INCOME RESEARCH & MANAGEMENT

Filed: 7/17/2025ACC: 0001214659-25-010512

📋 What this filing means

INCOME RESEARCH & MANAGEMENT filed this quarterly 13F‑HR report disclosing 40 equity positions with a total reported market value of $374.23M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$374.23M

Total AUM (reported)

239.62M

Total Shares

Allocation by class

LONG TERM BOND$50.14M13.4%

LONG TERM TREAS$39.62M10.6%

EXTENDED DUR$27.18M7.3%

NOTE 2/1$13.64M3.6%

NOTE 2.875% 3/1$13.12M3.5%

NOTE 7.500%10/1$12.27M3.3%

NOTE 3.750% 6/0$12.14M3.2%

Portfolio Concentration

Top 3$116.94M31.2%

4–10$86.01M23.0%

11–25$122.10M32.6%

Rest$49.17M13.1%

Top 3 weight

31.2%

Top 10 weight

54.2%

Voting Authority Distribution

Total shares with voting rights: 239.62M

Sole

Full voting authority

385K

% of voting shares0.2%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

239.23M

% of voting shares99.8%

Investment Discretion (by position count)

Sole40

Shared0

Other0

Dominant voting typeNone · 99.8% of voting shares

Institutional Holdings40

Rows:

VANGUARD BD INDEX FDS

SOLE

LONG TERM BOND

Shares721K

TypeSH

Market value$50.14M

13.40%

Sole

0.00

Shared

0.00

None

721K

VANGUARD SCOTTSDALE FDS

SOLE

LONG TERM TREAS

Shares705.96K

TypeSH

Market value$39.62M

10.59%

Sole

0.00

Shared

0.00

None

705.96K

VANGUARD WORLD FD

SOLE

EXTENDED DUR

Shares403.86K

TypeSH

Market value$27.18M

7.26%

Sole

0.00

Shared

0.00

None

403.86K

EXPEDIA GROUP INC

SOLE

NOTE 2/1

Shares14.04M

TypeSH

Market value$13.64M

3.65%

Sole

0.00

Shared

0.00

None

14.04M

PPL CAP FDG INC

SOLE

NOTE 2.875% 3/1

Shares12.15M

TypeSH

Market value$13.12M

3.51%

Sole

0.00

Shared

0.00

None

12.15M

NEW MTN FIN CORP

SOLE

NOTE 7.500%10/1

Shares12.24M

TypeSH

Market value$12.27M

3.28%

Sole

0.00

Shared

0.00

None

12.24M

VENTAS RLTY LTD PARTNERSHIP

SOLE

NOTE 3.750% 6/0

Shares10.15M

TypeSH

Market value$12.14M

3.24%

Sole

0.00

Shared

0.00

None

10.15M

CMS ENERGY CORP

SOLE

NOTE 3.375% 5/0

Shares11.37M

TypeSH

Market value$12.09M

3.23%

Sole

0.00

Shared

0.00

None

11.37M

DUKE ENERGY CORP NEW

SOLE

NOTE 4.125% 4/1

Shares11.02M

TypeSH

Market value$11.66M

3.12%

Sole

0.00

Shared

0.00

None

11.02M

CENTERPOINT ENERGY INC

SOLE

NOTE 4.250% 8/1

Shares10.25M

TypeSH

Market value$11.09M

2.96%

Sole

0.00

Shared

0.00

None

10.25M

EURONET WORLDWIDE INC

SOLE

NOTE 0.750% 3/1

Shares12.11M

TypeSH

Market value$10.35M

2.77%

Sole

0.00

Shared

0.00

None

12.11M

AMERICAN WTR CAP CORP

SOLE

NOTE 3.625% 6/1

Shares10.27M

TypeSH

Market value$10.31M

2.75%

Sole

0.00

Shared

0.00

None

10.27M

CAPITAL SOUTHWEST CORP

SOLE

NOTE 5.125%11/1

Shares9.24M

TypeSH

Market value$9.09M

2.43%

Sole

0.00

Shared

0.00

None

9.24M

AKAMAI TECHNOLOGIES INC

SOLE

NOTE 0.375% 9/0

Shares9.30M

TypeSH

Market value$9.01M

2.41%

Sole

0.00

Shared

0.00

None

9.30M

FORD MTR CO

SOLE

NOTE 3/1

Shares8.95M

TypeSH

Market value$8.85M

2.36%

Sole

0.00

Shared

0.00

None

8.95M

BOFA FIN LLC

SOLE

MTNF 0.600% 5/2

Shares9.01M

TypeSH

Market value$8.80M

2.35%

Sole

0.00

Shared

0.00

None

9.01M

ON SEMICONDUCTOR CORP

SOLE

NOTE 0.500% 3/0

Shares9.25M

TypeSH

Market value$8.55M

2.28%

Sole

0.00

Shared

0.00

None

9.25M

ETSY INC

SOLE

NOTE 0.250% 6/1

Shares9.69M

TypeSH

Market value$8.31M

2.22%

Sole

0.00

Shared

0.00

None

9.69M

ENVISTA HOLDINGS CORPORATION

SOLE

NOTE 1.750% 8/1

Shares8.69M

TypeSH

Market value$8.06M

2.15%

Sole

0.00

Shared

0.00

None

8.69M

NEXTERA ENERGY CAP HLDGS INC

SOLE

NOTE 3.000% 3/0

Shares6.71M

TypeSH

Market value$7.63M

2.04%

Sole

0.00

Shared

0.00

None

6.71M

GLOBAL PMTS INC

SOLE

NOTE 1.500% 3/0

Shares8.26M

TypeSH

Market value$7.37M

1.97%

Sole

0.00

Shared

0.00

None

8.26M

MICROCHIP TECHNOLOGY INC.

SOLE

NOTE 0.750% 6/0

Shares7.41M

TypeSH

Market value$7.28M

1.95%

Sole

0.00

Shared

0.00

None

7.41M

BLOCK INC

SOLE

NOTE 0.250%11/0

Shares7.47M

TypeSH

Market value$6.67M

1.78%

Sole

0.00

Shared

0.00

None

7.47M

EVERGY INC

SOLE

NOTE 4.500%12/1

Shares5.13M

TypeSH

Market value$6.00M

1.60%

Sole

0.00

Shared

0.00

None

5.13M

DEXCOM INC

SOLE

NOTE 0.375% 5/1

Shares6.23M

TypeSH

Market value$5.84M

1.56%

Sole

0.00

Shared

0.00

None

6.23M

Issuer	Class	Shares	Type	Value / Portfolio %	None
VANGUARD BD INDEX FDSSOLE	LONG TERM BOND	721K	SH	$50.14M 13.40%	721K
VANGUARD SCOTTSDALE FDSSOLE	LONG TERM TREAS	705.96K	SH	$39.62M 10.59%	705.96K
VANGUARD WORLD FDSOLE	EXTENDED DUR	403.86K	SH	$27.18M 7.26%	403.86K
EXPEDIA GROUP INCSOLE	NOTE 2/1	14.04M	SH	$13.64M 3.65%	14.04M
PPL CAP FDG INCSOLE	NOTE 2.875% 3/1	12.15M	SH	$13.12M 3.51%	12.15M
NEW MTN FIN CORPSOLE	NOTE 7.500%10/1	12.24M	SH	$12.27M 3.28%	12.24M
VENTAS RLTY LTD PARTNERSHIPSOLE	NOTE 3.750% 6/0	10.15M	SH	$12.14M 3.24%	10.15M
CMS ENERGY CORPSOLE	NOTE 3.375% 5/0	11.37M	SH	$12.09M 3.23%	11.37M
DUKE ENERGY CORP NEWSOLE	NOTE 4.125% 4/1	11.02M	SH	$11.66M 3.12%	11.02M
CENTERPOINT ENERGY INCSOLE	NOTE 4.250% 8/1	10.25M	SH	$11.09M 2.96%	10.25M
EURONET WORLDWIDE INCSOLE	NOTE 0.750% 3/1	12.11M	SH	$10.35M 2.77%	12.11M
AMERICAN WTR CAP CORPSOLE	NOTE 3.625% 6/1	10.27M	SH	$10.31M 2.75%	10.27M
CAPITAL SOUTHWEST CORPSOLE	NOTE 5.125%11/1	9.24M	SH	$9.09M 2.43%	9.24M
AKAMAI TECHNOLOGIES INCSOLE	NOTE 0.375% 9/0	9.30M	SH	$9.01M 2.41%	9.30M
FORD MTR COSOLE	NOTE 3/1	8.95M	SH	$8.85M 2.36%	8.95M
BOFA FIN LLCSOLE	MTNF 0.600% 5/2	9.01M	SH	$8.80M 2.35%	9.01M
ON SEMICONDUCTOR CORPSOLE	NOTE 0.500% 3/0	9.25M	SH	$8.55M 2.28%	9.25M
ETSY INCSOLE	NOTE 0.250% 6/1	9.69M	SH	$8.31M 2.22%	9.69M
ENVISTA HOLDINGS CORPORATIONSOLE	NOTE 1.750% 8/1	8.69M	SH	$8.06M 2.15%	8.69M
NEXTERA ENERGY CAP HLDGS INCSOLE	NOTE 3.000% 3/0	6.71M	SH	$7.63M 2.04%	6.71M
GLOBAL PMTS INCSOLE	NOTE 1.500% 3/0	8.26M	SH	$7.37M 1.97%	8.26M
MICROCHIP TECHNOLOGY INC.SOLE	NOTE 0.750% 6/0	7.41M	SH	$7.28M 1.95%	7.41M
BLOCK INCSOLE	NOTE 0.250%11/0	7.47M	SH	$6.67M 1.78%	7.47M
EVERGY INCSOLE	NOTE 4.500%12/1	5.13M	SH	$6.00M 1.60%	5.13M
DEXCOM INCSOLE	NOTE 0.375% 5/1	6.23M	SH	$5.84M 1.56%	6.23M

Page 1 of 2