INCOME RESEARCH & MANAGEMENT Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BOFA FIN LLC	9,803,000 (+3.6%)	$10,641 (+14.2%)	5.6%	$1.10	—	MTNF 0.600% 5/2	09709UV70
—	VENTAS RLTY LTD PARTNERSHIP	5,475,000 (+3.5%)	$7,731 (+13.2%)	4.1%	$1.06	—	NOTE 3.750% 6/0	92277GAZ0
—	ON SEMICONDUCTOR CORP	10,280,000 (+6.1%)	$9,725 (+8.8%)	5.1%	$0.94	—	NOTE 0.500% 3/0	682189AU9
—	AKAMAI TECHNOLOGIES INC	10,068,000 (+3.1%)	$10,093 (+8.1%)	5.3%	$0.99	—	NOTE 0.375% 9/0	00971TAL5
—	NEXTERA ENERGY CAP HLDGS	5,920,000 (+4.1%)	$7,347 (+9.4%)	3.9%	$1.16	—	NOTE 3.000% 3/0	65339KCY4
—	BLOCK INC	8,485,000 (+6.0%)	$7,844 (+7.7%)	4.1%	$0.90	—	NOTE 0.250%11/0	852234AK9
—	ENVISTA HOLDINGS	8,715,000 (+4.9%)	$8,356 (+6.8%)	4.4%	$0.91	—	NOTE 1.750% 8/1	29415FAD6
—	WELLS FARGO CO NEW	803 (+124.3%)	$974 (+120.2%)	0.5%	$1195.25	—	PERP PFD CNV A	949746804
—	HAEMONETICS CORP MASS	3,270,000 (+4.0%)	$3,387 (+16.7%)	1.8%	$0.99	—	NOTE 2.500% 6/0	405024AD2
—	CAPITAL SOUTHWEST CORP	10,127,000 (+3.8%)	$10,000 (+4.1%)	5.3%	$0.96	—	NOTE 5.125%11/1	140501AE7
—	AMERICAN WTR CAP CORP	9,668,000 (+4.4%)	$9,627 (+3.8%)	5.1%	$1.02	—	NOTE 3.625% 6/1	03040WBE4
—	DEXCOM INC	6,101,000 (+5.5%)	$5,610 (+6.5%)	2.9%	$0.94	—	NOTE 0.375% 5/1	252131AM9
—	MERITAGE HOMES CORP	6,215,000 (+8.6%)	$6,112 (+4.3%)	3.2%	$0.97	—	NOTE 1.750% 5/1	59001ABF8
—	MICROCHIP TECHNOLOGY INC.	6,978,000 (+2.0%)	$6,839 (+3.1%)	3.6%	$0.98	—	NOTE 0.750% 6/0	595017BG8
—	GLOBAL PMTS INC	7,830,000 (+4.9%)	$7,024 (+2.8%)	3.7%	$0.94	—	NOTE 1.500% 3/0	37940XAU6
—	PINNACLE WEST CAP CORP	3,031,000 (+6.3%)	$3,236 (+5.7%)	1.7%	$1.08	—	NOTE 4.750% 6/1	723484AK7
—	GLADSTONE CAP CORP	4,830,000 (+5.1%)	$4,709 (+3.6%)	2.5%	$0.99	—	NOTE 5.875%10/0	376535AG5
—	ETSY INC	225,000 (+221.4%)	$208 (+222.7%)	0.1%	$0.92	—	NOTE 0.125% 9/0	29786AAL0
—	UBER TECHNOLOGIES INC	4,430,000 (+10.6%)	$5,746 (-2.4%)	3.0%	$1.18	—	NOTE 0.875%12/0	90353TAM2
—	EVERGY INC	4,322,000 (+1.2%)	$5,260 (-2.0%)	2.8%	$1.09	—	NOTE 4.500%12/1	30034WAD8
—	DUKE ENERGY CORP NEW	8,858,000 (+3.4%)	$9,124 (-0.7%)	4.8%	$1.00	—	NOTE 4.125% 4/1	26441CBY0
—	CABLE ONE INC	75,000 (+114.3%)	$61 (+104.3%)	0.0%	$0.79	—	NOTE 1.125% 3/1	12685JAG0

Exited Positions (3)

— CMS ENERGY CORP 5.2%

Value ($000) $9,881 Shares 9,024,000 Est. Cost $0.98 Unrealized —

— PPL CAP FDG INC 5.1%

Value ($000) $9,704 Shares 8,501,000 Est. Cost $0.96 Unrealized —

— NEW MTN FIN CORP 0.2%

Value ($000) $299 Shares 299,000 Est. Cost $1.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CMS ENERGY CORP	9,024,000	$9,881	5.2%	$0.98	—	—	125896BX7
—	PPL CAP FDG INC	8,501,000	$9,704	5.1%	$0.96	—	—	69352PAS2
—	NEW MTN FIN CORP	299,000	$299	0.2%	$1.02	—	—	647551AE0

Decreased Positions (2)

— FORD MTR CO 3.5%

Value ($000) $6,629 (-19.0%) Shares 6,383,000 (-20.9%) Est. Cost $0.99 Unrealized —

— EXPEDIA GROUP INC 4.4%

Value ($000) $8,380 (-10.9%) Shares 7,512,000 (-19.5%) Est. Cost $1.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	FORD MTR CO	6,383,000 (-20.9%)	$6,629 (-19.0%)	3.5%	$0.99	—	NOTE 3/1	345370CZ1
—	EXPEDIA GROUP INC	7,512,000 (-19.5%)	$8,380 (-10.9%)	4.4%	$1.20	—	NOTE 2/1	30212PBE4

Unchanged Positions (8)

— EURONET WORLDWIDE INC 5.4%

Value ($000) $10,216 Shares 12,112,000 Est. Cost $0.99 Unrealized —

— ETSY INC 3.9%

Value ($000) $7,441 Shares 8,342,000 Est. Cost $0.74 Unrealized —

TAXX BONDBLOXX ETF TRUST 2.7%

Value ($000) $5,072 Shares 100,000 Est. Cost $50.00 Unrealized —

AGGS HARBOR ETF TRUST 1.1%

Value ($000) $2,061 Shares 50,000 Est. Cost $40.94 Unrealized —

TXXI BONDBLOXX ETF TRUST 2.7%

Value ($000) $5,060 Shares 100,000 Est. Cost $49.80 Unrealized —

— BANK AMERICA CORP 0.2%

Value ($000) $444 Shares 355 Est. Cost $1213.79 Unrealized —

TAXM BONDBLOXX ETF TRUST 2.6%

Value ($000) $5,026 Shares 100,000 Est. Cost $49.65 Unrealized —

— CENTERPOINT ENERGY INC 0.2%

Value ($000) $406 Shares 371,000 Est. Cost $1.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	EURONET WORLDWIDE INC	12,112,000	$10,216	5.4%	$0.99	—	NOTE 0.750% 3/1	298736AL3
—	ETSY INC	8,342,000	$7,441	3.9%	$0.74	—	NOTE 0.250% 6/1	29786AAN6
TAXX	BONDBLOXX ETF TRUST	100,000	$5,072	2.7%	$50.00	—	IR M TAXAWARE	09789C721
AGGS	HARBOR ETF TRUST	50,000	$2,061	1.1%	$40.94	—	DISCIPLINED BOND	41151J794
TXXI	BONDBLOXX ETF TRUST	100,000	$5,060	2.7%	$49.80	—	IR M TAX AWARE	09789C663
—	BANK AMERICA CORP	355	$444	0.2%	$1213.79	—	7.25%CNV PFD L	060505682
TAXM	BONDBLOXX ETF TRUST	100,000	$5,026	2.6%	$49.65	—	IR M TAX AWARE	09789C697
—	CENTERPOINT ENERGY INC	371,000	$406	0.2%	$1.01	—	NOTE 4.250% 8/1	15189TBD8