apfc org alaska permanent fund corporation fy 05 letter from the chair pg 2 executive director 4 investing for long run 6 fiscal 2005 performance 7 diversi cation stocks 9 bonds 12 real estate 14 alternative investments 16 legislation 17 commitment to alaskans 18 management s discussion and analysis 20 auditors report 25 table of contents th e is an investment savings account that belongs state it was created in 1976 by a voter approved amendment constitution bene ciaries are all present future generations made up two parts reserved principal unreserved realized income portion invested permanently cannot be spent without amending through majority vote people decisions about uses each year elected representatives legislature governor afpc manages
