# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-005966
**Filing Date:** 2025-8
**Character Count:** 83453
**Document Hash:** ec779f5634f7d62384a0938d840909ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005966.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-005966

**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**: 20250930

**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:** 251260967

**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

### Greenspring Income Opportunities Fund (Series ID: S000074750)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000232913 | Institutional Shares | GRIOX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Greenspring Income Opportunities Fund** | **Greenspring Income Opportunities Fund** | **Greenspring Income Opportunities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 80.5%** | **Par** | **Value** |
| **COMMUNICATION SERVICES - 3.7%** | **COMMUNICATION SERVICES - 3.7%** | **COMMUNICATION SERVICES - 3.7%** |
| **Cable & Satellite - 0.7%** | **Cable & Satellite - 0.7%** | **Cable & Satellite - 0.7%** |
| CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
| &nbsp;&nbsp; 5.50%, 05/01/2026 <sup>(a)</sup> | $2249000 | $2249598 |
| &nbsp;&nbsp; 5.13%, 05/01/2027 <sup>(a)</sup> | 554000 | 552598 |
|  |  | 2802196 |
| **Media - 3.0%** | **Media - 3.0%** | **Media - 3.0%** |
|  Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028 <sup>(a)</sup> | 4775000 | 3726338 |
|  Belo Corp., 7.75%, 06/01/2027 | 920000 | 953308 |
|  Getty Images, Inc., 9.75%, 03/01/2027 <sup>(a)</sup> | 3905000 | 3830062 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup> | 2484000 | 2479791 |
|  TEGNA, Inc., 4.63%, 03/15/2028 | 133000 | 129753 |
|  |  | 11119252 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 13921448 |
| **CONSUMER DISCRETIONARY - 14.0%** | **CONSUMER DISCRETIONARY - 14.0%** | **CONSUMER DISCRETIONARY - 14.0%** |
| **Apparel & Textiles - 1.2%** | **Apparel & Textiles - 1.2%** | **Apparel & Textiles - 1.2%** |
|  Wolverine World Wide, Inc., 4.00%, 08/15/2029 <sup>(a)</sup> | 5092000 | 4572445 |
| **Auto Components - 0.4%** | **Auto Components - 0.4%** | **Auto Components - 0.4%** |
|  Adient Global Holdings Ltd., 7.00%, 04/15/2028 <sup>(a)</sup> | 1600000 | 1650326 |
| **Automobiles - 1.4%** | **Automobiles - 1.4%** | **Automobiles - 1.4%** |
|  Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025 <sup>(a)</sup> | 5051000 | 5058597 |
| **Casinos & Gaming - 2.8%** | **Casinos & Gaming - 2.8%** | **Casinos & Gaming - 2.8%** |
|  Boyd Gaming Corp., 4.75%, 12/01/2027 | 675000 | 671259 |
|  Caesars Entertainment, Inc., 8.13%, 07/01/2027 <sup>(a)</sup> | 4131000 | 4134821 |
|  Light & Wonder International, Inc., 7.00%, 05/15/2028 <sup>(a)</sup> | 5472000 | 5491360 |
|  |  | 10297440 |
| **Consumer Services - 1.7%** | **Consumer Services - 1.7%** | **Consumer Services - 1.7%** |
|  Graham Holdings Co., 5.75%, 06/01/2026 <sup>(a)</sup> | 1935000 | 1935174 |
|  Prime Security Services Borrower LLC, 6.25%, 01/15/2028 <sup>(a)</sup> | 4519000 | 4530144 |
|  |  | 6465318 |
| **Diversified Consumer Services - 0.0%<sup>(b)</sup>** | **Diversified Consumer Services - 0.0%<sup>(b)</sup>** | **Diversified Consumer Services - 0.0%<sup>(b)</sup>** |
|  Grand Canyon University, 4.38%, 10/01/2026 | 150000 | 146819 |
| **Homebuilding - 1.2%** | **Homebuilding - 1.2%** | **Homebuilding - 1.2%** |
|  Century Communities, Inc., 6.75%, 06/01/2027 | 4295000 | 4304148 |
| **Leisure - 1.7%** | **Leisure - 1.7%** | **Leisure - 1.7%** |
| Cedar Fair LP | Cedar Fair LP | Cedar Fair LP |
| &nbsp;&nbsp; 5.38%, 04/15/2027 | 750000 | 749662 |
| &nbsp;&nbsp; 6.50%, 10/01/2028 | 2000000 | 2018118 |
|  Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 <sup>(a)</sup> | 3655000 | 3655000 |
|  |  | 6422780 |
| **Lodging - 1.6%** | **Lodging - 1.6%** | **Lodging - 1.6%** |
|  Hilton Worldwide Finance LLC, 4.88%, 04/01/2027 | 125000 | 124937 |
|  Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 | 2592000 | 2537959 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| &nbsp;&nbsp; 6.60%, 10/01/2025 <sup>(c)</sup> | 2000000 | 2007951 |
| &nbsp;&nbsp; 6.63%, 07/31/2026 <sup>(a)</sup> | 1300000 | 1315101 |
|  |  | 5985948 |
| **Retail - 2.0%** | **Retail - 2.0%** | **Retail - 2.0%** |
|  Academy Ltd., 6.00%, 11/15/2027 <sup>(a)</sup> | 3094000 | 3104338 |
|  Evergreen Acqco 1 LP / TVI, Inc., 9.75%, 04/26/2028 <sup>(a)</sup> | 4260000 | 4459835 |
|  |  | 7564173 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 52467994 |
| **CONSUMER STAPLES - 5.1%** | **CONSUMER STAPLES - 5.1%** | **CONSUMER STAPLES - 5.1%** |
| **Food & Beverage - 2.7%** | **Food & Beverage - 2.7%** | **Food & Beverage - 2.7%** |
|  Darling Ingredients, Inc., 5.25%, 04/15/2027 <sup>(a)</sup> | 518000 | 517398 |
|  Primo / Triton Water Holdings, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | 4690000 | 4726585 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 5193000 | 4740693 |
|  |  | 9984676 |
| **Food & Staples Retailing - 2.2%** | **Food & Staples Retailing - 2.2%** | **Food & Staples Retailing - 2.2%** |
|  Albertsons Cos., Inc., 5.88%, 02/15/2028 <sup>(a)</sup> | 808000 | 807839 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | 3820000 | 3774015 |
|  Walgreens Boots Alliance, Inc., 3.45%, 06/01/2026 | 3762000 | 3683199 |
|  |  | 8265053 |
| **Household & Personal Products - 0.2%** | **Household & Personal Products - 0.2%** | **Household & Personal Products - 0.2%** |
|  Coty, Inc., 5.00%, 04/15/2026 <sup>(a)</sup> | 841000 | 843597 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 19093326 |
| **ENERGY- 11.5%** | **ENERGY- 11.5%** | **ENERGY- 11.5%** |
| **Energy Equipment & Services - 4.7%** | **Energy Equipment & Services - 4.7%** | **Energy Equipment & Services - 4.7%** |
|  Archrock Partners LP, 6.88%, 04/01/2027 <sup>(a)</sup> | 3502000 | 3507869 |
|  Borr IHC Ltd., 10.00%, 11/15/2028 <sup>(a)</sup> | 3293902 | 3004921 |
|  Enerflex Ltd., 9.00%, 10/15/2027 <sup>(a)</sup> | 3241000 | 3353333 |
|  Kodiak Gas Services LLC, 7.25%, 02/15/2029 <sup>(a)</sup> | 250000 | 258763 |
|  Oceaneering International, Inc., 6.00%, 02/01/2028 | 2748000 | 2772465 |
|  TechnipFMC PLC, 6.50%, 02/01/2026 <sup>(a)</sup> | 4751000 | 4760303 |
|  |  | 17657654 |
| **Energy Midstream - 1.9%** | **Energy Midstream - 1.9%** | **Energy Midstream - 1.9%** |
|  Delek Logistics Partners LP, 7.13%, 06/01/2028 <sup>(a)</sup> | 3630000 | 3647371 |
|  Genesis Energy LP, 7.75%, 02/01/2028 | 1867000 | 1895889 |
|  Targa Resources Partners LP, 6.50%, 07/15/2027 | 1432000 | 1432962 |
|  |  | 6976222 |
| **Exploration & Production - 4.1%** | **Exploration & Production - 4.1%** | **Exploration & Production - 4.1%** |
|  Greenfire Resources Ltd., 12.00%, 10/01/2028 <sup>(a)</sup> | 3367000 | 3558814 |
|  Permian Resources Operating LLC, 5.38%, 01/15/2026 <sup>(a)</sup> | 3410000 | 3414319 |
|  SM Energy Co., 6.75%, 09/15/2026 | 4068000 | 4073215 |
|  Strathcona Resources Ltd./Alberta, 6.88%, 08/01/2026 <sup>(a)</sup> | 3380000 | 3382400 |
|  Talos Production, Inc., 9.00%, 02/01/2029 <sup>(a)</sup> | 1000000 | 1024564 |
|  |  | 15453312 |
| **Oil & Gas Storage & Transportation - 0.8%** | **Oil & Gas Storage & Transportation - 0.8%** | **Oil & Gas Storage & Transportation - 0.8%** |
|  Global Partners LP, 7.00%, 08/01/2027 | 2950000 | 2941168 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 43028356 |
| **FINANCIALS - 9.9%** | **FINANCIALS - 9.9%** | **FINANCIALS - 9.9%** |
| **Consumer Finance - 4.6%** | **Consumer Finance - 4.6%** | **Consumer Finance - 4.6%** |
| Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
| &nbsp;&nbsp; 9.25%, 12/15/2028 <sup>(a)</sup> | 1687000 | 1788038 |
| &nbsp;&nbsp; 6.63%, 03/15/2030 <sup>(a)</sup> | 2100000 | 2129841 |
|  Enova International, Inc., 11.25%, 12/15/2028 <sup>(a)</sup> | 3098000 | 3330362 |
|  OneMain Finance Corp., 9.00%, 01/15/2029 | 1822000 | 1911821 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 8.38%, 02/01/2028 <sup>(a)</sup> | 2900000 | 2977938 |
| &nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(a)</sup> | 1850000 | 1706747 |
|  World Acceptance Corp., 7.00%, 11/01/2026 <sup>(a)</sup> | 3494000 | 3503689 |
|  |  | 17348436 |
| **Insurance - 0.8%** | **Insurance - 0.8%** | **Insurance - 0.8%** |
|  Amwins Group, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 2857000 | 2778260 |
| **Investment Banking & Brokerage - 1.8%** | **Investment Banking & Brokerage - 1.8%** | **Investment Banking & Brokerage - 1.8%** |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 <sup>(a)</sup> | 1152000 | 1193698 |
|  Aretec Group, Inc., 7.50%, 04/01/2029 <sup>(a)</sup> | 3135000 | 3176046 |
|  Osaic Holdings, Inc., 10.75%, 08/01/2027 <sup>(a)</sup> | 2305000 | 2312005 |
|  |  | 6681749 |
| **Mortgage REITs - 1.0%** | **Mortgage REITs - 1.0%** | **Mortgage REITs - 1.0%** |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | 3650000 | 3690394 |
| **Specialty Finance - 1.6%** | **Specialty Finance - 1.6%** | **Specialty Finance - 1.6%** |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| &nbsp;&nbsp; 6.25%, 04/15/2028 <sup>(a)</sup> | 3335000 | 3306636 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 2500000 | 2634272 |
|  |  | 5940908 |
| **Specialty Insurance - 0.1%** | **Specialty Insurance - 0.1%** | **Specialty Insurance - 0.1%** |
|  Radian Group, Inc., 4.88%, 03/15/2027 | 517000 | 517664 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 36957411 |
| **HEALTH CARE - 3.8%** | **HEALTH CARE - 3.8%** | **HEALTH CARE - 3.8%** |
| **Healthcare Equipment & Supplies - 1.3%** | **Healthcare Equipment & Supplies - 1.3%** | **Healthcare Equipment & Supplies - 1.3%** |
|  Owens & Minor, Inc., 4.50%, 03/31/2029 <sup>(a)</sup> | 3512000 | 3151181 |
|  Teleflex, Inc., 4.63%, 11/15/2027 | 1605000 | 1590032 |
|  |  | 4741213 |
| **Healthcare Providers & Services - 1.9%** | **Healthcare Providers & Services - 1.9%** | **Healthcare Providers & Services - 1.9%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 <sup>(a)</sup> | 2949000 | 2931884 |
|  AdaptHealth LLC, 6.13%, 08/01/2028 <sup>(a)</sup> | 3622000 | 3630828 |
|  Encompass Health Corp., 5.75%, 09/15/2025 | 401000 | 400920 |
|  |  | 6963632 |
| **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** |
|  Avantor Funding, Inc., 4.63%, 07/15/2028 <sup>(a)</sup> | 1000000 | 982679 |
|  IQVIA, Inc., 5.00%, 10/15/2026 <sup>(a)</sup> | 1395000 | 1394499 |
|  |  | 2377178 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 14082023 |
| **INDUSTRIALS - 17.2%** | **INDUSTRIALS - 17.2%** | **INDUSTRIALS - 17.2%** |
| **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** | **Aerospace & Defense - 1.7%** |
|  AAR Escrow Issuer LLC, 6.75%, 03/15/2029 <sup>(a)</sup> | 250000 | 259247 |
|  Bombardier, Inc., 7.88%, 04/15/2027 <sup>(a)</sup> | 1008000 | 1014453 |
|  Rolls-Royce PLC, 3.63%, 10/14/2025 <sup>(a)</sup> | 1477000 | 1475025 |
|  Spirit AeroSystems, Inc., 9.75%, 11/15/2030 <sup>(a)</sup> | 3170000 | 3500000 |
|  |  | 6248725 |
| **Building Products - 1.9%** | **Building Products - 1.9%** | **Building Products - 1.9%** |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 <sup>(a)</sup> | 1624000 | 1612302 |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 1945000 | 1872975 |
|  Griffon Corp., 5.75%, 03/01/2028 | 3611000 | 3612857 |
|  |  | 7098134 |
| **Commercial Services & Supplies - 3.3%** | **Commercial Services & Supplies - 3.3%** | **Commercial Services & Supplies - 3.3%** |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 4820000 | 4658867 |
|  GEO Group, Inc., 8.63%, 04/15/2029 | 2500000 | 2648387 |
|  Matthews International Corp., 8.63%, 10/01/2027 <sup>(a)</sup> | 3450000 | 3591868 |
|  Ritchie Bros Holdings, Inc., 6.75%, 03/15/2028 <sup>(a)</sup> | 1432000 | 1470693 |
|  |  | 12369815 |
| **Engineering & Construction - 3.4%** | **Engineering & Construction - 3.4%** | **Engineering & Construction - 3.4%** |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 <sup>(a)</sup> | 3849000 | 3837263 |
|  MasTec, Inc., 6.63%, 08/15/2029 <sup>(a)</sup> | 4894000 | 4920402 |
|  Pike Corp., 5.50%, 09/01/2028 <sup>(a)</sup> | 3855000 | 3855160 |
|  |  | 12612825 |
| **Environmental Services - 0.2%** | **Environmental Services - 0.2%** | **Environmental Services - 0.2%** |
|  Clean Harbors, Inc., 4.88%, 07/15/2027 <sup>(a)</sup> | 900000 | 896224 |
| **Machinery - 2.6%** | **Machinery - 2.6%** | **Machinery - 2.6%** |
|  Gates Corp., 6.88%, 07/01/2029 <sup>(a)</sup> | 500000 | 519808 |
|  Park-Ohio Industries, Inc., 6.63%, 04/15/2027 | 4507000 | 4405400 |
|  Titan International, Inc., 7.00%, 04/30/2028 | 4281000 | 4301463 |
|  Trinity Industries, Inc., 7.75%, 07/15/2028 <sup>(a)</sup> | 500000 | 521081 |
|  |  | 9747752 |
| **Professional Services - 1.5%** | **Professional Services - 1.5%** | **Professional Services - 1.5%** |
|  Camelot Finance SA, 4.50%, 11/01/2026 <sup>(a)</sup> | 5598000 | 5515592 |
| **Trading Companies & Distributors - 2.2%** | **Trading Companies & Distributors - 2.2%** | **Trading Companies & Distributors - 2.2%** |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| &nbsp;&nbsp; 5.50%, 07/15/2027 <sup>(a)</sup> | 1639000 | 1640450 |
| &nbsp;&nbsp; 7.00%, 06/15/2030 <sup>(a)</sup> | 700000 | 731488 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 5458000 | 5321112 |
|  Wesco Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup> | 650000 | 658515 |
|  |  | 8351565 |
| **Transportation - 0.4%** | **Transportation - 0.4%** | **Transportation - 0.4%** |
|  RXO, Inc., 7.50%, 11/15/2027 <sup>(a)</sup> | 350000 | 358550 |
|  XPO, Inc., 6.25%, 06/01/2028 <sup>(a)</sup> | 1000000 | 1016807 |
|  |  | 1375357 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 64215989 |
| **INFORMATION TECHNOLOGY - 4.7%** | **INFORMATION TECHNOLOGY - 4.7%** | **INFORMATION TECHNOLOGY - 4.7%** |
| **Information Technology Services - 1.7%** | **Information Technology Services - 1.7%** | **Information Technology Services - 1.7%** |
|  KBR, Inc., 4.75%, 09/30/2028 <sup>(a)</sup> | 4518000 | 4349497 |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | 2000000 | 2061823 |
|  |  | 6411320 |
| **Software & Services - 2.8%** | **Software & Services - 2.8%** | **Software & Services - 2.8%** |
|  Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026 <sup>(a)</sup> | 2999000 | 2985880 |
|  Gen Digital, Inc., 6.75%, 09/30/2027 <sup>(a)</sup> | 1260000 | 1283350 |
|  Open Text Corp., 3.88%, 02/15/2028 <sup>(a)</sup> | 2000000 | 1941422 |
|  Rocket Software, Inc., 9.00%, 11/28/2028 <sup>(a)</sup> | 4000000 | 4126760 |
|  |  | 10337412 |
| **Technology Hardware & Equipment - 0.2%** | **Technology Hardware & Equipment - 0.2%** | **Technology Hardware & Equipment - 0.2%** |
|  Western Digital Corp., 4.75%, 02/15/2026 | 661000 | 659753 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 17408485 |
| **MATERIALS - 8.5%** | **MATERIALS - 8.5%** | **MATERIALS - 8.5%** |
| **Chemicals - 2.9%** | **Chemicals - 2.9%** | **Chemicals - 2.9%** |
|  Avient Corp., 6.25%, 11/01/2031 <sup>(a)</sup> | 500000 | 504986 |
|  Axalta Coating Systems LLC, 4.75%, 06/15/2027 <sup>(a)</sup> | 1300000 | 1292917 |
|  Magnera Corp., 4.75%, 11/15/2029 <sup>(a)</sup> | 5560000 | 4918601 |
|  HB Fuller Co., 4.25%, 10/15/2028 | 1953000 | 1893219 |
|  Minerals Technologies, Inc., 5.00%, 07/01/2028 <sup>(a)</sup> | 1356000 | 1334718 |
|  Scotts Miracle-Gro Co., 5.25%, 12/15/2026 | 1000000 | 1000308 |
|  |  | 10944749 |
| **Metals & Mining - 4.0%** | **Metals & Mining - 4.0%** | **Metals & Mining - 4.0%** |
|  Algoma Steel, Inc., 9.13%, 04/15/2029 <sup>(a)</sup> | 3500000 | 3241771 |
|  Allegheny Ludlum LLC, 6.95%, 12/15/2025 | 1077000 | 1089173 |
|  Allegheny Technologies, 5.88%, 12/01/2027 | 1000000 | 1005497 |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 <sup>(a)</sup> | 3125000 | 3079481 |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 1000000 | 1008533 |
|  Mineral Resources Ltd., 8.13%, 05/01/2027 <sup>(a)</sup> | 4500000 | 4500870 |
|  New Gold, Inc., 7.50%, 07/15/2027 <sup>(a)</sup> | 900000 | 903295 |
|  |  | 14828620 |
| **Packaging & Containers - 1.6%** | **Packaging & Containers - 1.6%** | **Packaging & Containers - 1.6%** |
|  Berry Global, Inc., 4.88%, 07/15/2026 <sup>(a)</sup> | 315000 | 314864 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026 | 500000 | 519755 |
|  Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 <sup>(a)</sup> | 3299000 | 3357201 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)</sup> | 2000000 | 2002444 |
|  |  | 6194264 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 31967633 |
| **REAL ESTATE - 1.0%** | **REAL ESTATE - 1.0%** | **REAL ESTATE - 1.0%** |
| **Real Estate Investment Trusts – 1.0%** | **Real Estate Investment Trusts – 1.0%** | **Real Estate Investment Trusts – 1.0%** |
|  Iron Mountain, Inc., 4.88%, 09/15/2027 <sup>(a)</sup> | 1913000 | 1903463 |
|  RHP Hotel Properties LP, 7.25%, 07/15/2028 <sup>(a)</sup> | 1250000 | 1294740 |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 696000 | 685769 |
|  |  | 3883972 |
| **TOTAL REAL ESTATE** | **TOTAL REAL ESTATE** | 3883972 |
| **UTILITIES - 1.1%** | **UTILITIES - 1.1%** | **UTILITIES - 1.1%** |
| **Utilities - 1.1%** | **Utilities - 1.1%** | **Utilities - 1.1%** |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| &nbsp;&nbsp; 5.50%, 09/01/2026 <sup>(a)</sup> | 752000 | 753188 |
| &nbsp;&nbsp; 5.63%, 02/15/2027 <sup>(a)</sup> | 3250000 | 3254254 |
|  |  | 4007442 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | 4007442 |
| **TOTAL CORPORATE BONDS** (Cost $298,519,591) | **TOTAL CORPORATE BONDS** (Cost $298,519,591) | 301034079 |
| **CONVERTIBLE BONDS - 6.5%** | **Par** | **Value** |
| **COMMUNICATIONS - 1.3%** | **COMMUNICATIONS - 1.3%** | **COMMUNICATIONS - 1.3%** |
| **Media - 1.3%** | **Media - 1.3%** | **Media - 1.3%** |
|  fuboTV, Inc., 3.25%, 02/15/2026 | 5194000 | 5079732 |
| **FINANCIALS - 1.2%** | **FINANCIALS - 1.2%** | **FINANCIALS - 1.2%** |
| **Mortgage REITs - 1.2%** | **Mortgage REITs - 1.2%** | **Mortgage REITs - 1.2%** |
|  Blackstone Mortgage Trust, Inc., 5.50%, 03/15/2027 | 4500000 | 4392000 |
| **HEALTH CARE - 0.1%** | **HEALTH CARE - 0.1%** | **HEALTH CARE - 0.1%** |
| **Healthcare Equipment & Supplies - 0.1%** | **Healthcare Equipment & Supplies - 0.1%** | **Healthcare Equipment & Supplies - 0.1%** |
|  Haemonetics Corp., 0.00%, 03/01/2026 <sup>(d)</sup> | 510000 | 493996 |
| **INFORMATION TECHNOLOGY - 0.8%** | **INFORMATION TECHNOLOGY - 0.8%** | **INFORMATION TECHNOLOGY - 0.8%** |
| **Software & Services - 0.8%** | **Software & Services - 0.8%** | **Software & Services - 0.8%** |
|  DigitalOcean Holdings, Inc., 0.00%, 12/01/2026 <sup>(d)</sup> | 3150000 | 2949109 |
| **REAL ESTATE - 2.0%** | **REAL ESTATE - 2.0%** | **REAL ESTATE - 2.0%** |
| **Real Estate Investment Trust - 1.1%** | **Real Estate Investment Trust - 1.1%** | **Real Estate Investment Trust - 1.1%** |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 4250000 | 4027225 |
| **Real Estate Management & Services - 0.9%** | **Real Estate Management & Services - 0.9%** | **Real Estate Management & Services - 0.9%** |
|  Redfin Corp., 0.50%, 04/01/2027 | 4000000 | 3610395 |
|  |  | 7637620 |
| **UTILITIES - 1.1%** | **UTILITIES - 1.1%** | **UTILITIES - 1.1%** |
| **Utilites - 1.1%** | **Utilites - 1.1%** | **Utilites - 1.1%** |
|  NextEra Energy Partners LP, 0.00%, 11/15/2025 <sup>(a)(d)</sup> | 4125000 | 4027032 |
| **TOTAL CONVERTIBLE BONDS** (Cost $24,368,138) | **TOTAL CONVERTIBLE BONDS** (Cost $24,368,138) | 24579489 |
| **SHORT-TERM INVESTMENTS - 12.1%** | **Shares** | **Value**  |
| **Money Market Funds - 12.1%** |  |  |
| First American Government Obligations Fund - Class X, 4.24%<sup>(e)</sup> | 14335677 | 14335677 |
| First American Treasury Obligations Fund - Class X, 4.23%<sup>(e)</sup> | 14335677 | 14335677 |
| Invesco Government & Agency Portfolio - Institutional Class, 4.25%<sup>(e)</sup> | 2050580 | 2050580 |
| Invesco Treasury Portfolio - Institutional Class, 4.22%<sup>(e)</sup> | 14335677 | 14335677 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $45,057,611) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $45,057,611) | 45057611 |
| **TOTAL INVESTMENTS - 99.1% (**Cost $367,945,340**)** | **TOTAL INVESTMENTS - 99.1% (**Cost $367,945,340**)** | 370671179 |
| Other Assets in Excess of Liabilities - 0.9% | Other Assets in Excess of Liabilities - 0.9% | 3225730 |
| **TOTAL NET ASSETS - 100.0%** |  | $373896909 |
| 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 |
| REIT - Real Estate Investment Trust |

---

(a) 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 $242,627,051 or 64.9% of the Fund's net assets.

(b) Represents less than 0.05% of net assets.

(c) Step coupon bond. The rate disclosed is as of June 30, 2025.

(d) Zero coupon bonds make no periodic interest payments.

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

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Greenspring Income Opportunities 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 | $– | $301034079 | $– | $301034079 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 24579489 | – | 24579489 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 45057611 | – | – | 45057611 |
| Total Investments | $45057611 | $325613568 | $– | $370671179 |
| 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:** Greenspring Income Opportunities Fund

- **b. EDGAR series identifier (if any):** S000074750

- **c. LEI of Series:** 549300I0NPYRTNVWX811

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

- **a. Date of fiscal year-end:** 2025-09-30

- **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:** $375263493.43

**Total Liabilities:** $2753350.83

**Net Assets:** $372510142.60

**Cash Not Reported:** $7340144.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 962.154084000000 | **1-Year:** 62.043944000000 | **5-Year:** 3.439900000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 26485.091753000000 | **1-Year:** 8664.507596000000 | **5-Year:** 1232.450517000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232913 | -0.01%               | 1.13%                | 1.12%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53202.50                | $-2044746.51                               |
| Month 2  | $90972.77                | $2045892.71                                |
| Month 3  | $41996.09                | $2219083.54                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHAMPIONS FINANCING INC        | Champions Financing Inc                                                        | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4658867.40   | 1.25%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| EVERGREEN ACQCO/TVI INC        | Evergreen Acqco 1 LP / TVI Inc                                                 | CUSIP: 30015DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4260000 | PA      | $4459834.56   | 1.20%             | 2028-04-26      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                               | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |    510000 | PA      | $493995.57    | 0.13%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008533.00   | 0.27%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                      | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1394498.78   | 0.37%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO       | Jaguar Land Rover Automotive PLC                                               | CUSIP: 47010BAJ3<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   5051000 | PA      | $5058596.70   | 1.36%             | 2025-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ALGOMA STEEL INC               | Algoma Steel Inc                                                               | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |   3500000 | PA      | $3241770.35   | 0.87%             | 2029-04-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| CAMELOT FINANCE SA             | Camelot Finance SA                                                             | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   5598000 | PA      | $5515592.40   | 1.48%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES            | Century Communities Inc                                                        | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   4295000 | PA      | $4304148.35   | 1.16%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC              | Clean Harbors Inc                                                              | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    900000 | PA      | $896223.78    | 0.24%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                        | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   3098000 | PA      | $3330362.39   | 0.89%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC       | Prime Security Services Borrower LLC / Prime Finance Inc                       | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4519000 | PA      | $4530143.85   | 1.22%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN       | RHP Hotel Properties LP / RHP Finance Corp                                     | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1294739.88   | 0.35%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO          | Scotts Miracle-Gro Co/The                                                      | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000308.00   | 0.27%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                            | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2007950.80   | 0.54%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                            | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1315100.80   | 0.35%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ATI INC                        | ATI Inc                                                                        | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005497.00   | 0.27%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                    | Avient Corp                                                                    | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504986.50    | 0.14%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BELO CORP                      | Belo Corp                                                                      | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    920000 | PA      | $953307.68    | 0.26%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                   | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   5560000 | PA      | $4918600.62   | 1.32%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                        | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |   4518000 | PA      | $4349496.76   | 1.17%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD          | Mineral Resources Ltd                                                          | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   4500000 | PA      | $4500870.30   | 1.21%             | 2027-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                                        | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4027225.50   | 1.08%             | 2026-12-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                                               | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    517000 | PA      | $517664.03    | 0.14%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES           | Strathcona Resources Ltd/Alberta                                               | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |   3380000 | PA      | $3382399.80   | 0.91%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                      | TEGNA Inc                                                                      | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    133000 | PA      | $129753.47    | 0.03%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE       | Walgreens Boots Alliance Inc                                                   | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2173498.59   | 0.58%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                | AdaptHealth LLC                                                                | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3622000 | PA      | $3630827.54   | 0.97%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY LUDLUM LLC           | Allegheny Ludlum LLC                                                           | CUSIP: 016900AC6<br>LEI: KCBRRAMO64UL0JAYG446 | Long             | DBT              | CORP              | US        |   1077000 | PA      | $1089173.33   | 0.29%             | 2025-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                  | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1624000 | PA      | $1612301.52   | 0.43%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   3335000 | PA      | $3306635.83   | 0.89%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE         | Delek Logistics Partners LP / Delek Logistics Finance Corp                     | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3630000 | PA      | $3647370.68   | 0.98%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   8955637 | NS      | $8955636.55   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO GROUP INC/THE              | GEO Group Inc/The                                                              | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2648387.40   | 0.71%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |   3611000 | PA      | $3612857.50   | 0.97%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC        | Light & Wonder International Inc                                               | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   5472000 | PA      | $5491359.61   | 1.47%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AG TTMT ESCROW ISSUER          | AG TTMT Escrow Issuer LLC                                                      | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1152000 | PA      | $1193697.79   | 0.32%             | 2027-09-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                 | Bombardier Inc                                                                 | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1008000 | PA      | $1014452.21   | 0.27%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BORR IHC LTD / BORR FIN        | Borr IHC Ltd / Borr Finance LLC                                                | CUSIP: 100018AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3287134 | PA      | $3004920.55   | 0.81%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                   | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2249000 | PA      | $2249598.23   | 0.60%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $3079481.25   | 0.83%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1867000 | PA      | $1895889.21   | 0.51%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC               | Getty Images Inc                                                               | CUSIP: 374276AJ2<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3830061.88   | 1.03%             | 2027-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE        | Global Partners LP / GLP Finance Corp                                          | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2941168.00   | 0.79%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   3849000 | PA      | $3837262.47   | 1.03%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GRAHAM HOLDINGS CO             | Graham Holdings Co                                                             | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1935174.15   | 0.52%             | 2026-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C       | Matthews International Corp                                                    | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3591867.45   | 0.96%             | 2027-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   2484000 | PA      | $2479791.09   | 0.67%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2977937.50   | 0.80%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                                                     | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  14381210 | NS      | $14381210.04  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| WORLD ACCEPTANCE CORP          | World Acceptance Corp                                                          | CUSIP: 981419AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3494000 | PA      | $3503688.51   | 0.94%             | 2026-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC       | Acadia Healthcare Co Inc                                                       | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   2949000 | PA      | $2931883.97   | 0.79%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC               | AmWINS Group Inc                                                               | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   2857000 | PA      | $2778259.65   | 0.75%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN       | Burford Capital Global Finance LLC                                             | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2634272.50   | 0.71%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                   | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    554000 | PA      | $552597.29    | 0.15%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COTY INC                       | Coty Inc                                                                       | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    841000 | PA      | $843596.59    | 0.23%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS          | DigitalOcean Holdings Inc                                                      | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |   3150000 | PA      | $2949108.75   | 0.79%             | 2026-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                       | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  14381210 | NS      | $14381210.04  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES CORPORATION/DE           | Gates Corp/DE                                                                  | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519808.50    | 0.14%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                     | MasTec Inc                                                                     | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   4894000 | PA      | $4920402.15   | 1.32%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC          | NESCO Holdings II Inc                                                          | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   5458000 | PA      | $5321111.72   | 1.43%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC             | Osaic Holdings Inc                                                             | CUSIP: 00791GAA5<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   2305000 | PA      | $2312004.90   | 0.62%             | 2027-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN       | Minerals Technologies Inc                                                      | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |   1356000 | PA      | $1334717.58   | 0.36%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                   | New Gold Inc                                                                   | CUSIP: 644535AH9<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    900000 | PA      | $903294.90    | 0.24%             | 2027-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1283350.32   | 0.34%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                           | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1822000 | PA      | $1911820.96   | 0.51%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                       | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3254254.25   | 0.87%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| XPO INC                        | XPO Inc                                                                        | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016807.00   | 0.27%             | 2028-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD       | Primo Water Holdings Inc / Triton Water Holdings Inc                           | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4690000 | PA      | $4726584.53   | 1.27%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC         | Trinity Industries Inc                                                         | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $521080.50    | 0.14%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                          | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3502000 | PA      | $3507869.35   | 0.94%             | 2027-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC               | Aretec Group Inc                                                               | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3682593.06   | 0.99%             | 2029-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC               | Berry Global Inc                                                               | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    315000 | PA      | $314864.33    | 0.08%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC       | Permian Resources Operating LLC                                                | CUSIP: 15138AAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   3410000 | PA      | $3414318.77   | 0.92%             | 2026-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| XPLR INFRASTRUCTURE LP         | XPLR Infrastructure LP                                                         | CUSIP: 65341BAD8<br>LEI: 5493008F4ZOQFNG3WN54 | Long             | DBT              | CORP              | US        |   4125000 | PA      | $4027031.99   | 1.08%             | 2025-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2002444.00   | 0.54%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC       | Park-Ohio Industries Inc                                                       | CUSIP: 700677AR8<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |   4507000 | PA      | $4405400.05   | 1.18%             | 2027-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP        | SBA Communications Corp                                                        | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    696000 | PA      | $685769.64    | 0.18%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                   | SM Energy Co                                                                   | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   4068000 | PA      | $4073215.18   | 1.09%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME          | Six Flags Entertainment Corp                                                   | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   3655000 | PA      | $3655000.00   | 0.98%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                    | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2061823.70   | 0.55%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKET       | Advantage Sales & Marketing Inc                                                | CUSIP: 00775PAA5<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |   4775000 | PA      | $3726338.38   | 1.00%             | 2028-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON           | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp | CUSIP: 150190AK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2018117.96   | 0.54%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION       | Consensus Cloud Solutions Inc                                                  | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2999000 | PA      | $2985879.38   | 0.80%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                         | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1687000 | PA      | $1788037.80   | 0.48%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                         | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2129841.00   | 0.57%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP          | Encompass Health Corp                                                          | CUSIP: 421924BT7<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    401000 | PA      | $400920.19    | 0.11%             | 2025-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REDFIN CORP                    | Redfin Corp                                                                    | CUSIP: 75737FAE8<br>LEI: 549300HXWD3JEMZU3O57 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3610394.72   | 0.97%             | 2027-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC         | RB Global Holdings Inc                                                         | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1432000 | PA      | $1470692.64   | 0.39%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TECHNIPFMC PLC                 | TechnipFMC PLC                                                                 | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |   4667000 | PA      | $4676137.99   | 1.26%             | 2026-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP           | Western Digital Corp                                                           | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    661000 | PA      | $659753.21    | 0.18%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                    | Academy Ltd                                                                    | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |   3094000 | PA      | $3104338.48   | 0.83%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING               | BlueLinx Holdings Inc                                                          | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1872975.29   | 0.50%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FUBOTV INC                     | fuboTV Inc                                                                     | CUSIP: 35953DAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5194000 | PA      | $5079732.00   | 1.36%             | 2026-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD        | Greenfire Resources Ltd                                                        | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |   3367000 | PA      | $3558814.62   | 0.96%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                 | HB Fuller Co                                                                   | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   1953000 | PA      | $1893219.06   | 0.51%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                 | Open Text Corp                                                                 | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1941421.56   | 0.52%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1639000 | PA      | $1640450.52   | 0.44%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE FIN LLC       | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp                   | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $124937.53    | 0.03%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                    | Vistra Operations Co LLC                                                       | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    752000 | PA      | $753187.41    | 0.20%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE           | Wolverine World Wide Inc                                                       | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |   5092000 | PA      | $4572444.40   | 1.23%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON           | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $749661.90    | 0.20%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   1600000 | PA      | $1650326.40   | 0.44%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AXALTA COAT/DUTCH HLD BV       | Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV         | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1292917.08   | 0.35%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY        | Grand Canyon University                                                        | CUSIP: 38528UAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $146819.09    | 0.04%             | 2026-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                  | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |   1752000 | PA      | $1767598.06   | 0.47%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR INC              | Owens & Minor Inc                                                              | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   3512000 | PA      | $3151181.19   | 0.85%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                  | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1706747.47   | 0.46%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                      | Pike Corp                                                                      | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3855159.98   | 1.03%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | Spirit AeroSystems Inc                                                         | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   3170000 | PA      | $3500000.17   | 0.94%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC           | Talos Production Inc                                                           | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1024564.00   | 0.28%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                       | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3774014.73   | 1.01%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RXO INC                        | RXO Inc                                                                        | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    350000 | PA      | $358549.77    | 0.10%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC          | AAR Escrow Issuer LLC                                                          | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $259247.00    | 0.07%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY         | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC          | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    808000 | PA      | $807839.53    | 0.22%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC            | Avantor Funding Inc                                                            | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982679.10    | 0.26%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC        | Darling Ingredients Inc                                                        | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    518000 | PA      | $517398.03    | 0.14%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD                   | Enerflex Ltd                                                                   | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |   3241000 | PA      | $3353333.06   | 0.90%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    700000 | PA      | $731487.64    | 0.20%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                              | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1913000 | PA      | $1903462.93   | 0.51%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC        | Kodiak Gas Services LLC                                                        | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    250000 | PA      | $258762.75    | 0.07%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                 | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   2592000 | PA      | $2537959.13   | 0.68%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                                             | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3690394.55   | 0.99%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC                | Rolls-Royce PLC                                                                | CUSIP: 77578JAB4<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |   1477000 | PA      | $1475025.10   | 0.40%             | 2025-10-14      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC        | Titan International Inc                                                        | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   4281000 | PA      | $4301463.18   | 1.15%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC            | TreeHouse Foods Inc                                                            | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |   5193000 | PA      | $4740693.34   | 1.27%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    650000 | PA      | $658515.58    | 0.18%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                  | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4392000.00   | 1.18%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CROWN CORK & SEAL CO INC       | Crown Cork & Seal Co Inc                                                       | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519754.50    | 0.14%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT         | Mauser Packaging Solutions Holding Co                                          | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3299000 | PA      | $3357200.96   | 0.90%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                  | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    996000 | PA      | $1004867.39   | 0.27%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC            | Rocket Software Inc                                                            | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4126760.36   | 1.11%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS       | Targa Resources Partners LP / Targa Resources Partners Finance Corp            | CUSIP: 87612BBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1432000 | PA      | $1432962.60   | 0.38%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                   | Teleflex Inc                                                                   | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   1605000 | PA      | $1590032.25   | 0.43%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP               | Boyd Gaming Corp                                                               | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    675000 | PA      | $671258.75    | 0.18%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC          | Caesars Entertainment Inc                                                      | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   4131000 | PA      | $4134821.18   | 1.11%             | 2027-07-01      | Fixed         | 8.12%                 | 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