Legacy Fund assets are being shifted to the stock marketNorth Dakota (WDAY TV) -- Assets in North Dakota's oil tax "Legacy Fund" are now being shifted to the stock market.
By: WDAY Staff Reports, WDAY
North Dakota (WDAY TV) -- Assets in North Dakota's oil tax "Legacy Fund" are now being shifted to the stock market.
On Friday, The state's Investment Board voted to go after more reward through investing. So far the fund has been invested mostly in short-term low-risk low return bonds. That earned 1-point-6 percent last year.
The new strategy is expected to bring an annual return of more than 6 percent. The "Legacy Fund" was approved by voters in 2010, the money in it can't be spent until 2017.
The fund currently has more than 1-billion dollars in it.