Lone Star Investment Pool July 2026 Performance Update

Comments by Mellon Investments Corp (Dreyfus), Investment Manager

July 31, 2026 — The markets continued to watch the conflict in the Middle East and its impact on global energy prices. The Dow Jones Industrial Average® and S&P 500® indexes were changed little in July, while the Nasdaq-100® fell by 3.2%, largely due to declines in artificial intelligence (AI) stocks. Longer term US Treasury yields rose as much as 30 basis points (bps) on the month as the curve steepened. At the meeting on July 29, the Federal Reserve (Fed) left rates unchanged, as expected, but Fed Chair Warsh struck a hawkish tone and three officials dissented in favor of a hike. Markets viewed the Fed’s evolving policy stance as inconsistent with earlier rhetoric. Market expectations of aggressive tightening by the end of the year declined following the meeting. At the end of July, pricing in the fed funds futures market was fully reflecting a rate hike at the October 28 meeting and a 50% probability of an additional hike of 25 bps at the December 9 meeting.

Lone Star Investment Pool Fund Performance

The following fund performance data is as of July 31, 2026.

Government Overnight Fund

Return Information

• Average Monthly Return (a) 3.64%
• SEC 7-day Fund Yield (b) 3.67%
• Weighted Average Maturity One (c) 42 days
• Weighted Average Maturity Two (c) 105 days
• Portfolio Maturing beyond One Year 4%
• Net Asset Value (NAV) $1.00
• Annualized Expense Ratio 0.06%
• Standard & Poor’s Rating AAAm

Investment Distribution

• Agencies 54%
• Cash/Rep 22%
• Treasuries 23%
• Money Market 1%

Corporate Overnight Fund

Return Information

• Average Monthly Return (a) 3.79%
• SEC 7-day Fund Yield (b) 3.82%
• Weighted Average Maturity One (c) 45 days
• Weighted Average Maturity Two (c) 70 days
• Portfolio Maturing beyond One Year 0%
• Net Asset Value (NAV) $1.00
• Annualized Expense Ratio 0.06%
• Standard & Poor’s Rating AAAm

Investment Distribution

• Commercial Paper 81%
• Cash/Repo 14%
• Money Market 2%
• Agencies 2%
• Treasuries 1%

Corporate Overnight Plus Fund

Return Information

• Average Monthly Return (a) 3.84%
• SEC 7-day Fund Yield (b) 3.86%
• Weighted Average Maturity One (c) 57 days
• Weighted Average Maturity Two (c) 86 days
• Portfolio Maturing beyond One Year 0%
• Net Asset Value (NAV) $1.00
• Annualized Expense Ratio 0.06%
• Standard & Poor’s Rating AAAf/S1+

Investment Distribution

• Commercial Paper 93%
• Cash/Repo 5%
• Money Market 2%

(a) The return information represents the average annualized rate of return on investments for the time period referenced. Return rates reflect a partial waiver of the Lone Star Investment Pool operating expense. Past performance is no guarantee of future results.

(b) SEC 7-Day Yield Calculation: Yield=2 [[a-b/cd +1]⁶ -1]

a - Dividend and interest income
b - Expenses accrued for the period
c - Average daily number of shares outstanding during the period that was entitled to dividends
d - Maximum offering price per share on the last day of the period

(c) The Weighted Average Maturity One calculation uses the industry standard definition of state maturity for floating rate instruments, the number of days until the next reset date. The Weighted Average Maturity Two calculation uses the final maturity of any floating rate instruments, as opined in Texas Attorney General Opinion No. JC0359.

The Lone Star Information Statement should be read carefully before investing. Investors should consider the investment objectives, risks, charges, and expenses associated with this or any security prior to investing. Investment in Lone Star Investment Pool is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency, and although Lone Star seeks to preserve the value of the investment at a fixed share price, it is possible to lose money by investing in Lone Star. For further information or for an Information Statement, contact First Public at 800-558-8875. The return information is net of all current operating expenses. The return represents past performance and is no indication of future results.

First Public is a registered broker dealer with the Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Municipal Securities Rulemaking Board. First Public is not acting as a municipal advisor and is not providing advice or recommending any action to any municipal entity (including governmental entities under Section 15B of the U.S. Securities Exchange Act) or any of such entity’s obligated persons. First Public does not assume or owe any fiduciary duty under Section 15B of the U.S. Securities Exchange Act with respect to the information contained herein. Please consult your professional and legal advisors and fiduciaries before acting on any of this information.