# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-014258
**Filing Date:** 2023-3
**Character Count:** 88185
**Document Hash:** b0a4c742c930d447174828fb17a6c981
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014258.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014258

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 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:** 23692314

**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** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  | **Par** | |
|  | **Value** | **Value** |
| **CORPORATE BONDS - 89.8%** | | |
| **COMMUNICATION SERVICES - 6.3%** | | |
| **Cable & Satelite - 2.3%** | | |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, 03/01/23 (b) | $350000 | $348694 |
| &nbsp;&nbsp;&nbsp; 5.500%, 05/01/26 (b) | 350000 | 339406 |
| &nbsp;&nbsp;&nbsp; 5.125%, 05/01/27 (b) | 554000 | 517585 |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 09/15/25 (b) | 785000 | 729554 |
| Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 06/15/24 (b) | 618000 | 611282 |
|  |  | 2546521 |
| **Internet Media & Services - 1.4%** |  |  |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.500%, 05/15/25 (b) | 1100000 | 1100805 |
| &nbsp;&nbsp;&nbsp; 8.000%, 11/01/26 (b) | 398000 | 400178 |
|  |  | 1500983 |
| **Media & Entertainment - 2.2%** |  |  |
| Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.750%, 05/01/25 (b) | 735000 | 744172 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.375%, 05/01/27 | 350000 | 298371 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 07/15/27 (b) | 1245000 | 1144637 |
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 03/15/2028 | 300000 | 285327 |
|  |  | 2472507 |
| **Telecommunication Services - 0.4%** |  |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 09/15/27 (b) | 540000 | 450495 |
| **TOTAL COMMUNICATION SERVICES** |  | 6970506 |
| **CONSUMER DESCRETIONARY - 22.9%** |  |  |
| **Apparel & Textiles - 1.0%** |  |  |
| Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 05/15/24 (b) | 1164000 | 1129263 |
| **Auto Components - 1.4%** |  |  |
| Dana Financing Luxembourg |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 04/15/25 (b) | 575000 | 563602 |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 06/15/28 | 100000 | 91147 |
| The Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp; 9.500%, 05/31/25 | 853000 | 877850 |
|  |  | 1532599 |
| **Automobiles - 1.1%** |  |  |
| Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 02/01/23 (b) | 1200000 | 1194768 |
| **Automobile Wholesalers - 1.0%** |  |  |
| IAA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 06/15/27 (b) | 997000 | 974143 |
| KAR Auction Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 06/01/25 (b) | 187000 | 182978 |
|  |  | 1157121 |
| **Casinos & Gaming - 3.2%** |  |  |
| Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, 12/01/27 | 675000 | 629667 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.250%, 07/01/25 (b) | 1023000 | 996101 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 03/15/23 | 250000 | 249620 |
| &nbsp;&nbsp;&nbsp; 6.750%, 05/01/25 | 395000 | 397635 |
| Scientific Games International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.625%, 07/01/25 (b) | 1208000 | 1234482 |
|  |  | 3507505 |
| **Diversified Consumer Services - 1.0%** |  |  |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 06/01/26 (b) | 1150000 | 1131698 |
| **Homebuilding - 1.0%** |  |  |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.750%, 03/15/2025 | 500000 | 484024 |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.750%, 06/01/2027 | 685000 | 654760 |
|  |  | 1138784 |
| **Household Durables - 0.7%** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.450%, 04/01/26 | 500000 | 471498 |
| &nbsp;&nbsp;&nbsp; 6.375%, 09/15/27 | 250000 | 248450 |
|  |  | 719948 |
| **Restaurants - 2.8%** |  |  |
| Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 05/15/2023 | 55000 | 54755 |
| &nbsp;&nbsp;&nbsp; 5.000%, 10/01/2024 (b) | 1007000 | 972199 |
| Dave & Buster's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.625%, 11/01/25 (b) | 1110000 | 1117170 |
| New Red Finance, Inc. (Restaurant Brands International) |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 04/15/25 (b) | 1000000 | 993918 |
|  |  | 3138042 |
| **Retail - 3.3%** |  |  |
| Academy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 11/15/27 (b) | 750000 | 719104 |
| NMG Holding Co., Inc. / Neiman Marcus Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.125%, 04/01/26 (b) | 1157000 | 1086524 |
| Sally Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 12/01/25 | 910000 | 878032 |
| Signet UK Finance |  |  |
| &nbsp;&nbsp;&nbsp; 4.700%, 06/15/24 | 1037000 | 1011059 |
|  |  | 3694719 |
| **Leisure - 2.6%** |  |  |
| Cedar Fair LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 05/01/25 (b) | 452000 | 447858 |
| &nbsp;&nbsp;&nbsp; 5.375%, 04/15/27 | 350000 | 334792 |
| &nbsp;&nbsp;&nbsp; 6.500%, 10/01/28 | 225000 | 217973 |
| Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 07/31/24 (b) | 1015000 | 978841 |
| &nbsp;&nbsp;&nbsp; 7.000%, 07/01/25 (b) | 180000 | 181520 |
| Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.250%, 05/15/25 (b) | 740000 | 741273 |
|  |  | 2902257 |
| **Lodging - 3.8%** |  |  |
| Arrow Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.500%, 03/15/24 (b) | 1250000 | 1248853 |
| Hilton Domestic Operating Co, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 05/01/25 (b) | 375000 | 372115 |
| Hilton Worldwide Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 04/01/27 | 125000 | 119194 |
| Marriott Ownership Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 09/15/25 (b) | 1261000 | 1299624 |
| &nbsp;&nbsp;&nbsp; 4.750%, 01/15/28 | 137000 | 119509 |
| Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.650%, 04/01/24 | 925000 | 912671 |
| &nbsp;&nbsp;&nbsp; 6.625%, 07/31/26 (b) | 200000 | 195996 |
|  |  | 4267962 |
| **TOTAL CONSUMER DESCRETIONARY** |  | 25514666 |
| **CONSUMER STAPLES - 4.5%** |  |  |
| **Food & Beverage - 0.4%** |  |  |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 04/15/27 (b) | 518000 | 499383 |
| **Food & Staples Retailing - 1.9%** |  |  |
| Albertsons Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.500%, 03/15/26 (b) | 500000 | 511385 |
| &nbsp;&nbsp;&nbsp; 5.875%, 02/15/28 (b) | 533000 | 507629 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.250%, 04/15/25 (b) | 1087000 | 1077394 |
|  |  | 2096408 |
| **Household & Personal Products - 2.2%** |  |  |
| Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 04/15/26 (b) | 950000 | 902179 |
| &nbsp;&nbsp;&nbsp; 6.500%, 04/15/26 (b) | 485000 | 466352 |
| Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 07/15/25 | 597000 | 591131 |
| &nbsp;&nbsp;&nbsp; 5.000%, 10/01/29 (b) | 550000 | 476881 |
|  |  | 2436543 |
| **TOTAL CONSUMER STAPLES** |  | 5032334 |
| **ENERGY - 5.2%** |  |  |
| **Energy and Equipment Services - 0.3%** |  |  |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 11.000%, 12/01/24 (b) | 285000 | 291776 |
| **Energy Midstream - 1.8%** |  |  |
| Antero Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 7.875%, 05/15/26 (b) | 1000000 | 1013701 |
| New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.750%, 09/15/25 (b) | 1100000 | 1042932 |
|  |  | 2056633 |
| **Exploration and Production - 3.1%** |  |  |
| Carrizo Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.250%, 07/15/25 | 600000 | 600756 |
| Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 02/01/26 (b) | 1044000 | 1008791 |
| PDC Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 09/15/24 | 1152000 | 1147415 |
| &nbsp;&nbsp;&nbsp; 5.750%, 05/15/26 | 263000 | 251481 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 06/01/25 | 500000 | 480770 |
|  |  | 3489213 |
| **TOTAL ENERGY** |  | 5837622 |
| **FINANCIALS - 3.6%** |  |  |
| **Consumer Finance - 1.8%** |  |  |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 12/31/24 (b) | 725000 | 683262 |
| &nbsp;&nbsp;&nbsp; 6.625%, 03/15/26 | 153000 | 145256 |
| OneMain Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 03/15/23 | 500000 | 498945 |
| &nbsp;&nbsp;&nbsp; 6.125%, 03/15/24 | 748000 | 725186 |
|  |  | 2052649 |
| **Investment Banking & Brokerage - 0.7%** |  |  |
| Stonex Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.625, 06/15/25 (b) | 750000 | 758812 |
| **Specialty Insurance - 1.1%** |  |  |
| Enact Holdings, Inc |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 08/15/25 (b) | 1000000 | 983080 |
| Radian Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 10/01/24 | 253000 | 244469 |
|  |  | 1227549 |
| **TOTAL FINANCIALS** |  | 4039010 |
| **HEALTHCARE - 6.5%** |  |  |
| **Healthcare Equipment & Supplies - 0.5%** |  |  |
| Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 11/15/27 | 550000 | 525146 |
| **Healthcare Providers & Services - 4.3%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 07/01/228 (b) | 860000 | 817086 |
| Adapthealth LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 08/01/28 (b) | 1197000 | 1102071 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 09/15/25 | 1100000 | 1088666 |
| Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.250%, 08/15/26 (b) | 1100000 | 1048179 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 01/01/26 (b) | 813000 | 770458 |
|  |  | 4826460 |
| **Life Sciences Tools and Services - 1.4%** |  |  |
| Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.625%, 07/15/28 (b) | 500000 | 455360 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 10/15/26 (b) | 1145000 | 1095821 |
|  |  | 1551181 |
| **Pharmaceuticals - 0.3%** |  |  |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.772%, 08/28/23 | 350000 | 347865 |
| **TOTAL HEALTHCARE** |  | 7250652 |
| **INDUSTRIALS - 18.3%** |  |  |
| **Aerospace & Defense - 1.7%** |  |  |
| Maxar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.750%, 06/15/27 (b) | 676000 | 702609 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, 12/15/25 (b) | 450000 | 457645 |
| &nbsp;&nbsp;&nbsp; 6.250%, 03/15/26 (b) | 597000 | 590069 |
| &nbsp;&nbsp;&nbsp; 6.375%, 06/15/26 | 158000 | 153958 |
|  |  | 1904281 |
| **Building Products - 2.4%** |  |  |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 09/30/27 (b) | 965000 | 901382 |
| Griffon Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 03/01/28 | 1128000 | 1033869 |
| JELD-WEN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.250%, 05/15/25 (b) | 375000 | 353362 |
| &nbsp;&nbsp;&nbsp; 4.625%, 12/15/25 (b) | 500000 | 419440 |
|  |  | 2708053 |
| **Commercial Services and Supplies - 4.7%** |  |  |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.375%, 05/01/25 (b) | 1377000 | 1362872 |
| Matthews International Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 12/01/25 (b) | 1165000 | 1098741 |
| Prime Security Services LLC (ADT) |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 04/15/24 (b) | 1370000 | 1348121 |
| Stericycle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 07/15/24 (b) | 1403000 | 1384291 |
|  |  | 5194025 |
| **Engineering and Construction - 1.9%** |  |  |
| Picasso Finance Sub, Inc. (Willscot Mobile Mini) |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 06/15/25 (b) | 1154000 | 1144249 |
| Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 09/01/28 (b) | 1132000 | 991485 |
|  |  | 2135734 |
| **Electrical Equipment & Instruments - 0.8%** |  |  |
| EnerSys |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 04/30/23 (b) | 902000 | 901495 |
| **Environmental Services - 1.8%** |  |  |
| Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 07/15/27 (b) | 900000 | 854298 |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 06/01/25 (b) | 750000 | 717687 |
| &nbsp;&nbsp;&nbsp; 5.125%, 12/15/25 (b) | 470000 | 450231 |
|  |  | 2022216 |
| **Machinery - 1.8%** |  |  |
| EnPro Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 10/15/26 | 1012000 | 986396 |
| Stevens Holding Co, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 10/01/26 (b) | 998000 | 1002212 |
|  |  | 1988608 |
| **Trading Companies & Distribution - 2.9%** |  |  |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 07/15/27 (b) | 1139000 | 1064714 |
| Univar Solutions USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, 12/01/27 (b) | 1000000 | 950070 |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.125%, 06/15/25 (b) | 594000 | 602739 |
| &nbsp;&nbsp;&nbsp; 7.250%, 06/15/28 (b) | 650000 | 659892 |
|  |  | 3277415 |
| **Transportation - 0.3%** |  |  |
| XPO Escrow Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.500%, 11/15/2027 (b) | 350000 | 354627 |
| **TOTAL INDUSTRIALS** |  | 20486454 |
| **INFORMATION TECHNOLOGY - 3.5%** |  |  |
| **Software & Services - 3.4%** |  |  |
| ACI Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 08/15/26 (b) | 1056000 | 1027535 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 10/15/26 (b) | 915000 | 859648 |
| NortonLifeLock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 04/15/25 (b) | 989000 | 964246 |
| &nbsp;&nbsp;&nbsp; 6.750%, 09/30/27 (b) | 410000 | 402333 |
| PTC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.625%, 02/15/25 (b) | 500000 | 477003 |
|  |  | 3730765 |
| **Technology & Hardware - 0.1%** |  |  |
| CDW LLC / CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 12/01/24 | 15000 | 15025 |
| &nbsp;&nbsp;&nbsp; 4.250%, 04/01/28 | 125000 | 115262 |
|  |  | 130287 |
| **TOTAL INFORMATION TECHNOLOGY** |  | 3861052 |
| **MATERIALS - 12.2%** |  |  |
| **Chemicals - 3.5%** |  |  |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 05/15/25 (b) | 1250000 | 1220900 |
| Axalta Coating Systems LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, 06/15/27 (b) | 1300000 | 1203735 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.900%, 07/05/24 | 1000000 | 1000271 |
| H.B. Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 | 260000 | 230988 |
| Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 12/15/26 | 250000 | 237322 |
|  |  | 3893216 |
| **Construction Materials - 0.5%** |  |  |
| Summit Materials LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 3/15/27 (b) | 555000 | 544839 |
| **Metals and Mining - 5.5%** |  |  |
| Allegheny Ludlum |  |  |
| &nbsp;&nbsp;&nbsp; 6.950%, 12/15/25 | 750000 | 748549 |
| Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 05/15/25 (b) | 1244000 | 1226082 |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.750%, 03/15/26 (b) | 836000 | 839528 |
| &nbsp;&nbsp;&nbsp; 5.875%, 06/01/27 | 258000 | 246917 |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 07/15/24 (b) | 1408000 | 1362310 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, 03/01/24 (b) | 1114000 | 1091442 |
| &nbsp;&nbsp;&nbsp; 7.500%, 04/01/25 (b) | 605000 | 590117 |
|  |  | 6104945 |
| **Packaging and Containers -2.7%** |  |  |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 02/15/26 (b) | 440000 | 421085 |
| &nbsp;&nbsp;&nbsp; 4.875%, 07/15/26 (b) | 677000 | 653339 |
| Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, 02/01/26 | 250000 | 243118 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.125%, 8/15/24 | 450000 | 442811 |
| Pactiv Evergreen Group |  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, 10/15/27 (b) | 250000 | 222163 |
| Tenneco Packaging |  |  |
| &nbsp;&nbsp;&nbsp; 7.950%, 12/15/25 | 1026000 | 992558 |
|  |  | 2975074 |
| **TOTAL MATERIALS** |  | 13518074 |
| **REAL ESTATE - 4.5%** |  |  |
| **Real Estate Investment Trusts - 0.5%** |  |  |
| Newmark Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.125%, 11/15/23 | 550000 | 545678 |
| **Real Estate Management and Services - 4.0%** |  |  |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, 09/15/27 (b) | 1163000 | 1071390 |
| iStar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, 10/01/24 | 670000 | 666120 |
| &nbsp;&nbsp;&nbsp; 5.500%, 02/15/26 | 933000 | 932207 |
| MPT Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 08/01/26 | 1000000 | 912405 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 11/01/23 (b) | 917000 | 910406 |
|  |  | 4492528 |
| **TOTAL REAL ESTATE** |  | 5038206 |
| **UTILITIES - 2.3%** |  |  |
| **Utilities - 2.3%** |  |  |
| NextEra Energy Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 07/15/24 (b) | 695000 | 675284 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 01/15/27 | 935000 | 928623 |
| Vistra Operations Co LLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 09/01/26 (b) | 502000 | 484454 |
| &nbsp;&nbsp;&nbsp; 5.625%, 02/15/27 (b) | 500000 | 475431 |
| **TOTAL UTILITES** |  | 2563792 |
| **TOTAL CORPORATE BONDS** (Cost $102,394,214) |  | 100112368 |
| **CONVERTIBLE BONDS** - **2.5%** |  |  |
| **FINANCIALS - 0.6%** |  |  |
| **Commercial Banks and Thrifts - 0.6%** |  |  |
| Hope Bancorp, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 05/15/2038 | 713000 | 700166 |
| **TOTAL FINANCIALS** |  | 700166 |
| **HEALTH CARE - 0.4%** |  |  |
| **Health Care Equipment and Supplies - 0.4%** |  |  |
| Haemonetics Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 0.000%, 03/01/2026 (c) | 510000 | 423963 |
| **TOTAL HEALTH CARE** |  |  |
| **REAL ESTATE - 1.5%** |  |  |
| **Real Estate Investment Trusts - 1.5%** |  |  |
| Blackstone Mortgage Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, 03/15/2023 | 711000 | 704334 |
| DigitalBridge Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 04/15/2023 | 934000 | 924660 |
| **TOTAL REAL ESTATE** |  | 1628994 |
| **TOTAL CONVERTIBLE BONDS** (Cost $2,758,149) |  | 2753123 |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 6.3%** |  |  |
| **MONEY MARKET FUDS - 6.3%** |  |  |
| First American Treasury Obligations Fund, 4.20% (a) | 4913474 | 4913474 |
| Invesco Treasury Portfolio, 4.20% (a) | 2124276 | 2124276 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,037,750) |  | 7037750 |
| **TOTAL INVESTMENTS (Cost $112,190,113) - 98.6%** |  | 109903241 |
| **Other Assets in Excess of Liabilities - 1.4%** |  | 1590178 |
| **TOTAL NET ASSETS - 100.0%** |  | $111493419 |

---

---

| | |
|:---|:---|
|  | Percentages are stated as a percent of net assets. |
|  | PLC - Public Limited Company |
| (a) | The rate shown represents the fund's 7-day yield as of December 31, 2022. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as |
|  | amended. These securities may be resold in transactions exempt from registration to qualified |
|  | institutional investors. At December 31, 2022, the market value of these securities total $74,696,871 |
|  | which represents 67.0% of total net assets. |
| (c) | Zero Coupon Bond. |

---

------

---

| | |
|:---|:---|
| **Summary of Fair Value Measurements at December 31, 2022 (Unaudited)** | **Summary of Fair Value Measurements at December 31, 2022 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out | &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative 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 | 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 | 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: | disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| &nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;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 would be |
|  | based on the best information available. |
| &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The | &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The |
| following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2022: | following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Corporate Bonds** | - | 100112368 | - | 100112368 |
| **Convertible Bonds** | - | 2753123 | - | 2753123 |
| **Short-Term Investments** | 7037750 | - | - | 7037750 |
| **Total Investments in Securities** | $7037750 | $102865491 | $- | $109903241 |
| Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. | Refer to the Fund's Schedule of Investments for a more detailed break-out of securities. |  |

---

## 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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $111716483.21

**Total Liabilities:** $793275.10

**Net Assets:** $110923208.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 193.770000000000 | **1-Year:** 157.620000000000 | **5-Year:** 22.630000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 15360.710000000000 | **1-Year:** 3735.840000000000 | **5-Year:** 720.060000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232913 | 1.94%                | 1.03%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25197.17               | $1482836.42                                |
| Month 2  | $7030.91                 | $616154.85                                 |
| Month 3  | $-1315.92                | $-212606.51                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACADEMY LTD                              | Academy Ltd                                                                     | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    750000 | PA      | $719104.37    | 0.65%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | Acadia Healthcare Co Inc                                                        | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    860000 | PA      | $817086.00    | 0.74%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ACI WORLDWIDE INC                        | ACI Worldwide Inc                                                               | CUSIP: 004498AB7<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | DBT              | CORP              | US        |   1056000 | PA      | $1027535.52   | 0.93%             | 2026-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                          | AdaptHealth LLC                                                                 | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1197000 | PA      | $1102070.73   | 0.99%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                 | Advanced Drainage Systems Inc                                                   | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    965000 | PA      | $901382.38    | 0.81%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                   | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 013092AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $511384.92    | 0.46%             | 2026-03-15      | Fixed         | 7.50%                 | 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        |    533000 | PA      | $507629.20    | 0.46%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY LUDLUM LLC                     | Allegheny Ludlum LLC                                                            | CUSIP: 016900AC6<br>LEI: KCBRRAMO64UL0JAYG446 | Long             | DBT              | CORP              | US        |    750000 | PA      | $748548.75    | 0.67%             | 2025-12-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                 | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1013701.22   | 0.91%             | 2026-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                     | Aramark Services Inc                                                            | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   1377000 | PA      | $1362871.98   | 1.23%             | 2025-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARCONIC CORP                             | Arconic Corp                                                                    | CUSIP: 03966VAB3<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |   1244000 | PA      | $1226082.15   | 1.11%             | 2025-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC                          | Arrow Bidco LLC                                                                 | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1248853.35   | 1.13%             | 2024-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                      | Avantor Funding Inc                                                             | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    500000 | PA      | $455360.00    | 0.41%             | 2028-07-15      | Fixed         | 4.62%                 | 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      | $1203735.00   | 1.09%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA                         | Beazer Homes USA Inc                                                            | CUSIP: 07556QBM6<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    500000 | PA      | $484023.58    | 0.44%             | 2025-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                         | Berry Global Inc                                                                | CUSIP: 08576PAA9<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    440000 | PA      | $421085.19    | 0.38%             | 2026-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                         | Berry Global Inc                                                                | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    677000 | PA      | $653339.28    | 0.59%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                   | Blackstone Mortgage Trust Inc                                                   | CUSIP: 09257WAC4<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    711000 | PA      | $704334.38    | 0.63%             | 2023-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                         | Boyd Gaming Corp                                                                | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    675000 | PA      | $629667.00    | 0.57%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                 | Brinker International Inc                                                       | CUSIP: 109641AG5<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54755.12     | 0.05%             | 2023-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                 | Brinker International Inc                                                       | CUSIP: 109641AH3<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   1007000 | PA      | $972198.71    | 0.88%             | 2024-10-01      | Fixed         | 5.00%                 | 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        |    350000 | PA      | $339405.68    | 0.31%             | 2026-05-01      | Fixed         | 5.50%                 | 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      | $517585.58    | 0.47%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPBZ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $348693.68    | 0.31%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                      | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15024.91     | 0.01%             | 2024-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                      | CDW LLC / CDW Finance Corp                                                      | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $115262.50    | 0.10%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO                      | Callon Petroleum Co                                                             | CUSIP: 144577AJ2<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600756.01    | 0.54%             | 2025-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR/CAN/MAGNUM/MI                 | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $334792.50    | 0.30%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ENERSYS                                  | EnerSys                                                                         | CUSIP: 29275YAB8<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    902000 | PA      | $901494.88    | 0.81%             | 2023-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                                | Pike Corp                                                                       | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   1132000 | PA      | $991484.84    | 0.89%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                            | CUSIP: 85172FAP4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    748000 | PA      | $725186.00    | 0.65%             | 2024-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                  | Starwood Property Trust Inc                                                     | CUSIP: 85571BAS4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    917000 | PA      | $910406.52    | 0.82%             | 2023-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STERICYCLE INC                           | Stericycle Inc                                                                  | CUSIP: 858912AF5<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | DBT              | CORP              | US        |   1403000 | PA      | $1384291.00   | 1.25%             | 2024-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| STEVENS HOLDING CO INC                   | Stevens Holding Co Inc                                                          | CUSIP: 86024TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    998000 | PA      | $1002211.56   | 0.90%             | 2026-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SUMMIT MATERIALS LLC/FIN                 | Summit Materials LLC / Summit Materials Finance Corp                            | CUSIP: 86614RAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    555000 | PA      | $544838.53    | 0.49%             | 2027-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                          | Gen Digital Inc                                                                 | CUSIP: 871503AU2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    989000 | PA      | $964245.11    | 0.87%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                | TEGNA Inc                                                                       | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    300000 | PA      | $285327.00    | 0.26%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                             | Teleflex Inc                                                                    | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |    550000 | PA      | $525145.50    | 0.47%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                    | Tenet Healthcare Corp                                                           | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    813000 | PA      | $770457.94    | 0.69%             | 2026-01-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR/CAN/MAGNUM/MI                 | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op | CUSIP: 150190AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    452000 | PA      | $447858.17    | 0.40%             | 2025-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CEDAR FAIR/CAN/MAGNUM/MI                 | Cedar Fair LP / Canada's Wonderland Co / Magnum Management Corp / Millennium Op | CUSIP: 150190AK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $217973.25    | 0.20%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                 | Celanese US Holdings LLC                                                        | CUSIP: 15089QAR5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000271.14   | 0.90%             | 2024-07-05      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                      | Century Communities Inc                                                         | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    685000 | PA      | $654760.13    | 0.59%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                   | Chesapeake Energy Corp                                                          | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1008791.11   | 0.91%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                         | Cinemark USA Inc                                                                | CUSIP: 172441BC0<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    735000 | PA      | $744171.89    | 0.67%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                        | Clean Harbors Inc                                                               | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    900000 | PA      | $854298.00    | 0.77%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                     | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AG6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    836000 | PA      | $839527.92    | 0.76%             | 2026-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                     | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    258000 | PA      | $246917.51    | 0.22%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                  | DigitalBridge Group Inc                                                         | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |    934000 | PA      | $924660.00    | 0.83%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                 | Compass Minerals International Inc                                              | CUSIP: 20451NAE1<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   1408000 | PA      | $1362310.40   | 1.23%             | 2024-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION                 | Consensus Cloud Solutions Inc                                                   | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    915000 | PA      | $859647.71    | 0.77%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COTY INC                                 | Coty Inc                                                                        | CUSIP: 222070AB0<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    485000 | PA      | $466351.75    | 0.42%             | 2026-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COTY INC                                 | Coty Inc                                                                        | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    950000 | PA      | $902178.91    | 0.81%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                         | Credit Acceptance Corp                                                          | CUSIP: 225310AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    153000 | PA      | $145256.29    | 0.13%             | 2026-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                         | Credit Acceptance Corp                                                          | CUSIP: 225310AN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    725000 | PA      | $683261.42    | 0.62%             | 2024-12-31      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP VI                   | Crown Americas LLC / Crown Americas Capital Corp VI                             | CUSIP: 228187AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $243117.50    | 0.22%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DANA FINANCING LUX SARL                  | Dana Financing Luxembourg Sarl                                                  | CUSIP: 235822AB9<br>LEI: 222100DKCE3D036DQU13 | Long             | DBT              | CORP              | LU        |    575000 | PA      | $563601.64    | 0.51%             | 2025-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DANA INC                                 | Dana Inc                                                                        | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91146.61     | 0.08%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                  | Darling Ingredients Inc                                                         | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    518000 | PA      | $499383.08    | 0.45%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC                      | Dave & Buster's Inc                                                             | CUSIP: 23833NAH7<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1117170.60   | 1.01%             | 2025-11-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                 | Elanco Animal Health Inc                                                        | CUSIP: 28414HAE3<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    350000 | PA      | $347865.00    | 0.31%             | 2023-08-28      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                    | Caesars Entertainment Inc                                                       | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1023000 | PA      | $996100.73    | 0.90%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENPRO INDUSTRIES INC                     | EnPro Industries Inc                                                            | CUSIP: 29355XAG2<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |   1012000 | PA      | $986396.40    | 0.89%             | 2026-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obligations Fund | First American Treasury Obligations Fund                                        | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4913474 | NS      | $4913474.05   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS L                 | First Quantum Minerals Ltd                                                      | CUSIP: 335934AL9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    605000 | PA      | $590117.13    | 0.53%             | 2025-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                 | First Quantum Minerals Ltd                                                      | CUSIP: 335934AP0<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1114000 | PA      | $1091441.50   | 0.98%             | 2024-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                    | GFL Environmental Inc                                                           | CUSIP: 36168QAF1<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    470000 | PA      | $450230.65    | 0.41%             | 2026-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                    | GFL Environmental Inc                                                           | CUSIP: 36168QAJ3<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $717687.48    | 0.65%             | 2025-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENACT HOLDINGS INC                       | Enact Holdings Inc                                                              | CUSIP: 37255LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $983080.00    | 0.89%             | 2025-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                   | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550BH3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    853000 | PA      | $877849.86    | 0.79%             | 2025-05-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GRAHAM HOLDINGS CO                       | Graham Holdings Co                                                              | CUSIP: 384637AA2<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1131697.75   | 1.02%             | 2026-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                 | Graphic Packaging International LLC                                             | CUSIP: 38869PAM6<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    450000 | PA      | $442811.25    | 0.40%             | 2024-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION                      | Griffon Corp                                                                    | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |   1128000 | PA      | $1033868.40   | 0.93%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                           | HB Fuller Co                                                                    | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |    260000 | PA      | $230987.90    | 0.21%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP                         | Haemonetics Corp                                                                | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |    510000 | PA      | $423963.00    | 0.38%             | 2026-03-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                          | Hanesbrands Inc                                                                 | CUSIP: 410345AJ1<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |   1164000 | PA      | $1129263.47   | 1.02%             | 2024-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                    | Encompass Health Corp                                                           | CUSIP: 421924BT7<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1088666.83   | 0.98%             | 2025-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings Inc                                                               | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1139000 | PA      | $1064714.42   | 0.96%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                 | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AG6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    375000 | PA      | $372114.58    | 0.34%             | 2025-05-01      | Fixed         | 5.38%                 | 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      | $119193.48    | 0.11%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HOPE BANCORP INC                         | Hope Bancorp Inc                                                                | CUSIP: 43940TAB5<br>LEI: 549300UTF4QGMBHIZ219 | Long             | DBT              | CORP              | US        |    713000 | PA      | $700166.00    | 0.63%             | 2038-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| IAA INC                                  | IAA Inc                                                                         | CUSIP: 449253AB9<br>LEI: 549300PZCOPC5178W747 | Long             | DBT              | CORP              | US        |    997000 | PA      | $974142.65    | 0.88%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                | IQVIA Inc                                                                       | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1095821.05   | 0.99%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                | iStar Inc                                                                       | CUSIP: 45031UCF6<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |    670000 | PA      | $666119.59    | 0.60%             | 2024-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                | iStar Inc                                                                       | CUSIP: 45031UCJ8<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |    933000 | PA      | $932206.95    | 0.84%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC                 | iHeartCommunications Inc                                                        | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    350000 | PA      | $298370.63    | 0.27%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                         | StoneX Group Inc                                                                | CUSIP: 46116VAE5<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    750000 | PA      | $758812.50    | 0.68%             | 2025-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                        | Iron Mountain Inc                                                               | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1163000 | PA      | $1071390.49   | 0.97%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                 | Jaguar Land Rover Automotive PLC                                                | CUSIP: 47010BAA2<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |   1200000 | PA      | $1194768.42   | 1.08%             | 2023-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JELD-WEN INC                             | JELD-WEN Inc                                                                    | CUSIP: 475795AC4<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $419440.00    | 0.38%             | 2025-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JELD-WEN INC                             | JELD-WEN Inc                                                                    | CUSIP: 475795AE0<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    375000 | PA      | $353362.31    | 0.32%             | 2025-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KAR AUCTION SERVICES INC                 | KAR Auction Services Inc                                                        | CUSIP: 48238TAA7<br>LEI: 5493004HKD20LBSG7D03 | Long             | DBT              | CORP              | US        |    187000 | PA      | $182977.58    | 0.16%             | 2025-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                                           | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    540000 | PA      | $450495.00    | 0.41%             | 2027-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                         | MGM Resorts International                                                       | CUSIP: 552953CC3<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249619.98    | 0.23%             | 2023-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                         | MGM Resorts International                                                       | CUSIP: 552953CG4<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    395000 | PA      | $397635.05    | 0.36%             | 2025-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                  | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $912405.00    | 0.82%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                 | Marriott Ownership Resorts Inc                                                  | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    137000 | PA      | $119509.46    | 0.11%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                 | Marriott Ownership Resorts Inc                                                  | CUSIP: 57164PAG1<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1261000 | PA      | $1299624.43   | 1.17%             | 2025-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                 | Matthews International Corp                                                     | CUSIP: 577128AA9<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1098740.63   | 0.99%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAXAR TECHNOLOGIES INC                   | Maxar Technologies Inc                                                          | CUSIP: 57778KAC9<br>LEI: 549300OEN2G821MIJ922 | Long             | DBT              | CORP              | US        |    676000 | PA      | $702609.24    | 0.63%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS                  | NMG Holding Co Inc / Neiman Marcus Group LLC                                    | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1157000 | PA      | $1086524.24   | 0.98%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                                  | CUSIP: 629377CC4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    935000 | PA      | $928623.30    | 0.84%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC                  | New Fortress Energy Inc                                                         | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1042932.00   | 0.94%             | 2025-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands Inc                                                               | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    500000 | PA      | $471497.64    | 0.43%             | 2026-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands Inc                                                               | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248450.00    | 0.22%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC                        | Newmark Group Inc                                                               | CUSIP: 65158NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $545678.21    | 0.49%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY OPERATING                 | NextEra Energy Operating Partners LP                                            | CUSIP: 65342QAK8<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    695000 | PA      | $675283.55    | 0.61%             | 2024-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                        | Nexstar Media Inc                                                               | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1144637.44   | 1.03%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                          | Gen Digital Inc                                                                 | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    410000 | PA      | $402333.00    | 0.36%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                 | 1011778 BC ULC / New Red Finance Inc                                            | CUSIP: 68245XAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $993918.35    | 0.90%             | 2025-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PDC ENERGY INC                           | PDC Energy Inc                                                                  | CUSIP: 69327RAG6<br>LEI: 5493008W8H2T511J5Y59 | Long             | DBT              | CORP              | US        |   1152000 | PA      | $1147415.04   | 1.03%             | 2024-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PDC ENERGY INC                           | PDC Energy Inc                                                                  | CUSIP: 69327RAJ0<br>LEI: 5493008W8H2T511J5Y59 | Long             | DBT              | CORP              | US        |    263000 | PA      | $251480.60    | 0.23%             | 2026-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PTC INC                                  | PTC Inc                                                                         | CUSIP: 69370CAB6<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477002.85    | 0.43%             | 2025-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL                   | Williams Scotsman International Inc                                             | CUSIP: 71953LAA9<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |   1154000 | PA      | $1144248.70   | 1.03%             | 2025-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                              | Avient Corp                                                                     | CUSIP: 73179PAM8<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1220900.26   | 1.10%             | 2025-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                 | Prime Security Services Borrower LLC / Prime Finance Inc                        | CUSIP: 74166MAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1348120.78   | 1.22%             | 2024-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC                         | Radian Group Inc                                                                | CUSIP: 750236AU5<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    253000 | PA      | $244468.84    | 0.22%             | 2024-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PACTIV EVERGREEN GROUP                   | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC             | CUSIP: 76174LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $222162.60    | 0.20%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                             | SM Energy Co                                                                    | CUSIP: 78454LAL4<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    500000 | PA      | $480770.29    | 0.43%             | 2025-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP                 | Sally Holdings LLC / Sally Capital Inc                                          | CUSIP: 79546VAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    910000 | PA      | $878031.70    | 0.79%             | 2025-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                 | Scientific Games International Inc                                              | CUSIP: 80874YBG4<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1208000 | PA      | $1234481.79   | 1.11%             | 2025-07-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                    | Scotts Miracle-Gro Co/The                                                       | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237322.14    | 0.21%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP                      | Select Medical Corp                                                             | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1048179.00   | 0.94%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio               | Invesco Treasury Portfolio                                                      | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   2124276 | NS      | $2124275.73   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGNET UK FINANCE PLC                    | Signet UK Finance PLC                                                           | CUSIP: 82671AAA1<br>LEI: 529900PWL7LM6UK07586 | Long             | DBT              | CORP              | GB        |   1037000 | PA      | $1011059.45   | 0.91%             | 2024-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT                  | Six Flags Entertainment Corp                                                    | CUSIP: 83001AAB8<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |   1015000 | PA      | $978840.63    | 0.88%             | 2024-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS THEME PARKS                    | Six Flags Theme Parks Inc                                                       | CUSIP: 83001WAC8<br>LEI: 5493003MX0ZXTM8EVY68 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181519.56    | 0.16%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                      | Spectrum Brands Inc                                                             | CUSIP: 84762LAU9<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    597000 | PA      | $591131.04    | 0.53%             | 2025-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                      | Spectrum Brands Inc                                                             | CUSIP: 84762LAV7<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    550000 | PA      | $476880.94    | 0.43%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp                                                            | CUSIP: 85172FAL3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498945.00    | 0.45%             | 2023-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PACTIV LLC                               | Pactiv LLC                                                                      | CUSIP: 880394AB7<br>LEI: 549300O4WTC6DL4JIE57 | Long             | DBT              | CORP              | US        |   1026000 | PA      | $992558.28    | 0.89%             | 2025-12-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                   | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    158000 | PA      | $153957.53    | 0.14%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                   | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    597000 | PA      | $590068.83    | 0.53%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm Inc                                                                   | CUSIP: 893647BK2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    450000 | PA      | $457645.50    | 0.41%             | 2025-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                             | US Foods Inc                                                                    | CUSIP: 90290MAC5<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1077394.27   | 0.97%             | 2025-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                    | Uber Technologies Inc                                                           | CUSIP: 90353TAC4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    398000 | PA      | $400177.76    | 0.36%             | 2026-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                    | Uber Technologies Inc                                                           | CUSIP: 90353TAF7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1100804.76   | 0.99%             | 2025-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNIVAR SOLUTIONS USA INC                 | Univar Solutions USA Inc/Washington                                             | CUSIP: 91337CAA4<br>LEI: 5493008FTB9VZW6CVA82 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $950070.00    | 0.86%             | 2027-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                         | Vail Resorts Inc                                                                | CUSIP: 91879QAL3<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    740000 | PA      | $741273.36    | 0.67%             | 2025-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                               | Viasat Inc                                                                      | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    785000 | PA      | $729553.57    | 0.66%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VIDEOTRON LTD                            | Videotron Ltd                                                                   | CUSIP: 92660FAG9<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |    618000 | PA      | $611282.34    | 0.55%             | 2024-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                              | Vistra Operations Co LLC                                                        | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    502000 | PA      | $484453.74    | 0.44%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                 | Vistra Operations Co LLC                                                        | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    500000 | PA      | $475431.25    | 0.43%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTL LTD                     | Weatherford International Ltd                                                   | CUSIP: 947075AP2<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    285000 | PA      | $291775.63    | 0.26%             | 2024-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                   | WESCO Distribution Inc                                                          | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    594000 | PA      | $602739.00    | 0.54%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                   | WESCO Distribution Inc                                                          | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    650000 | PA      | $659892.33    | 0.59%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                      | Travel + Leisure Co                                                             | CUSIP: 98310WAP3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    925000 | PA      | $912670.75    | 0.82%             | 2024-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO                      | Travel + Leisure Co                                                             | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195996.33    | 0.18%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| XPO ESCROW SUB LLC                       | XPO Escrow Sub LLC                                                              | CUSIP: 98379JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $354627.00    | 0.32%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Scott Ostrowski

**Name of Signer:** Scott Ostrowski

**Title:** President