Commonwealth Investments

Treasury helps to invest and safeguard more than $93 billion in public funds. He is directly responsible for investing funds belonging to nearly all Pennsylvania state agencies, in accordance with state law and Treasury’s Investment Policy.

Treasury invests state funds in a wide range of financial instruments – such as cash equivalents, fixed income, equities, and alternative investments. The Treasurer’s investment authority is contained in Pennsylvania’s Fiscal Code, which requires him to exercise a degree of judgment and care that experienced investors would employ – known as the “Prudent Person” test.

Investments directly managed by Treasury are comprised of over 100 funds. The majority of that money – the Commonwealth’s operating funds – is invested in one of two large investment pools:

  • Pool 99 (Liquid Asset Pool) – A stable share price investment vehicle that invests exclusively in fixed income securities, primarily of short duration. This is in essence a money market fund.
  • Pool 198 (Common Investment Pool) – A variable share price investment vehicle that seeks to generate additional investment return over time by investing in a diversified portfolio of fixed income, equity, and alternative securities.


Treasury also keeps deposits in nearly 70 financial institutions throughout Pennsylvania, including about a dozen banks that function as “active depositories” where Treasury maintains accounts from which payments are issued to pay the Commonwealth’s bills.

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Additionally, Treasury leverages the professional expertise of its investment staff to manage INVEST – a cash management tool for local governments and nonprofits. Similar in concept to money market funds, INVEST helps organizations invest their funds with flexibility, security and confidence. By using Treasury’s in-house investment expertise, less money is spent on management fees and more money goes back to communities.

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Fiscal Code

2008 amendments to the state’s Fiscal Code requires the Pennsylvania Treasury to submit to the Governor and legislative leaders by November 30 each year an Annual Investment Report for the most recently-ended fiscal year. As outlined in the law, these annual reports contain the status and performance of investments and transactions over the last fiscal year, information on targeted and actual asset allocations, standards and benchmarks of investment performance, investment return for each asset class, securities lending and litigation information, proxy voting information, and a list of external investment managers and brokerage fees.