UNITED STATES. SECURITIES AND EXCHANGE COMMISSION 400 F Sracer, NE WasiioTon, DC 20549 vision oF ‘vscente Maman, Cer ENFORCEMENT ‘Ornict oF Mane rELoenee December 9, 2014 ‘The Honorable Robert Fioretti Alderman, Ward 2 121 North LaSalle Street, Suite 300 Chicago, IL 60602 ‘The Honorable Scott Waguespack Alderman, 32" Ward 121 North LaSalle Street, Suite 300 Chicago, IL 60602 ‘The Honorable John Arena Alderman, 45" Ward 121 North LaSalle Street, Suite 300 Chicago, IL 60602 Dear Aldermen Fioretti, Waguespack, and Arena: Director Ceresney asked that I respond to your November 18, 2014 letter regarding concerns about advisers connected to the City of Chicago Municipal Employees’ Annuity and Benefit Fund. We appreciate that you brought this matter to our attention. As you may know, the Enforcement staff conducts nonpublic inquiries and investigations to determine whether there have been violations of the federal securities laws. I want to assure you that the Commission's staff will consider carefully the information included in your correspondence in connection with our statutory and regulatory responsibilities. Again, thank you for bringing this matter to our attention and thank you for your interest in the work of the Commission. Sincerely, Lage Vincente Martinez Chief, Office of Market Intelligence