Known as the "people's fund," North Dakota's Legacy Fund was created by a constitutional amendment that was initiated by the state legislature and approved by voters. The State Investment Board (SIB) is responsible for administration of the fund. The Legacy and Budget Stabilization Fund Advisory Board serves as the client board and determines the asset allocation.
Thirty percent of the taxes on petroleum produced and extracted in North Dakota are transferred to the Legacy Fund monthly. At the end of each biennium, the fund earnings (as defined by NDCC 21-10-12) are transferred to the state's general fund where they are used to finance a portion of state projects and provide tax relief.
**PLEASE NOTE: Monthly numbers are preliminary and subject to change.
Financial Statements
Performance Reports
Investment Performance Quarterly Review
Investment Performance Quarterly Review
- Visit Publications - SIB Investment Reports for recent reports
- June 2024
Asset Allocation Study
Legacy Fund Asset Allocation Study
NDRIO’s investment strategies take center stage at 2025 seminar
Wednesday, September 3, 2025 at 01:00 am
Categories: SIB News, Legacy Fund, In-state Investment ProgramNDRIO announced today that its 2025 Investment Seminar will be held Oct. 23 in Bismarck. The event offers policymakers, investment professionals, and the public with an inside view of how NDRIO, under the oversight of the SIB, manages investments to meet client expectations.
SIB selects Funston for first governance review
Wednesday, August 27, 2025 at 01:00 am
Categories: SIB NewsThe State Investment Board has selected Funston Advisory Services LLC to conduct the first-ever comprehensive assessment of its governance model, the framework that defines how the board operates, makes decisions, and oversees the Retirement and Investment Office (RIO) to ensure accountability and resilience.
Northern Trust to Provide Integrated Trading Solutions for RIO
Tuesday, August 12, 2025 at 01:00 am
Categories: SIB NewsNorthern Trust today announced an expansion of its long-standing relationship with the Retirement and Investment Office to include outsourced trading services, supporting the agency’s strategy to bring more of its State Investment Board's asset management in-house.
Legacy Fund’s in-state investment program expanded
Friday, June 13, 2025 at 01:00 am
Categories: SIB News, Legacy Fund, In-state Investment ProgramThe State Investment Board has expanded the Legacy Fund’s in-state investment program by adding GCM Grosvenor, a global alternative asset management solutions provider, to manage real assets investments and increasing its commitment to 50 South Capital, the manager of the program’s private equity and venture capital investments.
SIB appoints Smith as permanent RIO executive director
Tuesday, June 3, 2025 at 10:00 am
Categories: TFFR Member News, TFFR Employer News, SIB NewsThe State Investment Board has appointed Jodi A. Smith as the permanent executive director of the North Dakota Retirement and Investment Office. The decision was made during a special SIB meeting on June 3, 2025.