# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006284
**Filing Date:** 2026-2
**Character Count:** 83391
**Document Hash:** dacc2e573687d29b5ec46dbd352484d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006284.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006284

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26686598

**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** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 79.0%** | **Par** | **Value**  |
| **COMMUNICATION SERVICES - 6.8%** | **COMMUNICATION SERVICES - 6.8%** | **COMMUNICATION SERVICES - 6.8%** |
| **Cable & Satellite - 1.0%** | **Cable & Satellite - 1.0%** | **Cable & Satellite - 1.0%** |
| CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |
| &nbsp;&nbsp; 5.50%, 05/01/2026 <sup>(a)</sup> | $2249000 | $2253846 |
| &nbsp;&nbsp; 5.13%, 05/01/2027 <sup>(a)</sup> | 1554000 | 1552765 |
|  |  | 3806611 |
| **Media - 5.8%** | **Media - 5.8%** | **Media - 5.8%** |
|  Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028 <sup>(a)</sup> | 4775000 | 3907287 |
|  ANGI Group LLC, 3.88%, 08/15/2028 <sup>(a)</sup> | 4100000 | 3790204 |
|  Belo Corp., 7.75%, 06/01/2027 | 920000 | 963727 |
|  Cars.com, Inc., 6.38%, 11/01/2028 <sup>(a)</sup> | 4020000 | 4028088 |
|  Getty Images, Inc., 14.00%, 03/01/2028 <sup>(a)</sup> | 3905000 | 3685384 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup> | 2484000 | 2499043 |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup> | 4107000 | 4008075 |
|  TEGNA, Inc., 4.63%, 03/15/2028 | 133000 | 131725 |
|  |  | 23013533 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 26820144 |
| **CONSUMER DISCRETIONARY - 10.5%** | **CONSUMER DISCRETIONARY - 10.5%** | **CONSUMER DISCRETIONARY - 10.5%** |
| **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 | 4713929 |
| **Auto Components - 1.6%** | **Auto Components - 1.6%** | **Auto Components - 1.6%** |
|  Adient Global Holdings Ltd., 7.00%, 04/15/2028 <sup>(a)</sup> | 1600000 | 1650252 |
|  American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 | 4512000 | 4534050 |
|  |  | 6184302 |
| **Automotive Retail - 1.4%** | **Automotive Retail - 1.4%** | **Automotive Retail - 1.4%** |
|  Carvana Co., 9.00% (or 13.00% PIK), 06/01/2030 <sup>(a)</sup> | 5320000 | 5582781 |
| **Casinos & Gaming - 0.2%** | **Casinos & Gaming - 0.2%** | **Casinos & Gaming - 0.2%** |
|  Boyd Gaming Corp., 4.75%, 12/01/2027 | 675000 | 674521 |
| **Commercial Services & Supplies - 0.7%** | **Commercial Services & Supplies - 0.7%** | **Commercial Services & Supplies - 0.7%** |
|  Deluxe Corp., 8.00%, 06/01/2029 <sup>(a)</sup> | 2581000 | 2633670 |
| **Consumer Services - 0.4%** | **Consumer Services - 0.4%** | **Consumer Services - 0.4%** |
| Grand Canyon University | Grand Canyon University | Grand Canyon University |
| &nbsp;&nbsp; 4.38%, 10/01/2026 | 100000 | 100735 |
| &nbsp;&nbsp; 5.13%, 10/01/2028 | 1500000 | 1491902 |
|  |  | 1592637 |
| **Homebuilding - 0.9%** | **Homebuilding - 0.9%** | **Homebuilding - 0.9%** |
|  Beazer Homes USA, Inc., 5.88%, 10/15/2027 | 1738000 | 1743225 |
|  Shea Homes LP / Shea Homes Funding Corp., 4.75%, 02/15/2028 | 1938000 | 1925364 |
|  |  | 3668589 |
| **Leisure - 1.3%** | **Leisure - 1.3%** | **Leisure - 1.3%** |
| Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
| &nbsp;&nbsp; 5.38%, 04/15/2027 | 750000 | 748328 |
| &nbsp;&nbsp; 6.50%, 10/01/2028 | 4293000 | 4209988 |
|  |  | 4958316 |
| **Lodging - 1.3%** | **Lodging - 1.3%** | **Lodging - 1.3%** |
|  Hilton Worldwide Finance LLC, 4.88%, 04/01/2027 | 125000 | 125128 |
|  Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 | 3830000 | 3775264 |
|  Travel + Leisure Co., 6.63%, 07/31/2026 <sup>(a)</sup> | 1300000 | 1313199 |
|  |  | 5213591 |
| **Retail - 0.8%** | **Retail - 0.8%** | **Retail - 0.8%** |
|  Academy Ltd., 6.00%, 11/15/2027 <sup>(a)</sup> | 3094000 | 3107250 |
| **Specialty Retail - 0.7%** | **Specialty Retail - 0.7%** | **Specialty Retail - 0.7%** |
|  Upbound Group, Inc., 6.38%, 02/15/2029 <sup>(a)</sup> | 2818000 | 2779304 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 41108890 |
| **CONSUMER STAPLES - 6.4%** | **CONSUMER STAPLES - 6.4%** | **CONSUMER STAPLES - 6.4%** |
| **Food & Beverage - 2.7%** | **Food & Beverage - 2.7%** | **Food & Beverage - 2.7%** |
|  Darling Ingredients, Inc., 5.25%, 04/15/2027 <sup>(a)</sup> | 518000 | 519391 |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc., 6.25%, 04/01/2029 <sup>(a)</sup> | 4690000 | 4730141 |
|  TreeHouse Foods, Inc., 4.00%, 09/01/2028 | 5193000 | 5180018 |
|  |  | 10429550 |
| **Food & Staples Retailing - 3.1%** | **Food & Staples Retailing - 3.1%** | **Food & Staples Retailing - 3.1%** |
|  Albertsons Cos., Inc. / Safeway, Inc., 5.88%, 02/15/2028 <sup>(a)</sup> | 4478000 | 4510432 |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028 <sup>(a)</sup> | 4029000 | 3749585 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 <sup>(a)</sup> | 3820000 | 3841927 |
|  |  | 12101944 |
| **Household & Personal Products - 0.6%** | **Household & Personal Products - 0.6%** | **Household & Personal Products - 0.6%** |
|  HLF Financing Sarl LLC, 12.25%, 04/15/2029 <sup>(a)</sup> | 1187000 | 1283190 |
|  Spectrum Brands, Inc., 3.88%, 03/15/2031 <sup>(a)</sup> | 1561000 | 1282707 |
|  |  | 2565897 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 25097391 |
| **ENERGY - 5.2%** | **ENERGY - 5.2%** | **ENERGY - 5.2%** |
| **Energy Equipment & Services - 1.4%** | **Energy Equipment & Services - 1.4%** | **Energy Equipment & Services - 1.4%** |
|  Enerflex, Inc., 6.88%, 01/15/2031 <sup>(a)</sup> | 2000000 | 2045884 |
|  Kodiak Gas Services LLC, 7.25%, 02/15/2029 <sup>(a)</sup> | 250000 | 260237 |
| Oceaneering International, Inc. | Oceaneering International, Inc. | Oceaneering International, Inc. |
| &nbsp;&nbsp; 6.00%, 02/01/2028 | 2252000 | 2285906 |
| &nbsp;&nbsp; 6.00%, 02/01/2028 | 996000 | 1010996 |
|  |  | 5603023 |
| **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 | 3652702 |
|  Genesis Energy LP, 7.75%, 02/01/2028 | 3776000 | 3793903 |
|  |  | 7446605 |
| **Exploration & Production - 1.6%** | **Exploration & Production - 1.6%** | **Exploration & Production - 1.6%** |
|  SM Energy Co., 6.75%, 09/15/2026 | 5111000 | 5137286 |
|  Talos Production, Inc., 9.00%, 02/01/2029 <sup>(a)</sup> | 1000000 | 1041902 |
|  |  | 6179188 |
| **Oil Gas & Consumable Fuels - 0.3%** | **Oil Gas & Consumable Fuels - 0.3%** | **Oil Gas & Consumable Fuels - 0.3%** |
|  Sunoco LP, 5.88%, 07/15/2027 <sup>(a)</sup> | 1000000 | 1005948 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 20234764 |
| **FINANCIALS - 12.0%** | **FINANCIALS - 12.0%** | **FINANCIALS - 12.0%** |
| **Consumer Finance - 4.7%** | **Consumer Finance - 4.7%** | **Consumer Finance - 4.7%** |
| Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
| &nbsp;&nbsp; 9.25%, 12/15/2028 <sup>(a)</sup> | 2001000 | 2093864 |
| &nbsp;&nbsp; 6.63%, 03/15/2030 <sup>(a)</sup> | 2100000 | 2108080 |
|  Enova International, Inc., 11.25%, 12/15/2028 <sup>(a)</sup> | 5098000 | 5395428 |
|  goeasy Ltd., 9.25%, 12/01/2028 <sup>(a)</sup> | 4062000 | 4179847 |
| PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
| &nbsp;&nbsp; 8.38%, 02/01/2028 <sup>(a)</sup> | 2900000 | 2973982 |
| &nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(a)</sup> | 1850000 | 1741285 |
|  |  | 18492486 |
| **Insurance - 2.1%** | **Insurance - 2.1%** | **Insurance - 2.1%** |
|  AmWINS Group, Inc., 4.88%, 06/30/2029 <sup>(a)</sup> | 3407000 | 3353323 |
|  APH Somerset Investor 2 LLC, 7.88%, 11/01/2029 <sup>(a)</sup> | 4114000 | 4158202 |
|  Radian Group, Inc., 4.88%, 03/15/2027 | 517000 | 519045 |
|  |  | 8030570 |
| **Investment Banking & Brokerage - 0.8%** | **Investment Banking & Brokerage - 0.8%** | **Investment Banking & Brokerage - 0.8%** |
|  Aretec Group, Inc., 7.50%, 04/01/2029 <sup>(a)</sup> | 3135000 | 3163601 |
| **Mortgage REITs - 2.9%** | **Mortgage REITs - 2.9%** | **Mortgage REITs - 2.9%** |
|  Adamas Trust, Inc., 5.75%, 04/30/2026 | 3850000 | 3825530 |
| Arbor Realty Trust, Inc. | Arbor Realty Trust, Inc. | Arbor Realty Trust, Inc. |
| &nbsp;&nbsp; 5.00%, 04/30/2026 | 1970000 | 1965605 |
| &nbsp;&nbsp; 4.50%, 09/01/2026 <sup>(a)</sup> | 2000000 | 1988147 |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)</sup> | 3650000 | 3750104 |
|  |  | 11529386 |
| **Specialty Finance - 1.5%** | **Specialty Finance - 1.5%** | **Specialty Finance - 1.5%** |
| 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 | 3319459 |
| &nbsp;&nbsp; 9.25%, 07/01/2031 <sup>(a)</sup> | 2500000 | 2577142 |
|  |  | 5896601 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 47112644 |
| **HEALTH CARE - 5.3%** | **HEALTH CARE - 5.3%** | **HEALTH CARE - 5.3%** |
| **Healthcare Equipment & Supplies - 1.0%** | **Healthcare Equipment & Supplies - 1.0%** | **Healthcare Equipment & Supplies - 1.0%** |
|  Accendra Health, Inc., 4.50%, 03/31/2029 <sup>(a)</sup> | 3512000 | 2386749 |
|  Teleflex, Inc., 4.63%, 11/15/2027 | 1605000 | 1603712 |
|  |  | 3990461 |
| **Healthcare Providers & Services - 2.6%** | **Healthcare Providers & Services - 2.6%** | **Healthcare Providers & Services - 2.6%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 <sup>(a)</sup> | 2949000 | 2935600 |
|  AdaptHealth LLC, 6.13%, 08/01/2028 <sup>(a)</sup> | 3622000 | 3663671 |
|  Tenet Healthcare Corp., 6.13%, 10/01/2028 | 3563000 | 3581107 |
|  |  | 10180378 |
| **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 | 995347 |
|  IQVIA, Inc., 5.00%, 10/15/2026 <sup>(a)</sup> | 1395000 | 1394953 |
|  |  | 2390300 |
| **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** |
|  Organon & Co., 4.13%, 04/30/2028 <sup>(a)</sup> | 4491000 | 4394914 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 20956053 |
| **INDUSTRIALS - 13.3%** | **INDUSTRIALS - 13.3%** | **INDUSTRIALS - 13.3%** |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |
|  AAR Escrow Issuer LLC, 6.75%, 03/15/2029 <sup>(a)</sup> | 250000 | 258839 |
| **Building Products - 2.3%** | **Building Products - 2.3%** | **Building Products - 2.3%** |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 <sup>(a)</sup> | 1624000 | 1627680 |
|  BlueLinx Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)</sup> | 4037000 | 3975701 |
|  Griffon Corp., 5.75%, 03/01/2028 | 3611000 | 3619984 |
|  |  | 9223365 |
| **Commercial Services & Supplies - 3.2%** | **Commercial Services & Supplies - 3.2%** | **Commercial Services & Supplies - 3.2%** |
|  Champions Financing, Inc., 8.75%, 02/15/2029 <sup>(a)</sup> | 4820000 | 4755533 |
|  GEO Group, Inc., 8.63%, 04/15/2029 | 2500000 | 2631207 |
|  Matthews International Corp., 8.63%, 10/01/2027 <sup>(a)</sup> | 3450000 | 3569511 |
|  RB Global Holdings, Inc., 6.75%, 03/15/2028 <sup>(a)</sup> | 1432000 | 1466228 |
|  |  | 12422479 |
| **Engineering & Construction - 2.2%** | **Engineering & Construction - 2.2%** | **Engineering & Construction - 2.2%** |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 <sup>(a)</sup> | 3849000 | 3866948 |
|  MasTec, Inc., 6.63%, 08/15/2029 <sup>(a)</sup> | 4894000 | 4951480 |
|  |  | 8818428 |
| **Machinery - 1.4%** | **Machinery - 1.4%** | **Machinery - 1.4%** |
|  Gates Corp./DE, 6.88%, 07/01/2029 <sup>(a)</sup> | 500000 | 519865 |
|  Titan International, Inc., 7.00%, 04/30/2028 | 4281000 | 4305779 |
|  Trinity Industries, Inc., 7.75%, 07/15/2028 <sup>(a)</sup> | 500000 | 519760 |
|  |  | 5345404 |
| **Professional Services - 0.7%** | **Professional Services - 0.7%** | **Professional Services - 0.7%** |
|  Camelot Finance SA, 4.50%, 11/01/2026 <sup>(a)</sup> | 2966000 | 2947662 |
| **Trading Companies & Distributors - 2.4%** | **Trading Companies & Distributors - 2.4%** | **Trading Companies & Distributors - 2.4%** |
|  Herc Holdings, Inc., 7.00%, 06/15/2030 <sup>(a)</sup> | 700000 | 737117 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 <sup>(a)</sup> | 5458000 | 5380806 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 <sup>(a)</sup> | 2500000 | 2598057 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup> | 650000 | 659801 |
|  |  | 9375781 |
| **Transportation - 0.4%** | **Transportation - 0.4%** | **Transportation - 0.4%** |
|  RXO, Inc., 7.50%, 11/15/2027 <sup>(a)</sup> | 350000 | 358491 |
|  XPO, Inc., 6.25%, 06/01/2028 <sup>(a)</sup> | 1000000 | 1021506 |
|  |  | 1379997 |
| **Transport-Marine - 0.6%** | **Transport-Marine - 0.6%** | **Transport-Marine - 0.6%** |
|  Danaos Corp., 8.50%, 03/01/2028 <sup>(a)</sup> | 2525000 | 2554335 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 52326290 |
| **INFORMATION TECHNOLOGY - 5.6%** | **INFORMATION TECHNOLOGY - 5.6%** | **INFORMATION TECHNOLOGY - 5.6%** |
| **Information Technology Services - 2.7%** | **Information Technology Services - 2.7%** | **Information Technology Services - 2.7%** |
|  CoreWeave, Inc., 9.25%, 06/01/2030 <sup>(a)</sup> | 3300000 | 3071665 |
|  KBR, Inc., 4.75%, 09/30/2028 <sup>(a)</sup> | 4518000 | 4451698 |
|  Unisys Corp., 10.63%, 01/15/2031 <sup>(a)</sup> | 3000000 | 3075699 |
|  |  | 10599062 |
| **Software & Services - 2.7%** | **Software & Services - 2.7%** | **Software & Services - 2.7%** |
|  Gen Digital, Inc., 6.75%, 09/30/2027 <sup>(a)</sup> | 1260000 | 1279727 |
|  Open Text Corp., 3.88%, 02/15/2028 <sup>(a)</sup> | 5000000 | 4909915 |
|  Rocket Software, Inc., 9.00%, 11/28/2028 <sup>(a)</sup> | 4500000 | 4643851 |
|  |  | 10833493 |
| **Technology Hardware & Equipment - 0.2%** | **Technology Hardware & Equipment - 0.2%** | **Technology Hardware & Equipment - 0.2%** |
|  Western Digital Corp., 4.75%, 02/15/2026 | 661000 | 663717 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 22096272 |
| **MATERIALS - 11.2%** | **MATERIALS - 11.2%** | **MATERIALS - 11.2%** |
| **Chemicals - 3.5%** | **Chemicals - 3.5%** | **Chemicals - 3.5%** |
|  Avient Corp., 6.25%, 11/01/2031 <sup>(a)</sup> | 500000 | 514234 |
|  Axalta Coating Systems LLC, 4.75%, 06/15/2027 <sup>(a)</sup> | 1300000 | 1302255 |
|  HB Fuller Co., 4.25%, 10/15/2028 | 1953000 | 1937333 |
|  Magnera Corp., 4.75%, 11/15/2029 <sup>(a)</sup> | 5560000 | 5147257 |
|  Minerals Technologies, Inc., 5.00%, 07/01/2028 <sup>(a)</sup> | 3880000 | 3855672 |
|  Scotts Miracle-Gro Co., 5.25%, 12/15/2026 | 1020000 | 1020760 |
|  |  | 13777511 |
| **Metals & Mining - 2.9%** | **Metals & Mining - 2.9%** | **Metals & Mining - 2.9%** |
|  Algoma Steel, Inc., 9.13%, 04/15/2029 <sup>(a)</sup> | 3500000 | 2934633 |
|  ATI, Inc., 5.88%, 12/01/2027 | 1318000 | 1324672 |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 <sup>(a)</sup> | 3125000 | 3238708 |
|  Compass Minerals International, Inc., 6.75%, 12/01/2027 <sup>(a)</sup> | 3440000 | 3454131 |
|  Hecla Mining Co., 7.25%, 02/15/2028 | 554000 | 558137 |
|  |  | 11510281 |
| **Packagaing & Containers - 1.8%** | **Packagaing & Containers - 1.8%** | **Packagaing & Containers - 1.8%** |
|  Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 <sup>(a)</sup> | 3299000 | 3276023 |
|  Silgan Holdings, Inc., 4.13%, 02/01/2028 | 3905000 | 3850861 |
|  |  | 7126884 |
| **Packaging & Containers - 2.0%** | **Packaging & Containers - 2.0%** | **Packaging & Containers - 2.0%** |
|  Berry Global, Inc., 4.88%, 07/15/2026 <sup>(a)</sup> | 1920000 | 1920415 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)</sup> | 5702000 | 5726439 |
|  |  | 7646854 |
| **Pulp & Paper - 1.0%** | **Pulp & Paper - 1.0%** | **Pulp & Paper - 1.0%** |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 <sup>(a)</sup> | 4205000 | 3953835 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 44015365 |
| **REAL ESTATE - 1.9%** | **REAL ESTATE - 1.9%** | **REAL ESTATE - 1.9%** |
| **Real Estate Investment Trust - 1.9%** | **Real Estate Investment Trust - 1.9%** | **Real Estate Investment Trust - 1.9%** |
|  Iron Mountain, Inc., 4.88%, 09/15/2027 <sup>(a)</sup> | 1913000 | 1911994 |
|  RHP Hotel Properties LP, 7.25%, 07/15/2028 <sup>(a)</sup> | 1250000 | 1289826 |
|  SBA Communications Corp., 3.88%, 02/15/2027 | 4445000 | 4414823 |
| **TOTAL REAL ESTATE** | **TOTAL REAL ESTATE** | 7616643 |
| **UTILITES - 0.8%** | **UTILITES - 0.8%** | **UTILITES - 0.8%** |
| **Utilities - 0.8%** | **Utilities - 0.8%** | **Utilities - 0.8%** |
|  Vistra Operations Co. LLC, 5.63%, 02/15/2027 <sup>(a)</sup> | 3250000 | 3252940 |
|  **TOTAL UTILITIES** |  | 3252940 |
| **TOTAL CORPORATE BONDS** (Cost $308,226,136) | **TOTAL CORPORATE BONDS** (Cost $308,226,136) | 310637396 |
| **CONVERTIBLE BONDS - 10.5%** | **Par** | **Value**  |
| **COMMUNICATION SERVICES - 1.3%** | **COMMUNICATION SERVICES - 1.3%** | **COMMUNICATION SERVICES - 1.3%** |
| **Media - 1.3%** | **Media - 1.3%** | **Media - 1.3%** |
|  fuboTV, Inc., 3.25%, 02/15/2026 | 5194000 | 5202311 |
| **CONSUMER DISCRETIONARY - 1.1%** | **CONSUMER DISCRETIONARY - 1.1%** | **CONSUMER DISCRETIONARY - 1.1%** |
| **Automobiles - 0.7%** | **Automobiles - 0.7%** | **Automobiles - 0.7%** |
|  Lucid Group, Inc., 1.25%, 12/15/2026 <sup>(a)</sup> | 3145000 | 2924850 |
| **Lodging - 0.4%** | **Lodging - 0.4%** | **Lodging - 0.4%** |
|  Marriott Vacations Worldwide Corp., 0.00%, 01/15/2026 <sup>(b)</sup> | 1498000 | 1496202 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 4421052 |
| **CONSMER STAPLES - 1.5%** | **CONSMER STAPLES - 1.5%** | **CONSMER STAPLES - 1.5%** |
| **Food & Beverage - 1.0%** | **Food & Beverage - 1.0%** | **Food & Beverage - 1.0%** |
|  MGP Ingredients, Inc., 1.88%, 11/15/2041 | 4000000 | 3880000 |
| **Household & Personal Products - 0.5%** | **Household & Personal Products - 0.5%** | **Household & Personal Products - 0.5%** |
|  Spectrum Brands, Inc., 3.38%, 06/01/2029 | 1928000 | 1828226 |
| **Total Consumer Staples** | **Total Consumer Staples** | 5708226 |
| **FINANCIALS - 1.9%** | **FINANCIALS - 1.9%** | **FINANCIALS - 1.9%** |
| **Mortgage REITs - 1.9%** | **Mortgage REITs - 1.9%** | **Mortgage REITs - 1.9%** |
|  Blackstone Mortgage Trust, Inc., 5.50%, 03/15/2027 | 4500000 | 4457250 |
| PennyMac Corp. | PennyMac Corp. | PennyMac Corp. |
| &nbsp;&nbsp; 5.50%, 03/15/2026 | 1616000 | 1618424 |
| &nbsp;&nbsp; 8.50%, 06/01/2029 | 1224000 | 1301112 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 7376786 |
| **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>(b)</sup> | 510000 | 506175 |
| **INFORMATION TECHNOLOGY - 1.4%** | **INFORMATION TECHNOLOGY - 1.4%** | **INFORMATION TECHNOLOGY - 1.4%** |
| **Internet Software & Services - 1.3%** | **Internet Software & Services - 1.3%** | **Internet Software & Services - 1.3%** |
|  Bandwidth, Inc., 0.50%, 04/01/2028 | 5783000 | 5051450 |
| **Software & Services - 0.1%** | **Software & Services - 0.1%** | **Software & Services - 0.1%** |
|  DigitalOcean Holdings, Inc., 0.00%, 12/01/2026 <sup>(b)</sup> | 507000 | 490092 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 5541542 |
| **REAL ESTATE - 3.2%** | **REAL ESTATE - 3.2%** | **REAL ESTATE - 3.2%** |
| **Real Estate Investment Trust - 2.3%** | **Real Estate Investment Trust - 2.3%** | **Real Estate Investment Trust - 2.3%** |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026 | 4250000 | 4111875 |
|  Summit Hotel Properties, Inc., 1.50%, 02/15/2026 | 4830000 | 4815510 |
|  |  | 8927385 |
| **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 | 3764000 |
| **TOTAL REAL ESTATE** | **TOTAL REAL ESTATE** | 12691385 |
| **TOTAL CONVERTIBLE BONDS** (Cost $41,113,993) | **TOTAL CONVERTIBLE BONDS** (Cost $41,113,993) | 41447477 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 9.2%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.67% <sup>(c)</sup> | 5055102 | 5055102 |
| First American Treasury Obligations Fund - Class X, 3.68% <sup>(c)</sup> | 15490055 | 15490055 |
| Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(c)</sup> | 15490055 | 15490055 |
| **TOTAL MONEY MARKET FUNDS** (Cost $36,035,212) | **TOTAL MONEY MARKET FUNDS** (Cost $36,035,212) | 36035212 |
| **TOTAL INVESTMENTS - 98.7% (**Cost $385,375,341**)** | **TOTAL INVESTMENTS - 98.7% (**Cost $385,375,341**)** | 388120085 |
| Other Assets in Excess of Liabilities - 1.3% | Other Assets in Excess of Liabilities - 1.3% | 5024895 |
| **TOTAL NET ASSETS - 100.0%** |  | $393144980 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| 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 |
| PIK - Payment in Kind |
| 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 December 31, 2025, the value of these securities total $239,907,908 or 61.0% of the Fund's net assets.

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

(c) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

#### Summary of Fair Value Disclosure as of December 31, 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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $310637396 | $– | $310637396 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 41447477 | – | 41447477 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 36035212 | – | – | 36035212 |
| Total Investments | $36035212 | $352084873 | $– | $388120085 |
| 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $393623603.04

**Total Liabilities:** $2281585.02

**Net Assets:** $391342018.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 403.815304000000 | **1-Year:** 23.231138000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 28869.543089000000 | **1-Year:** 10521.379949000000 | **5-Year:** 2057.576615000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232913 | 0.30%                | 0.46%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $158931.13               | $-1048082.50                               |
| Month 2  | $25368.86                | $141330.68                                 |
| Month 3  | $323859.12               | $214843.72                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APH/APH2/APH3/AQUARIAN         | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4114000 | PA      | $4158201.60   | 1.06%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   4512000 | PA      | $4534050.14   | 1.16%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                     | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5582781.40   | 1.43%             | 2030-06-01      | Fixed         | 9.00%                 | 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      | $3652702.20   | 0.93%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FUBOTV INC                     | fuboTV Inc                                                                       | CUSIP: 35953DAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5194000 | PA      | $5202310.40   | 1.33%             | 2026-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC               | Getty Images Inc                                                                 | CUSIP: 374276AP8<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3685383.31   | 0.94%             | 2028-03-01      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   4062000 | PA      | $4179846.74   | 1.07%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM       | Advanced Drainage Systems Inc                                                    | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |   1624000 | PA      | $1627679.98   | 0.42%             | 2027-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                                                           | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1965604.83   | 0.50%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA               | Beazer Homes USA Inc                                                             | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |   1738000 | PA      | $1743224.43   | 0.45%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP               | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    675000 | PA      | $674521.09    | 0.17%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   2581000 | PA      | $2633670.47   | 0.67%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                   | Enerflex Inc                                                                     | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2045883.80   | 0.52%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1913000 | PA      | $1911993.78   | 0.49%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   2818000 | PA      | $2779304.04   | 0.71%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP          | Clearwater Paper Corp                                                            | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   4205000 | PA      | $3953835.35   | 1.01%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    700000 | PA      | $737116.41    | 0.19%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC            | Silgan Holdings Inc                                                              | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3850860.69   | 0.98%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC           | Talos Production Inc                                                             | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1041902.00   | 0.27%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKET       | Advantage Sales & Marketing Inc                                                  | CUSIP: 00775PAA5<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |   4775000 | PA      | $3907287.00   | 1.00%             | 2028-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC            | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995346.52    | 0.25%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3841926.80   | 0.98%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                           | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    650000 | PA      | $659801.35    | 0.17%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING               | BlueLinx Holdings Inc                                                            | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   4037000 | PA      | $3975701.38   | 1.02%             | 2029-11-15      | Fixed         | 6.00%                 | 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      | $3319458.93   | 0.85%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| XPO INC                        | XPO Inc                                                                          | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021506.00   | 0.26%             | 2028-06-01      | Fixed         | 6.25%                 | 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      | $2577142.50   | 0.66%             | 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        |   1554000 | PA      | $1552765.16   | 0.40%             | 2027-05-01      | Fixed         | 5.12%                 | 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      | $748328.48    | 0.19%             | 2027-04-15      | Fixed         | 5.38%                 | 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        |   4293000 | PA      | $4209987.55   | 1.08%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                   | Cars.com Inc                                                                     | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   4020000 | PA      | $4028088.24   | 1.03%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA       | Compass Minerals International Inc                                               | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |   3440000 | PA      | $3454130.49   | 0.88%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                  | PennyMac Corp                                                                    | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   1224000 | PA      | $1301112.00   | 0.33%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                  | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3071665.08   | 0.78%             | 2030-06-01      | 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      | $2108079.56   | 0.54%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                    | Danaos Corp                                                                      | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |   2525000 | PA      | $2554335.45   | 0.65%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                       | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5055102 | NS      | $5055101.94   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                              | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   3849000 | PA      | $3866947.89   | 0.99%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY        | Grand Canyon University                                                          | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1491902.07   | 0.38%             | 2028-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC         | RB Global Holdings Inc                                                           | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1432000 | PA      | $1466227.54   | 0.37%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO          | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1020760.31   | 0.26%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   1600000 | PA      | $1650251.73   | 0.42%             | 2028-04-15      | Fixed         | 7.00%                 | 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        |   4478000 | PA      | $4510432.36   | 1.15%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC        | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260236.75    | 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        |   3830000 | PA      | $3775264.21   | 0.96%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                 | ANGI Group LLC                                                                   | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3790204.00   | 0.97%             | 2028-08-15      | Fixed         | 3.88%                 | 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      | $258838.75    | 0.07%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                    | Academy Ltd                                                                      | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |   3094000 | PA      | $3107249.75   | 0.79%             | 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        |   2949000 | PA      | $2935599.74   | 0.75%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                | AdaptHealth LLC                                                                  | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3622000 | PA      | $3663671.11   | 0.94%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ALGOMA STEEL INC               | Algoma Steel Inc                                                                 | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |   3500000 | PA      | $2934633.10   | 0.75%             | 2029-04-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ATI INC                        | ATI Inc                                                                          | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   1318000 | PA      | $1324671.72   | 0.34%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC               | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3407000 | PA      | $3353322.68   | 0.86%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC               | Aretec Group Inc                                                                 | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |   3135000 | PA      | $3163600.61   | 0.81%             | 2029-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                    | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514233.50    | 0.13%             | 2031-11-01      | Fixed         | 6.25%                 | 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      | $1302254.90   | 0.33%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANDWIDTH INC                  | Bandwidth Inc                                                                    | CUSIP: 05988JAD5<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |   5783000 | PA      | $5051450.50   | 1.29%             | 2028-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CAMELOT FINANCE SA             | Camelot Finance SA                                                               | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   2966000 | PA      | $2947661.82   | 0.75%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $3238708.25   | 0.83%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE              | GEO Group Inc/The                                                                | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2631207.48   | 0.67%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY        | Grand Canyon University                                                          | CUSIP: 38528UAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100735.10    | 0.03%             | 2026-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C       | Matthews International Corp                                                      | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |   3450000 | PA      | $3569511.45   | 0.91%             | 2027-10-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC        | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   4107000 | PA      | $4008074.28   | 1.02%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   2484000 | PA      | $2499043.23   | 0.64%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                 | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $4909915.50   | 1.25%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC            | Rocket Software Inc                                                              | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4643850.87   | 1.19%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                          | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |   4518000 | PA      | $4451698.35   | 1.14%             | 2028-09-30      | 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      | $3750104.64   | 0.96%             | 2029-04-01      | Fixed         | 8.00%                 | 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      | $4730141.29   | 1.21%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                     | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |   3611000 | PA      | $3619984.17   | 0.93%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP               | Haemonetics Corp                                                                 | CUSIP: 405024AB6<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |    510000 | PA      | $506175.00    | 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        |    554000 | PA      | $558137.27    | 0.14%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT VACATION WORLDW       | Marriott Vacations Worldwide Corp                                                | CUSIP: 57164YAD9<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |   1498000 | PA      | $1496202.40   | 0.38%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                                                 | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    517000 | PA      | $519045.52    | 0.13%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP        | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   4445000 | PA      | $4414822.90   | 1.13%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   5702000 | PA      | $5726438.77   | 1.46%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                                          | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4111875.00   | 1.05%             | 2026-12-15      | Fixed         | 1.75%                 | 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      | $1289826.25   | 0.33%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                                                           | CUSIP: 038923AX6<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1988146.68   | 0.51%             | 2026-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BELO CORP                      | Belo Corp                                                                        | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    920000 | PA      | $963727.12    | 0.25%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC               | Berry Global Inc                                                                 | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1920000 | PA      | $1920415.05   | 0.49%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4457250.00   | 1.14%             | 2027-03-15      | Fixed         | 5.50%                 | 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      | $2253846.12   | 0.58%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS          | DigitalOcean Holdings Inc                                                        | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |    507000 | PA      | $490091.55    | 0.13%             | 2026-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ADAMAS TRUST INC               | Adamas Trust Inc                                                                 | CUSIP: 649604AG0<br>LEI: 549300JFGR0M7ULHWG48 | Long             | DBT              | CORP              | US        |   3850000 | PA      | $3825529.71   | 0.98%             | 2026-04-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRISES LL       | C&S Group Enterprises LLC                                                        | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4029000 | PA      | $3749584.82   | 0.96%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC        | Champions Financing Inc                                                          | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4755532.50   | 1.22%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC        | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    518000 | PA      | $519391.40    | 0.13%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                 | HB Fuller Co                                                                     | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   1953000 | PA      | $1937333.42   | 0.50%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                     | MasTec Inc                                                                       | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   4894000 | PA      | $4951480.03   | 1.27%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT         | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3299000 | PA      | $3276023.62   | 0.84%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN       | Minerals Technologies Inc                                                        | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |   3880000 | PA      | $3855672.40   | 0.99%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC          | NESCO Holdings II Inc                                                            | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   5458000 | PA      | $5380805.87   | 1.37%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                    | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1741285.49   | 0.44%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                  | PennyMac Corp                                                                    | CUSIP: 70932AAF0<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   1616000 | PA      | $1618424.00   | 0.41%             | 2026-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SHEA HOMES LP/FNDG CP          | Shea Homes LP / Shea Homes Funding Corp                                          | CUSIP: 82088KAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1938000 | PA      | $1925364.24   | 0.49%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                                                       | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  15490055 | NS      | $15490055.21  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   3563000 | PA      | $3581107.17   | 0.92%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC        | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   4281000 | PA      | $4305778.43   | 1.10%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                         | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  15490055 | NS      | $15490055.21  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES CORPORATION/DE           | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519865.03    | 0.13%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2001000 | PA      | $2093863.97   | 0.54%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                          | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   5098000 | PA      | $5395428.43   | 1.38%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| ACCENDRA HEALTH INC            | Accendra Health Inc                                                              | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   3512000 | PA      | $2386749.58   | 0.61%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H       | Synergy Infrastructure Holdings LLC                                              | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2598057.00   | 0.66%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TREEHOUSE FOODS INC            | TreeHouse Foods Inc                                                              | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |   5193000 | PA      | $5180017.50   | 1.32%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                      | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3075699.00   | 0.79%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP           | Western Digital Corp                                                             | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    661000 | PA      | $663716.71    | 0.17%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE           | Wolverine World Wide Inc                                                         | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |   5092000 | PA      | $4713928.67   | 1.20%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1313198.90   | 0.34%             | 2026-07-31      | Fixed         | 6.62%                 | 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        |   3776000 | PA      | $3793903.22   | 0.97%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                   | Magnera Corp                                                                     | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   5560000 | PA      | $5147256.74   | 1.32%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                   | SM Energy Co                                                                     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   5111000 | PA      | $5137285.87   | 1.31%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC            | Spectrum Brands Inc                                                              | CUSIP: 84762LAZ8<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1928000 | PA      | $1828226.00   | 0.47%             | 2029-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES        | Summit Hotel Properties Inc                                                      | CUSIP: 866082AA8<br>LEI: 254900OBQWJK6X20LS71 | Long             | DBT              | CORP              | US        |   4830000 | PA      | $4815510.00   | 1.23%             | 2026-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                      | Sunoco LP                                                                        | CUSIP: 86765KAH2<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1005948.00   | 0.26%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC         | Trinity Industries Inc                                                           | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $519760.27    | 0.13%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| RXO INC                        | RXO Inc                                                                          | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |    350000 | PA      | $358491.00    | 0.09%             | 2027-11-15      | Fixed         | 7.50%                 | 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      | $125128.13    | 0.03%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                        | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1394953.13   | 0.36%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1279726.56   | 0.33%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR       | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4491000 | PA      | $4394913.62   | 1.12%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                    | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2973981.90   | 0.76%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC            | Spectrum Brands Inc                                                              | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1561000 | PA      | $1282707.11   | 0.33%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI       | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1187000 | PA      | $1283189.73   | 0.33%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| LUCID GROUP INC                | Lucid Group Inc                                                                  | CUSIP: 549498AA1<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   3145000 | PA      | $2924850.00   | 0.75%             | 2026-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MGP INGREDIENTS INC            | MGP Ingredients Inc                                                              | CUSIP: 55303JAB2<br>LEI: 2549006OMHFVZ4MS8538 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3880000.00   | 0.99%             | 2041-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                    | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    996000 | PA      | $1010995.78   | 0.26%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                    | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |   2252000 | PA      | $2285906.11   | 0.58%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REDFIN CORP                    | Redfin Corp                                                                      | CUSIP: 75737FAE8<br>LEI: 549300HXWD3JEMZU3O57 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3764000.00   | 0.96%             | 2027-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                      | TEGNA Inc                                                                        | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    133000 | PA      | $131725.23    | 0.03%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                   | Teleflex Inc                                                                     | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   1605000 | PA      | $1603712.02   | 0.41%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3252939.59   | 0.83%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President