# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-005991
**Filing Date:** 2025-8
**Character Count:** 95716
**Document Hash:** 95bc07c5269412a7896f686e11a8add7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005991.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-005991

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057

**ORGANIZATION NAME:**
- **EIN:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251261190

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

### Pemberwick Fund (Series ID: S000055882)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000176027 | Pemberwick Fund Shares |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pemberwick Fund** | **Pemberwick Fund** | **Pemberwick Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 62.8%** | **Par** | **Value** |
| **COMMUNICATIONS - 0.5%** | **COMMUNICATIONS - 0.5%** | **COMMUNICATIONS - 0.5%** |
|  Comcast Corp., 3.95%, 10/15/2025 | $125000 | $124815 |
|  TWDC Enterprises 18 Corp., 3.15%, 09/17/2025 | 300000 | 299231 |
| Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
| &nbsp;&nbsp; 3.70%, 10/15/2025 | 250000 | 249489 |
| &nbsp;&nbsp; 1.75%, 01/13/2026 | 300000 | 295936 |
|  |  | 969471 |
| **CONSUMER DISCRETIONARY - 0.5%** | **CONSUMER DISCRETIONARY - 0.5%** | **CONSUMER DISCRETIONARY - 0.5%** |
|  American Honda Finance Corp., 5.80%, 10/03/2025 | 1000000 | 1002786 |
| **CONSUMER, CYCLICAL - 0.9%** | **CONSUMER, CYCLICAL - 0.9%** | **CONSUMER, CYCLICAL - 0.9%** |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| &nbsp;&nbsp; 3.65%, 08/18/2025 | 900000 | 899106 |
| &nbsp;&nbsp; 0.80%, 10/16/2025 | 1000000 | 989729 |
|  |  | 1888835 |
| **CONSUMER, NON-CYCLICAL - 1.3%** | **CONSUMER, NON-CYCLICAL - 1.3%** | **CONSUMER, NON-CYCLICAL - 1.3%** |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| &nbsp;&nbsp; 0.75%, 11/13/2025 | 1300000 | 1283317 |
| &nbsp;&nbsp; 3.20%, 06/15/2026 | 300000 | 297278 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp; 5.15%, 10/15/2025 | 300000 | 300526 |
| &nbsp;&nbsp; 3.70%, 12/15/2025 | 400000 | 398474 |
| &nbsp;&nbsp; 3.10%, 03/15/2026 | 350000 | 346998 |
|  |  | 2626593 |
| **ENERGY - 0.3%** | **ENERGY - 0.3%** | **ENERGY - 0.3%** |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| &nbsp;&nbsp; 3.80%, 09/21/2025 | 250000 | 249591 |
| &nbsp;&nbsp; 3.12%, 05/04/2026 | 300000 | 297039 |
|  |  | 546630 |
| **FINANCIALS - 55.1%<sup>(a)</sup>** | **FINANCIALS - 55.1%<sup>(a)</sup>** | **FINANCIALS - 55.1%<sup>(a)</sup>** |
|  Aflac, Inc., 1.13%, 03/15/2026 | 300000 | 293101 |
| American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp; 5.15% (SOFR + 0.76%), 02/13/2026<sup>(f)</sup> | 4231000 | 4238321 |
| &nbsp;&nbsp; 5.73% (SOFR + 1.35%), 10/30/2026<sup>(f)</sup> | 4600000 | 4614593 |
| &nbsp;&nbsp; 5.03% (SOFR + 0.65%), 11/04/2026<sup>(f)</sup> | 2383000 | 2387918 |
|  AvalonBay Communities, Inc., 3.50%, 11/15/2025 | 300000 | 299033 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp; 5.34% (SOFR + 0.97%), 07/22/2027<sup>(f)</sup> | 1200000 | 1204830 |
| &nbsp;&nbsp; 5.81% (SOFR + 1.35%), 09/15/2027<sup>(f)</sup> | 4879000 | 4924883 |
|  Bank of America NA, 5.42% (SOFR + 1.02%), 08/18/2026<sup>(f)</sup> | 3400000 | 3421958 |
|  Bank of Montreal, 5.42% (SOFR + 0.95%), 09/25/2025<sup>(f)</sup> | 1680000 | 1682734 |
|  Bank of New York Mellon, 5.07% (SOFR + 0.71%), 04/20/2027<sup>(f)</sup> | 2000000 | 2004552 |
|  Bank of New York Mellon Corp., 5.12% (SOFR + 0.68%), 06/09/2028<sup>(f)</sup> | 3000000 | 3004117 |
|  Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 300000 | 297717 |
|  Canadian Imperial Bank of Commerce, 5.69% (SOFR + 1.22%), 10/02/2026<sup>(f)</sup> | 6000000 | 6056248 |
| Citibank NA | Citibank NA | Citibank NA |
| &nbsp;&nbsp; 4.97% (SOFR + 0.59%), 04/30/2026<sup>(f)</sup> | 400000 | 400570 |
| &nbsp;&nbsp; 5.09% (SOFR + 0.71%), 08/06/2026<sup>(f)</sup> | 4000000 | 4010171 |
| &nbsp;&nbsp; 5.11% (SOFR + 0.71%), 11/19/2027<sup>(f)</sup> | 3000000 | 3002695 |
|  Citigroup, Inc., 5.21% (SOFR + 0.77%), 06/09/2027<sup>(f)</sup> | 3199000 | 3202369 |
| Goldman Sachs Bank USA/New York NY | Goldman Sachs Bank USA/New York NY | Goldman Sachs Bank USA/New York NY |
| &nbsp;&nbsp; 5.23% (SOFR + 0.77%), 03/18/2027<sup>(f)</sup> | 1000000 | 1002670 |
| &nbsp;&nbsp; 5.16% (SOFR + 0.75%), 05/21/2027<sup>(f)</sup> | 1330000 | 1334107 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp; 5.45% (SOFR + 1.07%), 08/10/2026<sup>(f)</sup> | 2700000 | 2702648 |
| &nbsp;&nbsp; 5.23% (SOFR + 0.79%), 12/09/2026<sup>(f)</sup> | 2000000 | 2003253 |
| &nbsp;&nbsp; 5.25% (SOFR + 0.81%), 03/09/2027<sup>(f)</sup> | 3000000 | 3004926 |
| &nbsp;&nbsp; 5.28% (SOFR + 0.92%), 10/21/2027<sup>(f)</sup> | 400000 | 400942 |
| HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
| &nbsp;&nbsp; 5.97% (3 mo. Term SOFR + 1.64%), 09/12/2026<sup>(f)</sup> | 7000000 | 7019497 |
| &nbsp;&nbsp; 5.96% (SOFR + 1.57%), 08/14/2027<sup>(f)</sup> | 975000 | 983946 |
|  HSBC USA, Inc., 5.39% (SOFR + 0.96%), 03/04/2027<sup>(f)</sup> | 2500000 | 2514266 |
|  Loews Corp., 3.75%, 04/01/2026 | 400000 | 398010 |
|  Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | 300000 | 298548 |
|  MetLife, Inc., 3.60%, 11/13/2025 | 125000 | 124661 |
|  Mid-America Apartments LP, 4.00%, 11/15/2025 | 300000 | 299343 |
|  Morgan Stanley, 5.38% (SOFR + 1.02%), 04/13/2028<sup>(f)</sup> | 2000000 | 2011924 |
| Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp; 5.54% (SOFR + 1.17%), 10/30/2026<sup>(f)</sup> | 2500000 | 2517029 |
| &nbsp;&nbsp; 5.04% (SOFR + 0.69%), 10/15/2027<sup>(f)</sup> | 1000000 | 1000858 |
| &nbsp;&nbsp; 5.44% (SOFR + 1.08%), 01/14/2028<sup>(f)</sup> | 900000 | 905562 |
|  New York Life Global Funding, 4.92% (SOFR + 0.48%), 06/09/2026<sup>(b)(f)</sup> | 4000000 | 4006855 |
| Prologis LP | Prologis LP | Prologis LP |
| &nbsp;&nbsp; 3.25%, 06/30/2026 | 300000 | 296962 |
| &nbsp;&nbsp; 2.13%, 04/15/2027 | 300000 | 290068 |
|  Prudential Financial, Inc., 1.50%, 03/10/2026 | 400000 | 392471 |
|  Public Storage Operating Co., 0.88%, 02/15/2026 | 300000 | 293597 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp; 0.75%, 03/15/2026 | 400000 | 389663 |
| &nbsp;&nbsp; 4.13%, 10/15/2026 | 300000 | 299347 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; 4.84% (SOFR + 0.46%), 08/03/2026<sup>(f)</sup> | 2000000 | 2001577 |
| &nbsp;&nbsp; 4.97% (SOFR + 0.59%), 11/02/2026<sup>(f)</sup> | 2200000 | 2204195 |
| &nbsp;&nbsp; 5.31% (SOFR + 0.95%), 01/19/2027<sup>(f)</sup> | 3000000 | 3020008 |
| &nbsp;&nbsp; 5.07% (SOFR + 0.71%), 01/21/2027<sup>(f)</sup> | 1123000 | 1126571 |
| &nbsp;&nbsp; 5.08% (SOFR + 0.72%), 10/18/2027<sup>(f)</sup> | 1140000 | 1141456 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| &nbsp;&nbsp; 3.50%, 09/01/2025 | 700000 | 698433 |
| &nbsp;&nbsp; 3.30%, 01/15/2026 | 400000 | 397598 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp; 5.78% (SOFR + 1.43%), 01/13/2026<sup>(f)</sup> | 7100000 | 7142650 |
| &nbsp;&nbsp; 5.65% (SOFR + 1.30%), 07/13/2026<sup>(f)</sup> | 1400000 | 1413786 |
| &nbsp;&nbsp; 5.23% (SOFR + 0.88%), 01/14/2027<sup>(f)</sup> | 1731000 | 1739926 |
|  Wells Fargo & Co., 5.15% (SOFR + 0.78%), 01/24/2028<sup>(f)</sup> | 1600000 | 1601475 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| &nbsp;&nbsp; 5.33% (SOFR + 0.80%), 08/01/2025<sup>(f)</sup> | 4000000 | 4001224 |
| &nbsp;&nbsp; 5.06% (SOFR + 0.71%), 01/15/2026<sup>(f)</sup> | 4900000 | 4910333 |
|  |  | 110936195 |
| **HEALTH CARE - 0.5%** | **HEALTH CARE - 0.5%** | **HEALTH CARE - 0.5%** |
|  Elevance Health, Inc., 5.35%, 10/15/2025 | 1000000 | 1001112 |
| **INDUSTRIALS - 1.6%** | **INDUSTRIALS - 1.6%** | **INDUSTRIALS - 1.6%** |
|  Burlington Northern Santa Fe LLC, 7.00%, 12/15/2025 | 215000 | 217497 |
|  Caterpillar Financial Services Corp., 0.80%, 11/13/2025 | 1800000 | 1777357 |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| &nbsp;&nbsp; 4.05%, 09/08/2025 | 700000 | 699391 |
| &nbsp;&nbsp; 0.70%, 01/15/2026 | 300000 | 294254 |
| &nbsp;&nbsp; 5.05%, 03/03/2026 | 300000 | 301399 |
|  |  | 3289898 |
| **TECHNOLOGY - 0.5%** | **TECHNOLOGY - 0.5%** | **TECHNOLOGY - 0.5%** |
|  International Business Machines Corp., 7.00%, 10/30/2025 | 150000 | 151226 |
|  Intuit, Inc., 0.95%, 07/15/2025 | 500000 | 499266 |
|  Lam Research Corp., 3.75%, 03/15/2026 | 300000 | 298684 |
|  |  | 949176 |
| **UTILITIES - 1.6%** | **UTILITIES - 1.6%** | **UTILITIES - 1.6%** |
|  Duke Energy Progress LLC, 3.25%, 08/15/2025 | 100000 | 99839 |
|  Georgia Power Co., 3.25%, 04/01/2026 | 300000 | 297531 |
|  Louisville Gas and Electric Co., 3.30%, 10/01/2025 | 150000 | 149335 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp; 5.45%, 10/30/2025 | 1000000 | 1003046 |
| &nbsp;&nbsp; 4.45%, 03/13/2026 | 300000 | 300167 |
|  NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025 | 400000 | 400604 |
|  PECO Energy Co., 3.15%, 10/15/2025 | 428000 | 426342 |
|  Public Service Electric and Gas Co., 0.95%, 03/15/2026 | 300000 | 293052 |
|  Virginia Electric and Power Co., 3.15%, 01/15/2026 | 300000 | 297987 |
|  |  | 3267903 |
| **TOTAL CORPORATE BONDS** (Cost $126,394,926) | **TOTAL CORPORATE BONDS** (Cost $126,394,926) | 126478599 |
| **U.S. TREASURY OBLIGATIONS - 7.6%** | **Par** | **Value** |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 2.88%, 07/31/2025 | 2000000 | 1997529 |
| &nbsp;&nbsp; 2.00%, 08/15/2025 | 2000000 | 1993864 |
| &nbsp;&nbsp; 2.75%, 08/31/2025 | 2000000 | 1994171 |
| &nbsp;&nbsp; 3.00%, 09/30/2025 | 2000000 | 1993613 |
| &nbsp;&nbsp; 2.25%, 11/15/2025 | 1220000 | 1210802 |
| &nbsp;&nbsp; 4.50%, 11/15/2025 | 400000 | 400236 |
| &nbsp;&nbsp; 0.38%, 01/31/2026 | 1700000 | 1662659 |
| &nbsp;&nbsp; 2.63%, 01/31/2026 | 200000 | 198168 |
| &nbsp;&nbsp; 6.00%, 02/15/2026 | 1900000 | 1919859 |
| &nbsp;&nbsp; 0.75%, 04/30/2026 | 1000000 | 972980 |
| &nbsp;&nbsp; 0.75%, 05/31/2026 | 1000000 | 970634 |
| **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $15,349,588) | **TOTAL U.S. TREASURY OBLIGATIONS** (Cost $15,349,588) | 15314515 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%** | **Par** | **Value** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 2091, Class PG, 6.00%, 11/15/2028 | 51577 | 52390 |
| &nbsp;&nbsp; Series 2097, Class PZ, 6.00%, 11/15/2028 | 32781 | 33271 |
| &nbsp;&nbsp; Series 2526, Class FI, 5.42% (30 day avg SOFR US + 1.11%), 02/15/2032 <sup>(f)</sup> | 12578 | 12666 |
| &nbsp;&nbsp; Series 2682, Class LD, 4.50%, 10/15/2033 | 14521 | 14521 |
| &nbsp;&nbsp; Series 2759, Class TC, 4.50%, 03/15/2034 | 81816 | 81400 |
| &nbsp;&nbsp; Series 2933, Class HD, 5.50%, 02/15/2035 | 1405 | 1443 |
| &nbsp;&nbsp; Series 3002, Class YD, 4.50%, 07/15/2025 | 37 | 37 |
| &nbsp;&nbsp; Series 3775, Class EM, 3.50%, 11/15/2025 | 630 | 627 |
| &nbsp;&nbsp; Series 3786, Class NA, 4.50%, 07/15/2040 | 6160 | 6166 |
| &nbsp;&nbsp; Series 3970, Class HB, 3.00%, 12/15/2026 | 26661 | 26361 |
| &nbsp;&nbsp; Series 4002, Class LB, 2.00%, 09/15/2041 | 32618 | 31351 |
| &nbsp;&nbsp; Series 4020, Class PA, 2.75%, 03/15/2027 | 2463 | 2439 |
| &nbsp;&nbsp; Series 4171, Class NG, 2.00%, 06/15/2042 | 55995 | 51681 |
| &nbsp;&nbsp; Series 4203, Class DM, 3.00%, 04/15/2033 | 23089 | 22662 |
| &nbsp;&nbsp; Series 4266, Class BG, 2.50%, 04/15/2026 | 4009 | 3970 |
| &nbsp;&nbsp; Series 4309, Class JD, 2.00%, 10/15/2043 | 8725 | 8166 |
| &nbsp;&nbsp; Series 4311, Class TD, 2.50%, 02/15/2029 | 18961 | 18665 |
| &nbsp;&nbsp; Series 4363, Class EJ, 4.00%, 05/15/2033 | 34493 | 34265 |
| &nbsp;&nbsp; Series 4453, Class DA, 3.50%, 11/15/2033 | 10743 | 10678 |
| &nbsp;&nbsp; Series 4472, Class MA, 3.00%, 05/15/2045 | 229973 | 215884 |
| &nbsp;&nbsp; Series 4716, Class PA, 3.00%, 07/15/2044 | 35545 | 34950 |
| &nbsp;&nbsp; Series 4949, Class PM, 2.50%, 02/25/2050 | 131093 | 110394 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Series 2002-56, Class PE, 6.00%, 09/25/2032 | 35015 | 36433 |
| &nbsp;&nbsp; Series 2003-127, Class EG, 6.00%, 12/25/2033 | 43914 | 45668 |
| &nbsp;&nbsp; Series 2005-48, Class AU, 5.50%, 06/25/2035 | 15669 | 16104 |
| &nbsp;&nbsp; Series 2005-64, Class PL, 5.50%, 07/25/2035 | 4006 | 4125 |
| &nbsp;&nbsp; Series 2005-68, Class PG, 5.50%, 08/25/2035 | 4529 | 4556 |
| &nbsp;&nbsp; Series 2005-83, Class LA, 5.50%, 10/25/2035 | 1937 | 1990 |
| &nbsp;&nbsp; Series 2007-27, Class MQ, 5.50%, 04/25/2027 | 439 | 439 |
| &nbsp;&nbsp; Series 2010-123, Class BP, 4.50%, 11/25/2040 | 46016 | 46129 |
| &nbsp;&nbsp; Series 2011-110, Class CY, 3.50%, 11/25/2026 | 26246 | 25896 |
| &nbsp;&nbsp; Series 2011-146, Class LX, 3.50%, 10/25/2040 | 41908 | 41612 |
| &nbsp;&nbsp; Series 2012-102, Class HA, 2.00%, 02/25/2042 | 36227 | 34256 |
| &nbsp;&nbsp; Series 2012-134, Class VP, 3.00%, 10/25/2042 | 9794 | 9728 |
| &nbsp;&nbsp; Series 2012-139, Class JA, 3.50%, 12/25/2042 | 135976 | 129576 |
| &nbsp;&nbsp; Series 2012-148, Class BQ, 1.25%, 01/25/2028 | 13778 | 13445 |
| &nbsp;&nbsp; Series 2012-38, Class PA, 2.00%, 09/25/2041 | 14667 | 13780 |
| &nbsp;&nbsp; Series 2012-66, Class HE, 1.50%, 06/25/2027 | 1720 | 1691 |
| &nbsp;&nbsp; Series 2012-90, Class DA, 1.50%, 03/25/2042 | 18657 | 17188 |
| &nbsp;&nbsp; Series 2013-124, Class BD, 2.50%, 12/25/2028 | 1115 | 1101 |
| &nbsp;&nbsp; Series 2013-14, Class QD, 1.50%, 03/25/2043 | 23571 | 20054 |
| &nbsp;&nbsp; Series 2013-18, Class PA, 2.00%, 11/25/2041 | 49030 | 46993 |
| &nbsp;&nbsp; Series 2013-6, Class LD, 2.00%, 02/25/2043 | 26940 | 23812 |
| &nbsp;&nbsp; Series 2013-72, Class HG, 3.00%, 04/25/2033 | 63562 | 61939 |
| &nbsp;&nbsp; Series 2014-19, Class HA, 2.00%, 06/25/2040 | 1369 | 1358 |
| &nbsp;&nbsp; Series 2014-8, Class DA, 4.00%, 03/25/2029 | 2928 | 2912 |
| &nbsp;&nbsp; Series 2016-105, Class PA, 3.50%, 04/25/2045 | 112885 | 110820 |
| &nbsp;&nbsp; Series 2016-60, Class Q, 1.75%, 09/25/2046 | 48429 | 44695 |
| &nbsp;&nbsp; Series 2016-8, Class PC, 2.50%, 10/25/2044 | 120916 | 116887 |
| &nbsp;&nbsp; Series 2017-77, Class BA, 2.00%, 10/25/2047 | 45778 | 42048 |
| &nbsp;&nbsp; Series 2019-33, Class N, 3.00%, 03/25/2048 | 273792 | 258114 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; Series 2007-11, Class PE, 5.50%, 03/20/2037 | 18598 | 18747 |
| &nbsp;&nbsp; Series 2010-112, Class NG, 2.25%, 09/16/2040 | 42467 | 39434 |
| &nbsp;&nbsp; Series 2012-106, Class MA, 2.00%, 11/20/2041 | 54150 | 50907 |
| &nbsp;&nbsp; Series 2012-48, Class MA, 2.50%, 04/16/2042 | 33986 | 31656 |
| &nbsp;&nbsp; Series 2013-56, Class AP, 2.00%, 11/16/2041 | 48165 | 44807 |
| &nbsp;&nbsp; Series 2013-64, Class LP, 1.50%, 08/20/2041 | 72959 | 68112 |
| &nbsp;&nbsp; Series 2013-88, Class WA, 4.51%, 06/20/2030 <sup>(c)</sup> | 349 | 348 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $2,301,569) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $2,301,569) | 2201347 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8%** | **Par** | **Value** |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool C91251, 4.50%, 06/01/2029 | 1599 | 1602 |
| &nbsp;&nbsp; Pool C91281, 4.50%, 12/01/2029 | 3817 | 3838 |
| &nbsp;&nbsp; Pool C91295, 4.50%, 04/01/2030 | 2092 | 2100 |
| &nbsp;&nbsp; Pool J14494, 4.00%, 02/01/2026 | 583 | 581 |
| &nbsp;&nbsp; Pool J15974, 4.00%, 06/01/2026 | 315 | 314 |
| &nbsp;&nbsp; Pool J17508, 3.00%, 12/01/2026 | 5555 | 5498 |
| &nbsp;&nbsp; Pool ZT1361, 3.00%, 05/01/2047 | 180016 | 160528 |
| &nbsp;&nbsp; Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027 | 11799 | 11505 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 256045, 5.00%, 12/01/2025 | 235 | 235 |
| &nbsp;&nbsp; Pool 257204, 5.50%, 05/01/2028 | 1795 | 1813 |
| &nbsp;&nbsp; Pool AC3237, 5.00%, 10/01/2039 | 15067 | 15264 |
| &nbsp;&nbsp; Pool AD0249, 5.50%, 04/01/2037 | 5959 | 6103 |
| &nbsp;&nbsp; Pool BL5531, 2.33%, 01/01/2027 | 595225 | 579312 |
| &nbsp;&nbsp; Pool BP3785, 2.00%, 03/01/2036 | 263910 | 241966 |
| &nbsp;&nbsp; Pool BP6567, 3.00%, 08/01/2040 | 121604 | 113474 |
| &nbsp;&nbsp; Pool FM2014, 3.00%, 11/01/2049 | 183757 | 163085 |
| &nbsp;&nbsp; Pool FM5719, 3.00%, 06/01/2046 | 263904 | 238557 |
| &nbsp;&nbsp; Pool MA0142, 4.00%, 08/01/2029 | 2519 | 2500 |
| &nbsp;&nbsp; Pool MA0919, 3.50%, 12/01/2031 | 132023 | 129632 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS** (Cost $1,814,827) | **U.S. GOVERNMENT AGENCY OBLIGATIONS** (Cost $1,814,827) | 1677907 |
| **SHORT-TERM INVESTMENTS - 26.9%** | **<u>Shares</u>** | **Value**  |
| **Money Market Funds - 19.2%** |  |  |
| First American Government Obligations Fund - Class X, 4.23%<sup>(d)</sup> | 38770270 | 38770270 |
| **U.S. Treasury Bills - 7.7%** | **<u>Par</u>** |  |
| 4.25%, 07/17/2025 <sup>(e)</sup> | $2000000 | 1996325 |
| 4.24%, 07/24/2025 <sup>(e)</sup> | 2000000 | 1994685 |
| 4.31%, 08/14/2025 <sup>(e)</sup> | 2000000 | 1989492 |
| 4.17%, 09/04/2025 <sup>(e)</sup> | 2000000 | 1984657 |
| 4.30%, 09/11/2025 <sup>(e)</sup> | 1600000 | 1586453 |
| 4.11%, 10/02/2025 <sup>(e)</sup> | 2000000 | 1978193 |
| 4.19%, 10/30/2025 <sup>(e)</sup> | 2000000 | 1971913 |
| 4.24%, 11/28/2025 <sup>(e)</sup> | 2000000 | 1965658 |
|  |  | 15467376 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $54,239,474) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $54,239,474) | 54237646 |
| **TOTAL INVESTMENTS - 99.2% (**Cost $200,100,384**)** | **TOTAL INVESTMENTS - 99.2% (**Cost $200,100,384**)** | 199910014 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 1554436 |
| **TOTAL NET ASSETS - 100.0%** |  | $201464450 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |

---

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $4,006,855 or 2.0% of the Fund's net assets.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

(d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(e) The rate shown is the annualized effective yield as of June 30, 2025.

(f) Variable or Floating Rate Security. The rate shown represents the rate as of June 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Pemberwick Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $126478599 | $– | $126478599 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | – | 15314515 | – | 15314515 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 2201347 | – | 2201347 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency Obligations | – | 1677907 | – | 1677907 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 38770270 | 15467376 | – | 54237646 |
|  Total Investments | $38770270 | $161139744 | $– | $199910014 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pemberwick Fund

- **b. EDGAR series identifier (if any):** S000055882

- **c. LEI of Series:** 5493009II7H4BJZX1I59

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $201149110.47

**Total Liabilities:** $215109.91

**Net Assets:** $200934000.56

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2204.829008000000 | **1-Year:** 8250.482779000000 | **5-Year:** 906.863102000000 | **10-Year:** 657.913099000000 | **30-Year:** 264.674768000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176027 | 0.24%                | 0.45%                | 0.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19951.00                | $-176566.28                                |
| Month 2  | $3747.18                 | $97491.39                                  |
| Month 3  | $0.00                    | $128261.94                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                           | CUSIP: 24422EWJ4<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    700000 | PA      | $699390.78    | 0.35%             | 2025-09-08      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                       | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3004925.82   | 1.50%             | 2027-03-09      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378TK90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       349 | PA      | $348.27       | 0.00%             | 2030-06-20      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| HSBC USA INC                   | HSBC USA Inc                                      | CUSIP: 40428HA51<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2514265.83   | 1.25%             | 2027-03-04      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP       | National Rural Utilities Cooperative Finance Corp | CUSIP: 63743HFH0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300167.06    | 0.15%             | 2026-03-13      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings Inc               | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400603.56    | 0.20%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO           | Public Storage Operating Co                       | CUSIP: 74460WAA5<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293596.95    | 0.15%             | 2026-02-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc               | CUSIP: 86562MCU2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   7100000 | PA      | $7142650.41   | 3.55%             | 2026-01-13      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                          | CUSIP: 89236TKF1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899105.90    | 0.45%             | 2025-08-18      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 912828Y79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1997529.32   | 0.99%             | 2025-07-31      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp                       | CUSIP: 02665WEQ0<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002786.05   | 0.50%             | 2025-10-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY INC         | Berkshire Hathaway Inc                            | CUSIP: 084670BS6<br>LEI: 5493000C01ZX7D35SD85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297717.11    | 0.15%             | 2026-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA         | BP Capital Markets America Inc                    | CUSIP: 10373QAB6<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249590.75    | 0.12%             | 2025-09-21      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE       | Burlington Northern Santa Fe LLC                  | CUSIP: 12189TAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $217497.05    | 0.11%             | 2025-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                       | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400569.75    | 0.20%             | 2026-04-30      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                       | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4010170.80   | 2.00%             | 2026-08-06      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                       | CUSIP: 17325FBM9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3002695.05   | 1.49%             | 2027-11-19      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROGRESS LLC       | Duke Energy Progress LLC                          | CUSIP: 26442UAA2<br>LEI: 0NIFZ782LS46WOC9QK20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99838.77     | 0.05%             | 2025-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128P7L84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1599 | PA      | $1601.49      | 0.00%             | 2029-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128PT7F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       583 | PA      | $580.95       | 0.00%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                  | CUSIP: 3132ADQN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    180016 | PA      | $160527.56    | 0.08%             | 2047-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AJPG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1369 | PA      | $1358.19      | 0.00%             | 2040-06-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31371ML21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       235 | PA      | $234.77       | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AK6F3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     26661 | PA      | $26360.43     | 0.01%             | 2026-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137BCMT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34493 | PA      | $34265.06     | 0.02%             | 2033-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137BJ2M4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    229973 | PA      | $215884.21    | 0.11%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31392ERB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35015 | PA      | $36432.72     | 0.02%             | 2032-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31393FGD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12578 | PA      | $12666.13     | 0.01%             | 2032-02-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31396VCN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       439 | PA      | $439.00       | 0.00%             | 2027-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31398NU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46016 | PA      | $46129.05     | 0.02%             | 2040-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140KBF33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263910 | PA      | $241966.21    | 0.12%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31417MS38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15067 | PA      | $15263.78     | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31418AAV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132023 | PA      | $129632.47    | 0.06%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TWDC ENTERPRISES 18 CORP       | TWDC Enterprises 18 Corp                          | CUSIP: 25468PDF0<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299231.57    | 0.15%             | 2025-09-17      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A42X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14667 | PA      | $13780.23     | 0.01%             | 2041-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                            | CUSIP: 61690U7X2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2517029.30   | 1.25%             | 2026-10-30      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2200000 | PA      | $2204195.00   | 1.10%             | 2026-11-02      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                            | CUSIP: 91324PCV2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    350000 | PA      | $346998.66    | 0.17%             | 2026-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO       | Virginia Electric and Power Co                    | CUSIP: 927804FU3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297987.06    | 0.15%             | 2026-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE GAS & ELEC          | Louisville Gas and Electric Co                    | CUSIP: 546676AW7<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149335.16    | 0.07%             | 2025-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137A4XR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       630 | PA      | $627.33       | 0.00%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AM2T3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32618 | PA      | $31351.09     | 0.02%             | 2041-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137FRAX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    131093 | PA      | $110393.47    | 0.05%             | 2050-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394FH65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1937 | PA      | $1989.67      | 0.00%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38375CTS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     33986 | PA      | $31655.56     | 0.02%             | 2042-04-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38377KB58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     42467 | PA      | $39433.96     | 0.02%             | 2040-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| INTUIT INC                     | Intuit Inc                                        | CUSIP: 46124HAB2<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499265.37    | 0.25%             | 2025-07-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip               | Freddie Mac Strips                                | CUSIP: 31283ALF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11799 | PA      | $11504.68     | 0.01%             | 2027-11-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128PXKV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5555 | PA      | $5498.37      | 0.00%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3133TGT74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51577 | PA      | $52389.86     | 0.03%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                           | CUSIP: 24422EWT2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301399.47    | 0.15%             | 2026-03-03      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378MN76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     72959 | PA      | $68111.99     | 0.03%             | 2041-08-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797PE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1996324.44   | 0.99%             | 2025-07-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797PN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1989491.94   | 0.99%             | 2025-08-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CFW6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $400236.09    | 0.20%             | 2025-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC            | Elevance Health Inc                               | CUSIP: 036752AV5<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001111.61   | 0.50%             | 2025-10-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140HXED8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    595225 | PA      | $579311.72    | 0.29%             | 2027-01-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31417YEQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2519 | PA      | $2499.99      | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                               | CUSIP: 025816DM8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4614593.50   | 2.30%             | 2026-10-30      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                           | CUSIP: 110122DN5<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1283316.85   | 0.64%             | 2025-11-13      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC       | Marsh & McLennan Cos Inc                          | CUSIP: 571748AZ5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298547.75    | 0.15%             | 2026-03-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP       | National Rural Utilities Cooperative Finance Corp | CUSIP: 63743HFF4<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1003046.42   | 0.50%             | 2025-10-30      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC        | Public Service Electric and Gas Co                | CUSIP: 74456QCF1<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293051.58    | 0.15%             | 2026-03-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78016EYZ4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1123000 | PA      | $1126571.02   | 0.56%             | 2027-01-21      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                          | CUSIP: 89236THP3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989729.02    | 0.49%             | 2025-10-16      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $972979.59    | 0.48%             | 2026-04-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA            | Wells Fargo Bank NA                               | CUSIP: 94988J6J1<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   4900000 | PA      | $4910333.12   | 2.44%             | 2026-01-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06051GJV2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1204829.68   | 0.60%             | 2027-07-22      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128P7NL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2092 | PA      | $2099.80      | 0.00%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128PVT75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       315 | PA      | $314.05       | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A7RE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18657 | PA      | $17188.24     | 0.01%             | 2042-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A8RL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36227 | PA      | $34255.59     | 0.02%             | 2042-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ARSJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120916 | PA      | $116887.14    | 0.06%             | 2044-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ATND2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     48429 | PA      | $44695.03     | 0.02%             | 2046-09-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137A5UQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6160 | PA      | $6166.41      | 0.00%             | 2040-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137BGV97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10743 | PA      | $10678.41     | 0.01%             | 2033-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31395WNJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        37 | PA      | $37.40        | 0.00%             | 2025-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO               | Georgia Power Co                                  | CUSIP: 373334KE0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297530.86    | 0.15%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378HJG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     54150 | PA      | $50907.04     | 0.03%             | 2041-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1140000 | PA      | $1141455.87   | 0.57%             | 2027-10-18      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                           | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    700000 | PA      | $698432.86    | 0.35%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                           | CUSIP: 828807CW5<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397598.11    | 0.20%             | 2026-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc               | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1400000 | PA      | $1413785.83   | 0.70%             | 2026-07-13      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797MH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1984657.30   | 0.99%             | 2025-09-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1978193.44   | 0.98%             | 2025-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797PW1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1586452.80   | 0.79%             | 2025-09-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 9128284Z0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1994171.32   | 0.99%             | 2025-08-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AMLM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2463 | PA      | $2438.66      | 0.00%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B2CM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23089 | PA      | $22661.49     | 0.01%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                       | CUSIP: 59156RBQ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124660.51    | 0.06%             | 2025-11-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK NA            | Wells Fargo Bank NA                               | CUSIP: 94988J6C6<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4001224.48   | 1.99%             | 2025-08-01      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS         | Mid-America Apartments LP                         | CUSIP: 59523UAM9<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299342.50    | 0.15%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                            | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000857.74   | 0.50%             | 2027-10-15      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| PECO ENERGY CO                 | PECO Energy Co                                    | CUSIP: 693304AT4<br>LEI: YH65D4JBECK76IFEJ279 | Long             | DBT              | CORP              | US        |    428000 | PA      | $426342.09    | 0.21%             | 2025-10-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC       | Prudential Financial Inc                          | CUSIP: 74432QCH6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $392470.96    | 0.20%             | 2026-03-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON        | Bank of New York Mellon/The                       | CUSIP: 06405LAG6<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2004552.16   | 1.00%             | 2027-04-20      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                           | CUSIP: 110122CN6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297277.77    | 0.15%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31371NU52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1795 | PA      | $1813.08      | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AALT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    135976 | PA      | $129576.01    | 0.06%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                | CUSIP: 254687DD5<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249488.85    | 0.12%             | 2025-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                | CUSIP: 254687FV3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295936.10    | 0.15%             | 2026-01-13      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 9128285C0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1993613.12   | 0.99%             | 2025-09-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 9128286A3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $198167.56    | 0.10%             | 2026-01-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc               | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1731000 | PA      | $1739925.61   | 0.87%             | 2027-01-14      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1965658.34   | 0.98%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CBH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1662658.38   | 0.83%             | 2026-01-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                  | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1601475.44   | 0.80%             | 2028-01-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                               | CUSIP: 025816DD8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   4231000 | PA      | $4238321.41   | 2.11%             | 2026-02-13      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136B45G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    273792 | PA      | $258114.34    | 0.13%             | 2048-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137FAYD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     35545 | PA      | $34949.81     | 0.02%             | 2044-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394EFT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4006 | PA      | $4124.53      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31394KK78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14521 | PA      | $14520.49     | 0.01%             | 2033-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31395MSH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1405 | PA      | $1443.25      | 0.00%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                       | CUSIP: 38145GAN0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2702648.40   | 1.35%             | 2026-08-10      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                 | CUSIP: 404280BW8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   7000000 | PA      | $7019497.17   | 3.49%             | 2026-09-12      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| LOEWS CORP                     | Loews Corp                                        | CUSIP: 540424AS7<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398009.90    | 0.20%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                            | CUSIP: 61690U7Z7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    900000 | PA      | $905562.14    | 0.45%             | 2028-01-14      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                       | CUSIP: 74340XBU4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296961.54    | 0.15%             | 2026-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78016HZU7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3020007.81   | 1.50%             | 2027-01-19      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2001577.16   | 1.00%             | 2026-08-03      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1971912.88   | 0.98%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797PF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1994684.44   | 0.99%             | 2025-07-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 912810EW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $1919859.37   | 0.96%             | 2026-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 912828K74<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1993864.12   | 0.99%             | 2025-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 912828M56<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1220000 | PA      | $1210802.37   | 0.60%             | 2025-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $970633.82    | 0.48%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                            | CUSIP: 91324PDN9<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398473.86    | 0.20%             | 2025-12-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                            | CUSIP: 91324PEN8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300525.92    | 0.15%             | 2025-10-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL               | Bank of Montreal                                  | CUSIP: 06368LWV4<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   1680000 | PA      | $1682734.35   | 0.84%             | 2025-09-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE       | Caterpillar Financial Services Corp               | CUSIP: 14913R2H9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1777356.61   | 0.88%             | 2025-11-13      | Fixed         | 0.80%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                               | CUSIP: 025816CL1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   2383000 | PA      | $2387918.01   | 1.19%             | 2026-11-04      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA         | BP Capital Markets America Inc                    | CUSIP: 10373QAT7<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297039.41    | 0.15%             | 2026-05-04      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                  | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3004117.02   | 1.50%             | 2028-06-09      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ABZ22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26940 | PA      | $23812.18     | 0.01%             | 2043-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AC2Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23571 | PA      | $20054.07     | 0.01%             | 2043-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AFDT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63562 | PA      | $61939.42     | 0.03%             | 2033-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AFLAC INC                      | Aflac Inc                                         | CUSIP: 001055BK7<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293101.24    | 0.15%             | 2026-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA             | Bank of America NA                                | CUSIP: 06428CAB0<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3421958.36   | 1.70%             | 2026-08-18      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                      | CUSIP: 20030NCS8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124814.67    | 0.06%             | 2025-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                           | CUSIP: 24422EVK2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294254.60    | 0.15%             | 2026-01-15      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394E7B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4529 | PA      | $4555.65      | 0.00%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140X5GY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    183757 | PA      | $163085.11    | 0.08%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140X9K95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    263904 | PA      | $238557.22    | 0.12%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund        | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  38776456 | NS      | $38776455.95  | 19.30%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS BANK USA         | Goldman Sachs Bank USA/New York NY                | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002669.53   | 0.50%             | 2027-03-18      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG       | New York Life Global Funding                      | CUSIP: 64952WEE9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4006855.40   | 1.99%             | 2026-06-09      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                       | CUSIP: 74340XBN0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290067.87    | 0.14%             | 2027-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                | CUSIP: 756109AR5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299346.86    | 0.15%             | 2026-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                | CUSIP: 756109AZ7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    400000 | PA      | $389663.33    | 0.19%             | 2026-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4879000 | PA      | $4924883.48   | 2.45%             | 2027-09-15      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   6000000 | PA      | $6056247.66   | 3.01%             | 2026-10-02      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                     | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3199000 | PA      | $3202369.09   | 1.59%             | 2027-06-09      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41908 | PA      | $41612.18     | 0.02%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AAWS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9794 | PA      | $9727.82      | 0.00%             | 2042-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ABLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13778 | PA      | $13444.75     | 0.01%             | 2028-01-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AHHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1115 | PA      | $1101.24      | 0.00%             | 2028-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AYEW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     55995 | PA      | $51681.02     | 0.03%             | 2042-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31393UJE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43914 | PA      | $45667.45     | 0.02%             | 2033-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140KEJM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121604 | PA      | $113474.45    | 0.06%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31418MH39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5959 | PA      | $6103.45      | 0.00%             | 2037-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                       | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400942.06    | 0.20%             | 2027-10-21      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp              | CUSIP: 459200AM3<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151226.27    | 0.08%             | 2025-10-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2011923.66   | 1.00%             | 2028-04-13      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128P7M67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3817 | PA      | $3838.03      | 0.00%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3133TGQU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     32781 | PA      | $33270.97     | 0.02%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AJEC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2928 | PA      | $2912.13      | 0.00%             | 2029-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394DA59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15669 | PA      | $16104.26     | 0.01%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31394TFV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     81816 | PA      | $81399.94     | 0.04%             | 2034-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                       | CUSIP: 38141GXN9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2003252.66   | 1.00%             | 2026-12-09      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA         | Goldman Sachs Bank USA/New York NY                | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1334107.35   | 0.66%             | 2027-05-21      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38375JNM3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18598 | PA      | $18747.06     | 0.01%             | 2037-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378MZW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48165 | PA      | $44807.39     | 0.02%             | 2041-11-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                 | CUSIP: 404280DY2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    975000 | PA      | $983945.75    | 0.49%             | 2027-08-14      | Floating      | 5.86%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP              | Lam Research Corp                                 | CUSIP: 512807AS7<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298684.28    | 0.15%             | 2026-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A2AQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26246 | PA      | $25895.99     | 0.01%             | 2026-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A6A20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1720 | PA      | $1691.40      | 0.00%             | 2027-06-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AUE80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112885 | PA      | $110820.14    | 0.06%             | 2045-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AYGR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     45778 | PA      | $42047.80     | 0.02%             | 2047-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES          | AvalonBay Communities Inc                         | CUSIP: 05348EAW9<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299032.86    | 0.15%             | 2025-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ACA50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     49030 | PA      | $46993.06     | 0.02%             | 2041-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B5N90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4009 | PA      | $3969.49      | 0.00%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B7US6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8725 | PA      | $8166.22      | 0.00%             | 2043-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B7YG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18961 | PA      | $18665.09     | 0.01%             | 2029-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President