The Legacy Fund was created as a constitutional trust fund by a vote of the people of North Dakota in November 2010. The fund receives 30% of all revenue collected by the state from oil and gas production and extraction taxes. All interest and investment earnings were retained in the fund until June 30, 2017. The first transfer of realized earnings was made to the General Fund at the end of the 2017-19 biennium in the amount of $455.3 million. The fund has continued to grow over the years, but is subject to equity market volatility, as has occurred during the COVID-19 pandemic. The following charts reflect the market value decline and recovery of the fund since January 2020.
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