BISMARCK, N.D. (AP) — North Dakota's newly created trust fund for oil taxes has had thin earnings, but the results are in line with a conservative investment philosophy that excludes stocks, money managers said Thursday.
The chairman of an advisory board that drafted the Legacy Fund's investment plan said its details could be revisited after North Dakotans decide the fate of a proposed constitutional amendment to abolish property taxes. The amendment, called Measure 2, is on the June 12 primary election ballot.
The fund had almost $352 million in oil taxes on Wednesday, state Treasurer Kelly Schmidt said. When investment earnings were included, its balance was $353.1 million, said Darren Schulz, deputy chief investment officer for North Dakota's Retirement and Investment Office.
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