The Alaska Permanent Fund Corporation is a state-owned corporation, that manages the assets of the fund and other assets designated by law. Established in 1982, a six-member board of trustees and an executive director appointed by it, governs it. The board reviews, adopts and monitors an asset allocation that achieves a five percent rate of return from a statutory list of approved investments. Alaska s constitution divides the fund into two parts. The first part consisting of reserved assets, relates to the principal amount invested and cannot be spent by the legislature. The second part pertains to the realized earnings and can be spent and invested further. The Alaska Permanent Fund is headquartered in Juneau, Alaska.