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
Investment Performance Quarterly Review
- Visit Publications - SIB Investment Reports for recent reports
Asset Allocation Study
Legacy Fund Asset Allocation Study
RIO welcomes Otteson as CFOO
Wednesday, September 24, 2025 at 01:00 am
Categories: SIB News, TFFR Member News, TFFR Employer NewsThe 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.
RIO earns financial reporting recognition
Tuesday, September 9, 2025 at 01:00 am
Categories: SIB News, TFFR Member News, TFFR Employer NewsThe 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.
RIO’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 ProgramThe 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.
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 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.