Documents cited

“$100 Million, No Memo” · July 2026 · christophersweat.substack.com

The documents in Exhibits 2 through 11 were produced by the Office of the Illinois State Treasurer under the Illinois Freedom of Information Act, or are the office's own determinations. Redactions in the produced files were applied by the office. One additional redaction was applied by the author: the account number in Exhibit 4, which the production left unmasked.

The full 587-document production is replicable by any requester at no cost. Exhibit 1 is the request that produces it, under 5 ILCS 140.
#DocumentDateFile
1FOIA request to the Office of the Illinois State Treasurer, seven categoriesJune 11, 2026Exhibit 01
2FOIA determination letter, Erica Tremble, FOIA OfficerJuly 1, 2026Exhibit 02
3aDCI pitch: “historically very strong” spreads, order window today or tomorrowFeb 26, 2025, 10:47 AMExhibit 03a
3bThread continuation: execution documents and wire instructionsFeb 26, 2025Exhibit 03b
3cThread continuationFeb 26–27, 2025Exhibit 03c
3dOffice reply committing the $10M purchase at 5.72%Feb 26, 2025, 1:20 PMExhibit 03d
4Computershare interest advice: the complete Israel bond position (holder account number masked by the author)May 1, 2025Exhibit 04
5aTrade confirmation: $10M, 5.72%, maturing Mar 1, 2030Mar 2025Exhibit 05a
5bTrade confirmation: $5M, 5.19%, maturing Apr 1, 2030Apr 2025Exhibit 05b
5cCustomer Investment Request, $5M five-yearApr 2025Exhibit 05c
5dPurchase notification: $10M, 5.74%, maturing Oct 1, 2028Oct 2023Exhibit 05d
5eInvestment form, first Nov 1, 2023 tradeNov 2023Exhibit 05e
5fInvestment form, second Nov 1, 2023 tradeNov 2023Exhibit 05f
6aRollover solicitation: $15M maturing Feb 1, 2026Jan 14, 2026Exhibit 06a
6bOffice reply with signed accredited-investor certificationJan 29, 2026Exhibit 06b
7aDCI solicitation on the May 1, 2025 maturity; not rolledApr 3, 2025Exhibit 07a
7bDCI three-year pitch at 4.96%; no reply in the productionJun 4, 2025Exhibit 07b
8DCI marketing to the Treasurer's address: “They say divest, we say double down”May 28, 2024Exhibit 08
9DCI marketing quoting Moody's; footnote: “*Israel bonds are not rated”Nov 21, 2023Exhibit 09
10Letter to Treasurer Frerichs from Yali Rothenberg, Accountant General, State of IsraelMay 16, 2024Exhibit 10
11Email chain: the Treasurer's recorded remarks provided to DCI for an eventNov 9, 2023Exhibit 11
13aTreasurer's Vault, Security Holdings Report, security-level exportExhibit 13a
13bU.S. Treasury par yield curve values at each purchase date, working tableExhibit 13b
14aFOIA determination letter, Republic of Poland request: memoranda 7(1)(f) to the extent they exist; due diligence no records; comparative analyses vs other sovereigns no records; category 5 unduly burdensome, narrowed request pending (Tremble)Jul 10, 2026Exhibit 14a
14bPoland trade file: internal three-issue comparison and recommendation (Siemons), approval email (Turner), VCON ticket, multi-dealer quote screen, price historyJan 29, 2025Exhibit 14b
14cBloomberg trade confirmation, POLAND 4 5/8 03/18/29, $15,000,000 at 99.456 via Mischler FinancialJan 29, 2025Exhibit 14c
12Public sources, linked at origin: State Treasury Investments IPS effective Dec 1, 2022 (policy PDF); IPS effective Oct 22, 2025 (policy PDF); U.S. Treasury Daily Par Yield Curve Rates; Polish Ministry of Finance pricing release, Mar 11, 2024links