The Alaska Permanent Fund sets aside a portion of oil revenue and gives some of that money back to Alaska citizens each year. This pool of money is also used to invest in the stock market, a practice that has proved to be quite lucrative.
A recent quarterly report from the company that manages the Fund reveals Apple and not oil revenue is the reason the Fund is growing. The Fund holds over 617,000 shares in Apple which were bought when Apple's stock was much lower than its current US$391 per share. It's initial $73 million investment is now worth $207 million. This jump has helped propel the Fund to a healthy $40.1 billion, its highest level ever. The Fund also owns stock in IBM, EMC, Cisco, GE and others, but Apple is its largest single holding and its best performer.
[Via Fortune Apple 2.0]