The Texas Range Investment Program (Texas Range) provides investment options tailored to Texas cities, counties, school districts and public investors. They are a Business Sponsor of TASBO.
Joint News Release from TASBO and Texas Range
- Texas Range has been a part of the TASBO community for years and is excited to partner together this year. With over $8.9 billion of public funds invested (as of February 29, 2024), we share a commitment to the success of independent school districts in Texas.
- Given the financial stress that school districts face, we believe it is important to consider how short-term cash balances can be managed efficiently. Texas Range offers four professionally managed investment options that can help investors make the most of their funds.
- TexasDAILY and TexasDAILY Select are both daily liquidity options. While TexasDAILY invests in government securities only, TexasDAILY Select invests in the full range of Public Funds Investment Act (PFIA) permitted investments. Both options are ideal for operating funds, bond proceeds and reserve funds.
- TexasTERM is a fixed-rate, fixed-maturity option ranging from 60 days to one year. Lastly, the certificate of deposit (CD) purchase program offers CDs insured by the Federal Deposit Insurance Corporation (FDIC). Maturities range from 90 days to five years. These options are ideal for funds with known cash flows, such as liability matched funds.
- Nathan Smith, Director and Relationship Manager with PFM Asset Management LLC (Investment Adviser to Texas Range), describes why he believes investors should have access to multiple options. “School districts need investment options that are convenient to use and flexible depending on when they need their funds,” Smith explains. “All of the Texas Range options are meant to work together to help ensure that funds are invested at all times. When a TexasTERM maturity occurs, for example, the principal and interest from that investment automatically flow into the investor’s liquidity account.”
- The safety of public funds is paramount for Texas Range, and its Advisory Board, made up of experienced local government officials, finance directors and treasurers, helps ensure this focus.. Smith affirms, “Our options are designed for safety, first and foremost, while also aiming to be competitive with our rates relative to the market environment. Our portfolio management team works diligently so that we can help investors seek greater earnings on their cash in a prudent manner.”
About Texas Range
The Texas Range Investment Program (Texas Range or the Program) was created by and for Texas local governments. The Program provides investment options tailored to the needs of Texas school districts, cities, counties, and other public investors. The Texas Range portfolios seek to provide these investors with safety, liquidity, flexibility and competitive yields. For more information and important disclosures, please visit texas-range.com.
About PFM Asset Management LLC
PFM Asset Management serves as investment advisor and/or administrator to numerous statewide Local Government Investment Pools throughout the country, including Texas Range. Our mission is to provide solutions that cater to the unique needs of public sector entities.
Contact Information:
Nathan Smith
Director
PFM Asset Management LLC
512.781.9887
smithn@pfmam.com
