Massachusetts School Building Authority

Request for Responses to Provide Investment Advisory Services

Address: 10 Post Office Square, Suite S400, Boston, MA 02109

Telephone: (617) 720-4466

Web Address: http://www.massschoolbuildings.org

RFR File Name/Title: Request for Responses to Provide Investment Advisory Services

RFR File Number: MSBA-RFR-InvestmentAdvisoryServices-2026

RFR Contact Person: Siobhan Tolman, Procurement and Contracts Manager

SECTION I. SUMMARY

The Massachusetts School Building Authority (MSBA) requests responses from qualified firms that are

Registered Investment Advisors (RIA) and have the qualifications and experience to provide Investment

Advisory Services as described in the Scope of Services below. Firms proposing to provide Investment

Advisory Services must be registered with the Securities and Exchange Commission (SEC) under the

Investment Advisers Act of 1940 and must comply with all applicable provisions of the Securities

Exchange Act and all Regulations and Rules adopted by the SEC, the Financial Industry Regulatory

Authority (FINRA) and applicable State Licensing Boards. The MSBA will evaluate the submissions of all respondent firms pursuant to the evaluation criteria set forth in this Request for Responses (RFR). At the conclusion of the RFR, the MSBA intends to directly contract with the responsive and responsible firm submitting the most advantageous response taking into consideration experience, knowledge and understanding of Investment Advisory Services required and relevant to the MSBA, qualifications, capacity, references, approach to providing the services requested, and price. The MSBA anticipates these Investment Advisory Services will be provided on an ongoing basis or in connection with specific projects that may arise from time to time. The selected firm will be required to execute the MSBA’s

Master Services Agreement (“MSA”), as set forth in Attachment “C.”

Minority Business Enterprise (MBE), Women Business Enterprise (WBE), Minority and Women

Business Enterprise (M/WBE), Service Disabled Veteran-Owned Business Enterprise

(SDVOBE), Veteran-Owned Business Enterprise (VBE), Minority Non-Profit Organization

(M/NPO), Women Non-Profit Organization (W/NPO), Minority and Women Non-Profit

Organization (M/W/NPO), Disability-Owned Business Enterprise (DOBE), or Lesbian, Gay, Bisexual or Transgender Business Enterprise (LGBTBE) firms are encouraged to submit responses.

A. OBJECTIVES

The intent of this RFR is to select one qualified firm to provide investment advisory services to the

MSBA with the goals of maximizing investment returns while protecting the principal and providing long-term investment strategies.

http://www.massschoolbuildings.org/

The MSBA finances capital grants which it provides to Massachusetts cities, towns, regional school districts, and independent agricultural and technical schools for the construction and renovation of K-12 public schools. While many of the MSBA’s financial assets are obligated to fund these grants and annual debt service, there is approximately $340 million held in money market funds, US Treasury notes, US Treasury bills, and US Agency securities. These funds are invested under the guidelines of the

MSBA’s Investment Management Policy (Attachment “H”). In addition to these funds, the selected firm may be asked to advise on investing existing MSBA Debt Service Funds, Debt Service Reserve

Funds, Sinking Funds, and any new bond proceeds that the MSBA may issue from time to time.

B. SCOPE OF WORK

It is anticipated that Investment Advisory Services will be required and may be requested on an ongoing basis or in connection with specific projects that may arise from time to time. The anticipated scope of work may include, but is not limited to, the following:

1. Review, advise and/or assist with the management and oversight of the MSBA’s financial assets.

2. Assist with the selection of a depository to hold MSBA assets not held by bond trustee.

3. Provide market research.

4. Execute investment trades under the direction of the MSBA.

5. Serve as, or assist in, the selection of a bidding agent for the MSBA investments for open market securities for refunding or defeasance escrows.

6. Review, advise and make recommendations on the MSBA’s Investment Management

Policy.

7. Assist in the preparation and presentation of information for credit agencies, investors, the

MSBA’s Board of Directors, and other constituents.

8. Additional services related to, or arising from, the scope of work listed above may be reasonably requested.

RESPONDENTS PLEASE NOTE: Individuals providing Investment Advisory Services to the

MSBA MAY be considered to be “special state employees” subject to the provisions of the

Massachusetts Conflict of Interest Law (M.G.L. c.268A). The MSBA’s MSA requires contractors to certify, among other things, compliance with the Conflict of Interest law.

C. COST PROPOSAL

Provide the firm’s proposed fee structure for the services solicited in this RFR using Attachment “F,”

Cost Proposal Template. Any incomplete responses may be deemed nonresponsive and subject to rejection.

Please indicate whether expenses will be billed separately or are included in the fees provided in the

Cost Proposal. Costs that are not specifically identified in the respondent’s submissions and not accepted by the MSBA as part of a contract will not be compensated.

SECTION II. MSBA BACKGROUND

Chapter 208 of the Acts of 2004 (the “Acts”) established the Massachusetts School Building Authority

(MSBA). The MSBA is an independent public authority not subject to the supervision and control of any other executive office, department, commission, board, bureau, agency or political subdivision of the Commonwealth. The MSBA’s Board consists of the State Treasurer, who serves as chair, the

Secretary of Administration and Finance or their designee, the Commissioner of Education or their designee, and four additional members appointed by the State Treasurer.

Prior to the establishment of the MSBA, the Massachusetts Department of Education administered and managed the former school building assistance program. The Acts eliminated the former program and created a new program for school building construction, renovation and repair projects (the “Program”), administered by the MSBA. The new Program provides assistance to cities, towns, regional school districts, and independent agricultural and technical schools to finance school building projects. The

MSBA has adopted regulations necessary to administer the Program and to review and approve applications for reimbursement for school building construction projects. Since it was established by the

Acts, the MSBA has made more than $18.8 billion in grant payments to Massachusetts communities and currently has more than 430 projects in its Capital Pipeline.

Since 2005 the MSBA has issued twenty-seven (27) series of bonds, including one series of Build

America Bonds and two series of Qualified School Construction Bonds. The MSBA has also issued commercial paper for new projects, however, no commercial paper is currently outstanding. The MSBA has also executed several tax-exempt and taxable refunding bond issues and has defeased bonds from funds on hand. The MSBA expects to authorize grants to school districts annually during the next five-year period and that a portion of these grants will be paid from bond proceeds during this period. The

MSBA may also issue refunding bonds and defease debt, dependent upon market conditions and other factors.

For more information about the MSBA and its program, please visit our website at www.massschoolbuildings.org and refer to Massachusetts General Laws (“M.G.L”) Chapter 70B, Chapter 208 of the Acts of 2004, and 963 CMR 2.00 et seq.

SECTION III. GENERAL INFORMATION

All terms, conditions, requirements, and procedures included in this RFR must be met for a response to be qualified as responsive. The MSBA reserves the right to waive or permit cure of non-material errors or omissions. The MSBA reserves the right to modify, amend, or cancel the terms of this RFR at any time. All responses must be submitted in accordance with the specific terms of this RFR. Responses to this RFR must be submitted electronically.

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A. SPECIFICATIONS

1. Respondent Communication: All communication regarding this RFR must be submitted via email to the RFR Contact Person, Siobhan Tolman, Procurement and Contracts Manager, siobhan.tolman@massschoolbuildings.org. No telephone calls concerning this RFR are permitted. Any individuals and/or firms intending to submit a response are prohibited from contacting any employee of the MSBA other than the contact person regarding this RFR.

Failure to observe this rule may result in disqualification. Furthermore, no other individual

MSBA employee or representative is authorized to provide any information or respond to any question or inquiry concerning this RFR. Respondents should notify, via email, the contact person for this RFR in the event it is incomplete or the respondent is having trouble obtaining any required attachments electronically through COMMBUYS or from the MSBA’s website.

2. Reasonable Accommodation: Respondents that seek reasonable accommodation because of disabilities or other hardships, which may include the receipt of RFR information in an alternative format, may communicate such requests via email to the contact person. Requests for accommodation will be addressed on a case-by-case basis.

3. Public Records: All responses and related documentation and information submitted in response to this RFR are subject to the Massachusetts Public Records Law, M.G.L. c. 66, §10; c.

4, §7(26)(h), regarding public access to such documents. Any statements in submitted responses that are inconsistent with the provisions of these statutes will be void and disregarded.

Respondent agrees that the MSBA shall not be liable under any circumstances for the subsequent disclosure of any information submitted to it by the respondent pursuant to this RFR and/or in connection with any contract entered into between respondent and the MSBA as a result of the RFR process.

Respondents are advised that all proposals are deemed sealed, and therefore their contents will be treated as confidential and will not be disclosed to competing respondents until the evaluation process has been completed and the contract has been awarded.

4. Submission of Proposed Materials and Virtual Presentation: All materials, representations, and submissions made within the response and at the virtual presentation are subject to becoming part of the contract binding the selected respondent to uphold the materials, representations, and submissions made by the selected respondent within the response and at the virtual presentations, if any.

5. Conflict of Interest: Prior to award of any contract and/or qualification, the respondent shall certify in writing that no relationship exists between the respondent and the MSBA that interferes with fair competition or is a conflict of interest, and no relationship exists between the respondent and another person or organization that constitutes a conflict of interest. No official or employee of the MSBA who exercises any function or responsibility in the review or approval of the undertaking or carrying out of this project shall, prior to the completion of the project, voluntarily acquire any personal interest, either directly or indirectly, in this contract or proposed contract. The respondent shall provide assurance that it presently has no interest and shall not acquire any interest, either directly or indirectly, which will conflict in any manner or degree with the performance of its services hereunder. The respondent shall also provide assurances that no person having any such known interest shall be employed during the performance of this contract. Individuals performing services to the MSBA may be considered

“special state employees” subject to the provisions of the Massachusetts Conflict of Interest Law

(M.G.L. 268A). The MSBA’s MSA requires contractors to certify, among other things, compliance with the Conflict of Interest Law.

6. Best Value Selection and Negotiation: The MSBA may select the response that demonstrates the “Best Value” overall, including proposed alternatives that will achieve the procurement goals of the MSBA. The MSBA and the selected respondent may negotiate a change in any element of contract performance or cost identified in the original RFR or the selected respondent’s response which results in lower costs or in a more cost effective or better value than was presented in the selected respondent’s or contractor’s original response.

7. Costs: The MSBA will not reimburse any individual or firm for any costs associated with the preparation or submittal of any response to this RFR or for any travel and/or per diem incurred in any presentation of such responses. Costs that are not specifically identified in the respondent’s submissions and not accepted by the MSBA as part of a contract will not be compensated.

8. COMMBUYS and MSBA Website: This RFR has been distributed electronically using the

COMMBUYS system and can be accessed at www.commbuys.com. RFR attachments that are referenced are available either as separate files along with the RFR, or in the COMMBUYS attachments section. The RFR and attachments are also available at the MSBA’s website:

www.massschoolbuildings.org

Respondents are solely responsible for obtaining and completing required attachments that are identified in this RFR; for regularly checking both COMMBUYS and the MSBA website for any addenda or modifications that are subsequently made to this RFR or attachments; for obtaining, reviewing and appropriately responding to any such addenda or modifications to the RFR or attachments; and for acknowledging the receipt of any addenda in the cover letter. The MSBA accepts no liability and will provide no accommodation to respondents who fail to check for, obtain, review and appropriately respond to addenda or modifications to the RFR and attachments, and then submit inadequate or incorrect responses. Respondents are advised to check the MSBA’s website and COMMBUYS to ensure that they have the most recent RFR files. Respondents may not alter (manually or electronically) the RFR language or any RFR component files. Modifications to the body of this

RFR, specifications, terms and conditions, which change the intent of this RFR are prohibited and may disqualify a response.

Respondents may also contact the COMMBUYS Helpdesk at COMMBUYS@state.ma.us or the COMMBUYS Helpline at 1-888-627-8283 or (617) 720–3197 (during normal business hours, 8AM – 5PM Monday – Friday).

9. Validity of Response: Responses must remain in effect for at least 120 days from the submission deadline and thereafter until either the respondent withdraws the response in writing, a contract is executed with respondent, or the procurement is canceled, whichever occurs first.

10. Prohibition Against Distribution of Information: Any respondent awarded a contract under this RFR is prohibited from selling or distributing any information collected or derived from the contract and/or procurement process, including lists of participating or eligible MSBA employee names, telephone numbers, or addresses, including email addresses.

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11. Right to Modify: The MSBA reserves the right to modify, amend, or cancel the terms of this

RFR at any time prior to the closing date. The MSBA reserves the right to negotiate with the selected respondent as to any element of cost or performance, including without limitation, elements identified in the RFR and/or the selected response in order to achieve the best value for the MSBA.

B. PROCUREMENT CALENDAR

The following is the tentative time schedule for the MSBA’s selection of qualified firms interested in providing Investment Advisory Services for the MSBA. All dates are subject to modification by the

MSBA with notice.

Issuance of RFR: July 8, 2026

Question Deadline: July 15, 2026 at 5:00 PM

Responses to Questions Posted no later than: July 22, 2026

RFR Response Deadline: August 7, 2026 at 2:00 PM

Virtual Presentations (If conducted): Week of September 21, 2026

Award of the Contract: Anticipated October 28, 2026

Questions concerning this RFR may be submitted to the RFR Contact Person in writing via email

(No Telephone Calls):

Siobhan Tolman, Procurement and Contracts Manager

Attn: “MSBA-RFR-InvestmentAdvisoryServices-2026”

E-Mail Address: Siobhan.Tolman@massschoolbuildings.org

SECTION IV. RESPONSE REQUIREMENTS

A. CONTENTS OF THE RESPONSE

All Responses to this RFR must include the following information:

1. Mandatory Cover Letter: Each response must be accompanied by a cover letter of not more than two pages. Each respondent must certify in the cover letter that it meets the minimum qualifications of Section V of this RFR. The letter, which shall be considered an integral part of the submission, shall be signed by an individual who is authorized to bind the firm contractually, giving his or her title. The letter must acknowledge Addenda to the

RFR, if any, and certify that all information contained in the response is accurate and complete. Inaccurate or incomplete information may adversely affect the evaluation of the submission. Please include a brief statement (1-2) sentences that highlights why you believe your firm should be selected for this assignment.

2. Contact Person: Provide the name, title, address, e-mail address and telephone number of the person who will serve as the primary contact regarding this RFR.

3. Please provide, as an appendix, a copy of the Firm’s most recent SEC Form ADV.

mailto:Siobhan.Tolman@massschoolbuildings.org

4. General Background: Description of the firm and its relevant experience, including a statement of date of establishment or incorporation under the present management structure. A statement describing the full extent of the responding firm’s business, including all parent and subsidiary entities.

5. Experience: Please provide a detailed description of the firm’s experience performing the type of services requested in this RFR. Firms should include experience in advising

Massachusetts governmental entities of similar size and investment requirements as the

MSBA.

6. References: Three (3) references of clients that are familiar with the work of your firm in providing the type of services requested in this RFR and two (2) references for the individual who will have overall responsibility for the team. (The references may be different or the same for the firm and the individual.) The client references must include a contact person, a full address, and a phone number.

7. Analytic Platform and Capabilities: Description of the software and analytic capabilities of the firm.

8. Project Team: Identification of the proposed team, including the individual(s) who will have overall responsibility and day-to-day responsibilities for the team and a description of the responsibilities of each member. Provide brief biographies of team members including professional experience and related credentials. Respondents should also provide current and projected workload of each project team member. The MSBA reserves the right to reject a firm’s use of any member of the team. Any changes to personnel will require prior written approval by the MSBA. The MSBA reserves the right to terminate a contract if changes are made and not approved. Respondents must also provide resumes of all personnel to be assigned to this engagement as an appendix to this RFR.

9. Consistent with the policies and requirements of the MSBA’s Investment Management

Policy, describe a proposal and/or strategic plan for advising the MSBA with respect to opportunities for enhancing investment income on its unrestricted assets, as well as investment of bond proceeds, debt service reserve funds and monthly set-asides to debt service funds.

10. Compensation: Provide the firm’s proposed fee structure for the services solicited in this

RFR using Attachment “F”, Cost Proposal Template. Please complete all three sections of the Cost Proposal. Any responses with incomplete sections may be deemed nonresponsive and subject to rejection.

Please indicate whether expenses will be billed separately or are included in hourly rates and/or AUM Fees provided in the Cost Proposal. Costs that are not specifically identified in the respondent’s submissions and not accepted by the MSBA as part of a contract will not be compensated.

11. Litigation, Investigations, and Other Proceedings: Identify any material litigation, administrative proceedings, investigations, judgments, or criminal convictions involving the respondent or any of its officers, directors, employees, agents, subcontractors, or proposed team members that are either: (a) currently pending; or (b) have been settled, concluded, or otherwise resolved during the past three (3) calendar years. If none exist, the respondent must state so. The MSBA reserves the right to reject a response based on the information provided.

12. Conflict of Interest: All responses must include whether your firm has identified any potential conflict of interest related to your proposal.

13. Solvency and Insurance: All responses must include a certification that the bidder has not been in bankruptcy and/or receivership within the last three calendar years. Firms are also asked to describe the professional liability insurance they have in place.

14. Corporate Good Standing: All responses must include, if respondent is incorporated, identification of the bidder’s state of incorporation and a statement that it is in good standing in that state, and, if the state of incorporation is not Massachusetts, a statement that the respondent has complied with all filing requirements of that state.

15. Approach to Providing Services: A description of the firm’s approach to providing the

Scope of Work described in Section I, Item B, specifically addressing any timelines described in this RFR. Also, all responses must include a table that describes the role of each member of your professional team that will be assigned to work on this project.

16. Additional Information: Provide any other information that you feel would be relevant to the selection process.

17. Statement of Limitations: Provide a statement clearly describing any limitations to the submitted response (such as scope of proposed services, geography, etc.).

18. Supplier Diversity Program Plan Form: The MSBA is committed to developing and strengthening Minority Business Enterprise (MBE), Women Business Enterprise

(WBE), Minority and Women Business Enterprise (M/WBE), Service Disabled

Veteran-Owned Business Enterprise (SDVOBE), Veteran-Owned Business Enterprise

(VBE), Minority Non-Profit Organization (M/NPO), Women Non-Profit Organization

(W/NPO), Minority and Women Non-Profit Organization (M/W/NPO), Disability-

Owned Business Enterprise (DOBE), or Lesbian, Gay, Bisexual or Transgender

Business Enterprise (LGBTBE) and expanding equal opportunity in the primary and secondary industries affected by this RFR. Please note, completion of a Supplier Diversity

Program Plan Form (Attachment “D”) by a respondent is NOT mandatory for the purposes of the MSBA’s review of a response. However, if a respondent has a Supplier

Diversity Office (SDO) partner, the respondent should complete the form to the extent possible. Respondents that clearly demonstrate the intent to further the development of the business enterprises and organizations listed above or the existence of a relationship which does further those goals may receive favorable consideration. If the form is not completed, or provided with a response, the MSBA will assume that it was omitted intentionally.

19. Anti-Discrimination Policy: Each respondent must include a detailed copy of its policy relative to affirmative action/equal opportunity and the prohibition of discriminatory employment practices.

20. Authorized Respondent’s Signature and Acceptance Form: If the respondent is a corporation, partnership, or other business entity, complete Attachment “A” as indicated.

21. Invest in Massachusetts Data Form: The MSBA encourages investment in our local economy and is committed to advancing the creation and preservation of jobs in the

Commonwealth. Consequently, all respondents must submit an Invest in Massachusetts

Data Form (“IMD Form”). (Attachment “E”).

22. Certification of Compliance with Laws: Each Respondent must complete and submit the

Certification of Compliance with Laws. (Attachment “B”).

B. INSTRUCTIONS FOR SUBMISSION

Responses to this RFR must be submitted electronically through the Commonwealth’s procurement website, COMMBUYS, by the submission deadline, or the response will not be considered. Hard copy submissions will not be accepted. Responses and attachments received after this deadline date and time will not be evaluated.

Instructions on how to submit a response are included as Attachment “G,” Creating a Quote in

COMMBUYS: How to Respond to a Bid Solicitation.

Respondents may also contact the COMMBUYS Helpdesk at COMMBUYS@state.ma.us or the

COMMBUYS Helpline at 1-888-627-8283 or (617) 720–3197 (during normal business hours, 8AM

– 5PM Monday – Friday).

When responding to this RFR, firms should take note of the following provisions.

1. Responses should include the information and documents listed in Section IV, Item A –

“Contents of the Response.”

2. The MSBA reserves the right to request additional information from firms responding to this

RFR. Additionally, upon reviewing the responses the MSBA may decide to have certain firms make virtual presentations.

3. The MSBA reserves the right to reject any and all responses to this request, to waive any minor informality in a response, to request clarification of information from any firm responding and to effect any agreement deemed by the MSBA to be in the MSBA’s best interest with one or more of the firms responding. The MSBA reserves the right to amend or cancel this RFR at any time.

All Responses and their contents will become the sole property of the MSBA upon receipt by it.

4. The duration of any contract that may result from this RFR will be for three (3) years with two one-year options to renew at the sole discretion of the MSBA.

C. SUBMISSION FORMAT REQUIREMENTS

Respondents are cautioned to read carefully and conform to the requirements for this specific RFR.

Failure to comply with the provisions of this RFR may serve as grounds for rejection of a Response.

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1. All Responses must be submitted electronically through the Commonwealth’s procurement website, COMMBUYS. Instructions on how to submit a Response are included as

Attachment “G,” Creating a Quote in COMMBUYS: How to Respond to Bid Solicitation, to this RFR. The specific organization and orientation of the Response is at the

Respondent’s discretion, but it is recommended that the Response be laid out in such a manner that the reader does not need to be constantly rotating the response.

2. Submissions must be limited to (10) pages excluding the following:

a. Cover Letter

b. Table of Contents

c. Appendix for resumes

d. Appendix for Schedules Supporting Investment Plan/Strategy (See Section IV.(A.)

(9.)

e. Appendix for most recent SEC Form ADV

f. Anti-Discrimination Policy

g. Attachments “A-F”

3. Submissions must be in font of 12 point or larger; single-spaced, top, bottom and side margins must be a minimum of one-half inch.

4. Any and all data, materials, and documentation submitted to the MSBA in response to this

RFR shall become the MSBA’s property and shall be subject to public disclosure under the

Massachusetts Public Records Act. In this regard, respondents are required to sign the

Authorized Respondent’s Signature and Acceptance Form, set forth as Attachment “A” hereto.

RESPONDENTS PLEASE NOTE: BY EXECUTING THE AUTHORIZED RESPONDENT’S

SIGNATURE AND ACCEPTANCE FORM AND SUBMITTING A RESPONSE TO THIS RFR,

RESPONDENT AGREES THAT THE MSBA SHALL NOT BE LIABLE UNDER ANY

CIRCUMSTANCES FOR THE DISCLOSURE OF ANY MATERIALS SUBMITTED TO THE

MSBA PURSUANT TO THIS RFR OR UPON RESPONDENT’S SELECTION AS A

PREQUALIFIED CONTRACTOR.

D. DISQUALIFICATION

1. Late Proposals: Proposals that are received after the deadline date and time shall be disqualified. A hard copy or facsimile response will not qualify as a “submission” for deadline purposes in advance of or in lieu of an electronic submission.

2. Nonresponsive Proposals: Proposals which are not responsive or which fail to comply with mandatory requirements of the RFR shall be deemed nonresponsive and shall be disqualified.

Nonresponsive proposals shall include, but not be limited to, those that fail to address or meet any mandatory item and those submitted in insufficient number. The MSBA reserves the right to disqualify from consideration those responses that are submitted in an incorrect format if the

MSBA determines, in its sole discretion, that the formatting error is prejudicial to the interests of other respondents and fair competition.

3. Collusion: Collusion by two or more respondents agreeing to act in a manner intended to avoid or frustrate fair and open competition is prohibited and shall be grounds for rejection or disqualification of a proposal or termination of this contract.

4. Debarred Bidders or Subcontractors: A respondent who is currently subject to any

Commonwealth or federal debarment order or determination shall not be considered for evaluation by the Procurement Team. If a bidder’s proposal is dependent upon the services of a named subcontractor and the disqualification of this named subcontractor would materially alter the proposal, then that proposal shall be deemed unresponsive if the named subcontractor is found to be debarred. Proposals that indicate that subcontractors will be used but do not rely on any specifically named subcontractor shall not be deemed unresponsive if the disqualification of a proposed subcontractor will not materially alter the proposal.

SECTION V. MINIMUM QUALIFICATIONS AND EVALUATION PROCESS

The RFR evaluation process will be conducted in two phases. MSBA staff will complete the Phase One

Review for all submitted responses. The purpose of the Phase One Review is to eliminate any respondents that do not meet the minimum qualifications and/or whose responses are nonresponsive to the requirements of the RFR. Responses that are deemed to be complete and responsive based on the

Phase One Review will be submitted to a committee of MSBA staff for additional review. The Phase

Two Review will evaluate the responses based on the criteria set forth below in Section V., C. The selection committee will make a recommendation of the qualified firm to the Executive Director of the

MSBA who will then accept or reject the recommendation.

(Phase One and Phase Two Reviews of this RFR will be Conducted Separately)

A. MINIMUM QUALIFICATIONS

In order to be eligible for further review and selection, each respondent must certify in its cover letter that it meets the following minimum qualifications. Any respondent that fails to include such certification in its response, demonstrating that these criteria have been met, will be rejected without further consideration.

Minimum qualifications that respondents must meet in order to provide this service include:

1. Registration with the Securities and Exchange Commission under the Investment Advisers

Act of 1940 and compliance with all applicable state and federal rules and regulations for

Registered Investment Advisors.

2. Eligible firms should have a minimum of $2 billion in Regulatory Assets Under

Management (RAUM) with the SEC.

3. Respondents (or the principal member(s) of its proposed team) must have a minimum of five (5) years in the business of providing Investment Advisory Services to Massachusetts governmental entities similar in size and complexity to the MSBA.

B. PHASE ONE REVIEW

Responses will be reviewed based on the completeness of responses, including mandatory attachments and compliance to submission criteria, legal, and other requirements as described in Section IV of the

RFR. Responses that do not comply with these components will be rejected and will not proceed to

Phase Two Review. The MSBA reserves the right to waive or permit cure of non-material errors or omissions.

Phase One of the Review will ensure compliance with the submission criteria in Section IV.

C. PHASE TWO REVIEW

In addition to the specific requirements set forth below, all respondents must demonstrate that they have significant experience, knowledge, and abilities with respect to providing the services described in the scope of work in Section 1, B.

Each response will be evaluated against the criteria set forth below. The MSBA will assign a rating of 1-

5 for each criterion as described below:

5 – Exceptional

4 – Above Average

3 – Average

2 – Below Average

1 – Poor

The MSBA shall assign weights to the evaluation criterion below as it deems appropriate and in the best interests of the MSBA, in its sole discretion. The rating assigned to each criterion will be multiplied by the applicable weight to determine a weighted score. The sum of all weighted scores will establish the total evaluation score for each Respondent.

The MSBA will evaluate responses based on criteria that shall include, but not be limited to, the following:

1. Demonstrated Experience

Respondent’s firm and proposed team demonstrates the depth, quality, length of time in the business and representative client base required to provide and support the satisfactory and timely performance of the services sought in this RFR and to provide quick turnaround on time-sensitive matters.

2. Knowledge and Understanding of Investment Advisory Services Required and Relevant to a

Massachusetts Governmental Entity

Respondent’s firm and proposed team demonstrates the knowledge and understanding necessary to support the satisfactory and timely performance of the services sought in this RFR for a

Massachusetts governmental entity of similar size and investment requirements as the MSBA. The respondent’s firm and proposed team also demonstrate the ability to provide quick turnaround on time-sensitive matters.

3. Qualifications, Licensing and Education

Respondent’s firm and proposed team demonstrates the qualifications, licensing and education that would be required to support the satisfactory and timely performance of the services sought in this

RFR.

4. Capacity and Organizational Structure

Respondent demonstrates the adequacy, organizational structure, quality and depth of its personnel resources, and capacity to perform the services sought in this RFR in a satisfactory and timely manner. Consideration will be given to the respondent’s current and projected workload and its ability to provide quick turnaround on time sensitive matters.

5. Proposed Overall Approach

The respondent’s proposed investment approach demonstrates an understanding of the MSBA’s investment portfolio and investment management objectives and requirements, as well as the relevant technical expertise, tools and experience required to support the satisfactory and timely performance of the services sought in this RFR. The respondent’s proposed investment plan will help demonstrate the firm’s understanding of the MSBA’s financial goals.

6. Supplier Diversity Program

The respondent demonstrates, through the information provided in Attachment D, its intent to develop a relationship with SDO certified Minority Business Enterprise (MBE), Women Business

Enterprise (WBE), Minority and Women Business Enterprise (M/WBE), Service Disabled

Veteran-Owned Business Enterprise (SDVOBE), Veteran-Owned Business Enterprise (VBE), Minority Non-Profit Organization (M/NPO), Women Non-Profit Organization (W/NPO), Minority and Women Non-Profit Organization (M/W/NPO), Disability-Owned Business

Enterprise (DOBE), or Lesbian, Gay, Bisexual or Transgender Business Enterprise (LGBTBE) in the performance of services solicited in this RFR.

Evaluation for this section will be based on the information provided by the respondent in

Attachment “D.” Respondents will receive either 0 points (Not Advantageous) or 5 points

(Advantageous) for this criterion. Points awarded under this criterion will be added to the respondent’s total weighted score.

An evaluation of “Not Advantageous” on this component, or non-completion of Attachment

“D”, shall not, by itself, prevent the MSBA from selecting a respondent who otherwise demonstrates the knowledge, experience, and capacity to perform the requested scope of services. Respondents that do not complete Attachment “D” will not receive points under this section.

7. Invest in Massachusetts

A respondent submits an IMD Form certifying that 50% or more of the workhours performed in connection with any contract arising out of its response will be performed in Massachusetts.

Evaluation for this section will be based on the information provided by the respondent in

Attachment “E.” Respondents will receive either 0 points (Not Advantageous) or 5 points

(Advantageous) for this criterion. Points awarded under this criterion will be added to the respondent’s total weighted score.

An evaluation of “Not Advantageous” on this component shall not, by itself, prevent the

MSBA from selecting a respondent who otherwise demonstrates the knowledge, experience, and capacity to perform the requested scope of services.

Value

The MSBA may select the response that demonstrates the “Best Value” overall, including proposed alternatives that will achieve the procurement goals of the MSBA. The MSBA and the selected respondent may negotiate a change in any element of contract performance or cost identified in the original RFR or the selected respondent’s response which results in lower costs or in a more cost effective or better value than was presented in the selected respondent’s or contractor’s original response.

D. PRESENTATIONS

After Phase One and Phase Two reviews, the MSBA shall have the option to invite one or more respondents to make in-person or virtual presentations either via “Zoom” or “Microsoft Teams”.

Presentations provide the MSBA with an opportunity to evaluate a respondent through the presentation of their proposal. The MSBA may limit the number of virtual or in-person presentations conducted.

Respondents will not be informed of their preliminary ranking at the time of the presentations. After presentations, the MSBA reserves the right to adjust any preliminary ranking in the Phase Two review.

The time allotments and format shall be the same for all presentations. Respondents will be given a maximum of 30 minutes to present their proposals followed by a 15-minute question and answer period.

The MSBA will give notice of at least three (3) business days prior to the date of a presentation. The

MSBA may require the respondent’s assigned project team to conduct the presentation.

A respondent is limited to the presentation of material contained in its response, with the limited exception that a respondent may supplement its response to address specific questions posed by the

MSBA and provide clarification of information contained in its response. A respondent’s failure to agree to a presentation may result in disqualification from further consideration.

SECTION VI. COMPONENTS OF THE PROCUREMENT

A. DURATION AND RENEWAL OPTIONS

The MSBA intends to select one qualified respondent to provide the services solicited in this RFR for an initial three-year term with two, one-year options to renew at the sole discretion of the MSBA, under the same terms and conditions.

The selected respondent(s) will be required to execute the standard MSA, a copy of which is attached hereto as Attachment “C.” RESPONDENTS ARE REQUIRED TO SPECIFY ANY

EXCEPTIONS TO THE MSA AND TO MAKE ANY SUGGESTED COUNTERPROPOSAL

WITH THEIR RESPONSE. A FAILURE TO SPECIFY EXCEPTIONS AND/OR

COUNTERPROPOSALS WILL BE DEEMED AN ACCEPTANCE OF THE MSA’S TERMS

AND CONDITIONS.

B. CONTRACT PERFORMANCE AND BUSINESS SPECIFICATIONS

1. Rejection of Proposals

The MSBA reserves the right to reject any and all proposals submitted under this solicitation.

2. Withdrawn/Irrevocability of Responses

A firm may withdraw and resubmit a response prior to the deadline. No withdrawals or re-submissions will be allowed after the deadline.

3. Subcontracting and Joint Ventures

Respondents must obtain prior approval from the MSBA for subcontracting any portion of the contract. Respondent’s intention to subcontract or partner or joint venture with other firm(s) must be clearly stated in the response. The MSBA reserves the right to reject any and all subcontracts, partners, or joint venture firms.

4. Price Limitation

The respondent must agree that no other customer of similar size and similar terms and conditions shall receive a lower price for the same commodity and service during the contract period, unless this same lower price is immediately effective for the MSBA. The respondent must also agree to provide current or historical pricing offered or negotiated with other governmental or private entities at any time during the contract period upon the request of the MSBA.

5. Security Breach Law, M.G.L. c. 93H

The bidders hereby acknowledge and agree to comply with the requirements and responsibilities, including those of providing notice and response, as set forth in G.L. c. 93H concerning Security

Breaches and any regulations implemented to effectuate security of “personal information” as defined in § 1 of G.L. c. 93H.

SECTION VII. ATTACHMENTS

This RFR consists of a 16-page Request for Responses and the following attachments:

Attachment A: Authorized Respondent’s Signature and Acceptance Form

Attachment B: Certification Statement

Attachment C: Master Services Agreement

Attachment D: Supplier Diversity Program Plan Form

Attachment E: Invest in Massachusetts Form

Attachment F: Cost Proposal Template

Attachment G: Creating a Quote in COMMBUYS: How to Respond to a Bid Solicitation

Attachment H: MSBA Investment Management Policy

SECTION VIII. ADDITIONAL INFORMATION

It is recommended that respondents refer to Chapter 70B of the MBL, Chapters 201, 208, and 210 of the

Massachusetts Acts of 2004, and 963 CMR 2.00 et seq. for additional information about the MSBA.

Your interest in working with the Massachusetts School Building Authority is appreciated.

Mary L. Pichetti

Executive Director

Massachusetts School Building Authority