Lone Star Investment Pool May 2026 Performance Update
Comments by Mellon Investments Corp (Dreyfus), Investment Manager
May 31, 2026 — The conflict in Iran continued to be the focus of financial markets in May, as shifting ceasefire expectations and renewed military activity drove significant volatility in global oil prices. After rising sharply earlier in the month, US Treasury yields nudged higher in May with the two- to five-year area of the curve leading the way increasing by 13 to 16 basis points (bps) higher. US equity markets posted strong gains in May, as the Dow Jones Industrial Average®, S&P 500® and Nasdaq-100® indexes gained 2.8%, 5.2% and 8.4%, respectively. The April payroll data, released in early May, showed +115,000 job adds, while the unemployment rate held steady at 4.3%. The Federal Open Market Committee (FOMC) did not meet in May, and the federal funds target range remained at 3.5% to 3.75% following the April 29 meeting. By the end of May, market pricing reflected little expectation of a rate cut by the end of 2026.
Lone Star Investment Pool Fund Performance
The following fund performance data is as of May 31, 2026.
Government Overnight Fund
Return Information
- Average Monthly Return (a) 3.61%
- SEC 7-day Fund Yield (b) 3.62%
- Weighted Average Maturity One (c) 42 days
- Weighted Average Maturity Two (c) 110 days
- Portfolio Maturing beyond One Year 5%
- Net Asset Value (NAV) $1.00
- Annualized Expense Ratio 0.06%
- Standard & Poor’s Rating AAAm
Investment Distribution
- Agencies 49%
- Cash/Rep 35%
- Treasuries 15%
- Money Market 1%
Corporate Overnight Fund
Return Information
- Average Monthly Return (a) 3.76%
- SEC 7-day Fund Yield (b) 3.77%
- Weighted Average Maturity One (c) 51 days
- Weighted Average Maturity Two (c) 79 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 92%
- Cash/Repo 7%
- Money Market 1%
Corporate Overnight Plus Fund
Return Information
- Average Monthly Return (a) 3.81%
- SEC 7-day Fund Yield (b) 3.82%
- Weighted Average Maturity One (c) 68 days
- Weighted Average Maturity Two (c) 103 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 96%
- Cash/Repo 3%
- Money Market 1%
(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.