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GERALD P. RICHARDSONTreasury Consultant711 Going LaneNovato, CA. 94947415-897-6821July 15, 2022Mr. Erick RoeserAuditor-Controller-Treasurer Tax Collector585 Fiscal Drive, Suite 10P.O. Box 3879Santa Rosa, CA. 95402-3879Dear Mr. Roeser:As per your request, I have done a Portfolio Appraisal for the quarter endingJune 30, 2022.The pricing for the Sonoma County Portfolio is now done by SymPro System.This system uses U.S. Bank to price the portfolio. This pricing has been moreaccurate than the previous SunGard System and will match the internal valuationswith the U.S. Bank statementsThe portfolio is in compliance with the County Investment Policy as well as the StateGovernment Code.Included in this report are the following items for your review:* Summary Page (page2)* Credit Risk Analysis (pages3-19)* Maturity Distribution (Page20)* Interest Rate Comparison Graph (page21)If you have any questions, please feel free to contact me. Thank you.Sincerely,Gerald P. RichardsonGerald P. Richardson

Summary of Portfolio AppraisalQuarterly Report ending June 30, 20221.Market activity for the quarter.The Federal Reserve Open Market Committee met On June 14‐15, 2022, and raised theFed Funds target range to 1‐1/2% to 1‐3/4%. The yield on the 2‐year treasury was 2.44% onApril 1, 2022, and was 2.92% on June 30, 2022. The range of the 2‐year treasury for this periodwas a high of 3.45% to a low of 2.37%.2.Credit Risk (Pages 3‐19)The portfolio has over 81% of its funds invested in AAA and AA rated securities byStandard and Poor’s and Moody’s. This includes U.S. Treasuries. The balance of the portfolio isinvested in A rated securities or better, with the exception of the SCEIP bonds which areunrated.3.Interest Rate RiskThe FOMC met on June 14‐15, 2022, and continued to raise rates. The committee voted toraise the target range for the federal funds rate to 1‐1/2% to 1‐3/4% and expect to raise therate to 2.25% by year end. Their median projections show the rate rising to around 2.75% bythe end of 2023, which would be the highest since 2008.This new rate projection shows a muchfaster pace than projected in the March meeting. Chair Powell stated that the committee isstrongly committed to returning inflation to its 2% objective. The Fed’s ideal scenario is thatinflation expectations stay anchored and price pressures diminish, allowing it to slow the paceof rate increases and thus avoid a recession; a so‐called soft landing.4. Maturity Distribution (Page 20)33% of the portfolio matures in less than one year. I want to note that the portfolio hasa weighted average maturity of 651 days; if you take out the SCEIP bonds the weighted averagematurity falls to 643 days. This is a shorter maturity then last quarter. Because of the recent Fedpolicy shift, the staff is purchasing more securities in the 2‐year or less range thus lowering theweighted average maturity. The purpose is to take advantage of rising interest rates. Theoverall portfolio is priced at 96.56% and the investments provide sufficient liquidity for the cashflow needs of the pool participants.Interest Rate Comparison (Page 21)Sonoma County portfolio has equaled or outperformed its benchmarks, with fewexceptions, for the past many years. The portfolio is well positioned to take advantage of anyfurther rate adjustments from the Federal reserve Board.2

DescriptionTOTALCASH IN BANKBANK ITEMS IN TRANSITCASH IN VAULTLocal Agency Investment FundSub Total LAIFCAMPCal Trust MMGCal Trust MMGSub Total Mutual FundsAUST & NZ BANK NYBANK OF MONTREALBANK OF MONTREALNATIXIS BANK NYNORDEA BANK NYNORDEA BANK NYRABOBANK NYRABOBANK NYRABOBANK NYRABOBANK NYSEB BANK NYSOCIETE GENERALESOCIETE GENERALESOCIETE GENERALETORONTO DOMINIONTORONTO DOMINIONTORONTO DOMINIONTORONTO DOMINIONUBS AG STAMFORDUBS AG STAMFORDSub Total Certificates of DepositFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 2022CouponRateMaturity Date Purchase Date(% Pool)0.73%0.34%0.00%Trading /29/20221.750%7/1/20221.400% 9/29/20220.200% 7/13/20220.690% 7/22/20250.260% 2/24/20230.520% 10/21/20250.470% 1/27/20250.530% 10/22/20250.600% 3.2243.2213.1533.1423Current Par 000,0004,000,00016,640,0009,745,000 Current Book 977,5133,996,93216,609,8209,736,359Market Value 3,214,443,702 24,344,973 11,343,209 106,506 58,089,629 1,008,232 54,015,422 113,113,283 24,404,500 24,993,250 17,994,060 9,964,000 9,781,100 19,533,600 19,984,400 24,967,250 19,702,200 14,938,050 24,969,250 24,970,000 14,982,000 24,709,250 14,956,650 14,871,300 11,904,120 9,919,600 9,977,000 19,936,340 357,457,920 15,000,000 998,880 27,987,960 18,577,200 17,699,040 13,738,050 3,730,400 15,279,181 aaAaaAAAAAAAAAAaaAaaAaaAAA A AAAAAA A A A A AAAAAAAAAAAA A Aa2Aa2AA AA AA AA AA AA AA AA AA AaaAaaAaaAaaAaaAaaAaaAaaAaa

DescriptionFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL FARM CREDIT BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 700%Maturity Date Purchase 5/21/20215/24/20215/26/20215/27/2021Trading 2.4584Current Par ,950,00011,225,00010,000,00010,000,000 Current Book ,23011,827,90410,000,00010,000,000Market Value 9,294,6009,349,100S&PRatingAA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AaaAaaAaaAaaAaaAaaAaaAaaAaaAaaAaa

DescriptionFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN BANKFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL HOME LOAN MTG CORPFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 625%Maturity Date Purchase 02011/18/202011/20/202011/24/202011/25/2020Trading 3.0835Current Par 00010,000,0006,000,00010,000,0002,000,000 Current Book 10,000,0005,992,9339,983,0452,000,000Market Value ,5009,196,8001,842,460S&PRatingAA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AaaAaaAaaAaaAaaAaaAaaAaaAaaAaaAaa

DescriptionFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNFEDERAL NATIONAL MTG ASSNSub Total Federal Agency SecuritiesU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasuryU.S. TreasurySub Total US TreasuryINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 1.625%0.500%1.625%0.250%Maturity Date Purchase 125% 7/15/20230.125% 7/15/20230.125% 7/31/20230.125% 1/15/20242.500% 1/31/20240.125% 2/15/20240.250% 3/15/20242.000% 5/31/20240.375% 7/15/20240.250% 5/15/20240.250% 6/15/20242.125% 7/31/20240.125% 7/31/20230.875% 1/31/20240.375% 7/15/20242.375% 8/15/20240.375% 9/15/20240.625% 10/15/20240.750% 11/15/20241.750% 7/31/20241.125% 1/15/20251.375% 1/31/20252.375%4/9/20241.750% 9/14/20221.750% 9/14/20221.750% 9/14/20220.250% 11/15/20230.340% /10/20209/2/202011/12/2020Trading ent Par 000,000 Current Book 53Market Value ody'sRatingAA AA AA AA AA AA AA AA AA AA AaaAaaAaaAaaAaaAaaAaaAaaAaaAaaAA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA AA aa

DescriptionINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTER AMERICAN DEV BANKINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL BANK RECON & DEVINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPINTL FINANCE CORPSub Total Supranational SecuritiesAPPLESONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, turity Date Purchase /2023 4/12/2019Trading 7Current Par 7,000,0008,000,000428,243,0007,435,000 Current Book 7,994,851427,885,0427,420,477Market Value aAaaAaaAaaAaaAaaAaaAA Aaa

EAMAZON.COMAMAZON.COMBANK OF NEW YORKBANK OF NEW YORKBANK OF NEW YORKBANK OF NEW YORKBANK OF NEW YORKBRISTOL MEYERS SQUIBBBERKSHIRE HATHAWAYBERKSHIRE HATHAWAYCATERPILLAR FINANCIALCISCO SYSTEMSCISCO SYSTEMSCOLGATE-PALMOLIVEALPHABET INCALPHABET INCIBM INCIBM INCJOHNSON & JOHNSONJ PAUL GETTY MUSEUMELI LILLY & COMERCK & COMICROSOFT CORPMICROSOFT CORPMICROSOFT CORPMICROSOFT CORPMICROSOFT CORPNATIONAL AUSTRALIA BANKNATIONAL AUSTRALIA BANKNATIONAL AUSTRALIA BANKNORDEA BANK NYNORDEA BANK NYSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 2022CouponRateMaturity Date Purchase DateTrading Yield3.000%2/9/2024 3/16/20202.400%5/3/2023 3/23/20202.850% 5/11/20244/3/20201.800% 9/11/20244/8/20202.850% 2/23/2023 11/5/20202.850% 2/23/20233/1/20212.850% 2/23/2023 5/19/20213.450%5/6/2024 5/19/20210.250% 5/12/2023 5/12/20210.450% 5/12/2024 5/12/20213.450% 8/11/2023 10/1/20202.200% 8/16/2023 11/23/20201.950% 8/23/2022 1/12/20213.450% 8/11/20237/6/20212.100% 10/24/2024 4/19/20223.550% 8/15/2022 6/24/20212.750% 3/15/2023 1/11/20197.350% 7/15/2023 9/10/20210.950% 1/10/2024 4/13/20223.500% 6/15/2025 12/15/20213.500% 6/15/20255/2/20222.100%5/1/20234/3/20203.375% 2/25/2024 1/31/20220.450% 8/15/2025 1/31/20223.000% 5/15/2024 4/13/20213.625% 2/12/2024 5/19/20212.625% 1/15/2025 3/30/20200.391%1/1/2024 1/28/20217.125%6/1/2025 3/10/20222.800% 5/18/2023 10/22/20202.000%8/8/2023 12/6/20182.650% 11/3/2022 11/12/20193.625% 12/15/2023 10/1/20202.875%2/6/2024 11/13/20203.125% 11/3/20254/9/20213.625% 6/20/2023 12/7/20203.625% 6/20/2023 2/17/20213.625% 6/20/20236/8/20210.280%7/5/2022 1/11/20210.250% 2/14/2023 .6972.3148Current Par 010,000,00025,000,00025,000,000 Current Book 10,324,54125,000,00025,000,000Market Value 024,994,25024,683,500S&PRatingAA AA AA AA AA AA AA AA AAAAAAAAAA AAAAAAAAAAAAA AA AAAAAAAAA A A3A3AaaAaaA2A1AaaAaaAaaAaaAaaAa3Aa3Aa3Aa3Aa3

DescriptionORACLE CORPPROCTOR AND GAMBLEPROCTOR AND GAMBLEPROCTOR AND GAMBLEPROCTOR AND GAMBLERABOBANK NYSTATE STREET CORPSTATE STREET CORPTARGET TATOYOTATOYOTAMUFG UNION BANKMUFG UNION BANKWAL-MART INCSub Total Corporate BondsKERN COUNTY CAMANHATTEN BEACH SCHOOLSNAPA VALLEY COMM COLL DISTOLD ADOBE UNIFIED SCHOOLSSub Total Municipal Zero Coupon Bonds--no holdings-Sub Total Municipal NotesANAHEIM CAANAHEIM CAANAHEIM CAANAHEIM CITY SCHOOLSATASCADERO UNIFIED SCHOOLSAUBURN CABEVERLY HILLS CABEVERLY HILLS CA WATERBEVERLY HILLS CA WATERSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 2022CouponRateMaturity Date Purchase DateTrading Yield2.500% 10/15/2022 8/29/20193.100% 8/15/2023 9/28/20202.700%2/2/20262/5/20210.550% 10/29/2025 12/15/20212.700%2/2/2026 12/16/20210.700% 7/10/2023 12/8/20213.700% 11/20/2023 10/1/20203.550% 8/18/20255/2/20223.500%7/1/2024 6/28/20222.625% 1/10/2023 12/12/20181.350% 8/25/2023 7/15/20200.450% 7/22/2022 7/27/20200.450% 7/22/2022 7/28/20200.450% 7/22/2022 11/24/20200.450% 7/22/2022 12/11/20200.500% 8/14/20234/8/20210.450% 7/22/2022 4/13/20210.500% 8/14/2023 4/16/20210.500% 8/14/2023 8/13/20212.100% 12/9/2022 9/11/20202.100% 12/9/2022 9/25/20202.850%7/8/2024 3/13/202016.67%1.478% 8/15/2025 20200.393%8/1/2023 00%7/1/2024 6/22/20217/1/2025 6/22/20217/1/2026 7/13/20218/1/2022 5/13/20218/1/2024 12/14/20206/1/2024 6/17/20216/1/2025 1/22/20216/1/2024 8/12/20206/1/2025 .1999Current Par 0,000 000395,000225,000205,000Current Book /SharesMarket 395 41,635,3852,063,169299,3402,458,451136,874 5,158,896 4,957,834 4225,294205,405 7214,337190,951S&PRatingMoody'sRatingAAAAAAAAAA AAAA A A A A A A A A A 2Aa2AAAAAAAANRAa1Aa3NRAAAAAAAANRAA AA AAAAAAA1A1A1Aa3Aa3NRNRNRNR

DescriptionBELLEVUE UNIFIED SCHOOLSCA STATE GOCA STATE GOCA STATE GOCA STATE GOCA STATE GOCA STATE GOCA STATE GOCA STATE GOCALIFORNIA INFRASTRUCTURE BKCALIFORNIA INFRASTRUCTURE BKCALIFORNIA FINANCE AUTHORITYCALIFORNIA FINANCE AUTHORITYCALIFORNIA FINANCE AUTHORITYCALIFORNIA FINANCE AUTHORITYCALIFORNIA FINANCE AUTHORITYCALIFORNIA FINANCE AUTHORITYCALIFORNIA FINANCE AUTHORITYCALIFORNIA DEVL AUTHORITYCALIFORNIA DEVL AUTHORITYCALIFORNIA DEVL AUTHORITYCALIFORNIA DEVL AUTHORITYCALIFORNIA DEVL AUTHORITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCAL STATE UNIVERSITYCALIFORNIA STATE HOUSINGCALIFORNIA STATE HOUSINGCALIFORNIA STATE HOUSINGCALIFORNIA STATE HOUSINGCALIFORNIA STATE HOUSINGSONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORYAS OF JUNE 30, 590%Maturity Date Purchase /24/2021Trading 3.49210Current Par 50,0006,000,

The portfolio has over 81% of its funds invested in AAA and AA rated securities by Standard and Poor's and Moody's. . SONOMA COUNTY TREASURY POOLED INVESTMENT INVENTORY AS OF JUNE 30, 2022. FEDERAL FARM CREDIT BANK 0.490%. 3/10/2025. 12/10/2020. FEDERAL FARM CREDIT BANK 0.440%. 12/9/2024 12/11/2020. Aaa