Investment Options

Texas Range provides four (4) investment options that offer investors the flexibility to manage cash flow and optimize earnings.

Investment Options
	TexasDAILY	TexasDAILY Select	TexasTERM	TexasTERM CD Purchase Program
Investment Period	One day minimum	One day minimum	Minimum 60 days Maximum 1 year	Minimum 90 days Maximum 1 year
Rating	AAAmmf*	AAAmmf*	AAAf**	FDIC-Insured
Balance Requirements	No minimum balance	No minimum balance	$100,000 minimum	$97,000 minimum
Additional Deposits	No minimum Unlimited number Direct deposit available	No minimum Unlimited number Direct deposit available	$100,000 minimum	$97,000 minimum
Withdrawals	No minimum Unlimited	No minimum Unlimited	At maturity	At maturity
Transactional Charges/Fees	None	None	None	Up to 25 basis points deducted upfront or prorated monthly
Accounts	Unlimited	Unlimited	Unlimited	Unlimited
Interest Earnings	Calculated daily Paid monthly	Calculated daily Paid monthly	Fixed rate of interest Paid at redemption	Fixed rate of interest Paid at redemption
Statements	Each transaction Monthly Fiscal year-end upon request	Each transaction Monthly Fiscal year-end upon request	Each transaction Monthly	Each transaction Monthly

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.

**AAAf Fitch Rating
The TexasTERM portfolio has received a AAAf rating from Fitch. The rating reflects Fitch's review of the TexasTERM portfolio’s investment and credit guidelines, the portfolio's credit quality and diversification, as well as the capabilities of PFM Asset Management LLC as investment adviser. The Fitch AAAf rating indicates the highest underlying credit quality (or lowest vulnerability to default). 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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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 an affiliate of PFM Asset Management LLC.