Investment Advisory Services Addendum No. 1 QA.pdf
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- Solicitation number
- BD-26-1211-MSBA-MASS-131180
- Issued by
- Suffolk County, Massachusetts
About this file
This is an Addendum No. 1 Questions and Answers document for the Massachusetts School Building Authority's Request for Responses to Provide Investment Advisory Services, issued on July 20, 2026. The MSBA seeks investment advisory services for a portfolio of approximately $340 million in financial assets currently held in money market funds, US Treasury notes, bills, and agency securities. The contract term is three years with two one-year renewal options at MSBA's sole discretion, with responses due August 7, 2026 at 2:00 PM. Respondents must be SEC-registered Registered Investment Advisors with a minimum of $2 billion in Regulatory Assets Under Management and at least five years' experience providing advisory services to Massachusetts governmental entities. The anticipated contract award date is October 28, 2026, with virtual presentations scheduled for the week of September 21, 2026.
The portfolio is actively managed with an average annual district payment requirement of approximately $710 million over fiscal years 2022 to 2026, though future disbursement requirements are difficult to predict due to external factors. The incumbent advisor is Omincap, LLC, which currently manages the funds externally. The MSBA maintains a laddered portfolio to comply with its investment policy goals and emphasizes liquidity management, with Board reporting occurring biannually or as requested. The selected firm will provide advisory services only, with the MSBA retaining all investment decision-making authority; the firm will execute trades under MSBA authorization rather than exercising discretionary management. Respondents must submit detailed cost proposals using the provided template, specify whether expenses are billed separately or included in fees, and provide SEC Form ADV documentation, proof of solvency, and professional liability insurance. The Supplier Diversity Program plan form completion is encouraged but not mandatory for eligible businesses.
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Massachusetts School Building Authority
Request for Responses to Provide Investment Advisory Services
Addendum No. 1: Questions and Answers
July 20, 2026
1. Question: Can MSBA provide current portfolio allocations by security type, maturity bucket, and custodian?
Answer: See attached.
2. Question: What percentage of the $340 million portfolio is actively managed versus held to maturity?
Answer: The entire portfolio is actively managed. While the intention is to hold to maturity, in certain circumstances securities are sold before maturity usually due to the need to utilize funds for activities other than investment.
3. Question: What are MSBA's expected annual grant disbursement requirements over the next 3-5 years?
Answer: Hard to predict due to numerous outside factors. For reference, for the 5 fiscal years, 2022 to 2026, average annual district payments were approximately $710 million.
4. Question: Are there specific liquidity targets that drive portfolio construction?
Answer: The MSBA’s investment policy addresses allowable investments and liquidity.
During the term of the engagement, there may be direction by MSBA around specific amounts and availability dates, but the goal is generally to have a laddered portfolio that complies with the goals in the investment policy.
5. Question: Does MSBA expect the advisor to provide discretionary management or only execute trades under explicit MSBA authorization?
Answer: The advisor is expected to provide investment advice, including investment options to the MSBA who will make decisions and provide direction to the advisor to execute trades.
6. Question: Are there approved broker/dealer relationships currently in place?
Answer: Currently, the account is held in an account at the Trustee. The MSBA does not have any other broker/dealer relationships at this time.
7. Question: What is the expected frequency of board reporting?
Answer: While the MSBA’s Board of Directors meet every other month (6 times a year), investment advisors may be asked to provide information at any time.
8. Question: Are there current reporting formats or dashboards that MSBA would like continued or enhanced?
Answer: None specifically.
9. Question: What benchmark(s) does MSBA currently use to evaluate portfolio performance?
Answer: Rate of return on investments and preservation of principal.
10. Question: Is MSBA considering replacing its current depository/custodial arrangements, or is this only advisory support if needed?
Answer: Advisory support if needed. However, that could change during the course of the contract.
11. Question: Who is the incumbent?
Answer: Omincap, LLC.
12. Question: Can we please have a copy of the Current Holdings?
Answer: See attached.
13. Question: Can we please have a copy of the most Recent Statement?
14. Question: Can you please elaborate on Scope of Work – Question 7?
“Assist in the preparation and presentation of information for credit agencies, investors, the MSBA’s Board of Directors, and other constituents.”
Answer: Provide information about the portfolio as requested by MSBA.
15. Question: Is MSBA able to provide a recent investment performance report or month-end statement of holdings?
16. Question: Is MSBA currently managing these funds in-house or are they managed by an external Investment Advisor?
Answer: Managed by external investment advisor
17. Question: If working with an external Investment Advisor, is MSBA willing to share the name?
Answer: Omincap, LLC.
Quarterly Report Investment Management Services
June 30, 2026
Portfolio Summary by Security Type (MSBA ( )) 1
Holdings by Type (Position) (MSBA ( )) 2
Holdings by Series (Lot) (MSBA ( )) 3
Purchase and Sale Report (Series) (MSBA ( )) 4
Income, Expense, and Realized Gain & Loss (Series) (MSBA )) 5
Table of Contents Dated: 07/01/2026
END OF ADDENDUM NO. 1
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