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About The Program


The TexasTERM Local Government Investment Pool was created in 2000 to provide commingled investment services to Texas public funds investors.  In 2021 a new investment portfolio, TexasDAILY Select, was created to expand the investment options available to investors. Concurrent with the new portfolio, TexasTERM rebranded as the Texas Range Investment Program ("Texas Range" or the "Program") to better communicate the expansive range of investment options available to investors.

The Texas Range investment options are designed to help investors achieve: 

  • Safety - Texas Range invests only in those securities authorized by the statutes governing investment of funds by local governments in the state.
     
  • Liquidity - The Program offers TexasDAILY and TexasDAILY Select, fully liquid portfolios that are rated AAAmmf* by Fitch. 
     
  • Higher potential yield - By pooling the funds of investors, Texas Range can invest in money market instruments of larger denominations than possible for a single local government entity, which presents an opportunity for higher yields. 
     
  • Laddered maturities with a fixed rate - The TexasTERM Portfolio allows funds to be invested in a fixed rate to a specific maturity date to match expected cash flow needs.
     
  • Accounting and safekeeping - Texas Range provides access to a system which accounts for each investor’s investments in a manner compatible with municipal accounting and auditing requirements.
     
  • Convenience - Texas Range offers the advantages of investment by same-day wire or next-day transfer through automated clearing house (ACH) funds.

Texas Range investors elect an Advisory Board of experienced local government officials, finance directors and treasurers who are responsible for overall management of the Program, including the selection of service providers that are focused on providing professional investment services to investors.

Texas Range has been organized in conformity with the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code, and the Public Funds Investment Act, Chapter 2256 of the Texas Government Code (the "PFIA").

Arbitrage Rebate Compliance Services 

The Investment Adviser of the Program provides comprehensive arbitrage rebate compliance services to investors who invest their bond proceeds in TexasDAILY, TexasDAILY Select, or TexasTERM. Investors receive the following correspondence/reports/services from the Investment Adviser:

  • Spending exception compliance reports including notification of an upcoming benchmark;
  • Yield restriction compliance notification;
  • Annual estimates of accrued arbitrage rebate and yield restriction liabilities;
  • Notification of Installment Calculation Date sent 60 days in advance of the required calculation date; and
  • Retention of arbitrage related documents and investment records.

 

For More Information

To learn more about how Texas Range can meet your needs, please email or call 1-866-839-8376 to speak to a Texas Range Representative.


*AAAmmf Fitch Rating
The TexasDAILY and TexasDAILY Select portfolios have received a AAAmmf rating from Fitch Ratings ("Fitch"). The Fitch AAAmmf rating reflects Fitch's review of the portfolios' overall credit quality and diversification and low exposure to interest rate and spread risks as well as the capabilities and resources of PFM Asset Management LLC as investment adviser. According to Fitch's rating criteria, the AAAmmf rating signifies an extremely strong capacity to achieve the portfolios' investment objective of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk. However, it should be understood that this rating is not a "market" rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit Fitch Ratings.

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Account Access and Sign In Button – Domain Name Change

We are transitioning the Account Access (EON) page and this website’s Sign In button domain name from am-auth.pfm.com to am-auth.pfmam.com effective October 23, 2021.

Should you encounter any issues accessing this new site, please inform your IT professionals to allow access to the new domain name *.pfmam.com to ensure that you can continue to visit Account Access (EON) and Sign In to password-protected areas of this website.

If you have any questions, please reach out to our Texas Range team at CSGSouthRegion@pfmam.com or call 866.839.8376.


 


This information is for institutional investors, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the Texas Range Investment Program's (the "Program’s") investment objectives, risks, charges and expenses before investing. This and other information about the Program is available in the Program's Information Statement, which should be read carefully before investing. A copy of the Program's Information Statement may be obtained by calling 1-866-839-8376 or is available on the Program's website at www.texas-range.com.  While TexasDAILY and TexasDAILY Select seek to maintain a stable net asset value of $1.00 per share and TexasTERM seeks to achieve a net asset value of $1.00 per share at its stated maturity, it is possible to lose money investing in the Program. An investment in the Program is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Shares of the Program are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.




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