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The Alaska Constitution was written so as to discourage dedicating state funds for a particular purpose. The Permanent Fund has become the rare exception to this, mostly due to the political climate of distrust existing during the time of its creation. From its initial principal of $734,000, the fund has grown to $50 billion as a result of oil royalties and capital investment programs. Most if not all the principal is invested conservatively outside Alaska. This has led to frequent calls by Alaskan politicians for the Fund to make investments within Alaska, though such a stance has never gained momentum.

Where is the principal of the Permanent Fund invested?
outside Alaska