The Treasurer 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.

State funds are invested 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.