Lone Star Investment Pool November 2025 Performance Update
Comments by Mellon Investments Corp (Dreyfus), Investment Manager
November 30, 2025—US Treasury bond yields were slightly higher in November, with the largest increases coming in the long end of the curve. Equity markets, which were lower by as much a 7% during the month, rebounded in the last week of November to close the month mixed as the Dow Jones Industrial Average, S&P 500, and Nasdaq-100 indexes returned +0.5%, +0.2%, and -1.4%, respectively. The US government shutdown ended on November 12 as both political parties agreed to a temporary spending bill. The 43-day shutdown was the longest in history for the US. Due to the shutdown, much of the major economic data was not released until the government reopened. The September jobs report showed an increase of 119,000, exceeding expectations despite downward revisions to August and July. The unemployment rate rose slightly to 4.4%, reflecting labor force growth and steady prime-age participation and employment-to-population ratios; however, the number of permanent job losers increased to above two million. There was no Federal Open Market Committee (FOMC) in November. Expectations of a rate cut at the December 10 FOMC meeting were volatile during the month. In the weeks following the FOMC press conference at the end of October, the probability of a rate cut in December, according to the Fed funds futures market, fell as low as 25%. Comments by some Federal Reserve (Fed) officials, particularly NY Fed president John Williams, moved that probability up to 83% by the end of November.
Lone Star Investment Pool Fund Performance
The following fund performance data is as of November 30, 2025.
Government Overnight Fund
Return Information
- Average Monthly Return (a) 3.97%
- SEC 7-day Fund Yield (b) 3.98%
- Weighted Average Maturity One (c) 31 days
- Weighted Average Maturity Two (c) 102 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 46%
- Cash/Rep 33%
- Treasuries 20%
- Money Market 1%
Corporate Overnight Fund
Return Information
- Average Monthly Return (a) 4.09%
- SEC 7-day Fund Yield (b) 4.10%
- Weighted Average Maturity One (c) 45 days
- Weighted Average Maturity Two (c) 75 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 75%
- Cash/Repo 23%
- Money Market 2%
Corporate Overnight Plus Fund
Return Information
- Average Monthly Return (a) 4.14%
- SEC 7-day Fund Yield (b) 4.13%
- Weighted Average Maturity One (c) 53 days
- Weighted Average Maturity Two (c) 91 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 94%
- Cash/Repo 5%
- 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.