Chicago faces a $590 million increase in their state mandated pension contributions in their next budget (relative to a total budget of $7 billion for 2014). As the municipal market has demonstrated this year with the credits of Detroit and Puerto Rico, in times of crisis, there is little differentiation between strong and weak credits, presenting huge opportunities for those who recognize those differences. ASA sees a potential crisis (and opportunity) looming in Chicago. We anticipate significant stress in the months and years ahead, and our investors will benefit from our ability to identify mis-priced securities should a crisis emerge.