Specifications include, but are not limited to: Investment management firms to manage up to 5.0% of the WRS’s defined benefit plan in a high yield fixed income product. The actual dollar allocation will be determined as a percentage of the portfolio and may fluctuate with total portfolio market value by the time the mandate is awarded to the winning bidder. Total assets of the WRS were reported by the custodian to be approximately $153 million as of September 30, 2018; therefore, the WRS expects to award approximately $8 million to the winning bidder. The Board will consider long only, publicly traded, High Yield Fixed Income commingled vehicles and separately managed accounts. Passively managed and actively managed strategies are welcome to respond. The Board will not consider Hedge Funds, Private vehicles, nor investments in illiquid fixed income (CLOs, CDOs, Distressed).