The Wyoming State Treasurer’s Office manages USD 21.4 billion in non-pension investable funds across seven different funds, including the Permanent Wyoming Mineral Trust Fund (PWMTF), which is Wyoming’s oldest and largest permanent fund. Every year, a 1.5%-2.5% severance tax is deposited into the PWMTF, mainly from oil, gas and coal. The Fund separates certain Reserve Account that can be used for the excess of what Wyoming’s fiscal rule allows the state to spend (known as the Spending Policy Amount, or SPA).