories with our free e-mail newsletter, delivered straight to your inbox!
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