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Interest rates fell significantly in the 2nd quarter. The 4M fund that paid 1.27% at the end of the 1st quarter, <br />paid .26% at the end of the 2nd quarter. The interest rate coupons as of March 31, 2020, and June 30, 2020, <br />were as follows: <br />As of March 31, 2020 As of June 30, 2020 <br />Coupon Amount Percentage Amount Percentage <br />To .99% $0 0% $2,938,912 20.14% <br />1.00% to 1.49% 1,850,009 12.83% 245,000 1.68% <br />1.50% to 1.99% 4,416,800 30.63% 3,678,800 25.21% <br />2.00% to 2.49% 4,538,588 31.47% 4,093,588 28.05% <br />2.50% to 2.99% 910,000 6.31% 910,000 6.24% <br />3.00% to 3.49% 2,705,250 18.76% 2,726,443 18.68% <br />$14,420,647 100.00% $14,592,743 100.00% <br />The coupons over 1.50% are primarily for non-callable investments so the coupons will not change until <br />the investment matures. As these investments mature and new investments are purchased, the interest rates <br />will be at lower rates due to the target Fed Funds Rate that is currently at 0% to .25%. <br />A listing of the investments by type and maturity is attached to this report. <br />5