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 54-27-32) 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
- Visit Publications - SIB Investment Reports for recent reports
Legacy Fund Asset Allocation Study
Categories: SIB News
The North Dakota State Investment Board has accepted the findings of an independent Governance Model Review conducted by Funston Advisory Services LLC and directed the Retirement and Investment Office to begin working with Funston on a comprehensive update of its Governance Manual.
Categories: SIB News, TFFR Member News, TFFR Employer News
The Retirement and Investment Office welcomed Adam Otteson as its new Chief Financial and Operating Officer (CFOO), effective Sept. 22, 2025. As CFOO, Otteson oversees RIO’s middle- and back-office operations, leads financial, accounting, and investment operations functions, and guides budgeting, audits, payroll, and strategic fiscal planning.
Categories: SIB News, TFFR Member News, TFFR Employer News
The Retirement and Investment Office has earned the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for its Annual Comprehensive Financial Report for the fiscal year ending June 30, 2024. This marks the 27th consecutive year the agency has received the award.
Categories: SIB News, Legacy Fund, In-state Investment Program
The Retirement and Investment Office 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 the agency, under the oversight of the State Investment Board, manages investments to meet client expectations.
Categories: SIB News
The 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 to ensure accountability and resilience.