Attachment 6 - DRAFT Solicitation Phase 1 Forms_Amendment 1.docx

Pension Benefit Guaranty Corporation Fixed Income Investment Services

Attachment 6: Solicitation Phase 1 Forms

Instructions: Complete the following forms as appropriate by selecting “yes” or “no” for each prompt and signing each completed form. Once completed, convert the forms to Portable Document Format (“PDF”) and include them within Volume 1 – Offeror Qualifications.

At a minimum, offerors must submit three forms in this phase: the Offeror Qualifications Form and at least two (2) of the following Product Qualifications Forms:

· Core Fixed Income

· Credit Fixed Income

· Global Fixed Income

· Emerging Market Debt

Include all required supporting information (indicated below with asterisks (*)) in a zipped folder entitled Volume 1 Supporting Materials.

Offeror Qualifications Form

B. The firm agrees to act in accordance with the fiduciary standards of an ERISA fiduciary under this contract.

Choose an item.

C. The firm has at least $500,000,000,000.00 in Assets Under Management (AUM) as a fiduciary. *(Provide the Firm Annual Report or other published documentation confirming firm level AUM).

Choose an item.

D. The Firm has a positive net worth. *(Provide a letter confirming positive net worth from an independent CPA firm or a copy of your most recent audited financial statements)

Choose an item.

The offeror hereby certifies that it meets all of the foregoing qualifications.

Product Qualifications Form – Core Fixed Income

C. The firm currently has at least one tax exempt institutional account with at least $100,000,000.00 USD invested in the qualifying product as of 06/30/2025. (A tax-exempt account is defined as a separate account or a commingled fund managed on behalf of institutional investors that are tax-exempt. This definition excludes mutual funds, closed-end funds, and partnerships that are available for purchase by taxable entities). *To enable the PBGC to assess mandatory requirements B and C, the firm shall provide the following as of 06/30/2025:

i. Total asset value of the tax-exempt institutional account and the qualifying product

ii. Description of the benchmark for the qualifying product

iii. Portfolio characteristics for the qualifying product as of quarter end for the portfolio and the benchmark from inception to 06/30/2025 or for 10 years, whichever is shorter.* Firms shall provide this information by completing Tables 1 and 2 from Excel attachment.

Choose an item.

D. The firm confirms that it does not utilize a sub-advisor(s) in the management of the proposed product.

E. The proposed product must have at least 5 years of live performance history as of 06/30/2025 (simulated results are not acceptable). *(Provide a GIPS compliant Performance Presentation)

F. The performance history presented complies with the CFA Institute (CFAI) Global Investment Performance Standards (GIPS). * Provide a GIPS compliant Performance Presentation and confirm verification by providing either the name of the verifier and a copy of the verification letter or a statement describing the return calculation methodology and rules for inclusion of accounts in composites.

G. The firm must calculate the average of all rolling 60-month information ratios for the past 10 years or since product inception, whichever is shorter, through 06/30/2025. Rolling quarterly calculations are not acceptable. The average, using the GIPS compliant performance information presented in the proposal, must exceed 0.60. *To enable the PBGC to assess mandatory requirements for items E and G, offerors shall complete Table 3 from Excel attachment.

The methodology described below is required (failure to use it will disqualify this product from further consideration under Phase 1):

Calculate the monthly geometric** excess return, using the Barclays Bloomberg U.S. Aggregate Index, for each month of performance. Then, calculate the annualized 60-month excess return for each rolling 60-month period. Divide this by the annualized standard deviation*** of excess returns for each rolling 60-month period. Finally, calculate a simple average of these results. For example, if a product has 16 rolling 60-month periods since inception, provide the simple average of those 16 Information Ratios.

**Geometric Excess Return ((1+A/100)/(1+B/100))-1 A – Monthly Fund Return B – Monthly Index Return ***To annualize risk – must multiply by square root of 12 (for monthly)

For example, if a product has an inception date of April1, 2019, the first time period that would have 60 months of performance data would be April 1, 2019 through March 31, 2024. This is the first IR data point. The next time period would be May 1, 2019 through April 30, 2024 - this is the second IR data point. The third time period would be June 1, 2019 through May 31, 2024 - this is the third IR data point. And so on, until the last period, which would be July 1, 2020 through June 30, 2025 - the 16th IR data point. Calculate the average of those 16 IR data points. This is the number that must be greater than 0.60 as illustrated below:

IR for rolling 60 month period

The Offeror hereby certifies that its product meets all of the foregoing qualifications.

Product Qualifications Form – Credit Fixed Income

A. Qualifying product is actively managed against either the Bloomberg Credit Index, Bloomberg Corporate Index, Bloomberg Intermediate Credit Index, Bloomberg Intermediate Corporate Index or a blend of these indices (the Bloomberg Government or Intermediate Government Index must not make up more than 20% of the custom blend used) and available in a separate account format.

B. The firm must manage at least $1,000,000,000.00 USD as of 06/30/2025 in the proposed Credit Fixed Income product suitable for a tax-exempt sponsor. Only fully discretionary assets shall be included in this total. Advisory assets shall not be included. * Provide a GIPS performance table or other document that can evidence this.

C. The firm currently has at least one tax exempt institutional account with at least $100,000,000.00 USD invested in the qualifying product as of 06/30/2025. (A tax-exempt account is defined as a separate account or a commingled fund managed on behalf of institutional investors that are tax-exempt. This definition excludes mutual funds, closed-end funds, and partnerships that are available for purchase by taxable entities). *To enable the PBGC to assess mandatory requirements B and C, the firm shall provide the following as of 06/30/2025:

iii. Portfolio characteristics for the qualifying product as of quarter end for the portfolio and the benchmark from inception to 06/30/2025 or for 10 years, whichever is shorter.* Firms shall provide this information by completing Tables 1 and 2 from Excel attachment.

D. The firm confirms that it does not utilize a sub-advisor(s) in the management of the proposed product.

E. The proposed product must have at least 5 years of live performance history as of 06/30/2025 (simulated results are not acceptable). *(Provide a GIPS compliant Performance Presentation)

F. The performance history presented complies with the CFA Institute (CFAI) Global Investment Performance Standards (GIPS). * Provide a GIPS compliant Performance Presentation and confirm verification by providing either the name of the verifier and a copy of the verification letter or a statement describing the return calculation methodology and rules for inclusion of accounts in composites.

G. The firm must calculate the average of all rolling 60-month information ratios for the past 10 years or since product inception, whichever is shorter, through 06/30/2025. Rolling quarterly calculations are not acceptable. The average, using the GIPS compliant performance information presented in the proposal, must exceed 0.70. *To enable the PBGC to assess mandatory requirements for items E and G, offerors shall complete Table 3 from Excel attachment.

The methodology described below is required (failure to use it will disqualify this product from further consideration under Phase 1):

Calculate the monthly geometric** excess return, using the Barclays U.S. Aggregate Index appropriate applicable benchmark for the proposed product (as indicated in part A. above), for each month of performance. Then, calculate the annualized 60-month excess return for each rolling 60-month period. Divide this by the annualized standard deviation*** of excess returns for each rolling 60-month period. Finally, calculate a simple average of these results. For example, if a product has 16 rolling 60-month periods since inception, provide the simple average of those 16 Information Ratios.

**Geometric Excess Return ((1+A/100)/(1+B/100))-1 A – Monthly Fund Return B – Monthly Index Return

For example, if a product has an inception date of April1, 2019, the first time period that would have 60 months of performance data would be April 1, 2019 through March 31, 2024. This is the first IR data point. The next time period would be May 1, 2019 through April 30, 2024 - this is the second IR data point. The third time period would be June 1, 2019 through May 31, 2024 - this is the third IR data point. And so on, until the last period, which would be July 1, 2020 through June 30, 2025 - the 16th IR data point. Calculate the average of those 16 IR data points. This is the number that must be greater than 0.60 as illustrated below:

IR for rolling 60 month period

The Offeror hereby certifies that its product meets all of the foregoing qualifications.

Product Qualifications Form – Global Fixed Income

B. The firm must manage at least $1,000,000,000.00 USD as of 06/30/2025 in the proposed Global Fixed Income product suitable for a tax-exempt sponsor. Only fully discretionary assets shall be included in this total. Advisory assets shall not be included. * Provide a GIPS performance table or other document that can evidence this.

C. The firm currently has at least one tax exempt institutional account with at least $100,000,000.00 USD invested in the qualifying product as of 06/30/2025. (A tax-exempt account is defined as a separate account or a commingled fund managed on behalf of institutional investors that are tax-exempt. This definition excludes mutual funds, closed-end funds, and partnerships that are available for purchase by taxable entities). *To enable the PBGC to assess mandatory requirements B and C, the firm shall provide the following as of 06/30/2025:

ii. Description of the benchmark for the qualifying product

iii. Portfolio characteristics for the qualifying product as of quarter end for the portfolio and the benchmark from inception to 06/30/2025 or for 10 years, whichever is shorter.* Firms shall provide this information by completing Tables 1 and 2 from Excel attachment.

D. The firm confirms that it does not utilize a sub-advisor(s) in the management of the proposed product.

E. The proposed product must have at least 5 years of live performance history as of 06/30/2025 (simulated results are not acceptable). *(Provide a GIPS compliant Performance Presentation)

F. The performance history presented complies with the CFA Institute (CFAI) Global Investment Performance Standards (GIPS). * Provide a GIPS compliant Performance Presentation and confirm verification by providing either the name of the verifier and a copy of the verification letter or a statement describing the return calculation methodology and rules for inclusion of accounts in composites.

G. The firm must calculate the average of all rolling 60-month information ratios for the past 10 years or since product inception, whichever is shorter, through 06/30/2025. Rolling quarterly calculations are not acceptable. The average, using the GIPS compliant performance information presented in the proposal, must exceed 0.40. *To enable the PBGC to assess mandatory requirements for items E and G, offerors shall complete Table 3 from Excel attachment.

The methodology described below is required (failure to use it will disqualify this product from further consideration under Phase 1):

Calculate the monthly geometric** excess return, using the Barclays Bloomberg Global Aggregate HedgedU.S. Aggregate Index, for each month of performance. Then, calculate the annualized 60-month excess return for each rolling 60-month period. Divide this by the annualized standard deviation*** of excess returns for each rolling 60-month period. Finally, calculate a simple average of these results. For example, if a product has 16 rolling 60-month periods since inception, provide the simple average of those 16 Information Ratios.

**Geometric Excess Return ((1+A/100)/(1+B/100))-1 A – Monthly Fund Return B – Monthly Index Return

For example, if a product has an inception date of April1, 2019, the first time period that would have 60 months of performance data would be April 1, 2019 through March 31, 2024. This is the first IR data point. The next time period would be May 1, 2019 through April 30, 2024 - this is the second IR data point. The third time period would be June 1, 2019 through May 31, 2024 - this is the third IR data point. And so on, until the last period, which would be July 1, 2020 through June 30, 2025 - the 16th IR data point. Calculate the average of those 16 IR data points. This is the number that must be greater than 0.60 as illustrated below:

IR for rolling 60 month period

Product Qualifications Form – Emerging Markets Debt Fixed Income

A. Qualifying product is available in a separate account format and actively managed against either:

i. the JPM Emerging Markets Bond Index (EMBI) Global Diversified (Hard Currency),

ii. the JPM Government Bond Index (GBI) – Emerging Markets Global Diversified (Local Currency),

iii. a 50%/50% blend of the JPM Emerging Markets Bond Index (EMBI) Global Diversified (Hard Currency), the JPM Government Bond Index (GBI) – Emerging Markets Global Diversified (Local Currency)

B. The firm must manage at least $1,000,000,000.00 USD as of 06/30/2025 in the proposed EMD Fixed Income product suitable for a tax-exempt sponsor. Only fully discretionary assets shall be included in this total. Advisory assets shall not be included. * Provide a GIPS performance table or other document that can evidence this.

C. The firm currently has at least one tax exempt institutional account with at least $100,000,000.00 USD invested in the qualifying product as of 06/30/2025. (A tax-exempt account is defined as a separate account or a commingled fund managed on behalf of institutional investors that are tax-exempt. This definition excludes mutual funds, closed-end funds, and partnerships that are available for purchase by taxable entities). *To enable the PBGC to assess mandatory requirements B and C, the firm shall provide the following as of 06/30/2025:

iii. Portfolio characteristics for the qualifying product as of quarter end for the portfolio and the benchmark from inception to 06/30/2025 or for 10 years, whichever is shorter.* Firms shall provide this information by completing Tables 1 and 2 from Excel attachment.

D. The firm confirms that it does not utilize a sub-advisor(s) in the management of the proposed product.

E. The proposed product must have at least 5 years of live performance history as of 06/30/2025 (simulated results are not acceptable). *(Provide a GIPS compliant Performance Presentation)

F. The performance history presented complies with the CFA Institute (CFAI) Global Investment Performance Standards (GIPS). * Provide a GIPS compliant Performance Presentation and confirm verification by providing either the name of the verifier and a copy of the verification letter or a statement describing the return calculation methodology and rules for inclusion of accounts in composites.

G. The firm must calculate the average of all rolling 60-month information ratios for the past 10 years or since product inception, whichever is shorter, through 06/30/2025. Rolling quarterly calculations are not acceptable. The average, using the GIPS compliant performance information presented in the proposal, must exceed 0.50. *To enable the PBGC to assess mandatory requirements for items E and G, offerors shall complete Table 3 from Excel attachment.

The methodology described below is required (failure to use it will disqualify this product from further consideration under Phase 1):

Calculate the monthly geometric** excess return, using the appropriate applicable benchmark for the proposed product (as indicated in part A. above)Barclays U.S. Aggregate Index, for each month of performance. Then, calculate the annualized 60-month excess return for each rolling 60-month period. Divide this by the annualized standard deviation*** of excess returns for each rolling 60-month period. Finally, calculate a simple average of these results. For example, if a product has 16 rolling 60-month periods since inception, provide the simple average of those 16 Information Ratios.

**Geometric Excess Return ((1+A/100)/(1+B/100))-1 A – Monthly Fund Return B – Monthly Index Return

For example, if a product has an inception date of April1, 2019, the first time period that would have 60 months of performance data would be April 1, 2019 through March 31, 2024. This is the first IR data point. The next time period would be May 1, 2019 through April 30, 2024 - this is the second IR data point. The third time period would be June 1, 2019 through May 31, 2024 - this is the third IR data point. And so on, until the last period, which would be July 1, 2020 through June 30, 2025 - the 16th IR data point. Calculate the average of those 16 IR data points. This is the number that must be greater than 0.60 as illustrated below:

IR for rolling 60 month period