9AT: INCOME RESEARCH + MANAGEMENT

other names

Adviser Profile

As of Date	03/24/2025
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	204 -2.86%
of those in investment advisory functions	61 1.67%
Registration	SEC, Approved, 05/01/1987

AUM^*	108,988,159,964 22.46%
of that, discretionary	108,312,754,257 24.58%
Private Fund GAV^*	9,853,152,884 3.53%
Avg Account Size	114,845,269 17.82%
% High Net Worth	47.48% -6.56%
SMA’s	Yes
Private Funds	15
Contact Info	617 xxxxxxx
Websites

Client Types

- High net worth individuals
- Banking or thrift institutions
- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count15	GAV$9,853,152,884

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser GQG PARTNERS	Hedge Fund8.2b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.6b	Total Private Fund GAV13.8b	AUM153.0b	#Funds6
Adviser RHUMBLINE ADVISERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund17.0b	Total Private Fund GAV17.0b	AUM123.2b	#Funds24
Adviser GALLIARD CAPITAL MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund114.4m	Total Private Fund GAV114.4m	AUM80.4b	#Funds3
Adviser LINCOLN FINANCIAL INVESTMENTS CORPORATION	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund348.8m	Total Private Fund GAV348.8m	AUM95.9b	#Funds3
Adviser FIRST EAGLE INVESTMENT MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund3.6b	Total Private Fund GAV3.6b	AUM101.6b	#Funds8
Adviser VANGUARD INVESTMENTS AUSTRALIA LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund7.6m	Total Private Fund GAV7.6m	AUM92.4b	#Funds1
Adviser NEPC, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.0b	Total Private Fund GAV5.0b	AUM137.3b	#Funds4
Adviser TOWERS WATSON INVESTMENT SERVICES, INC.	Hedge Fund808.4m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund15.3b	Total Private Fund GAV16.1b	AUM52.2b	#Funds10
Adviser GSAM STABLE VALUE, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM55.4b	#Funds-
Adviser HARTFORD FUNDS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund21.3m	Total Private Fund GAV21.3m	AUM137.8b	#Funds3

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker30212PBE4	Stock NameEXPEDIA GROUP INC	$ Position$13,670,007	% Position7.00%	$ Change4.00%	# Change0.00%
Stck Ticker298736AL3	Stock NameEURONET WORLDWIDE INC	$ Position$11,972,712	% Position6.00%	$ Change1.00%	# Change0.00%
Stck Ticker844741BG2	Stock NameSOUTHWEST AIRLS CO	$ Position$12,263,596	% Position6.00%	$ Change2.00%	# Change0.00%
Stck Ticker69352PAS2	Stock NamePPL CAP FDG INC	$ Position$12,411,700	% Position6.00%	$ Change-1.00%	# Change0.00%
Stck Ticker647551AE0	Stock NameNEW MTN FIN CORP	$ Position$12,065,677	% Position6.00%	$ Change-1.00%	# Change0.00%
Stck Ticker018802AC2	Stock NameALLIANT ENERGY CORP	$ Position$12,691,620	% Position6.00%	$ Change-2.00%	# Change0.00%
Stck Ticker03040WBE4	Stock NameAMERICAN WTR CAP CORP	$ Position$9,870,000	% Position5.00%	$ Change-4.00%	# Change0.00%
Stck Ticker92277GAZ0	Stock NameVENTAS RLTY LTD PARTNERSHIP	$ Position$11,370,000	% Position5.00%	$ Change-16.00%	# Change-11.00%
Stck Ticker26441CBY0	Stock NameDUKE ENERGY CORP NEW	$ Position$11,023,875	% Position5.00%	$ Change-12.00%	# Change-9.00%
Stck Ticker125896BX7	Stock NameCMS ENERGY CORP	$ Position$11,494,050	% Position5.00%	$ Change-3.00%	# Change0.00%

Brochure Summary

Overview

Founded in 1987 and organized as a Delaware corporation, IR+M specializes in managing U.S. fixed income portfolios for institutional and private clients, several U.S. fixed income private investment funds, registered investment companies, and collective investment trusts for qualified investors. IR+M is privately owned largely by our employees and independent, having no subsidiaries, affiliates, or divisions. All business is conducted at our sole location in Boston, Massachusetts. Jack Sommers, our Executive Chairperson, is the only person who owns 25% or more of IR+M. We focus our investment advisory business on the U.S. fixed income universe offering clients advice and services on broad and focused fixed income strategies. Please refer to Item 8 below for a more detailed description of Methods of Analysis, Investment Strategies, and Risk of Loss associated with our investment strategies. We work closely with

our clients to identify and understand their investment needs, and, based on their investment objectives coupled with our investment processes, provide discretionary or non-discretionary investment management services subject to agreed upon investment guidelines and restrictions. Such investment guidelines and restrictions may include, but are not limited to, the type or amount of securities to be bought or sold, maximum concentration in a sector or industry, minimum quality standards for rated securities, socially responsible criteria, maximum maturities, or, if desired by the client, certain environmental, social, and governance (“ESG”) factors which may include customized restrictions or minimum ESG ratings requirements. We do not participate in any wrap fee programs. As of December 31, 2023, we managed $95,397,349,543 on a discretionary basis and $1,592,228,047 on a non-discretionary basis.

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INCOME RESEARCH + MANAGEMENT

Adviser Profile

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