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
Legacy Fund’s in-state investment program expanded
Friday, June 13, 2025 at 01:00 am
Categories: SIB NewsThe 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.
SIB elects Armstrong as chair, approves interim director offer, and launches executive search
Friday, January 3, 2025
Categories: TFFR Member News, TFFR Employer News, SIB NewsAt a special meeting today, the State Investment Board elected Gov. Kelly Armstrong as its chair, reaffirming the Board’s commitment to strong leadership.
State Investment Board selects NEPC to enhance portfolio strategy
Tuesday, December 10, 2024
Categories: SIB NewsThe North Dakota State Investment Board is pleased to announce the selection of NEPC LLC as its asset allocation advisor.
State Investment Board will transition to new leadership for 2025
Friday, November 22, 2024
Categories: SIB NewsThe State Investment Board recognized outgoing leadership at its meeting today, extending its appreciation for two board members and the Retirement and Investment Office’s executive director for their impactful work on behalf of North Dakota citizens.