City of St. Louis. Review of Investment Portfolios First Quarter 2016

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1 City of St. Louis Review of Investment Portfolios First Quarter West Port Plaza, Suite 220 St. Louis, MO (314)

2 First Quarter 2016 Summary Volatility ushered in the New Year, as slowing global growth drove investors out of riskier assets, such as equities and high-yield bonds, and into safehaven securities such as U.S. government debt. Stocks posted one of their worst-ever starts to a year, with the S&P 500 falling more than 10% while commodity prices plunged. As a result, U.S. Treasury yields retraced nearly all of their fourth-quarter increases. Fear began to abate in February, spurring a rebound in stocks and commodities, which finished the quarter at or near 2016 highs. Interest rates rose off their February lows before giving back gains after the Federal Open Market Committee s (FOMC s) dovish March statement. The Federal Reserve (Fed) left policy rates unchanged in the 1st quarter. The FOMC lowered expectations for only two rate hikes in 2016, and acknowledged that global economic and financial market conditions posed a risk to its outlook. While the Fed embarks on a tightening path, other global central banks are still easing monetary policy. The European Central Bank expanded its bond purchase program to 80 billion euros per month, including the purchase of corporate bonds, while the Bank of Japan cut rates to -0.10%. Economic Snapshot U.S. gross domestic product (GDP) grew at a 1.4% rate in the fourth quarter of 2015 and 2.4% for all of 2015 as consumer spending continued to drive growth, while business investment and net exports were a drag. Preliminary estimates of growth in the first quarter are approximately 1%. The labor market remained strong, as employers added 628,000 net new jobs in the first three months of the year. The unemployment rate held around 5%, while the labor participation rate rose four months in a row. Inflationary pressures picked up in the first quarter as energy prices stabilized, home prices rose, and wages showed modest improvements. The personal consumption expenditure (PCE) price index, the Fed s most favored metric of inflation, rose 1.7% year-over-year ended February 29, Global commodity price declines deepened early in the year, as the supplydemand imbalance remained in focus. Domestic crude oil fell to less than $30 a barrel in February, before staging a comeback and rebounding above $40 a barrel on the possibility of an output freeze by the Organization of the Petroleum Exporting Countries (OPEC). The Chinese economy continued to slow, stoking concern that weakness in the world s second-largest economy may negatively impact global growth, but especially emerging market countries those dependent on commodity exports. Interest Rates Interest rates declined in the first quarter, first due to widespread concern about the global economy and then later in the quarter after the Fed signaled a slower pace of rate increases. The two-year Treasury yield fell 33 basis points (0.33%) during the quarter, while the 10-year Treasury yield fell 50 basis points (0.50%). In the money market space, shorter Treasuries posted small declines, but short-term credit instruments, such as commercial paper and bank certificates of deposit (CDs) offered unusually wide yield spreads. Sector Performance U.S. Treasury indexes posted strong returns for the first quarter, as rate declines boosted market values. Longer maturity issues performed best. Non-callable federal agency securities performed generally in line with comparable-maturity Treasuries. Corporate yield spreads widened significantly through the middle of February amid energy-related weakness and declining corporate profits. Although corporates suffered sharp underperformance through January and much of February, spreads tightened dramatically in March, generating enough outperformance for the sector to surpass comparable-maturity Treasuries over the entire quarter. Mortgage-backed securities were the worst-performing sector in the quarter, underperforming Treasuries. They were hurt as declining interest rates increased anticipated pre-payments

3 Economic Snapshot Labor Market Latest Dec 2015 Mar 2015 Unemployment Rate Mar'16 5.0% 5.0% 5.5% Change In Non-Farm Payrolls Mar'16 215, ,000 84,000 Average Hourly Earnings (YoY) Mar'16 2.3% 2.6% 2.2% Personal Income (YoY) Feb'16 4.0% 3.9% 4.0% Initial Jobless Claims (week) 3/26/16 276, , ,000 8% 6% 4% Unemployment Rate (left) vs. Change in Nonfarm Payrolls (right) Change In Non-Farm Payrolls Unemployment Rate 2% 0 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 3/31/16 400K 300K 200K 100K Growth Real GDP (QoQ SAAR) 2015Q4 1.4% 2.0% 2.1% GDP Personal Consumption (QoQ SAAR) 2015Q4 2.4% 3.0% 4.3% Retail Sales (YoY) Feb'16 3.1% 2.6% 2.1% % 4% 2% Real GDP (QoQ) ISM Manufacturing Survey (month) Mar' Existing Home Sales SAAR (month) Feb' mil mil mil. 0% -2% 12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 6/30/15 12/31/15 Inflation / Prices Personal Consumption Expenditures (YoY) Feb'16 1.0% 0.7% 0.3% Consumer Price Index (YoY) Feb'16 1.0% 0.7% -0.1% Consumer Price Index Core (YoY) Feb'16 2.3% 2.1% 1.8% 3% 2% 1% Consumer Price Index CPI (YoY) Core CPI (YoY) Crude Oil Futures (WTI, per barrel) Mar 31 $38.34 $37.04 $47.60 Gold Futures (oz.) Mar 31 $1,234 $1,060 $1,183 0% -1% 3/31/13 9/30/13 3/31/14 9/30/14 3/31/15 9/30/15 1. Data as of Third Quarter Data as of Fourth Quarter 2014 Note: YoY = year over year, QoQ = quarter over quarter, SAAR = seasonally adjusted annual rate, WTI = West Texas Intermediate crude oil Source: Bloomberg

4 Interest Rate Overview U.S. Treasury Note Yields U.S. Treasury Yield Curve 3.0% 4% Yield 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 12/31/15 1/31/16 2/29/16 3/31/16 2-Year 5-Year 10-Year Yield 3% 2% 1% 0% 3-yr 2-yr 1-yr 3-mo 5-yr 7-yr 10-yr Maturity March 31, 2016 December 31, 2015 March 31, yr U.S. Treasury Yields Yield Curves as of 3/31/2016 Maturity 3/31/16 12/31/15 Change over Quarter 3/31/15 Change over Year 5% 3-month 0.20% 0.17% 0.03% 0.02% 0.18% 1-year 0.58% 0.60% (0.02%) 0.23% 0.35% 2-year 0.72% 1.05% (0.33%) 0.56% 0.16% 5-year 1.21% 1.76% (0.55%) 1.37% (0.16%) 10-year 1.77% 2.27% (0.50%) 1.92% (0.15%) 30-year 2.61% 3.02% (0.41%) 2.54% 0.07% Yield 4% 3% 2% 1% 0% 3-yr 2-yr 1-yr 5-yr 7-yr 10-yr Maturity U.S. Treasury Federal Agency Industrial Corporates, A Rated 25-yr 30-yr Source: Bloomberg

5 BofA Merrill Lynch Index Returns As of 3/31/2016 Returns for Periods ended 3/31/2016 Duration Yield 3 Month 1 Year 3 Years 1-3 Year Indices U.S. Treasury % 0.90% 0.92% 0.77% Federal Agency % 0.86% 1.02% 0.86% U.S. Corporates, A-AAA rated % 1.09% 1.48% 1.43% Agency MBS (0 to 3 years) % 0.50% 1.77% 1.37% Municipals % 0.51% 1.01% 0.87% 1-5 Year Indices U.S. Treasury % 1.57% 1.62% 1.14% Federal Agency % 1.26% 1.43% 1.14% U.S. Corporates, A-AAA rated % 1.70% 2.02% 1.97% Agency MBS (0 to 5 years) % 1.47% 1.86% 2.19% Municipals % 0.72% 1.58% 1.27% Master Indices (Maturities 1 Year or Greater) U.S. Treasury % 3.35% 2.42% 2.30% Federal Agency % 2.14% 1.86% 1.75% U.S. Corporates, A-AAA rated % 3.67% 2.13% 3.26% Agency MBS (0 to 30 years) % 1.95% 2.41% 2.68% Municipals % 1.64% 4.12% 3.73% Returns for periods greater than one year are annualized Source: BofA Merrill Lynch Indices

6 Disclosures The views expressed within this material constitute the perspective and judgment of (PFMAM) at the time of distribution and are subject to change. Information is obtained from sources generally believed to be reliable and available to the public; however, PFMAM cannot guarantee its accuracy, completeness, or suitability. This material is for general information purposes only and is not intended to provide specific advice or recommendation. The information contained in this report is not an offer to purchase or sell any securities. PFMAM is registered with the Securities and Exchange Commission under the Investment Advisers Act of PFMAM s clients are state and local governments, non-profit corporations, pension funds, and similar institutional investors Further distribution is not permitted without prior written consent

7 Account Summary Actively Managed Total Portfolio Value March 31, 2016 December 31, 2015 Market Value $183,373,987 $182,665,224 Amortized Cost $183,271,632 $182,987,797 PORTFOLIO RECAP Treasury yields ended the quarter significantly lower as fears of a global economic slowdown and plummeting oil prices pummeled equity and credit markets around the globe. As fears began to abate in mid February and volatility subsided, market sentiment for risk assets improved, sending asset prices higher through the end of the quarter. But, the FOMC s stated concern about how global financial conditions might affect future policy decisions, the Committee s dovish tone in the March meeting statement, and subsequent comments in speeches by Fed officials, all reduced expectations of future rate increases. That kept Treasury yields low even as equities rallied and corporate yield spreads recovered. We continued to maintain a slight underweight in our allocations to the 1 to 2.5 year portion of the yield curve, as we viewed this area of the curve to be most susceptible to rising rates. Instead, we utilized 6 12 month commercial paper to capitalize on high yields for those sectors in slightly shorter maturities. The potential impact of slower global economic growth on corporate profits caused yield spreads in the corporate sector to widen significantly in the first half of the quarter. Subsequently, yield spreads on high grade issues rebounded, ultimately driving the sector s outperformance over Treasuries for the quarter. We maintained an overweight to the corporate sector, but adjusted our allocations to: Reduce exposure to the energy sector, and Reflect a change in preference to financial issuers over industrials, which we felt offered a better balance of risk and reward. PORTFOLIO STRATEGY We expect the U.S. economy to expand at a moderate pace in 2016 as consumer spending continues to drive positive growth. Outside the U.S., economic prospects are more challenged due to weak commodity prices, slowing growth in China, and various geopolitical risks. The market's concerns about the strength of the global economy will likely keep interest rates lower than previously expected. Economic projections released following the FOMC s March meeting indicated that FOMC participants believe that appropriatemonetarypolicywarrantsonlytwofed funds hikes in 2016, down from four hikes projected in December. Given the likelihood that rates will not move significantly higher in the near term, we will position the maturity distribution of portfolios to generally match the distribution of their benchmarks, except where shifting to short term credit securities offers better value. Our strategy continues to favor credit sectors, including, commercial paper. We believe the best opportunities are currently with issuers in the financial industry, where capital is strong and spreads are wide. We are also watching the industrial sector, but are being more selective when making investments in industrial companies, especially those with exposure to energy or to slowing overseas economies. Yields on commercial paper adjusted to the new level of short term rates in December and have remained elevated. These short term credit sectors are attractive alternatives to short term government securities, especially in the 6 12 month maturity range. We will continue to utilize these sectors as part of our overall duration and yield curve strategy, although supply constraints may hinder availability. Section B-1

8 Portfolio Composition and Credit Quality Characteristics Airport Portfolio Security Type 1, 2 March 31, 2016 % of Portfolio December 31, 2015 % of Portfolio Permitted by Policy U.S. Treasuries $40,703, % $39,870, % 100% Federal Agencies $63,402, % $72,991, % 100% Commercial Paper $22,020, % $12,568, % 100% Certificates of Deposit $0 0.0% $0 0.0% 100% Mortgage Backed $0 0.0% $0 0.0% 100% Cash $47, % $203, % 100% Totals $126,173, % $125,634, % Portfolio Composition (as of 03/31/16) Airport Credit Quality Distribution² (as of 03/31/16) Federal Agency Obligations 50.3% AA+ 82.5% U.S. Treasuries 32.3% A-1+ (Shortterm) 2.5% Commercial Paper 17.5% Not Rated 0.0% A-1 (Short-term) 15.0% Notes: 1. End of quarter trade date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, including cash. Section C-1

9 Portfolio Maturity Distribution Airport Portfolio Maturity Distribution 1 March 31, 2016 December 31, 2015 Overnight $47,218 $203,689 Under 6 Months $22,020,034 $26,423, Months $57,782,691 $43,611, Years $46,323,256 $55,396,107 2 Years and Over $0 $0 Totals $126,173,199 $125,634, % Airport Portfolio Maturity Distribution¹ March 31, 2016 December 31, % Percentage of Total Portfolio 60% 40% 20% 0% 45.8% 44.1% 34.7% 36.7% 21.0% 17.5% 0.0% 0.2% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2 Years and Over Notes: 1. Callable securities and mortgage-back securities, if any, in portfolio are included in the maturity distribution analysis to their legally stated final maturity date. Section C-2

10 Portfolio Performance Airport Portfolio Quarter Ended Total Return 1,2,3,4,5 March 31, 2016 Last 12 Months Since Inception Airport 0.43% 0.55% 0.40% Merrill Lynch 1-Year U.S. T-Note Index 0.36% 0.40% 0.30% Effective Duration March 31, 2016 December 31, 2015 Yield 6 March 31, 2016 Airport Airport Yield at Market 0.64% Merrill Lynch 1-Year U.S. T-Note Index Merrill Lynch 1-Year U.S. T-Note Index 0.61% 0.50% Quarter Total Return Comparison (Quarter Ended 03/31/16) 0.50% Since InceptionTotal Return Comparison (Quarter Ended 03/31/16) 0.48% 0.47% 0.46% 0.44% 0.42% Airport Portfolio 0.43% 0.44% 0.41% 0.38% Airport Portfolio 0.40% Return 0.40% 0.38% 0.36% 0.34% Merrill Lynch 1-Year U.S. T-Note 0.36% Return 0.35% 0.32% 0.29% 0.26% Merrill Lynch 1-Year U.S. T-Note 0.30% 0.32% 0.23% 0.30% % Effective Duration (Years) Effective Duration (Years) Notes: 1. Performance on trade date basis, gross-of-fees in accordance with the CFA Institute's Global Investment Performance Standards. 2. Bank of America/Merrill Lynch Index data provided by Bloomberg Financial Markets. 3. Quarterly returns are presented on an unannualized basis. 4. Since inception returns represent annualized returns since 6/30/ Benchmark is the Bank of America/Merrill Lynch 1-Year Treasury Index. 6. Benchmark yield is the Bank of America/Merrill Lynch 1-Year U.S. T-Note Index effective yield. Section C-3

11 Portfolio Composition and Credit Quality Characteristics Airport PFC Portfolio Security Type 1, 2 March 31, 2016 % of Portfolio December 31, 2015 % of Portfolio Permitted by Policy U.S. Treasuries $5,393, % $5,313, % 100% Federal Agencies $9,063, % $10,385, % 100% Commercial Paper $3,145, % $1,795, % 100% Certificates of Deposit $0 0.0% $0 0.0% 100% Mortgage Backed $0 0.0% $0 0.0% 100% Cash $2, % $36, % 100% Totals $17,606, % $17,530, % Portfolio Composition (as of 03/31/16) Federal Agency Obligations 51.5% Airport PFC Credit Quality Distribution² (as of 03/31/16) AA+ 84.0% U.S. Treasuries 30.6% A-1+ (Shortterm) 2.5% Cash 0.0% Commercial Paper 17.9% Cash 0.0% Not Rated 0.0% A-1 (Short-term) 15.3% Notes: 1. End of quarter trade date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, including cash. Section C-4

12 Portfolio Maturity Distribution Airport PFC Portfolio Maturity Distribution 1 March 31, 2016 December 31, 2015 Overnight $2,868 $36,435 Under 6 Months $3,145,719 $3,121, Months $7,846,395 $7,062, Years $6,611,187 $7,311,182 2 Years and Over $0 $0 Totals $17,606,169 $17,530,965 Airport PFC Portfolio Maturity Distribution¹ 100% 80% March 31, 2016 December 31, 2015 Percentage of Total Portfolio 60% 40% 20% 17.9% 17.8% 44.6% 40.3% 41.7% 37.6% 0% 0.0% 0.2% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2 Years and Over Notes: 1. Callable securities and mortgage-back securities, if any, in portfolio are included in the maturity distribution analysis to their legally stated final maturity date. Section C-5

13 Portfolio Performance Airport PFC Portfolio Quarter Ended Total Return 1,2,3,4,5 March 31, 2016 Last 12 Months Since Inception Airport PFC 0.43% 0.56% 0.40% Merrill Lynch 1-Year U.S. T-Note Index 0.36% 0.40% 0.30% Effective Duration March 31, 2016 December 31, 2015 Yield 6 March 31, 2016 Airport PFC Airport PFC Yield at Market 0.64% Merrill Lynch 1-Year U.S. T-Note Index Merrill Lynch 1-Year U.S. T-Note Index 0.61% 0.50% Quarter Total Return Comparison (Quarter Ended 03/31/16) 0.50% Since InceptionTotal Return Comparison (Quarter Ended 03/31/16) 0.48% 0.47% 0.46% 0.44% 0.42% Airport PFC 0.43% 0.44% 0.41% 0.38% Airport PFC 0.40% Return 0.40% 0.38% 0.36% 0.34% Merrill Lynch 1-Year U.S. T-Note 0.36% Return 0.35% 0.32% 0.29% 0.26% Merrill Lynch 1-Year U.S. T-Note 0.30% 0.32% 0.23% 0.30% Effective Duration (Years) 0.20% Effective Duration (Years) Notes: 1. Performance on trade date basis, gross-of-fees in accordance with the CFA Institute's Global Investment Performance Standards. 2. Bank of America/Merrill Lynch Index data provided by Bloomberg Financial Markets. 3. Quarterly returns are presented on an unannualized basis. 4. Since inception returns represent annualized returns since June 30, Benchmark is the Bank of America/Merrill Lynch 1-Year Treasury Index. 6. Benchmark yield is the Bank of America/Merrill Lynch 1-Year U.S. T-Note Index effective yield. Section C-6

14 Portfolio Composition and Credit Quality Characteristics General Pool Security Type 1, 2 March 31, 2016 % of Portfolio December 31, 2015 % of Portfolio Permitted by Policy U.S. Treasuries $2,465, % $2,431, % 100% Federal Agencies $4,087, % $4,140, % 100% Commercial Paper $774, % $698, % 100% Certificates of Deposit $0 0.0% $0 0.0% 100% Mortgage Backed $0 0.0% $0 0.0% 100% Cash/Pool $7, % $30, % 100% Totals $7,335, % $7,300, % Portfolio Composition (as of 03/31/16) General Pool Portfolio Credit Quality Distribution² (as of 03/31/16) Federal Agency Obligations 55.7% AA+ 89.3% U.S. Treasuries 33.6% Cash 0.1% Commercial Paper 10.6% Cash 0.1% A-1+ (Shortterm) 2.4% A-1 (Short-term) 8.2% Notes: 1. End of quarter trade date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, including cash. Section C-7

15 Portfolio Maturity Distribution General Pool Maturity Distribution 1 March 31, 2016 December 31, 2015 Overnight $7,159 $30,403 Under 6 Months $774,387 $1,525, Months $4,150,974 $2,452, Years $2,402,688 $3,291,808 2 Years and Over $0 $0 Totals $7,335,208 $7,300,628 Notes: 1. Callable securities and mortgage-back securities, if any, in portfolio are included in the maturity distribution analysis to their legally stated final maturity date. Section C-8

16 Portfolio Performance General Pool Quarter Ended Total Return 1,2,3,4,5 March 31, 2016 Last 12 Months Since Inception General Pool Portfolio 0.42% 0.50% 0.37% Merrill Lynch 1-Year U.S. T-Note Index 0.36% 0.40% 0.30% Effective Duration March 31, 2016 December 31, 2015 Yield 6 March 31, 2016 General Pool Portfolio General Pool Portfolio Yield at Market 0.63% Merrill Lynch 1-Year U.S. T-Note Index Merrill Lynch 1-Year U.S. T-Note Index 0.61% 0.50% Quarter Total Return Comparison (Quarter Ended 03/31/16) 0.50% Since InceptionTotal Return Comparison (Quarter Ended 03/31/16) 0.48% 0.47% 0.46% 0.44% Return 0.44% 0.42% 0.40% 0.38% 0.36% 0.34% General Pool Portolio 0.42% Merrill Lynch 1-Year U.S. T-Note 0.36% Return 0.41% 0.38% 0.35% 0.32% 0.29% 0.26% General Pool Portolio 0.37% Merrill Lynch 1-Year U.S. T-Note 0.30% 0.32% 0.23% 0.30% % Effective Duration (Years) Effective Duration (Years) Notes: 1. Performance on trade date basis, gross-of-fees in accordance with the CFA Institute's Global Investment Performance Standards. 2. Bank of America/Merrill Lynch Index data provided by Bloomberg Financial Markets. 3. Quarterly returns are presented on an unannualized basis. 4. Since inception returns represent annualized returns since June 30, Benchmark is the Bank of America/Merrill Lynch 1-Year Treasury Index. 6. Benchmark yield is the Bank of America/Merrill Lynch 1-Year U.S. T-Note Index effective yield. Section C-9

17 Portfolio Composition and Credit Quality Characteristics Non-Discretionary General Fund Portfolio Security Type 1, 2 March 31, 2016 % of Portfolio December 31, 2015 % of Portfolio Permitted by Policy U.S. Treasuries $0 0.0% $0 0.0% 100% Federal Agencies $0 0.0% $0 0.0% 100% Commercial Paper $14,993, % $14,972, % 100% Certificates of Deposit $0 0.0% $0 0.0% 100% Mortgage Backed $0 0.0% $0 0.0% 100% Cash $0 0.0% $0 0.0% 100% Totals $14,993, % $14,972, % Portfolio Composition (as of 03/31/16) Non-Discretionary General Fund Portfolio Credit Quality Distribution² (as of 03/31/16) Commercial Paper 100.0% A-1 (Short-term) 90.0% A-1+ (Shortterm) 10.0% Notes: 1. End of quarter trade date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, including cash. Section C-10

18 Portfolio Maturity Distribution Non-Discretionary General Fund Portfolio Maturity Distribution 1 March 31, 2016 December 31, 2015 Overnight $0 $0 Under 6 Months $14,993,357 $14,972, Months $0 $0 1-2 Years $0 $0 2 Years and Over $0 $0 Totals $14,993,357 $14,972,135 Non-Discretionary General Fund Portfolio Portfolio Maturity Distribution¹ 100% 100.0% 100.0% March 31, 2016 Percentage of Total Portfolio 80% 60% 40% 20% December 31, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2 Years and Over Notes: 1. Callable securities and mortgage-back securities, if any, in portfolio are included in the maturity distribution analysis to their legally stated final maturity date. Section C-11

19 Portfolio Composition and Credit Quality Characteristics Water Revenue Portfolio Security Type 1, 2 March 31, 2016 % of Portfolio December 31, 2015 % of Portfolio Permitted by Policy U.S. Treasuries $6,062, % $5,966, % 100% Federal Agencies $1,202, % $1,198, % 100% Commercial Paper $9,989, % $9,990, % 100% Certificates of Deposit $0 0.0% $0 0.0% 100% Mortgage Backed $0 0.0% $0 0.0% 100% Cash $11, % $71, % 100% Totals $17,266, % $17,226, % Federal Agency Obligations 7.0% Portfolio Composition (as of 03/31/16) Water Revenue Portfolio Credit Quality Distribution² (as of 03/31/16) A-1+ (Shortterm) 11.6% A-1 (Short-term) 46.3% Commercial Paper 57.9% U.S. Treasuries 35.1% cash 0.1% AA+ 42.1% Cash 0.1% Notes: 1. End of quarter trade date market values of portfolio holdings, including accrued interest. 2. Credit rating of securities held in portfolio, including cash. Section C-12

20 Portfolio Maturity Distribution Water Revenue Portfolio Maturity Distribution 1 March 31, 2016 December 31, 2015 Overnight $11,143 $71,216 Under 6 Months $16,052,557 $9,990, Months $0 $5,966, Years $1,202,355 $1,198, Years $0 $0 3 Years and Over $0 $0 Totals $17,266,054 $17,226,837 Water Revenue Portfolio Portfolio Maturity Distribution¹ 100% 93.0% March 31, 2016 Percentage of Total Portfolio 80% 60% 40% 20% 0% December 31, % 34.6% 7.0% 7.0% 0.1% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% Overnight Under 6 Months 6-12 Months 1-2 Years 2-3 Years 3 Years and Over Notes: 1. Callable securities and mortgage-back securities, if any, in portfolio are included in the maturity distribution analysis to their legally stated final maturity date. Section C-13

21 Portfolio Summary and Statistics City of St. Louis PFMAM Managed Accounts

22 Account Summary Report for: CITY OF ST LOUIS As of 3/31/2016 Portfolio Number Portfolio Description Par Value Market Value Accrued Interest Total Value Yield at Cost Yield to Maturity Duration to Worst CITY OF ST. LOUIS-AIRPORT PORTFOLIO 125,080, ,818, , ,125, CITY OF ST. LOUIS-AIRPORT PFC PORTFOLIO 17,460, ,559, , ,603, CITY OF ST. LOUIS-GENERAL POOL PORTFOLIO 7,250, ,303, , ,328, CITY OF ST. LOUIS-NON-DISC GEN FND PORT 15,000, ,993, ,993, CITY OF ST. LOUIS-WATER REVENUE PORT 17,230, ,237, , ,254, Total 164,790, ,912, , ,305,599.21

23 Portfolio Summary and Statistics City of St. Louis CCGAM Managed Accounts

24 Account Summary Report for: CITY OF ST. LOUIS- COMER MANAGED As of 3/31/2016 Portfolio Number Portfolio Description Par Value Market Value Accrued Interest Total Value Yield at Cost Yield to Maturity Duration to Worst STL CITY PARKS SERIES 2014 PROJECT FUND 18,905, ,928, , ,989, STL CITY PARKS SERIES 2014 DSR 750, , , , Total 18,905, ,681, , ,746,014.23

25 Account Summary Report for: CITY OF ST LOUIS- UMB MANAGED As of 3/31/2016 Portfolio Number Portfolio Description Par Value Market Value Accrued Interest Total Value Yield at Cost Yield to Maturity Duration to Worst ST LOUIS LAMBERT FIELD 2005A DSR 5,170, ,189, , ,208, ST LOUIS LAMBERT FIELD 2009A DSR 9,850, ,884, , ,885, ST LOUIS LAMBERT FIELD 2007A DSR 4,365, ,381, , ,393, ST LOUIS LAMBERT FIELD 2007B DSR 7,715, ,742, , ,767, STL LAMBERT FLD-ARPT REV BND SERIES ,001, ,000, ,000, ST LOUIS LAMBERT FIELD 2013 DSR 3,430, ,441, , ,454, ST LOUIS LAMBERT FLD 2007B DEBT SERVICE 5,140, ,136, ,136, ST LOUIS LAMBERT FLD 2009A DEBT SERVICE 3,200, ,197, ,197, ST LOUIS LAMBERT FIELD 2012 DSR 2,790, ,798, , ,800, ST LOUIS LAMBERT FIELD 2015 DSR 1,910, ,916, ,917, ST LOUIS LAMBERT FLD 2015 DEBT SERVICE 219, , , CITY OF ST LOUIS FIRE DEBT ACCOUNT 5,000, ,993, ,993, ST LOUIS AIRPORT 2005 REFUNDED 19,205, ,197, , ,201, ST LOUIS AIRPORT 2007A 4,564, ,561, , ,562, STL 2013 AIRPORT REV REFUNDING BOND ACCT 5,558, ,555, ,556, ST LOUIS CARNAHAN COURTHOUSE DSR 2,239, ,235, ,235, STL 1520 MKT ST LRB SERIES A PROJECT FND n/a n/a n/a STL MFC REC CENTER BOND FUND n/a n/a n/a STL PARKING TRUST PARKING 1,850, ,856, ,856, STL PARKING TRUST GENERAL 1,430, ,435, ,435, STL PARKING REPAIR AND REPLACE 2,810, ,823, , ,828, STL PARKING REV BONDS 2007 DEBT SERVICE n/a n/a n/a STL PARKING REVENUE BONDS 2007 DSR 447, , , STL PARKING REV BONDS 2006 DEBT SERVICE 1,935, ,933, ,933, STL PARKING REVENUE BONDS 2006 DSR 1,509, ,508, ,508, STL PARKING REVENUE PROJECT 525, , , STL PARKING REVENUE BONDS 2015 DSR 470, , , STL PARKING REV BONDS 2013 DEBT SERVICE n/a n/a n/a STL PARKING REV BONDS 2015 DEBT SERVICE n/a n/a n/a FOREST PK CAP LEASEHOLD IMPROVE BONDS 13 2,400, ,409, , ,422, STL FOREST PK CAP LEASE IMPROVE 2015 DSR 790, , , STL CHASE LEASE ESCROW ACCOUNT 4,360, ,363, , ,373, STL MLK PLAZA REDEVELOPMENT PRJ 2004 DSR 230, , , STL LOUGHBOROUGH REDEVELOPMENT 07 DSR 1,450, ,455, ,455, STL GRAND CTR REDEVELOP PROJ 2011B DSR 1,550, ,555, ,555, Total 101,562, ,259, , ,368,404.29

26 Account Summary Report for: CITY OF ST LOUIS-BNY As of 3/31/2016 Portfolio Number Portfolio Description Par Value Market Value Accrued Interest Total Value Yield at Cost Yield to Maturity Duration to Worst MFC CCC IMPROVEMENT PROJECT 2009A DSR 350, , , MFC CCC IMPROVE PROJECT 2009B DSR 2,300, ,300, , ,308, MFC CCC IMPROVE PRJ 2009B INFRASTRUCTURE 1,055, ,054, , ,057, MFC CCC IMPROVE PRJ 2010A BOND RESERVE 2,485, ,485, , ,494, MFC CCC IMPROVE PRJ 2010A PROJECT FUND n/a n/a n/a MFC CCC IMPROVEMENT 2015 PROJECT FUND 1,660, ,671, , ,679, MFC CCC IMPROVEMENT 2015 DSR 2,340, ,356, , ,367, Total 7,850, ,219, , ,258,852.70

27 Portfolio Summary and Statistics City of St. Louis MOSIP Accounts

28 City Of St Louis Portfolio Summary Consolidated Summary Statement Investment Allocation Account Statement For the Month Ending March 31, 2016 Portfolio Holdings Cash Dividends and Income Closing Market Value Current Yield MOSIP ,285, % MOSIP TERM ,000, * N/A MOSIP CD Program 10, ,216, * N/A Investment Type Closing Market Value Percent Money Market Fund 1,285, Term Investment 10,000, FDIC Insured Bank Certificates of Deposit 3,216, Total $11, $14,501, Total $14,501, % * Not Applicable Maturity Distribution (Fixed Income Holdings) Sector Allocation Portfolio Holdings Closing Market Value Percent Under 30 days 31 to 60 days 61 to 90 days 91 to 180 days 181 days to 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years 1,285, ,000, ,240, ,976, Total $14,501, % FDIC CDS 22.18% Mny Mkt Fund 8.87% Term 68.95% Weighted Average Days to Maturity 90 Summary Page 1

29 City Of St Louis Consolidated Summary Statement Account Statement For the Month Ending March 31, 2016 Account Number Account Name Opening Market Value Purchases / Deposits Redemptions / Sales/ Maturities Unsettled Trades Change in Value Closing Market Value Cash Dividends and Income General Fund 10,021, ,021, Section 108 2,488, ,240, (1,240,922.35) ,488, Water - ORD #1 992, ,985, (1,981,482.00) , , Water - ORD #2 992, ,984, (1,981,482.00) , , Total $14,494, $5,211, ($5,203,886.35) $0.00 $0.00 $14,501, $11, Summary Page 2