The North Carolina pension fund reported a 2.3 percent gain on investments for the fiscal year that ended June 30 despite posting minimal gains in the latest quarter.
Investments in the second quarter rose a scant three-tenths of a percent.
The state pension fund provides retirement benefits for more than 900,000 state employees and teachers.
Investments in stock, which account for 44 percent of the fund, rose 2.9 percent for the year. Bond investments, which comprise 28 percent of total investments, rose 2.1 percent.
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Non-core real estate investments rose 19.6 percent for the year, while core real estate investments rose 7 percent. Private equity investments rose 9.6 percent for the year.
Inflation-sensitive investments fell 8 percent.
Returns on investments are calculated after deducting fees.
State Treasurer Janet Cowell oversees the pension fund.