# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-246932
**Filing Date:** 2026-5
**Character Count:** 55778
**Document Hash:** 5813300b008085e9421780926fc9bbe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-246932.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-246932

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261040481

**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           |

## 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:** 2026-03-31

**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:** $408589772.83

**Total Liabilities:** $2419995.77

**Net Assets:** $406169777.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 495.324704000000 | **1-Year:** 8.511676000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 38478.022689000000 | **1-Year:** 10253.179092000000 | **5-Year:** 1609.338747000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232913 | 0.39%                | 0.02%                | -0.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $169062.49               | $-618942.01                                |
| Month 2  | $394872.39               | $-1956684.57                               |
| Month 3  | $43810.64                | $-3670816.74                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GETTY IMAGES INC               | Getty Images Inc                                                                 | CUSIP: 374276AP8<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3719642.85   | 0.92%             | 2028-03-01      | Fixed         | 14.00%                | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                 | HB Fuller Co                                                                     | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   1953000 | PA      | $1887460.44   | 0.46%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT         | Mauser Packaging Solutions Holding Co                                            | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3299000 | PA      | $3301358.79   | 0.81%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| XPO INC                        | XPO Inc                                                                          | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1014243.00   | 0.25%             | 2028-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN       | Archrock Partners LP / Archrock Partners Finance Corp                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4401000 | PA      | $4401000.00   | 1.08%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                    | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503912.00    | 0.12%             | 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      | $1291984.46   | 0.32%             | 2027-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA               | Beazer Homes USA Inc                                                             | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |   1738000 | PA      | $1731229.71   | 0.43%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BLUELINX HOLDING               | BlueLinx Holdings Inc                                                            | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |   4037000 | PA      | $3919467.19   | 0.96%             | 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      | $3140636.20   | 0.77%             | 2028-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLARIV SCI HLD CORP            | Clarivate Science Holdings Corp                                                  | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3678000 | PA      | $3474154.57   | 0.86%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                    | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   3791000 | PA      | $3818503.71   | 0.94%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE           | Gates Corp/DE                                                                    | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |    500000 | PA      | $513644.50    | 0.13%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN          | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392000 | PA      | $409575.71    | 0.10%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                   | Magnera Corp                                                                     | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   5560000 | PA      | $5025268.67   | 1.24%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                     | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   4062000 | PA      | $3781721.80   | 0.93%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                | Hecla Mining Co                                                                  | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    554000 | PA      | $553940.60    | 0.14%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MGP INGREDIENTS INC            | MGP Ingredients Inc                                                              | CUSIP: 55303JAB2<br>LEI: 2549006OMHFVZ4MS8538 | Long             | DBT              | CORP              | US        |   4077000 | PA      | $3933007.94   | 0.97%             | 2041-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MASTEC INC                     | MasTec Inc                                                                       | CUSIP: 576323AQ2<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |   4894000 | PA      | $4914212.22   | 1.21%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1262308.32   | 0.31%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                 | Owens-Brockway Glass Container Inc                                               | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   5702000 | PA      | $5717475.23   | 1.41%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC            | Spectrum Brands Inc                                                              | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   4751000 | PA      | $4124422.63   | 1.02%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP         | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1733000 | PA      | $1733308.47   | 0.43%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4559000 | PA      | $4572218.59   | 1.13%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC       | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   4216000 | PA      | $4223222.01   | 1.04%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co LLC                                                         | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   4879000 | PA      | $4881191.65   | 1.20%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE           | Wolverine World Wide Inc                                                         | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |   5092000 | PA      | $4717399.89   | 1.16%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKET       | Advantage Sales & Marketing Inc                                                  | CUSIP: 00775DAC8<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |   4520826 | PA      | $3368015.63   | 0.83%             | 2030-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BELO CORP                      | Belo Corp                                                                        | CUSIP: 080555AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3102864.00   | 0.76%             | 2027-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC        | Darling Ingredients Inc                                                          | CUSIP: 237266AH4<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    518000 | PA      | $518417.40    | 0.13%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE         | Delek Logistics Partners LP / Delek Logistics Finance Corp                       | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3630000 | PA      | $3641017.41   | 0.90%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ACCENDRA HEALTH INC            | Accendra Health Inc                                                              | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   3512000 | PA      | $2123550.12   | 0.52%             | 2029-03-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAG5<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   2507000 | PA      | $2501828.06   | 0.62%             | 2026-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| SYNERGY INFRASTRUCTURE H       | Synergy Infrastructure Holdings LLC                                              | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3879000 | PA      | $3963651.42   | 0.98%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP               | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    675000 | PA      | $668356.79    | 0.16%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                                         | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  15962975 | NS      | $15962974.58  | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AAR ESCROW ISSUER LLC          | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254624.25    | 0.06%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                    | Academy Ltd                                                                      | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |   5594000 | PA      | $5615111.76   | 1.38%             | 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      | $2938373.87   | 0.72%             | 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      | $3617167.17   | 0.89%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                  | CoreWeave Inc                                                                    | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3209627.52   | 0.79%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| H.B. FULLER CO                 | HB Fuller Co                                                                     | CUSIP: 359694AB2<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |   2129000 | PA      | $2103899.09   | 0.52%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS         | Helix Energy Solutions Group Inc                                                 | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |   3455000 | PA      | $3634159.03   | 0.89%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ZIFF DAVIS INC                 | Ziff Davis Inc                                                                   | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |   4975000 | PA      | $4694469.60   | 1.16%             | 2030-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II INC          | NESCO Holdings II Inc                                                            | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   5458000 | PA      | $5342853.67   | 1.32%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                                               | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3589156.69   | 0.88%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                    | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |    996000 | PA      | $1000683.19   | 0.25%             | 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      | $2262588.90   | 0.56%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                 | Open Text Corp                                                                   | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $4818769.50   | 1.19%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                    | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1709591.85   | 0.42%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C       | PHH Escrow Issuer LLC/PHH Corp                                                   | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4650000 | PA      | $4491348.05   | 1.11%             | 2029-11-01      | Fixed         | 9.88%                 | 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      | $1277012.50   | 0.31%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RADIAN GROUP INC               | Radian Group Inc                                                                 | CUSIP: 750236AW1<br>LEI: 54930005OUP720S5U385 | Long             | DBT              | CORP              | US        |    517000 | PA      | $517097.96    | 0.13%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REDFIN CORP                    | Redfin Corp                                                                      | CUSIP: 75737FAE8<br>LEI: 549300HXWD3JEMZU3O57 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3836000.00   | 0.94%             | 2027-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC              | Upbound Group Inc                                                                | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |   3262000 | PA      | $3164036.92   | 0.78%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP        | SBA Communications Corp                                                          | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   4445000 | PA      | $4402462.68   | 1.08%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO          | Scotts Miracle-Gro Co/The                                                        | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    779000 | PA      | $779647.35    | 0.19%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC            | Spectrum Brands Inc                                                              | CUSIP: 84762LAZ8<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1928000 | PA      | $1929060.40   | 0.47%             | 2029-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                      | Sunoco LP                                                                        | CUSIP: 86765KAH2<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3999999.20   | 0.98%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC        | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |   4281000 | PA      | $4275011.74   | 1.05%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                     | Viasat Inc                                                                       | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   3546000 | PA      | $3507008.89   | 0.86%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC         | WESCO Distribution Inc                                                           | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    650000 | PA      | $653996.55    | 0.16%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                      | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3014166.05   | 0.74%             | 2031-01-15      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO       | Global Infrastructure Solutions Inc                                              | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   3849000 | PA      | $3780321.52   | 0.93%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   1913000 | PA      | $1910599.19   | 0.47%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                  | PRA Group Inc                                                                    | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2922147.30   | 0.72%             | 2028-02-01      | Fixed         | 8.38%                 | 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        |   4871000 | PA      | $4866026.22   | 1.20%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS          | DigitalOcean Holdings Inc                                                        | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |    507000 | PA      | $495719.25    | 0.12%             | 2026-12-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP           | RLJ Lodging Trust LP                                                             | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |   1988000 | PA      | $1979595.53   | 0.49%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC            | Rocket Software Inc                                                              | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4497944.63   | 1.11%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| 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        |   4614000 | PA      | $4176477.45   | 1.03%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS         | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   4100000 | PA      | $4157223.70   | 1.02%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC            | Avantor Funding Inc                                                              | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $976613.45    | 0.24%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BELO CORP                      | Belo Corp                                                                        | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    920000 | PA      | $949359.04    | 0.23%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC        | Enova International Inc                                                          | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |   5098000 | PA      | $5396829.47   | 1.33%             | 2028-12-15      | Fixed         | 11.25%                | 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      | $124987.79    | 0.03%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LUCID GROUP INC                | Lucid Group Inc                                                                  | CUSIP: 549498AA1<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   3145000 | PA      | $2956300.00   | 0.73%             | 2026-12-15      | Fixed         | 1.25%                 | 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      | $4360462.17   | 1.07%             | 2028-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                 | ANGI Group LLC                                                                   | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5055000 | PA      | $4505016.86   | 1.11%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ALGOMA STEEL INC               | Algoma Steel Inc                                                                 | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |   3500000 | PA      | $3124532.25   | 0.77%             | 2029-04-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC               | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   3407000 | PA      | $3266489.53   | 0.80%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                                                           | CUSIP: 038923AX6<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1972700.58   | 0.49%             | 2026-09-01      | Fixed         | 4.50%                 | 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      | $3760703.65   | 0.93%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                   | Cars.com Inc                                                                     | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   5278000 | PA      | $5134967.26   | 1.26%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                     | Carvana Co                                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   5320000 | PA      | $5537923.16   | 1.36%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHAMPIONS FINANCING INC        | Champions Financing Inc                                                          | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |   4820000 | PA      | $4326828.69   | 1.07%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP          | Clearwater Paper Corp                                                            | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   4205000 | PA      | $3642055.63   | 0.90%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC           | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $3126829.94   | 0.77%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                   | SM Energy Co                                                                     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   5111000 | PA      | $5116928.76   | 1.26%             | 2026-09-15      | Fixed         | 6.75%                 | 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      | $1906345.68   | 0.47%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC            | Silgan Holdings Inc                                                              | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3821274.07   | 0.94%             | 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      | $1041653.00   | 0.26%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO            | Travel + Leisure Co                                                              | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   6057000 | PA      | $6065709.97   | 1.49%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2001000 | PA      | $2075905.43   | 0.51%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENERFLEX INC                   | Enerflex Inc                                                                     | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2043349.18   | 0.50%             | 2031-01-15      | 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      | $2598056.00   | 0.64%             | 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      | $100117.20    | 0.02%             | 2026-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY        | Grand Canyon University                                                          | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1482585.45   | 0.37%             | 2028-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                      | IQVIA Inc                                                                        | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   3852000 | PA      | $3857290.72   | 0.95%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR         | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAE0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4477500.00   | 1.10%             | 2027-03-15      | Fixed         | 5.50%                 | 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      | $2259237.50   | 0.56%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| KBR INC                        | KBR Inc                                                                          | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |   4518000 | PA      | $4434213.69   | 1.09%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR       | Marriott Ownership Resorts Inc                                                   | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   3830000 | PA      | $3771871.71   | 0.93%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                  | PennyMac Corp                                                                    | CUSIP: 70932AAH6<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |   2550000 | PA      | $2666252.74   | 0.66%             | 2029-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC         | RB Global Holdings Inc                                                           | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1432000 | PA      | $1451506.70   | 0.36%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAREPTA THERAPEUTICS INC       | Sarepta Therapeutics Inc                                                         | CUSIP: 803607AD2<br>LEI: 549300IKDPIED8J8IG21 | Long             | DBT              | CORP              | US        |   1216000 | PA      | $1120544.00   | 0.28%             | 2027-09-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                   | Teleflex Inc                                                                     | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3967595.20   | 0.98%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC         | Trinity Industries Inc                                                           | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512829.50    | 0.13%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC               | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2054902.50   | 0.51%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   5557000 | PA      | $5553443.52   | 1.37%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC               | Berry Global Inc                                                                 | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   4030000 | PA      | $4030469.01   | 0.99%             | 2026-07-15      | Fixed         | 4.88%                 | 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        |    799000 | PA      | $798623.75    | 0.20%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION            | Griffon Corp                                                                     | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |   3611000 | PA      | $3606124.43   | 0.89%             | 2028-03-01      | Fixed         | 5.75%                 | 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        |   4645000 | PA      | $4956187.13   | 1.22%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC              | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    700000 | PA      | $718258.80    | 0.18%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC        | Kodiak Gas Services LLC                                                          | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259152.50    | 0.06%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC        | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   4107000 | PA      | $3913590.69   | 0.96%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN       | Minerals Technologies Inc                                                        | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |   3880000 | PA      | $3824221.16   | 0.94%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC              | Nexstar Media Inc                                                                | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   2484000 | PA      | $2485091.47   | 0.61%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                                          | CUSIP: 70509VAA8<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4150224.15   | 1.02%             | 2026-12-15      | Fixed         | 1.75%                 | 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      | $4701002.74   | 1.16%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                                                       | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  11610739 | NS      | $11610738.63  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI INC                        | ATI Inc                                                                          | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   5335000 | PA      | $5337569.34   | 1.31%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC         | Arbor Realty Trust Inc                                                           | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   1970000 | PA      | $1968668.26   | 0.48%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC               | Aretec Group Inc                                                                 | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |   3135000 | PA      | $3107838.52   | 0.77%             | 2029-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANDWIDTH INC                  | Bandwidth Inc                                                                    | CUSIP: 05988JAD5<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |   3239000 | PA      | $2898905.00   | 0.71%             | 2028-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President