Fiscal Year 2020 Quarter 4

FY 2020 QTR 4 Quarterly Reports for Regulatory Compliance Regarding Underwriters' Participation in Credit Default Swaps (CDS) Due July 2020 (QTR NBR Firm name 4: Apr-June) 1 Academy Securities X 2 Backstrom McCarley Berry X 3 Bancroft Capital LLC X 4 Barclays X 5 Blaylock Van LLC X 6 BofA Securities X 7 Cabrera Capital Markets X 8 Citigroup Global Markets X 9 Drexel Hamilton LLC X 10 Estrada Hinojosa X 11 Fifth Third Bank X 12 Goldman Sachs & Co. X 13 Harvestons Securities X 14 Huntington Securities, Inc. X 15 Janney, Montgomery, Scott X 16 Jefferies LLC X 17 JP Morgan X 18 Loop Capital Markets X 19 Melvin Securities X 20 Mesirow Financial X 21 Mischler Financial Group X 22 Morgan Stanley & Co. X 23 North South Capital X 24 Piper Sandler & Co. X 25 PNC Capital Markets X 26 Podesta & Co. X 27 Ramirez & Co, Inc. X 28 Raymond James & Associates X 29 RBC Capital Markets X 30 Rice Financial X 31 Siebert Williams Shank X 32 Stern Brothers & Co. X 33 Stifel, Nicolaus & Co X 34 UBS Financial Services X 35 Valdes & Moreno X 36 Wells Fargo X

Backstrom McCarley Berry & Co., LLC

July 14, 2020

Charles Salmans, Financial Analyst State of Illinois Governor’s Office of Management & Budget 100 W. Randolph St, Ste. 15-100 Chicago, IL 60601 [email protected]

RE: State of Illinois Market Activities for 2nd Qtr. 2020 – Credit Default Swaps For the period of April 1, 2020 through June 30, 2020

State of Illinois Credit Default Swap Questions

Disclose whether your firm has participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) within the past 3 months. Please include and/or indicate the following:

1) In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

BMcB has not had any activity in regards to the State of Illinois CDS trades within the past 3 months.

2) Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

BMcB has not entered into any proprietary trades for our own account in the State of Illinois CDS as of the end of the current 3-month period.

3) Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period.

BMcB does not have any outstanding gross or net amount of proprietary State of Illinois CDS as of the end of the current 3-month period.

4) List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions.

During the past 3 months BMcB has not held any net long or net short State of Illinois CDS proprietary credit protection positions.

115 Sansome Street, Mezzanine A  San Francisco, CA 94104  Tel: 415-392-5505  Fax: 415-392-5276

Member: FINRA, SIPC

Backstrom McCarley Berry & Co., LLC

5) Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Within the previous 3 months, BMcB has not released any publicly available research or marketing reports that reference the State of Illinois CDS.

If you have any questions, please feel free to contact me at (415) 857-6102 or [email protected].

Sincerely,

Leonard Berry Managing Director & Principal

Cc: Vincent McCarley, CEO

115 Sansome Street, Mezzanine A  San Francisco, CA 94104  Tel: 415-392-5505  Fax: 415-392-5276

Member: FINRA, SIPC

July 24, 2020

Mr. Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget Springfield, IL 62706

Dear Mr. Salmans,

Below, please find Bancroft Capital, LLC’s responses to the State of Illinois’ request for credit default swap activity for Q4, April-June, 2020. Please do not hesitate to contact me if you have any questions or need any additional information.

We thank you for your ongoing consideration of Bancroft Capital and look forward to the opportunity to serve the State of Illinois on future transactions.

Sincerely,

Michael Ivcic Director, Municipals Bancroft Capital, LLC 501 Office Center Drive, Suite 130 Fort Washington, PA 1903 (484) 373--4735 [email protected]

501 Office Center Drive, Suite 130Fort Washington, PA 19034(484) 546-8000www.bancroft4vets.com

State of Illinois Credit Default Swap Questions

 In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. Bancroft Capital has not participated in any State of Illinois CDS activities in the past three months.

 Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. Bancroft Capital has not participated in any State of Illinois CDS activities in the past three months.

 Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period. Bancroft Capital has not participated in any State of Illinois CDS activities in the past three months.

 List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. Bancroft Capital has not participated in any State of Illinois CDS activities in the past three months.

 Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. Bancroft Capital has not released any publicly available research of marketing reports that reference the State of Illinois CDS program.

Municipal Finance

190 South LaSalle Street 25th Floor Chicago, IL 60603

July 15, 2020 Philip Rooney Charles Salmans II Director Tel (312) 609-4026 Senior Financial Analyst Fax (646) 822-7911 Governor’s Office of Management and Budget [email protected] 100 W. Randolph Suite 15-100 Chicago, IL 60601

Dear Charles,

Thank you for your letter regarding our firm’s State of Illinois credit default swap activities from April 1, 2020 through June 30, 2020. We are pleased to provide the following information in response to the questions referenced therein: Disclose whether your firm has participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) within the past 3 months. Please include and/or indicate the following: 1. In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. The firm did not engage in any State of Illinois CDS trades from April 1, 2020 through June 30, 2020. 2. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. Please see our response to #1. 3. Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period. Below is the most recent data regarding our gross and net positions from April 1, 2020 through June 30, 2020. . Gross notional of trades from April 1, 2020 through June 30, 2020 = $0 . Net notional of trades from April 1, 2020 through June 30, 2020 = $0 . Net notional of trades outstanding as of June 30, 2020 = $0 4. List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. Please see our response to #1.

Barclays Capital Inc. 5. Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. Our firm did not release any publicly available research or marketing reports referencing State of Illinois CDS from April 1, 2020 through June 30, 2020.

We are available at your convenience to discuss this information further. I may be reached at (312) 609- 4026. Thank you.

Sincerely,

Philip Rooney Director

Barclays Capital Inc.

Member: FINRA, MSRB, SIPC

July 1, 2020

Charles Salmans Financial Analyst II State of Illinois Governor’s Office of Management and Budget 100 W. Randolph Street, Suite 15 Chicago, IL 60601

Re: State of Illinois Credit Default Swaps

Dear Mr. Salmans:

Regarding the State of Illinois and Build Illinois Credit Default Swap disclosure request, dated April 1, 2020, please find our responses below with respect to the period from January 1, 2020 through March 31, 2020:

Disclose whether your firm has participated in credit default swap market‐making activities related to any State of Illinois credit default swaps (“CDS”) within the past three months. Please include and indicate the following:

▪ In the event of your firm's participation in State of Illinois CDS activities within the past three months, please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3‐ month period. Blaylock Van has not participated in State of Illinois CDS activities during the three (3) month period ended June 30, 2020. The firm has no outstanding CDS positions as of the end of the current 3‐month period. ▪ Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3‐month period. Blaylock Van has not entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3‐month period. ▪ Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3‐month period. Blaylock Van has no outstanding gross or net notional amount of proprietary State of Illinois CDS, as of the end of the current 3‐month period. ▪ List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. Blaylock Van has not held net long or net short State of Illinois CDS proprietary credit protection positions during the current 3‐month period. ▪ Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

600 Lexington Avenue, 3rd Floor, New York, NY 10022 Telephone: (212) 715-6600, Fax: (212) 715-3300 350 Frank H. Ogawa Plaza, 10th Floor, Oakland, California 94612 Telephone: (510) 208-6100, Fax: (510) 625-1065 180 N. LaSalle Street, Chicago, Illinois 60601 Telephone: (312) 324-0772, Fax: (312) 541-1743

Member: FINRA, MSRB, SIPC

Blaylock Van has not released any publicly available research or marketing reports that reference State of Illinois CDS during the current 3‐month period.

If you have any additional questions, please do not hesitate to contact David M. Womack at (212) 715-3314 or dwomack@brv‐llc.com.

Sincerely,

David M. Womack Senior Vice President

To: State of Illinois From: BofA Securities (“BofA”)

Date: July 24, 2020 Subject: State of Illinois Credit Default Swap Response (4/1/2020‐6/30/2020)

Disclose whether your firm has participated in credit default swap market‐making activities related to any State of Illinois credit default swaps ("CDS") within the past 3 months. Please include and/or indicate the following:

In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm's cumulative notional volume of State of Illinois CDS trades and the firm's outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3‐month period. By way of background, BofA does not take and maintain unhedged long or short positions, unrelated to market making, of Illinois General Obligation (“Illinois GO”) CDS. Instead, BofA is a swaps market maker and in that capacity makes regular two‐ way markets in municipal CDS, including CDS on Illinois GO bonds, and acts as a swaps dealer with respect to Illinois GO CDS. BofA’s trading of Illinois GO CDS, while effected as principal for our own account, is in response to the flow of actual and anticipated counterparty market making transactions, and while BofA’s Illinois GO CDS exposure on a net basis at any given time may be modestly long (BofA being a net purchaser of unhedged credit protection) or short (BofA being a net seller of unhedged credit protection), BofA seeks to maintain, over time, a more or less balanced book of long and short transactions. For the quarter ending June 30th, 2020, the cumulative notional volume of Illinois GO CDS purchases was $0.00 and sales was $0.00. As of June 30th, 2020, BofA’s outstanding gross notional amount of Illinois GO CDS was $154,000,000 and the outstanding net notional amount of Illinois GO CDS was a net short position of $9,400,000 (that is, BofA was a net seller of Illinois CDS protection as of that date, and thus net long Illinois GO risk, as it would be if it were a holder of Illinois GO bonds). In addition, we have prime brokerage positions which represent our “back‐to back” intermediation of trades between certain hedge fund clients and their counterparties. These transactions are custodial in nature and do not represent risk positions of our firm. As of September 30th, 2017, BofA is no longer able to disclose the firm’s prime brokerage outstanding gross notional amount of Illinois GO CDS. However, given these are “back‐to‐back” intermediation trades, the outstanding net notional amount of Illinois GO CDS was $0 (that is, prime brokerage accounts were flat Illinois GO CDS protection as of that date).

Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3‐month period. As discussed above, BofA does not engage in proprietary trading by taking and maintaining unhedged long or short positions, unrelated to market making, of Illinois GO CDS. The activity conducted for BofA’s own account is undertaken (a) to hedge specific, identified State credit exposures held by BofA, such as State general obligation (GO) bonds, credit facilities or derivative credit exposures, or (b) pursuant to BofA’s ongoing, client‐ driven market‐making activities.

Disclose your firm's outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3‐month period. As discussed above, the question is not applicable as BofA did not engage in proprietary trading.

“Bank of America Securities” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., which is a registered broker dealer and member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. July 24, 2020

List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. As discussed above, the question is not applicable as BofA did not engage in proprietary trading.

Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. During the three‐month period ended June 30th, 2020, we would have included information about generic Illinois CDS spreads along with information about other state spreads in certain marketing materials, but did not specifically highlight them. We are not aware that municipal research analysts at BofA published any research reports referencing State of Illinois CDS during this period.

This letter is being submitted to you with the request that you keep it confidential and not provide or otherwise disclose it to any party, unless you are required to do so by law. If your office should decide to disclose any of the information to any other government agency or person, we also ask that you notify us immediately and provide that agency or person with notice of this request. Furthermore, if any person should request the opportunity to inspect or copy this letter, we ask to be notified immediately and given advance notice of any intended release.

Page 2

B r e a • C h i c a g o • Long Island • Los Angeles • New York • Philadelphia • San Antonio • T a m p a

July 24, 2020 Charles Salmans II Senior Financial Analyst Governor’s Office of Management and Budget James R. Thompson Center 100 W. Randolph, Suite 15-100 Chicago, IL 60601

Re: State of Illinois Credit Default Swap Questions April 1, 2020 through June 31, 2020.

State of Illinois Credit Default Swap Questions Disclose whether your firm has participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) within the past 3 months. Please include and/or indicate the following:

 Cabrera Capital Markets LLC (“Cabrera”) has not participated in the State of Illinois Credit Default Swap activities within the past 3 months. The Firm has not traded any State of Illinois CDS.

Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

 Cabrera has not entered into any proprietary trades for its own account in State of Illinois CDS at any time.

Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3- month period.

 Cabrera has no outstanding gross and no notional amount of proprietary State of Illinois CDS.

 At no time in the past 3 month has Cabrera held net long or net short State of Illinois CDS proprietary credit protection positions.

10 South LaSalle Street, Suite 1050, Chicago, IL 60603 Phone: (312) 236-8888 Toll Free: (800) 291-2388 Fax: (312) 236-8936 www.cabreracapital.com

B r e a • C h i c a g o • Long Island • Los Angeles • New York • Philadelphia • San Antonio • T a m p a

 Cabrera has not, within the previous 3 months, released any publicly available research or marketing reports that reverence State of Illinois CDS.

Sincerely,

Brian King Managing Director, Head of Public Finance Cabrera Capital Markets LLC

10 South LaSalle Street, Suite 1050, Chicago, IL 60603 Phone: (312) 236-8888 Toll Free: (800) 291-2388 Fax: (312) 236-8936 www.cabreracapital.com Samantha Costanzo Mail Stop PFD 25 T 312-876-3564 Managing Director 227 W. Monroe Street [email protected] Public Finance Department Chicago, IL 60606 Municipal Securities Division

July 14, 2020

Mr. Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget James R. Thompson Center 100 West Randolph – Suite 15-100 Chicago, IL 60601

Re: Illinois Credit Default Swaps

Dear Mr. Salmans:

In response to your letter dated July 1, 2020, below are responses for Citi’s market activities related to credit default swaps per State Statute on State of Illinois General Obligation Bonds and Build Illinois bonds from April 1, 2020 through June 30, 2020.

. In the event of your firms participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Cumulative: 0 Outstanding Gross: 1,115,100,000 Net Notional: 114,500,000 (Long)

. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. No

. Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period. N/A

. List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. N/A

Sincerely,

Samantha Costanzo Managing Director

July 2, 2020

Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget

Dear Mr. Salmans:

Drexel Hamilton (the “Firm”) is happy to provide the following answers to your questions:

The Firm does not participate in the CDS market in any way.

 Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

None

Please let us know if you need any further information. Stay well!

Sincerely,

Roger L. Anderson Director

July 6, 2020

 In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Our firm has not participated in any trading involving State of Illinois CDS.

 Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Our firm has not done any proprietary trading in State of Illinois in the last 3 months or ever.

 Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period.

Our firm has no outstanding positions, long or short, of State of Illinois CDS. Our firm holds no State of Illinois CDS; therefore, the outstanding gross and net notional value is $0.

 List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions.

Our firm has not held any positions in State of Illinois CDS, long or short, at any time during the past 3 months or ever.

 Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Our firm does not engage in research and does not prepare marketing reports. Our firm did not make any research or marketing report on State of Illinois CDS publicly available during the previous 3 months or ever.

Estrada Hinojosa & Company, Inc.

Aleks Granchalek Managing Director Fifth Third Securities 222 S. Riverside Plaza Chicago, IL 60606

July 2, 2020

Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget Springfield, IL 62706

Dear Mr. Salmans,

Fifth Third Securities, Inc. has not participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) from April 1, 2020 through June 30, 2020.

Fifth Third Securities, Inc. has not released any publicly available research or marketing reports that reference State of Illinois CDS from April 1, 2020 through June 30, 2020.

Best regards,

Aleks Granchalek Managing Director Public Finance

Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a wholly owned subsidiary of Fifth Third Bank, National Association, a registered broker-dealer and a registered investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Securities and investments offered through Fifth Third Securities, Inc.: Are Not FDIC Insured Offer No Bank Guarantee May Lose Value Are Not Insured By Any Federal Government Agency Are Not A Deposit

Goldman Sachs & Co. LLC | 71 South Wacker Drive | Chicago, Illinois 60606 Tel. 312-655-4600

July 24th, 2020

Charles Salmans Financial Analyst II Governor’s Office of Management and Budget James R. Thompson Center 100 W. Randolph – Suite 15-100 Chicago, Illinois 60601

Dear Mr. Salmans:

I am pleased to respond on behalf of Goldman Sachs & Co. LLC about our firm's activities related to State of Illinois municipal credit default swaps ("CDS").

Disclose whether your firm has participated in credit default swap market-making activities related to any State of Illinois credit default swaps ("CDS") within the past 3 months.

Please include and/or indicate the following:

 In the event of your firm's participation in State of Illinois CDS activities within the past 3 months please disclose your firm's cumulative notional volume of State of Illinois CDS trades and the firm's outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Goldman Sachs participated in market-making activities with respect to State of Illinois CDS in the past fiscal quarter (April 1, 2020 through June 30, 2020). Goldman Sachs' cumulative notional volume of trades in State of Illinois CDS during the past fiscal quarter was $12.8 million. Goldman Sachs's net notional position as of June 30, 2020 in Illinois CDS was $(187.1) million, and our gross notional position in Illinois CDS was $1.3 billion.

It is not feasible to assess whether Goldman Sachs is long or short exposure to State of Illinois credit solely by reference to notional amounts of CDS, as other considerations, including the various maturities of our CDS positions and our risks related to market-making activities in the State's bonds, are key determinants and drivers of the firm's risk profile.

 Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Goldman Sachs has not entered into any trades for its own proprietary account in State of Illinois CDS during the past fiscal quarter. As noted above, Goldman Sachs has entered into Illinois CDS contracts from time to time, stepping in with its own capital to execute client trades as a principal in order to promote market liquidity in a market-making capacity.

 Disclose your firm's outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period.

Please see the above answers.

During the previous fiscal quarter, Goldman Sachs has not published any research or marketing reports concerning State of Illinois CDS. In that regard, the firm's Global Investment Research Division does not create or publish research on municipal issuers. From time to time, various groups within the firm's Securities Division have provided marketing materials to clients to educate them generally about the municipal asset class and the products available to gain or limit exposure to that asset class, including tax-exempt bonds, interest rate derivatives, CDS and BABs. These materials are available to the firm's institutional sales force and are on occasion in turn provided to certain investing clients.

Thank you for the opportunity to respond to your questions. We look forward to continuing to serve the State of Illinois and the larger municipal market.

Sincerely,

Mark Somers Vice President

Headquarters Office 8301 Prentice Ave., Ste. 305 Greenwood Village, CO 80111 phone | 303.832.8887

July 19, 2020

Charles Salmans II Governor’s Office of Management and Budget James R. Thompson Center 100 W. Randolph – Suite 15-100 Chicago, IL 60601

Hello Charlie:

Please find below the responses from Harvestons Securities, Inc. regarding the State of Illinois’ credit default swap market-making activities inquiry.

Harvestons Securities does not participate in the market for credit default swaps. The firm has never conducted market-making activities related to any State of Illinois credit default swaps.

None.

Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

None.

Harvestons Securities has never released any research or marketing reports (neither public nor private) that reference State of Illinois CDS.

Best regards,

C. Courtney Knight Managing Director

Huntington Securities, Inc. Douglas DeAngelis Managing Director 222 W. Adams St. Suite 1700 | Chicago, IL 60606

July 6, 2020

Mr. Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget

Dear Mr. Salmans,

Huntington Securities, Inc. dba Huntington Capital Markets has included responses to the questions regarding any State of Illinois Credit Default Swaps within the past 3 months below per the email sent on July 1, 2020.

1. In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Huntington Securities, Inc. has not participated in State of Illinois CDS activities within the past 3 months.

2. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Huntington Securities, Inc. has not entered into any proprietary trades for its own account in State of Illinois CDS as of the end of the current 3-month period.

3. Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period.

Huntington Securities, Inc. has not participated in proprietary State of Illinois CDS within the past 3 months and as such does not have any outstanding gross or net notional amount of proprietary State of Illinois CDS.

4. List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions.

Huntington Securities, Inc. has not participated in State of Illinois CDS proprietary credit protection positions within the past 3 months.

5. Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Huntington Securities, Inc. has not released any publicly available research or marketing reports that reference State of Illinois CDS and as such not include research or marketing reports as attachments.

Please let us know if you have any additional questions.

Sincerely,

Douglas P. DeAngelis Managing Director

Janney Montgomery Scott LLC 1166 Avenue of the Americas, 21st Floor New York, NY 10036

July 7, 2020

Charles Salmans, Senior Financial Analyst Governor’s Office of Management and Budget 401 South Spring 603 Stratton Building Springfield, IL 62706

RE: Janney Montgomery Scott (“Janney”) Illinois Credit Default Swap (“CDS”) Activity for 2Q 2020

Dear Mr. Salmans:

Please accept the following responses as relating to the State’s first fiscal quarter of 2020 (April 1, 2020 – June 30, 2020). Janney has not and does not participate in the CDS market. Therefore, we have not participated in any way in the CDS market with regard to the State of Illinois.

. Q: In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. . A: None

. Q: Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. . A: None

. Q: Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period. . A: None

. Q List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. . A: None

. Q: Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. . A: None

Sincerely,

Vivian Altman, Managing Director Phone: (646) 840-3202 Email: [email protected]

Janney Montgomery Scott LLC Member: NYSE • FINRA • SIPC

July 2, 2020

Mr. Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget JRTC, Suite 15-100 100 W. Randolph Street Chicago, IL 60601

Dear Mr. Salmans:

I am providing you information about Jefferies LLC market activities related to credit default swaps per State Statute of Illinois General Obligation bonds and Build Illinois bonds from April 1, 2020 through June 30, 2020. Please see page 2.

Sincerely,

Kym Arnone Managing Director Jefferies LLC 520 Madison Avenue, 7th floor New York, NY 10022 [email protected]

Re: State of Illinois General Obligation bonds and Build Illinois bonds for the period of April 1, 2020 through June 30, 2020.

State of Illinois Credit Default Swap Questions

• Disclose whether your firm’s participation in State of Illinois CDS activities within the past 3 months, please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as the end of the current 3 month period.

Jefferies Reports: None

• Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Jefferies Reports: None

• Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period.

Jefferies Reports: None

• List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions.

Jefferies reports: None

• Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Jefferies Reports: None STATE OF ILLINOIS: C DS DISCLOSURE reportsas attachments. include those research or marketing thatreference State of IllinoisCDS and available researchor marketing reports months, the firm released anypublicly whetherIndicate within theprevious 3 protectioncredit positionsthose were net orlong net short amountof such positions, and whether proprietarycredit protection positions, the netor short State of IllinoisCDS monthsduring which the firmheld netlong List end ofthe current 3 shortor long creditprotection, as of the IllinoisCDS and whether the net position is notional net amount of proprietary State of Discloseyour outstandingfirm’s grossand end of inaccount State of IllinoisCDS, as of the intoany proprietary trades its ownfor Disclosewhether your has firm entered current the 3 State of of Illinois CDS, as of the end of outstanding grossand net notional amount IllinoisCDS trades and the cumulative notionalvolume of State of 3 past months please discloseyour firm’s ofState IllinoisCDS activities within the eventIn the of your firmsparticipation in Please answer the following questions Three name:Firm Credit DefaultCredit Swap Report: ofState Illinois alltime periods during thepast 3 - monthperiod: thecurrent 3

- monthperiod.

positions - - month period. month period.

firm’s

onthis andform attach additional pagesas necessary. FY20 J.P.Morgan None None None None None QTR4: April1,2020-June30, Securities LLC

111 West Jackson Blvd., Suite 1901 Chicago, IL 60604 T 312.913.4900 F 312.913.4928 Toll Free 888.294.8898 www.loopcapital.com

July 2, 2020

Charles Salmans Senior Financial Analyst State of Illinois – Governor’s Office of Management and Budget 100 W. Randolph Street Suite 15-100 Chicago, IL 60601

Dear Mr. Salmans:

Please be advised that from April 1, 2020 through June 30, 2020, Loop Capital Markets LLC has not engaged in any market making activities related to any State of Illinois credit default swaps. If you need any additional information please feel free to call me.

Sincerely,

Clarence Bourne Managing Director Phone: (312) 356-5009 Email: [email protected]

MELVIN SECURITIES Public Finance/Municipal Investment Banking Celebrating 31 Years – Established 1989

July 24, 2020

Charles Salmans Senior Financial Analyst State of Illinois Governor’s Officer of Management and Budget

Mr. Salmans,

Please see Melvin Securities Response to your inquiry regarding State of Illinois CDS Activities below:

. In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Melvin Securities has not participated in any State of Illinois CDS activities.

. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Melvin Securities has not entered into any proprietary trades for its own account in the State of Illinois CDS.

Melvin Securities does not have any outstanding amounts of proprietary State of Illinois CDS.

Melvin Securities has not held any positions in State of Illinois CDS proprietary credit protection positions.

455 North Cityfront Plaza drive Suite 3100 Chicago Illinois 60611 312.341.0050 www.melvinsecurities.com

MELVIN SECURITIES Public Finance/Municipal Investment Banking Celebrating 31 Years – Established 1989

Melvin Securities has not released any publicly available research or marketing reports that reference State of Illinois CDS.

Sincerely,

Nicholas Bryant Chief Compliance Officer Melvin Securities 455 Cityfront Plaza Drive 31st floor Chicago,Il 60611 Direct: (251) 214-3212 Email: [email protected]

455 North Cityfront Plaza drive Suite 3100 Chicago Illinois 60611 312.341.0050 www.melvinsecurities.com

July 8, 2020 State of Illinois Credit Default Swap Questions

▪ In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. Mesirow Financial has not held any State of Illinois CDS securities within the past 3 months.

▪ Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. Mesirow Financial has not entered into any proprietary trades for its own account in State of Illinois CDS as of the end of the current 3-month period.

▪ Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period. Mesirow Financial does not have any outstanding State of Illinois CDS as of the end of the current 3- month period.

▪ List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. Mesirow Financial has not held State of Illinois CDS proprietary credit positions during the past 3 months.

▪ Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. Mesirow Financial has not released any publicly available research or marketing reports that reference State of Illinois CDS in the past 3 months.

Todd E. Waldrop Senior Managing Director, Head of Public Finance

Securities offered through Mesirow Financial, Inc. Member FINRA and SIPC. Past performance is not necessarily indicative of future results. Nothing contained herein constitutes an offer to sell nor a solicitation of an offer to buy an interest in any financial investment vehicle(s). Any offer can be made only through the appropriate Offering Memorandum. Mesirow Financial refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow Financial name and logo are registered service marks of Mesirow Financial Holdings, Inc. © 2020, Mesirow Financial Holdings, Inc. All rights reserved.

111 West Jackson, Suite 1700, Chicago, Il 60604 | Tel: (630) 258-1401 | Email: [email protected]

July 2, 2020

Charles Salmans II Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget James R. Thompson Center 100 W. Randolph, Suite 15-100 Chicago, IL 60601

Re: Request for Information about Mischler’s Credit Default Swap Activities

Dear Mr. Salmans:

In response to your July 1, 2020 request, please be advised that Mischler Financial Group, Inc. does not participate in any credit default swap market-making activities.

Mischler’s answers to the five Credit Default Swap Questions are:

1. Mischler does not participate in CDS activities. 2. Mischler has not entered into any proprietary trades for its own account in State of Illinois CDS over the three months ended June 30, 2020. 3. 0 4. 0 5. Mischler has not released any publicly available research or marketing reports that reference State of Illinois CDS over the three months ended June 30, 2020.

Please let us know if you need any additional information on this matter.

Sincerely,

Richard A. Tilghman, Jr, Larry D. Rankens Managing Director Senior Vice President

July 14 th , 2020

By Email

Charles Salmans Financial Analyst II Governor’s Office of Management and Budget State of Illinois 100 W. Randolph St, Ste. 15-100 Chicago, IL 60601 Phone: (312) 814-3423

Re: Request for CDS Information

Dear Mr. Salmans:

We write on behalf of Morgan Stanley & Co. LLC (“MSCO”) to provide information regarding MSCO’s activity in single-name credit default swaps related to the State of Illinois for the period of April 1, 2020 through June 30, 2020, as required by Illinois statute.

The CDS transactions referenced herein were not affected by MSCO. Rather, they were affected by affiliates of MSCO known as Morgan Stanley Capital Services, LLC and Morgan Stanley International, PLC, neither of which acts as an underwriter for State transactions.

There was no trade activity for the State of Illinois during the Review Period. The outstanding gross and net notional amount 1 of State of Illinois CDS as of the end of the Review Period is $488,300,000 and $57,300,000 respectively. There were no proprietary transactions in State of Illinois CDS affected during the review period, and there were no research or marketing reports referencing the State of Illinois CDS over the period.

Respectfully submitted,

Cabray Haines Executive Director

1 We interpret gross notional value to mean the sum of the absolute values of the notional of the individual transactions. We interpret the net notional value to mean the net amount of underlying exposure on the State of Illinois when transacting in CDS. July 6, 2020

To: State of IL Governor’s Office of Management and Budget Regarding: Credit Default Swap Disclosure- North South Capital LLC Time period: April 1, 2020 through June 30, 2020

State of Illinois Credit Default Swap Questions- Response North South Capital

. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. None/No activity

. Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. None/No activity Please contact me if you have any questions regarding the response.

Sincerely,

Jane Ott, President

______321 W. Maple Street Suite 201, New Lenox, IL 60451 Phone: 312-445-5400 Fax: 312-445-5420 444 W. Lake Street, 33rd Floor, Chicago, IL 60606

Tel: 312 267-5193 800 274-4405 Fax: 312 277-3864 Piper Jaffray & Co. Since 1895. Member SIPC and NYSE.

July 6, 2020

Mr. Charles Salmans Senior Financial Analyst Governor’s Office of Management and Budget State of Illinois Sent via e-mail to: [email protected]

Dear Mr. Salmans:

This letter is in response to your letter dated July 1, 2020 requesting information about Piper Sandler’s market activities related to credit default swaps per State Stature on State of Illinois General Obligation bonds and Build Illinois bonds from April 1, 2020 through June 30, 2020. We have reviewed our records, and the answer is “none” to all five questions.

If you have any further questions, please let me know.

Sincerely,

Neil Pritz Managing Director Public Finance Investment Banking 312 267-5193

July 2, 2020

Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget 100 W. Randolph St., Suite 15-100 Chicago, IL 60601

RE: PNC Capital Markets LLC - State of Illinois CDS Disclosure for FY2020 QTR 4

Dear Mr. Salmans:

This letter is in response to an email from your office dated July 1, 2020. Based on conversations with the appropriate personnel of PNC Capital Markets LLC, I can inform you that this entity has not participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) during the period from April 1, 2020 through June 30, 2020 or released any publicly available research or marketing reports that reference State of Illinois CDS. Thus, PNC Capital Markets LLC has no information to report in response to the five questions posed. If you need any further assistance from PNC, please do not hesitate to contact me.

Respectfully,

Samantha Funk Managing Director

215-585-5432 [email protected]

cc: Patricia Nazar Vice President

PNC Capital Markets LLC Member of The PNC Financial Services Group, Inc. 1600 Market Street, 21st Floor, Philadelphia, PA 19103

Products and Services are offered through PNC Capital Markets LLC, a registered broker dealer, member FINRA and SIPC, and subsidiary of The PNC Financial Services Group, Inc. Investments and Insurance: Not FDIC Insured. No Bank or Federal Government Guarantee. May Lose Value.

July 2, 2020

Charles Salmans Senior Financial Analyst State of Illinois Governor’s Office of Management and Budget JRTC, Suite 15-100 100 W. Randolph St. Chicago, IL 60601

Mr. Salmans:

Please find our response below to your communication dated July 1, 2020, regarding Ramirez & Co., Inc.’s (“Ramirez”) use of credit default swaps (“CDS”) for the time period of April 1, 2020, through June 30, 2020.

2) Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. N/A - Ramirez does not and has not engaged in CDS trades for any municipal issuer.

Please feel free to reach out to Phil Culpepper directly at 312-630-2004 if you have any questions or concerns regarding this disclosure.

Sincerely,

Phil Culpepper Managing Director- Ramirez & Co., Inc.

CC: Ramirez Compliance Department

Ramirez & Co., Inc. 311 W. Superior, Suite210  Chicago, IL 60654  Tel. 312-630-2002  Fax 312-630-2005  www.RamirezCo.com Member of the Securities Investor Protection Corporation July 6, 2020

Financial Analyst Governor’sCharles Salmans Office of Management and Budget Senior100 W . Randolph St, Ste. 15-100 Chicago, IL 60601

RE: State of Illinois Credit Default Swap Questions –April 1, 2020 through June 30, 2020

Raymond James has not participated.

. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Raymond James has not participated.

880 Carillon Parkway, St. Petersburg, FL 33716 727.567.2868 Direct // www.raymondjames.com Raymond James & Associates, Inc., member New York Stock Exchange/SIPC . Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Raymond James has not participated.

Sincerely, Brenda L. Eads Brenda L. Eads

880 Carillon Parkway, St. Petersburg, FL 33716 727.567.2868 Direct // www.raymondjames.com Raymond James & Associates, Inc., member New York Stock Exchange/SIPC

111 S. Wacker Drive Suite 3200 Chicago, IL 60666

James Kelly Director RBC Capital Markets, LLC Phone: 312-559-3880 Fax: 312-559-1650 [email protected]

July 13, 2020

Charles Salmans II Financial Analyst II Governor’s Office of Management and Budget JRTC, Suite 15-100 100 W. Randolph Chicago, Illinois 60601

RE: State of Illinois Credit Default Swap Inquiry

Dear Charlie:

On behalf of RBC Capital Markets, LLC please allow the following to reply to the July 1, 2020 correspondence related to the above captioned matter.

RBC Capital Markets, LLC has not participated in credit default swap market-making activities related to any State of Illinois credit default swap within the past 3 months (April 1, 2020 – June 30, 2020). In addition, RBC Capital Markets has no responsive information to the five bullet points contained in the July correspondence. This does not reflect a categorical decision by the firm not to recommend or sell credit default swaps in appropriate circumstances, nor has the firm made any determination regarding marketing making activities of credit default swaps in the future.

Please advise if you are in need of any further information.

Regards,

James Kelly Director Municipal Finance RBC Capital Markets, LLC 312-559-3888

Don Rice Chief Executive Officer

State of Illinois Governor’s Office of Management and Budget Springfield, IL 62706

July 24, 2020

Re: Response to State of Illinois Credit Default Swap Questions

Dear Charles Salmans,

We would like to inform you that Rice Securities d/b/a Rice Financial Products Company has had no credit default swaps per State Statute on State of Illinois General Obligation bonds and Build Illinois bonds from April 1, 2020 through June 31, 2020.

The firm’s responses to the State of Illinois Credit Default Swap Questions are provided below in bold.

Disclose whether your firm has participatedcredit in default swap market-m aking activities related to any State of Illinois credit default swaps (“CDS”) within the past 3 months. Please include and/or indicate the following: . In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. Rice Securities, LLC d/b/a Rice Financial Products Company (“Rice Financial”) has not participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) within the past 3 months.

. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Rice Financial has not entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Rice Financial does not have any outstanding gross and net notional amount of proprietary State of Illinois CDS and nor does it have a net position that is short or long credit protection, as of the end of the current 3-month period.

888 Seventh Avenue, 6th Floor • New York, New York 10106 • 212.908.9200 tel • 212.908.9299 fax

All securities transactions are conducted through Rice Securities, LLC, MEMBER: FINRA/SIPC/MSRB, d/b/a Rice Financial Products Company. . List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. There are no time periods during the past 3 months during which Rice Financial held net long or net short State of Illinois CDS proprietary credit protection positions. . Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Rice Financial has not within the previous 3 months released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Thank you,

James Donald Rice, Jr. CEO Rice Financial Products Company

625 N. Michigan Ave., Suite 1740 Chicago, IL 60601 July 2, 2020

Mr. Charles Salmans Senior Financial Analyst II State of Illinois Governor’s Office of Management and Budget 100 W. Randolph St, Ste. 15-100 Chicago, Illinois 60601

Dear Mr. Salmans:

Below please find Siebert Williams Shank & Co., LLC (F/K/A, Siebert Cisneros Shank & Co., L.L.C.) response to the State of Illinois request for information regarding our firm’s market activities related to credit default swaps (“CDS”) from April 1, 2020 through June 30, 2020.

Q: In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Siebert Williams Shank does not participate in CDS market-making activities.

Q: Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Siebert Williams Shank has not participated in CDS market-making activities over the past three months.

Q: Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period.

During this timeframe, our firm’s cumulative notional volume of State of Illinois CDS trades is $0 as is our firm’s outstanding gross and net notional amount of State of Illinois CDS.

Q: List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions.

Our firm has not entered into any proprietary trades for our own account in State of Illinois CDS as of the end of the current three-month period. Siebert Williams Shank has never held net long or short State of Illinois CDS proprietary credit protection positions

Q: Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments.

Siebert Williams Shank has not released any publicly available research or marketing reports that reference State of Illinois CDS over the past three months.

Please feel free to contact us if you have any questions or require additional information. We look forward to working with you and the State of Illinois in the future.

Thank you,

Ramon Ortega Managing Director [email protected]

July 16, 2020

Charles Salmans Financial Analyst State of Illinois Governor’s Office of Management and Budget

Dear Mr. Salmans:

Enclosed please find Stern Brothers & Co.’s response to questions regarding State of Illinois Credit Default Swap Activity.

If you need any additional information, please contact me at (314) 727-5519.

Sincerely,

Peggy Finn

Chief Executive Officer Stern Brothers & Co.

Enclosure

8000 MARYLAND AVENUE │ SUITE 800 │ SAINT LOUIS, MISSOURI 63105 │ (314) 727-5519 WWW.STERNBROTHERS.COM │ MEMBER SIPC

State of Illinois Credit Default Swap Questions

• In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period.

Stern Brothers & Co. did not participate in State of Illinois CDS activities within the past three months.

• Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period.

Stern Brothers & Co. has not entered into any proprietary trades for its own account in State of Illinois CDS as of the end of the current 3-month period.

Stern Brothers & Co. has not participated in State of Illinois CDS activities and therefore does not have any information to disclose in regards to our net position.

Stern Brothers & Co. has not participated in State of Illinois CDS activities and therefore does not have any information to disclose in regards to the time periods.

Stern Brothers has not released any publicly available research or marketing reports that reference State of Illinois CDS activity in the past three months.

8000 MARYLAND AVENUE │ SUITE 800 │ SAINT LOUIS, MISSOURI 63105 │ (314) 727-5519 WWW.STERNBROTHERS.COM │ MEMBER SIPC Public Finance 15 July 2020

Mr. Charles Salmans II Senior Financial Analyst State of Illinois, Governor's Office of Management and Budget James R. Thompson Center, Suite 15-100 100 W. Randolph Chicago, Illinois 60601

Dear Charlie: On behalf of Stifel, Nicolaus & Company, Incorporated (“Stifel”) we are pleased to submit our response to the State of Illinois’ request for information regarding our firm’s CDS activities for the period April 1, 2020 through June 30, 2020. Stifel does not currently trade Illinois CDS. Please find below our responses to the questions raised in your letter.

State of Illinois Credit Default Swap Questions

. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. Response: Stifel has NOT entered into any proprietary State of Illinois CDS trades within this period

. Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. Response: Stifel has NOT released research referencing the State of Illinois CDS during this period

Thank you for the opportunity to serve the State. We welcome the opportunity to be of assistance to you and your team.

Sincerely,

Omar Daghestani Jeremy Newtson Rushda Mustafa Managing Director Managing Director Vice President (312) 454-3845 (312) 454-3849 (312) 454-3874

15 JULY 2020 STATE OF ILLINOIS

MSRB G-23 Disclosure: General and Factual Information Stifel, Nicolaus & Company, Incorporated (“Stifel”) has prepared the attached materials. Such material consists of factual or general information (as defined in the SEC’s Municipal Advisor Rule). Stifel is not hereby providing a municipal entity or obligated person with any advice or making any recommendation as to action concerning the structure, timing or terms of any issuance of municipal securities or municipal financial products. To the extent that Stifel provides any alternatives, options, calculations or examples in the attached information, such information is not intended to express any view that the municipal entity or obligated person could achieve particular results in any municipal securities transaction, and those alternatives, options, calculations or examples do not constitute a recommendation that any municipal issuer or obligated person should effect any municipal securities transaction. Stifel is acting in its own interests, is not acting as your municipal advisor and does not owe a fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934, as amended, to the municipal entity or obligated party with respect to the information and materials contained in this communication. Stifel is providing information and is declaring to the proposed municipal issuer and any obligated person that it has done so within the regulatory framework of MSRB Rule G-23 as an underwriter (by definition also including the role of placement agent) and not as a financial advisor, as defined therein, with respect to the referenced proposed issuance of municipal securities. The primary role of Stifel, as an underwriter, is to purchase securities for resale to investors in an arm’s- length commercial transaction. Serving in the role of underwriter, Stifel has financial and other interests that differ from those of the issuer. The issuer should consult with its’ own financial and/or municipal, legal, accounting, tax and other advisors, as applicable, to the extent it deems appropriate. These materials have been prepared by Stifel for the client or potential client to whom such materials are directly addressed and delivered for discussion purposes only. All terms and conditions are subject to further discussion and negotiation. Stifel does not express any view as to whether financing options presented in these materials are achievable or will be available at the time of any contemplated transaction. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Stifel to provide or arrange any financing for any transaction or to purchase any security in connection therewith and may not relied upon as an indication that such an offer will be provided in the future. Where indicated, this presentation may contain information derived from sources other than Stifel. While we believe such information to be accurate and complete, Stifel does not guarantee the accuracy of this information. This material is based on information currently available to Stifel or its sources and is subject to change without notice. Stifel does not provide accounting, tax or legal advice; however, you should be aware that any proposed indicative transaction could have accounting, tax, legal or other implications that should be discussed with your advisors and /or counsel as you deem appropriate.

UBS One North Wacker Dr. � Chicago, IL 60606

July 13, 2020

Attention: Charles Salmans, Senior Financial Analyst

State of Illinois Governor's Office of Management and Budget 100 W. Randolph Street Chicago, IL 60601

RE: State of Illinois Credit Default Swap Information Request: April-June 2020

Dear Mr. Salmans:

UBS has received the State's request for information about the firm's market activities related to credit default swaps per state statute on State of Illinois General Obligation bonds and Build Illinois bonds and we provide our responses below. Disclose whether your firm has participated in credit default swap market-making activities related to any State of Illinois credit default swaps (“CDS”) within the past 3 months. Please include and/or indicate the following: UBS has not engaged in any market-making activities or proprietary trading in State of Illinois CDS within the last three months. In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. UBS does not engage in any market-making activities or proprietary trading in State of Illinois CDS. The activity conducted is undertaken to hedge specific, identified State credit exposures held by UBS. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. This question is not applicable to UBS as we do not engage in proprietary trading. Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period This question is not applicable to UBS as we do not engage in proprietary trading. List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. This question is not applicable to UBS as we do not engage in proprietary trading. Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. After reasonable due diligence, to the best knowledge of the person submitting this response on behalf of UBS Financial Services Inc. ("UBS"), UBS has not released any publicly available research or marketing reports that reference State of Illinois CDS.

Sincerely,

Elizabeth Coolidge, Managing Director Head of the Midwest Region

©UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG and is a member SIPC and FINRA.

�

Disclosures About UBS Financial Services Inc.’s Role as Underwriter, Not as Municipal or Financial Advisor UBS Financial Services Inc. (“UBS FSI”) is not acting as a municipal advisor, financial advisor or fiduciary to any issuer of municipal securities (an "Issuer"), any person legally committed to support the payment of all or part of an issue of municipal securities (an "Obligated Person") including, but not limited to, in either case, any Issuer or Obligated Person that is an Intended Recipient (as defined below) of this document, if any, or to any other person or entity. UBS FSI is serving, or seeks to serve, as an underwriter in connection with the issuance of municipal securities. The primary role of an underwriter is to purchase, or arrange for the placement of, securities in an arm's-length commercial transaction between the Issuer and the underwriter. While serving as an underwriter, UBS FSI acts for its own interest and has financial and other interests that differ from those of any Issuer or Obligated Person. Additional Disclosures This document has been prepared by UBS FSI exclusively for the party or parties to whom UBS FSI delivers this document (collectively, the “Intended Recipients”). Except with respect to information concerning UBS FSI and its operations and capabilities and any transactions previously or currently underwritten by UBS FSI, UBS FSI has not independently verified any information contained herein and does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of such information. Any estimates or projections as to future events (including, but not limited to, projections as to future debt service payments) contained in this document, if any, reflect the best judgment of UBS FSI based upon the information provided by the Intended Recipients, current market conditions and other publicly available information as of the date of this document. Actual results may vary from the estimates or projections reflected herein. Nothing contained herein is, or shall be relied upon as, a promise or representation that such estimates or projections will be realized. The Intended Recipients should not construe the contents of this document as legal, tax, accounting or financial advice or a recommendation. The Intended Recipients should consult their own legal, tax, accounting, financial and other advisors to the extent it deems appropriate. 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July 8, 2020

Mr. Charles Salmans Senior Financial Analyst State of Illinois, Governor’s Office of Management and Budget 100 W. Randolph Street, Suite 15-100 Chicago, IL 60601

Re: State of Illinois Credit Default Swap Questions

Dear Mr. Salmans: Thank you for your letter regarding Valdés & Moreno Inc.’s (the “Firm” or “Valdés”) State of Illinois (the “State”) credit default swap activities from April 1, 2020 through June 30, 2020. Please note Valdés has not participated in any credit default swap market-making activities related to the State of Illinois or any other issuer client since inception of the Firm. Please see Valdés’ response to the credit default swap questions below:

In the event of your firm’s participation in State of Illinois CDS activities within the past 3 months please disclose your firm’s cumulative notional volume of State of Illinois CDS trades and the firm’s outstanding gross and net notional amount of State of Illinois CDS, as of the end of the current 3-month period. Valdés has not participated in any credit default swap market-making activities related to the State of Illinois. Disclose whether your firm has entered into any proprietary trades for its own account in State of Illinois CDS, as of the end of the current 3-month period. Valdés did not enter into any proprietary trades for its own account in State of Illinois CDS as of the end of the current 3-month period. Disclose your firm’s outstanding gross and net notional amount of proprietary State of Illinois CDS and whether the net position is short or long credit protection, as of the end of the current 3-month period. Valdés has not participated in any credit default swap market-making activities related to the State of Illinois. List all time periods during the past 3 months during which the firm held net long or net short State of Illinois CDS proprietary credit protection positions, the amount of such positions, and whether those positions were net long or net short credit protection positions. Valdés has not participated in any credit default swap market-making activities related to the State of Illinois. Indicate whether within the previous 3 months, the firm released any publicly available research or marketing reports that reference State of Illinois CDS and include those research or marketing reports as attachments. In the previous 3 months, Valdés did not release any publicly available research or marketing reports that reference State of Illinois CDS.

If you have any additional questions, please do not hesitate to contact me at (312) 588-3310 or [email protected].

Sincerely,

César Maldonado Managing Director Valdés & Moreno Inc. 150 N. Michigan Avenue, Suite 800 Chicago, IL 60601

Valdés & Moreno Inc. ∙ 150 N. Michigan Avenue ᐧ Suite 800 ᐧ Chicago, IL 60601 ᐧ (312) 588-3310

Municipal Products Group Public Finance 10 S Wacker Dr., MAC N8405-157 Chicago, IL 60606 312-920-3563 [email protected]

July 14, 2020

Mr. Charles Salmans II Senior Financial Analyst Governor’s Office of Management and Budget James R. Thompson Center 100 W. Randolph – Suite 15-100 Chicago, IL 60601

Dear Mr. Salmans:

Re: State of Illinois Credit Default Swap Inquiry for April - June, 2020

Dear Mr. Salmans:

I am responding to your email in which you request information about Wells Fargo Bank, N.A. Municipal Finance Group’s (“WFBNA MFG”) market activities related to credit default swaps on State of Illinois General Obligation bonds and Build Illinois bonds (“IL CDS”) for the time period noted above.

After performing appropriate due diligence with respect to your request, we can advise you that we have not identified any information indicating that, during the relevant time period, WFBNA MFG:  participated in CDS market making activities, or entered into any proprietary trades for its own account, in IL CDS; or  released any publicly available research or marketing reports that reference IL CDS

I trust this is responsive to your inquiry. Please let me know if you have any further questions.

Sincerely,

Kevin Hoecker Managing Director Head of Midwest Region and Co-Head of National Structured Finance Municipals Products Group

cc: Patricia Bredenkoetter Gerry Mayfield Scott Martin

Wells Fargo Securities is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, NFA, and SIPC, and Wells Fargo Bank, N.A., acting through its Municipal Finance Group.