Landmarks in Permanent Fund history: 1991 - 2001 period

1968 - 1977/ 1980 - 1990 / 1991 - 2001 / 2002 - present

1991

January 1: 8 billionth barrel of oil arrives in Valdez.

From 1991 through 2000, the Permanent Fund earned at least $1 billion in net income each year.

$435 million of dedicated oil revenues are deposited in the Permanent Fund - the largest amount ever.

1993

The market value of Fund assets reach $15 billion.

1994

Fund total return is 1.5 percent this year.

1995

The Permanent Fund dividend of $990.30 is distributed to 542,000 eligible Alaska residents.

The Permanent Fund's investments in stocks reach $7 billion. At June 30, the Fund owned

shares of stock in 1,419 companies in 33 countries located around the world.

1997

Surging stock markets drive Fund performance to all-time levels as the Fund grows to more

than $22 billion. In a special forum, Alaskans around the state begin discussing the Fund's future.

The Legislature appropriates another $803 million to the Fund's principal. Oil Chart

1998

For the first time ever, Fund earnings exceed state oil revenues as the Fund reaches the $25 billion mark.

The S&P 500 ended the year at 1133.84, while the 12 billionth barrel of North Slope Oil reached the terminal at Valdez.

1999

Fund exceeds $26 billion and makes its first investment in emerging markets. The Legislature increases Fund's investment flexibility to allow up to 5% of the Fund's value to be invested in alternative investments.

2000

Fund's equity allocation increases from 48% to 53%. Fund reaches a high to date of $28.4 billion. Equity markets peak. In March,the bear market begins. Permanent Fund dividend reaches all time high (and the high for years to come): $1963.86.

2001

Fund celebrates its 25th anniversary and has its first-ever negative total return,

-3.3%, for a fiscal year.

At the request of the Board of Trustees, legislation is proposed which would place before Alaska voters a constitutional amendment to limit spending from the Fund to 5% of its total market value. Called POMV for short, this concept would inherently

inflation-proof the total Fund and make payouts more stable.