Incumbent Democrat Janet Cowell declared victory in the race for state Treasurer, with unofficial returns showing her defeating Republican Steve Royal by more than 7 percentage points.

The state Treasurer invests the state’s pension fund, and is a financial adviser to state and local governments.

Cowell, who won a second term, pointed to the state’s AAA bond rating and a study by the Pew Center on the States that ranked the state pension fund among the healthiest in the nation as evidence her agency is doing a good job.

Royal, a self-employed CPA from Elkin, tried to make political contributions from those who do business with the treasurer a campaign issue.

He massed about $13,000 for the race, more than half of which came from his own pocket.

Cowell raised nearly $1.2 million.