# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-25-006225
**Filing Date:** 2025-6
**Character Count:** 105054
**Document Hash:** 6f7937ec3c7f08017a672adf886f8703
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006225.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006225

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251033365

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

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

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

## Series and Classes Contracts Data

### Pemberwick Fund (Series ID: S000055882)

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

?xml version='1.0' encoding='ASCII'? 2025-04-08196812_PemberwickFund_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21897</u>**

**<u>Manager Directed Portfolios</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Ryan Frank, President**

**Manager Directed Portfolios**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 516-1519</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31, 2025</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![image](i220211.jpg) | **Pemberwick Fund**  |
| ![image](i220211.jpg) | Annual Shareholder Report \| March 31, 2025  |
| ![image](i220211.jpg) |  |

---

This annual shareholder report contains important information about the Pemberwick Fund (the "Fund") for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://pemberwickfund.com/pdf-documents. You can also request this information by contacting us at 1-888-893-4491.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pemberwick Fund | $38 | 0.37% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the fiscal year ended March 31, 2025, the Fund generated a total investment return of 5.03% net of expenses compared to the Bloomberg U.S. Aggregate Bond Index return of 4.88% (which excludes expenses). Yields on the 2-Year Treasury decreased throughout the year, resulting in the Fund's net assset value ("NAV") steadily increasing from $9.93 on April 1, 2024 to $9.96 as of March 31, 2025.

**POSITIONING**

The Fund continues to be invested primarily in investment grade floating rate bonds issued by financial institutions with assets greater than $250 billion (50% of the Fund's net assets). The Fund's strategy is to purchase these floating rate bonds with shorter durations, not exceeding two years, picking up additional yield from the financial sector without taking any more risk in our opinion and tracking the Fed's current interest rate position.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3905img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Pemberwick Fund**  | 5.03 | 3.34 | 2.15 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.88 | -0.40 | 1.46 |
| **Bloomberg 1-3 Year US Government/Credit Index**  | 5.61 | 1.56 | 1.73 |

---

Visit https://pemberwickfund.com/pdf-documents for more recent performance information.

\* **The Fund's past performance is not a good predictor of how the Fund will perform in the future.** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pemberwick Fund PAGE 1 TSR-AR-56170L406

------

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $212643984 |
| **Number of Holdings** | 197 |
| **Net Advisory Fee Paid** | $338892 |
| **Portfolio Turnover Rate** | 54% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 52.8% |
|  U.S. Treasury Obligations  | 8.9% |
|  U.S. Treasury Bills  | 5.6% |
|  Mortgage and Government Agency Obligations  | 1.9% |
|  Consumer, Non-cyclical  | 1.5% |
|  Utilities  | 1.5% |
|  Industrials  | 1.4% |
|  Communications  | 0.5% |
|  Energy  | 0.5% |
|  Technology  | 0.5% |
|  Consumer, Cyclical  | 0.4% |
|  Health Care  | 0.3% |
|  Cash & Other  | 24.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  First American Government Obligations Fund  | 23.7% |
|  United States Treasury Note/Bond  | 8.9% |
|  Wells Fargo Bank NA  | 5.6% |
|  United States Treasury Bill  | 5.6% |
|  American Express Co.  | 5.3% |
|  Goldman Sachs Group, Inc.  | 4.9% |
|  Sumitomo Mitsui Financial Group, Inc.  | 4.9% |
|  Canadian Imperial Bank of Commerce  | 4.7% |
|  Morgan Stanley Bank NA  | 4.0% |
|  Mizuho Financial Group, Inc.  | 3.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://pemberwickfund.com/pdf-documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-893-4491, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Pemberwick Fund PAGE 2 TSR-AR-56170L406

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Experts.</u>**

The registrant's Board of Trustees has determined that there are at least two audit committee financial experts serving on its audit committee. Gaylord B. Lyman and Scott C. Jones are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services and tax services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| Audit Fees | $18400 | $17500 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3500 | $3100 |
| All Other Fees | N/A | N/A |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant as well as non-audit services provided to the registrant's investment adviser and any entity controlled by or under the common control with the investment adviser that provides ongoing services to the registrant, relating to the operations and financial reporting of the registrant.

The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of the pre-approval requirement were as follows for the Pemberwick Fund:

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 3/31/2025</u> <u>FYE 3/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Pemberwick Fund** 

Core Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [5](#sal) |
| [Statement of Operations](#sop) | [6](#sop) |
| [Statements of Changes in Net Assets](#scna) | [7](#scna) |
| [Financial Highlights](#fihi) | [8](#fihi) |
| [Notes to Financial Statements](#notes) | [9](#notes) |
| [Report of Independent Registered Public Accounting Firm](#repo) | [14](#repo) |
| [Notice to Shareholders](#notice) | [15](#notice) |
| [Approval of Investment Advisory Agreement and Investment Sub-Advisory Agreement](#approval) | [16](#approval) |
| [Additional Information](#add) | [18](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**Schedule of Investments** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 59.4%**<br>|  |  |
| **COMMUNICATIONS - 0.5%**<br>|  |  |
| Comcast Corp., 3.95%, 10/15/2025 | $125000 | $124720  |
| &nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp., <br>3.15%, 09/17/2025 | 300000 | 298288  |
| Walt Disney Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/15/2025 | 250000 | 249052  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/13/2026 | 300000 | 293989  |
|  |  | 966049  |
| **CONSUMER, CYCLICAL - 0.4%**<br>|  |  |
| Target Corp., 2.25%, 04/15/2025 | 250000 | 249748  |
| Toyota Motor Credit Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 08/18/2025 | 300000 | 298935  |
| &nbsp;&nbsp;&nbsp; 0.80%, 10/16/2025 | 300000 | 294121  |
|  |  | 842804  |
| **CONSUMER, NON-CYCLICAL - 1.5%**<br>|  |  |
| Bristol-Myers Squibb Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 11/13/2025 | 300000 | 293659  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 | 300000 | 296531  |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp.,<br>3.50%, 04/15/2025 | 300000 | 299841  |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc., <br>2.75%, 04/30/2025 | 300000 | 299575  |
|  Philip Morris International, Inc., 1.50%, 05/01/2025 | 1000000 | 997329  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/15/2025 | 300000 | 301166  |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/15/2025 | 400000 | 398088  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2026 | 350000 | 346038  |
|  |  | 3232227  |
| **ENERGY - 0.5%**<br>|  |  |
| BP Capital Markets America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 09/21/2025 | 250000 | 249227  |
| &nbsp;&nbsp;&nbsp; 3.12%, 05/04/2026 | 300000 | 295970  |
| Chevron Corp., 1.55%, 05/11/2025 | 300000 | 299009  |
| Phillips 66, 3.85%, 04/09/2025 | 300000 | 299937  |
|  |  | 1144143  |
| **FINANCIALS - 52.8%<sup>(a)</sup>**<br>|  |  |
| Aflac, Inc., 1.13%, 03/15/2026 | 300000 | 290615  |
| American Express Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.76%), 02/13/2026<sup>(f)</sup> | 4231000 | 4247863  |
| &nbsp;&nbsp;&nbsp; 5.73% (SOFR + 1.35%), 10/30/2026<sup>(f)</sup> | 4600000 | 4625579  |
| &nbsp;&nbsp;&nbsp; 5.03% (SOFR + 0.65%), 11/04/2026<sup>(f)</sup> | 2383000 | 2389006  |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., <br>3.00%, 04/02/2025 | 300000 | 299978  |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., <br>3.50%, 11/15/2025 | 300000 | 297957  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.68% (SOFR + 1.33%), 04/02/2026<sup>(f)</sup> | 3669000 | 3669534  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.41% (SOFR + 1.02%), 08/18/2026<sup>(f)</sup> | $3400000 | $3425771  |
| &nbsp;&nbsp;&nbsp; 5.35% (SOFR + 0.97%), 07/22/2027<sup>(f)</sup> | 1200000 | 1206796  |
| &nbsp;&nbsp;&nbsp; 5.77% (SOFR + 1.35%), 09/15/2027<sup>(f)</sup> | 2179000 | 2208023  |
| Bank of Montreal<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.47% (SOFR + 1.06%), 06/07/2025<sup>(f)</sup> | 2000000 | 2003260  |
| &nbsp;&nbsp;&nbsp; 5.38% (SOFR + 0.95%), 09/25/2025<sup>(f)</sup> | 1680000 | 1686193  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., <br>3.13%, 03/15/2026 | 300000 | 296833  |
| Canadian Imperial Bank of Commerce<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.29% (SOFR + 0.94%), 04/07/2025<sup>(f)</sup> | 3834000 | 3834451  |
| &nbsp;&nbsp;&nbsp; 5.65% (SOFR + 1.22%), 10/02/2026<sup>(f)</sup> | 6000000 | 6068603  |
|  Citibank NA, 4.97% (SOFR + 0.59%), 04/30/2026<sup>(f)</sup> | 400000 | 401549  |
|  Citigroup, Inc., 5.18% (SOFR + 0.77%), 06/09/2027<sup>(f)</sup> | 1819000 | 1823590  |
| &nbsp;&nbsp;&nbsp; ERP Operating LP, <br>3.38%, 06/01/2025 | 1000000 | 997387  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45% (SOFR + 1.07%), 08/10/2026<sup>(f)</sup> | 2700000 | 2708685  |
| &nbsp;&nbsp;&nbsp; 5.20% (SOFR + 0.79%), 12/09/2026<sup>(f)</sup> | 2000000 | 2004320  |
| &nbsp;&nbsp;&nbsp; 5.22% (SOFR + 0.81%), 03/09/2027<sup>(f)</sup> | 3000000 | 3009219  |
| &nbsp;&nbsp;&nbsp; 5.19% (SOFR + 0.77%), 03/18/2027<sup>(f)</sup> | 1000000 | 1002126  |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.75%), 05/21/2027<sup>(f)</sup> | 1330000 | 1334340  |
| &nbsp;&nbsp;&nbsp; 5.29% (SOFR + 0.92%), 10/21/2027<sup>(f)</sup> | 400000 | 401330  |
|  HSBC Holdings PLC, 5.94% (3 mo. Term SOFR + 1.64%), 09/12/2026 <sup>(f)</sup> | 7000000 | 7042758  |
| Loews Corp., 3.75%, 04/01/2026 | 400000 | 397767  |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., <br>3.75%, 03/14/2026 | 300000 | 298214  |
| MetLife, Inc., 3.60%, 11/13/2025 | 125000 | 124339  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP, <br>4.00%, 11/15/2025 | 300000 | 299038  |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., <br>5.36% (SOFR + 0.96%), 05/22/2026<sup>(f)</sup> | 7700000 | 7708145  |
| Morgan Stanley Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15% (SOFR + 0.78%), 07/16/2025<sup>(f)</sup> | 6065000 | 6072239  |
| &nbsp;&nbsp;&nbsp; 5.55% (SOFR + 1.17%), 10/30/2026<sup>(f)</sup> | 2500000 | 2523517  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **FINANCIALS - (Continued)** | **FINANCIALS - (Continued)** | **FINANCIALS - (Continued)** |
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, <br>4.89% (SOFR + 0.48%), 06/09/2026<sup>(b) (f)</sup> | $4000000 | $4006405  |
|  Principal Financial Group, Inc., 3.40%, 05/15/2025 | 1000000 | 997997  |
| Prologis LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2026 | 300000 | 295989  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2027 | 300000 | 287052  |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., <br>1.50%, 03/10/2026 | 400000 | 389565  |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., <br>0.88%, 02/15/2026 | 300000 | 291002  |
| Realty Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2025 | 150000 | 149934  |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/15/2026 | 400000 | 386029  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/15/2026 | 300000 | 298779  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20% (SOFR + 0.84%), 04/14/2025<sup>(f)</sup> | 1000000 | 1000234  |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 0.59%), 11/02/2026<sup>(f)</sup> | 2200000 | 2202543  |
| &nbsp;&nbsp;&nbsp; 5.32% (SOFR + 0.95%), 01/19/2027<sup>(f)</sup> | 3000000 | 3022709  |
| &nbsp;&nbsp;&nbsp; 5.08% (SOFR + 0.71%), 01/21/2027<sup>(f)</sup> | 1123000 | 1125987  |
| Simon Property Group LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2025 | 400000 | 398291  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/15/2026 | 400000 | 396077  |
| Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.79% (SOFR + 1.43%), 01/13/2026<sup>(f)</sup> | 7100000 | 7163291  |
| &nbsp;&nbsp;&nbsp; 5.66% (SOFR + 1.30%), 07/13/2026<sup>(f)</sup> | 1400000 | 1415063  |
| &nbsp;&nbsp;&nbsp; 5.24% (SOFR + 0.88%), 01/14/2027<sup>(f)</sup> | 1731000 | 1743993  |
| Wells Fargo Bank NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.18% (SOFR + 0.80%), 08/01/2025<sup>(f)</sup> | 4000000 | 4005928  |
| &nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.71%), 01/15/2026<sup>(f)</sup> | 4900000 | 4915217  |
| &nbsp;&nbsp;&nbsp; 5.70% (SOFR + 1.32%), 04/25/2026<sup>(f)</sup> | 3000000 | 3002980  |
|  |  | 112194090  |
| **HEALTH CARE - 0.3%**<br>|  |  |
| AbbVie, Inc., 3.60%, 05/14/2025 | 700000 | 699140  |
| **INDUSTRIALS - 1.4%**<br>|  |  |
| Burlington Northern Santa Fe LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2025 | 100000 | 100000  |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/15/2025 | 215000 | 218939  |
| Caterpillar Financial Services Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 05/13/2025 | 1000000 | 998721  |
| &nbsp;&nbsp;&nbsp; 0.80%, 11/13/2025 | 300000 | 293844  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| John Deere Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 09/08/2025 | $700000 | $699500  |
| &nbsp;&nbsp;&nbsp; 0.70%, 01/15/2026 | 300000 | 291700  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/03/2026 | 300000 | 302080  |
|  |  | 2904784  |
| **TECHNOLOGY - 0.5%**<br>|  |  |
| Apple, Inc., 3.20%, 05/13/2025 | 150000 | 149767  |
|  International Business Machines Corp., 7.00%, 10/30/2025 | 150000 | 152178  |
| Intuit, Inc., 0.95%, 07/15/2025 | 500000 | 494721  |
| &nbsp;&nbsp;&nbsp; Lam Research Corp., <br>3.75%, 03/15/2026 | 300000 | 298195  |
|  |  | 1094861  |
| **UTILITIES - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arizona Public Service Co., <br>3.15%, 05/15/2025 | 300000 | 299478  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, <br>3.25%, 08/15/2025 | 100000 | 99580  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>3.25%, 04/01/2026 | 300000 | 296724  |
|  Louisville Gas and Electric Co., 3.30%, 10/01/2025 | 150000 | 148969  |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., <br>4.45%, 03/13/2026 | 300000 | 300138  |
|  NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025 | 400000 | 401659  |
| &nbsp;&nbsp;&nbsp; PECO Energy Co., <br>3.15%, 10/15/2025 | 428000 | 424775  |
| Public Service Electric and Gas Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2025 | 675000 | 673446  |
| &nbsp;&nbsp;&nbsp; 0.95%, 03/15/2026 | 300000 | 290430  |
|  Virginia Electric and Power Co., 3.15%, 01/15/2026 | 300000 | 296830  |
|  |  | 3232029  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $126,221,818)** |  | 126310127  |
| **U.S. TREASURY OBLIGATIONS - 8.9%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 04/30/2025 | 2000000 | 1993720  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/15/2025 | 2000000 | 1994623  |
| &nbsp;&nbsp;&nbsp; 0.25%, 05/31/2025 | 2000000 | 1986696  |
| &nbsp;&nbsp;&nbsp; 0.25%, 06/30/2025 | 1700000 | 1683148  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/30/2025 | 1500000 | 1494702  |
| &nbsp;&nbsp;&nbsp; 2.88%, 07/31/2025 | 1500000 | 1493063  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2025 | 800000 | 793292  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/31/2025 | 500000 | 497004  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 | 820000 | 810607  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2025 | 400000 | 400821  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 | 1700000 | 1648417  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/31/2026 | 200000 | 197622  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/2026 | 1900000 | 1931893  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY OBLIGATIONS - (Continued)**  | **U.S. TREASURY OBLIGATIONS - (Continued)**  | **U.S. TREASURY OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 0.75%, 04/30/2026 | $1000000 | $965516  |
| &nbsp;&nbsp;&nbsp; 0.75%, 05/31/2026 | 1000000 | 963086  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** <br>**(Cost $18,915,127)** |  | 18854210  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2091, Class PG, <br>6.00%, 11/15/2028 | 57809 | 58652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2097, Class PZ, <br>6.00%, 11/15/2028 | 37925 | 38449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2526, Class FI, <br>5.46% (30 day avg SOFR US + 1.11%), 02/15/2032<sup>(f)</sup> | 13338 | 13418  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2682, Class LD, <br>4.50%, 10/15/2033 | 15277 | 15277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2759, Class TC, <br>4.50%, 03/15/2034 | 85221 | 84367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2933, Class HD, <br>5.50%, 02/15/2035 | 1535 | 1569  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2989, Class TG, <br>5.00%, 06/15/2025 | 6 | 6  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3002, Class YD, <br>4.50%, 07/15/2025 | 480 | 479  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3775, Class EM, <br>3.50%, 11/15/2025 | 1235 | 1228  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3786, Class NA, <br>4.50%, 07/15/2040 | 6822 | 6822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3970, Class HB, <br>3.00%, 12/15/2026 | 32874 | 32474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4002, Class LB, <br>2.00%, 09/15/2041 | 33989 | 32558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4020, Class PA, <br>2.75%, 03/15/2027 | 3404 | 3366  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4171, Class NG, <br>2.00%, 06/15/2042 | 61513 | 56221  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4203, Class DM, <br>3.00%, 04/15/2033 | 25565 | 25047  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4266, Class BG, <br>2.50%, 04/15/2026 | 5431 | 5365  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4309, Class JD, <br>2.00%, 10/15/2043 | 9112 | 8485  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4311, Class TD, <br>2.50%, 02/15/2029 | 23334 | 22954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4363, Class EJ, <br>4.00%, 05/15/2033 | 42853 | 42566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4453, Class DA, <br>3.50%, 11/15/2033 | 14591 | 14484  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4472, Class MA, <br>3.00%, 05/15/2045 | 236818 | 220717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4716, Class PA, <br>3.00%, 07/15/2044 | 43011 | 42203  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4949, Class PM, <br>2.50%, 02/25/2050 | 136676 | 114466  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-56, Class PE, <br>6.00%, 09/25/2032 | $36766 | $38116  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-127, Class EG, <br>6.00%, 12/25/2033 | 45917 | 47580  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-40, Class YG, <br>5.00%, 05/25/2025 | 7 | 7  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-48, Class AU, <br>5.50%, 06/25/2035 | 17106 | 17521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-64, Class PL, <br>5.50%, 07/25/2035 | 4351 | 4462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-68, Class PG, <br>5.50%, 08/25/2035 | 4959 | 4971  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-83, Class LA, <br>5.50%, 10/25/2035 | 2101 | 2151  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-27, Class MQ, <br>5.50%, 04/25/2027 | 554 | 554  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-123, Class BP, <br>4.50%, 11/25/2040 | 48129 | 48011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-110, Class CY, <br>3.50%, 11/25/2026 | 33118 | 32645  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-146, Class LX, <br>3.50%, 10/25/2040 | 51074 | 50709  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-101, Class AB, <br>1.50%, 06/25/2027 | 129 | 129  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-102, Class HA, <br>2.00%, 02/25/2042 | 37877 | 35629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class VP, <br>3.00%, 10/25/2042 | 14738 | 14609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-139, Class JA, <br>3.50%, 12/25/2042 | 141037 | 133441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-148, Class BQ, <br>1.25%, 01/25/2028 | 17850 | 17385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-38, Class PA, <br>2.00%, 09/25/2041 | 15511 | 14494  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-66, Class HE, <br>1.50%, 06/25/2027 | 2437 | 2390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-90, Class DA, <br>1.50%, 03/25/2042 | 19383 | 17752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-124, Class BD, <br>2.50%, 12/25/2028 | 1792 | 1770  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-14, Class QD, <br>1.50%, 03/25/2043 | 23961 | 20215  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-18, Class PA, <br>2.00%, 11/25/2041 | 51878 | 49543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-6, Class LD, <br>2.00%, 02/25/2043 | 27933 | 24199  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-72, Class HG, <br>3.00%, 04/25/2033 | 68819 | 66873  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19, Class HA, <br>2.00%, 06/25/2040 | 7469 | 7276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-8, Class DA, <br>4.00%, 03/25/2029 | 4246 | 4220  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-105, Class PA, <br>3.50%, 04/25/2045 | 117911 | 115443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-60, Class Q, <br>1.75%, 09/25/2046 | 51353 | 47065  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**Schedule of Investments** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-8, Class PC, <br>2.50%, 10/25/2044 | $128560 | $123697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-77, Class BA, <br>2.00%, 10/25/2047 | 47279 | 43078  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33, Class N, <br>3.00%, 03/25/2048 | 286716 | 268334  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage <br>Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-11, Class PE, <br>5.50%, 03/20/2037 | 19141 | 19401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-112, Class NG, <br>2.25%, 09/16/2040 | 45275 | 42350  |
| &nbsp;&nbsp;&nbsp; Series 2012-106, Class MA, 2.00%, 11/20/2041 | 56501 | 52817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-48, Class MA, <br>2.50%, 04/16/2042 | 36477 | 33482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-56, Class AP, <br>2.00%, 11/16/2041 | 50731 | 46560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-64, Class LP, <br>1.50%, 08/20/2041 | 78664 | 73011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-88, Class WA, <br>4.48%, 06/20/2030 (c) | 496 | 495  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $2,481,112)** |  | 2363558  |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool C91251, 4.50%, 06/01/2029 | 1795 | 1797  |
| &nbsp;&nbsp;&nbsp; Pool C91281, 4.50%, 12/01/2029 | 4235 | 4240  |
| &nbsp;&nbsp;&nbsp; Pool C91295, 4.50%, 04/01/2030 | 2267 | 2272  |
| &nbsp;&nbsp;&nbsp; Pool J14494, 4.00%, 02/01/2026 | 881 | 878  |
| &nbsp;&nbsp;&nbsp; Pool J15974, 4.00%, 06/01/2026 | 447 | 445  |
| &nbsp;&nbsp;&nbsp; Pool J17508, 3.00%, 12/01/2026 | 6850 | 6770  |
| &nbsp;&nbsp;&nbsp; Pool ZT1361, 3.00%, 05/01/2047 | 185077 | 164397  |
| &nbsp;&nbsp;&nbsp; Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027 | 13837 | 13427  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 256045, 5.00%, 12/01/2025 | 500 | 499  |
| &nbsp;&nbsp;&nbsp; Pool 257204, 5.50%, 05/01/2028 | 2209 | 2233  |
| &nbsp;&nbsp;&nbsp; Pool AC3237, 5.00%, 10/01/2039 | 15829 | 15974  |
| &nbsp;&nbsp;&nbsp; Pool AD0249, 5.50%, 04/01/2037 | 6248 | 6369  |
| &nbsp;&nbsp;&nbsp; Pool BL5531, 2.33%, 01/01/2027 | 598019 | 578912  |
| &nbsp;&nbsp;&nbsp; Pool BP3785, 2.00%, 03/01/2036 | 274038 | 248545  |
| &nbsp;&nbsp;&nbsp; Pool BP6567, 3.00%, 08/01/2040 | 126545 | 116588  |
| &nbsp;&nbsp;&nbsp; Pool FM2014, 3.00%, 11/01/2049 | 186367 | 164615  |
| &nbsp;&nbsp;&nbsp; Pool FM5719, 3.00%, 06/01/2046 | 270220 | 243142  |
| &nbsp;&nbsp;&nbsp; Pool MA0142, 4.00%, 08/01/2029 | 2798 | 2774  |
| &nbsp;&nbsp;&nbsp; Pool MA0919, 3.50%, 12/01/2031 | 140867 | 137689  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** <br>**(Cost $1,861,381)** |  | 1711566 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 29.3%**<br>|  |  |
| **Money Market Funds - 23.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.27%<sup>(d)</sup>  | 50475153 | $50475153 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. Treasury Bills - 5.6%**<br>|  |  |
| 4.37%, 04/10/2025<sup>(e)</sup> | $2000000 | 1997878  |
| 4.25%, 05/08/2025<sup>(e)</sup> | 2000000 | 1991305  |
| 4.21%, 06/12/2025<sup>(e)</sup> | 1500000 | 1487445  |
| 4.25%, 07/17/2025<sup>(e)</sup> | 1500000 | 1481364  |
| 4.24%, 07/24/2025<sup>(e)</sup> | 1000000 | 986821  |
| 4.31%, 08/14/2025<sup>(e)</sup> | 2000000 | 1968950  |
| 4.17%, 09/04/2025<sup>(e)</sup> | 2000000 | 1964580  |
|  |  | 11878343  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS** <br>**(Cost $62,353,077)** |  | 62353496  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $211,832,515)** |  | $211592957  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 1051027  |
| **TOTAL NET ASSETS - 100.0%** |  | $212643984 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

<sup>(b)</sup> 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 March 31, 2025, the value of these securities total $4,006,405 or 1.9% of the Fund's net assets.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

<sup>(f)</sup> Variable or Floating Rate Security. The rate shown represents the rate as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**at March 31, 2025** 

---

| | |
|:---|:---|
| **Assets:**<br>|  |
| Investments in securities, at value (cost of $211,832,515) | $211592957  |
| Receivables:<br>|  |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 1272260  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 3860  |
| Prepaid expenses and other assets | 6259  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 212875336  |
| **Liabilities:**<br>|  |
| Payables:<br>|  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders | 112965  |
| &nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 45280  |
| &nbsp;&nbsp;&nbsp; Advisory fee | 26211  |
| &nbsp;&nbsp;&nbsp; Directors fees | 13203  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 11994  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 6000  |
| &nbsp;&nbsp;&nbsp; Legal Fees | 5626  |
| &nbsp;&nbsp;&nbsp; Custody fees | 4998  |
| &nbsp;&nbsp;&nbsp; Compliance fees | 2605  |
| &nbsp;&nbsp;&nbsp; Reports to shareholders | 1914  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 556  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 231352  |
| **Net assets** | $212643984  |
| **Net Assets Consist of:**<br>|  |
| Capital stock | $214936601  |
| Total accumulated loss | (2292617)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $212643984  |
| Shares issued (Unlimited number of beneficial interest authorized, $0.01 par value) | 21347927  |
| **Net asset value, offering price and redemption price per share** | $9.96 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**STATEMENT OF OPERATIONS** 

---

| | |
|:---|:---|
|  | **Fiscal Year Ended** <br>**March 31, 2025** |
| **Investment income:**<br>|  |
| Interest income | &nbsp;&nbsp; $11558234 |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 11558234  |
| **Expenses:**<br>|  |
| Investment advisory fees (Note 4) | &nbsp;&nbsp; 564819 |
| Administration and fund accounting fees (Note 4) | &nbsp;&nbsp; 285324  |
| Transfer agent fees and expenses | &nbsp;&nbsp; 73090  |
| Legal fees | &nbsp;&nbsp; 30594  |
| Trustees' fees and expenses | &nbsp;&nbsp; 27851  |
| Custody fees | &nbsp;&nbsp; 24871  |
| Audit fees | &nbsp;&nbsp; 20622  |
| Compliance expense | &nbsp;&nbsp; 17287  |
| Federal and state registration fees | &nbsp;&nbsp; 10682  |
| Reports to shareholders | &nbsp;&nbsp; 2187  |
| Other | &nbsp;&nbsp; 15049  |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver from advisor | &nbsp;&nbsp; 1072376  |
| &nbsp;&nbsp;&nbsp; Voluntary expense waiver from advisor (Note 4) | &nbsp;&nbsp; (225927)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 846449  |
| **Net investment income** | &nbsp;&nbsp; 10711785  |
| **Realized and unrealized gain on investments:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | &nbsp;&nbsp; 114187  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments | &nbsp;&nbsp; 462291  |
| **Net realized and unrealized gain on investments** | &nbsp;&nbsp; 576478  |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $11288263 |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended March 31,**  | **Fiscal Year Ended March 31,**  |
|  | **2025** | **2024**  |
| **Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $10711785 | $12535994  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 114187 | (15607)  |
| &nbsp;&nbsp;&nbsp; Net change in appreciation on investments | 462291 | 1905154  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 11288263 | 14425541  |
| **Distributions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributed earnings | (10721758) | (12515109)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (10721758) | (12515109)  |
| **Capital Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 89836289 | 70174447  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (128254605) | (129555060)  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 10761423 | 12491854  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital share transactions** | (27656893) | (46888759)  |
| **Total decrease in net assets** | (27090388) | (44978327)  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 239734372 | 284712699 |
| &nbsp;&nbsp;&nbsp; End of year | $212643984 | $239734372  |
| **Changes in Shares Outstanding:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9028114 | 7092094  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 1081684 | 1262114  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12889122) | (13099504)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in shares outstanding** | (2779324) | (4745296) |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**FINANCIAL HIGHLIGHTS** 

**For a capital share outstanding throughout the year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| Net Asset Value - Beginning of year | $9.94 | $9.86 | $9.93 | $10.05 | $9.70  |
|  **Income from Investment Operations:**<br>|  |  |  |  |  |
| Net investment income<sup>1</sup> | 0.47 | 0.50 | 0.27 | 0.04 | 0.09  |
|  Net realized and unrealized gain (loss) on investments | 0.10 | 0.16 | 0.00<sup>4</sup> | (0.11) | 0.35  |
| **Total from investment operations** | 0.57 | 0.66 | 0.27 | (0.07) | 0.44  |
| **Less Distributions:**<br>|  |  |  |  |  |
| Dividends from net investment income | (0.55) | (0.58) | (0.34) | (0.05) | (0.09)  |
| **Total distributions** | (0.55) | (0.58) | (0.34) | (0.05) | (0.09)  |
| **Net Asset Value - End of Year** | $9.96 | $9.94 | $9.86 | $9.93 | $10.05  |
| Total return<sup>2</sup> | 5.03% | 5.97% | 2.08% | (0.73)% | 4.49%  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $212644 | $239734 | $284713 | $293295 | $282409  |
| &nbsp;&nbsp;&nbsp; Ratio of operating expenses to average <br>net assets<sup>3</sup>:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before reimbursements | 0.47% | 0.45% | 0.43% | 0.42% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After reimbursements | 0.37% | 0.35% | 0.33% | 0.32% | 0.31%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income to average <br>net assets<sup>3</sup>:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before reimbursements | 4.64% | 4.91% | 2.65% | 0.35% | 0.77%  |
| &nbsp;&nbsp;&nbsp; After reimbursements | 4.74% | 5.01% | 2.75% | 0.45% | 0.87%  |
| Portfolio turnover rate | 54% | 50% | 55% | 43% | 13% |

---

<sup>1</sup> The net investment income per share was calculated using the average shares outstanding method.

<sup>2</sup> Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. 

<sup>3</sup> During the period, certain fees were voluntarily waived in the amount of 0.10%. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 4). 

<sup>4</sup> The amount was less than (.005) per share. 

The accompanying notes are an integral part of these financial statements.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025** 

**NOTE 1 – ORGANIZATION** 

The Pemberwick Fund (the "Pemberwick Fund" or the "Fund") is a series of Manager Directed Portfolios (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and was organized as a Delaware statutory trust on April 4, 2006. The Fund is an open-end investment management company and is a non-diversified series of the Trust. Pemberwick Investment Advisors, LLC ("Pemberwick" or the "Advisor") serves as the investment advisor to the Fund, and J.P. Morgan Investment Management Inc. ("J.P. Morgan" or the "Sub-Advisor") serves as the sub-advisor to the Fund. The investment objective of the Fund is to seek maximum current income that is consistent with liquidity and stability of principal.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 Financial Services – Investment Companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation:* All investments in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes:* It is the Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to
 regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income
 or excise tax provisions are required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The tax returns for the Fund for the prior three fiscal years are open for examination. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended March 31, 2025, the Fund did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions, Income, Expenses, and Distributions:* Securities transactions are accounted for on the trade date. Realized gains
 and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend
 income and distributions to shareholders are recorded on the ex-dividend date. Discounts and premiums on fixed income securities are amortized
 using the effective interest method. Gains and losses from paydowns on mortgage and asset-backed securities are recorded as adjustments
 to interest income.

The Fund distributes substantially all of its net investment income, if any, which is declared daily as a dividend and paid monthly. Any net capital gain realized by the Fund will be distributed annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which differ from GAAP. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

The Fund is charged for those expenses that are directly attributable to it, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to a Fund are typically allocated among the funds in the Trust proportionately based on allocation methods approved by the Board of Trustees (the "Board"). Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;D. *Use of Estimates:* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
 reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases
 in net assets during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Redemption Fees:* The Fund does not charge redemption fees to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Reclassification of Capital Accounts:* GAAP requires that certain components of net assets relating to permanent differences be reclassified between
 financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Year End:* In preparing the financial statements as of March 31, 2025 and through the date the financial statements
 were issued, management considered the impact of subsequent events for potential recognition or disclosure in the financial statements
 and concluded that no additional adjustments or disclosures are necessary.

**NOTE 3 – SECURITIES VALUATION** 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to 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:

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

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

Debt Securities: Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 2 of the fair value hierarchy.

Registered Investment Companies: Investments in mutual funds are generally priced at the ending NAV provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. Exchange-traded funds are valued at the last reported sale price on the exchange on which that security is principally traded.

Short-Term Debt Securities: Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

quotations. Short-term debt securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

In the absence of prices from a pricing service, or if market quotations are not readily available, fair value will be determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Corporate Bonds | $— | $126310127 | $— | $126310127  |
| U.S. Treasury Obligations  | —  | 18854210  | —  | 18854210  |
| Collateralized Mortgage Obligations |  | 2363558 |  | 2363558  |
| U.S. Government Agency Obligations |  | 1711566 |  | 1711566  |
| Short-Term Investments | 50475153 | 11878343 |  | 62353496  |
| **Total Investments in Securities** | $50475153 | $161117804 | $— | $211592957 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

For the fiscal year ended March 31, 2025, the Advisor provided the Fund with investment management services under an investment advisory agreement. The Advisor furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at an annual rate of 0.25% from the Fund based upon the average daily net assets of the Fund. For the fiscal year ended March 31, 2025, the Fund incurred $564,819 in advisory fees. Advisory fees payable at March 31, 2025 for the Fund were $26,211. The Advisor has hired J.P. Morgan Investment Management Inc. as a sub-advisor to manage the U.S. Treasuries and agency debt portion of the Fund. The Advisor pays the Sub-Advisor fee for the Pemberwick Fund from its own assets and these fees are not an additional expense of the Fund.

The Fund is responsible for its own operating expenses. The Advisor voluntarily waives 10 basis points of the annual investment advisory fee Pemberwick is entitled to receive from the Fund pursuant to the advisory agreement between Pemberwick and the Fund. Such waiver will continue until Pemberwick notifies the Fund of a change in its voluntary waiver or its discontinuation. For the fiscal year ended March 31, 2025, the Advisor voluntarily waived fees in the amount of $225,927. The fees waived by the Advisor are not subject to recoupment.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC ("Fund Services" or the "Administrator") acts as the Fund's Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund's custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund's expenses and reviews the Fund's expense accruals. Fund Services also serves as the fund accountant, transfer agent and provides Chief Compliance Officer services to the Fund. U.S. Bank N.A., an

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

affiliate of Fund Services, serves as the Fund's custodian. For the fiscal year ended March 31, 2025, the Fund incurred the following expenses for administration, fund accounting, transfer agency, compliance and custody fees:

---

| | |
|:---|:---|
| Administration and Fund Accounting | $285324  |
| Custody | $24871  |
| Transfer agency | $73090  |
| Compliance | $17287 |

---

At March 31, 2025, the Fund had payables due to Fund Services for administration, fund accounting, transfer agency, and compliance fees, and to U.S. Bank N.A. for custody fees in the following amounts:

---

| | |
|:---|:---|
| Administration and fund accounting | $45280  |
| Custody | $4998  |
| Transfer agency | $11994  |
| Compliance | $2605 |

---

Vigilant Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares.

Certain officers of the Fund are employees of the Administrator and are not paid any fees by the Fund for serving in such capacities.

**NOTE 5 – SECURITIES TRANSACTIONS** 

For the fiscal year ended March 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

**Purchases**

---

| | |
|:---|:---|
| U.S. Government Obligations | $18006182  |
| Other | $98430615 |

---

**Sales**

---

| | |
|:---|:---|
| U.S. Government Obligations | $19020000  |
| Other | $142441721 |

---

**NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of March 31, 2025, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments | $211832515  |
| Gross unrealized appreciation | 188203  |
| Gross unrealized depreciation | (427761)  |
| Net unrealized depreciation | (239558)  |
| Undistributed ordinary income | 113439  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings | 113439  |
| Capital loss carry-forwards | (2053533)  |
| Other accumulated gains/(losses) | (112965)  |
| Total accumulated earnings/(losses) | $(2292617) |

---

As of March 31, 2025, the Fund had short-term capital losses in the amount of $756,628 and long-term capital losses in the amount of $1,296,905, with no expiration to offset future capital gains. During the fiscal year ended March 31, 2025, the Fund utilized short-term and long-term capital loss carryover in the amounts of $2,313 and $59,743, respectively, to reduce taxable income.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025(Continued)** 

The tax character of distributions paid during the year ended March 31, 2025, and the year ended March 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2025** | **2024**  |
| Ordinary Income | $10721758 | $12515109 |

---

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended March 31, 2025.

**NOTE 7 – GUARANTEES AND INDEMNIFICATION** 

In the normal course of business, the Fund may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**NOTE 8 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. While no individual shareholder has a position which exceeds 25% of the voting securities of the Fund, there are numerous shareholders who are affiliated with the Advisor. As of March 31, 2025, investors who are affiliated with the Advisor, when aggregated, owned 100% of the voting securities of the Fund.

**NOTE 9 – SEGMENT REPORTING** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Pemberwick Fund and

Board of Trustees of Manager Directed Portfolios

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Pemberwick Fund (the "Fund"), a series of Manager Directed Portfolios, as of March 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended March 31, 2022, and prior, were audited by other auditors whose report dated May 25, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](cohen_02.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2025

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**NOTICE TO SHAREHOLDERS** 

**at March 31, 2025 (Unaudited)** 

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended March 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Pemberwick Fund  | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended March 31, 2025, was as follows:

---

| | |
|:---|:---|
| Pemberwick Fund  | 0.00% |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**APPROVAL OF Investment Advisory Agreement and Investment** 

**Sub-Advisory Agreement (Unaudited)** 

The Board of Trustees (the "Board" or the "Trustees") of Manager Directed Portfolios (the "Trust") met on November 19, 2024 to consider the renewal of (i) the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Pemberwick Fund (the "Fund"), a series of the Trust, and the Fund's investment advisor, Pemberwick Investment Advisors, LLC ("Pemberwick" or the "Advisor") and (ii) the investment sub-advisory agreement (the "Sub-Advisory Agreement") between Pemberwick and J.P. Morgan Investment Management Inc. ("JPMIM" or the "Sub-Advisor"). The Board, which is comprised solely of Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940 (the "Independent Trustees"), had previously met at a special meeting held on October 17, 2024 to discuss the renewal of the Advisory Agreement and the Sub-Advisory Agreement. Prior to these meetings, the Trustees requested and received materials to assist them in considering the continuation of the Advisory Agreement and the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including copies of the Advisory Agreement and the Sub-Advisory Agreement, a memorandum prepared by counsel to the Independent Trustees discussing factors relevant to the renewal of the Advisory Agreement and Sub-Advisory Agreement, comparative performance information, Pemberwick's Form ADV and JPMIM's Form ADV Part 1A, brochure and brochure supplements, due diligence materials provided by Pemberwick and JPMIM, including information regarding each firm's compliance program, personnel and financial condition, profitability information, and other pertinent information. The Board also reviewed the advisory fee payable by the Fund under the Advisory Agreement, the sub-advisory fee payable by Pemberwick to JPMIM and comparative fee and expense information as reported by a third-party analytics firm.

The Trustees met with the officers of the Trust and legal counsel to discuss the information provided and also met in executive session with legal counsel to the Independent Trustees to review their duties in considering the Advisory Agreement and the Sub-Advisory Agreement and the information provided. The Trustees noted that they had met with the CEO of Pemberwick in person and other representatives of Pemberwick via videoconference earlier in the year to discuss the Fund's investment strategy, the Fund's performance, updates about each firm's business and personnel and other matters. The Board also took into account information reviewed periodically throughout the year regarding the services provided by Pemberwick and JPMIM, the performance of the Fund, trading services, Fund expenses, asset flows, compliance matters and other information deemed relevant.

Based on their evaluation of the information provided as part of the October and November meetings, as well as information provided over the course of the year, the Trustees approved the continuation of the Advisory Agreement and the Sub-Advisory Agreement, each for an additional one-year term. Below is a summary of the material factors considered by the Board and the conclusions that formed the basis for the Board's approval of the Advisory Agreement and Sub-Advisory Agreement.

1. Nature, Extent and Quality of Services Provided to the Fund

The Trustees considered the nature, extent and quality of services provided by Pemberwick in the management of the Fund, including portfolio management, research, trading, compliance monitoring, investment strategy oversight, allocation of assets to JPMIM and oversight of JPMIM as the Fund's sub-advisor. The Trustees also considered the nature, extent and quality of services provided by JPMIM, including portfolio management, research and trading for a portion of the Fund. The Trustees considered the qualifications and experience of personnel at Pemberwick and JPMIM who are involved in the day-to-day activities of the Fund. The Board considered the Advisor's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Advisor's compliance program. The Board also considered its previous experience with Pemberwick and JPMIM providing investment advisory and sub-advisory services to the Fund, respectively. The Trustees considered the information provided by Pemberwick and JPMIM in response to the due diligence questionnaire and as part of the presentation by the Advisor earlier in the year. The Trustees concluded that the nature, extent and quality of services provided to the Fund by Pemberwick and JPMIM were appropriate and that the Fund was likely to continue to benefit from the services provided by Pemberwick and JPMIM under the Advisory Agreement and Sub-Advisory Agreement, respectively.

2. Investment Performance of the Fund

The Trustees considered the performance of the Fund for the one-year, three-year, five-year and ten-year periods ended June 30, 2024 on an absolute basis and in comparison to the Fund's benchmark index, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Index. The Board noted the Fund outperformed its benchmark for all periods. The

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**Pemberwick Fund** 

**APPROVAL OF Investment Advisory Agreement and Investment** 

**Sub-Advisory Agreement (Unaudited)(Continued)** 

Board also considered the performance of the sleeve of the Fund managed by JPMIM and noted that the performance of the sleeve outperformed the custom benchmark for all periods other than the ten-year period.

The Board noted that Pemberwick does not manage any accounts other than the Fund. The Trustees reviewed the performance of the sleeve of the Fund managed by JPMIM relative to JPMIM's composite of separately managed accounts managed with investment strategies similar to the Fund but did not consider the composite performance to be a material factor.

The Trustees concluded that the Fund's performance was satisfactory and the Fund and its shareholders were likely to benefit from Pemberwick's and JPMIM's continued management.

3. Advisory Fees and Expenses

The Trustees considered the Fund's advisory fee rate and expense ratio relative to those of peer funds in the Barrington Cohort. The Trustees considered Pemberwick's commentary regarding the Fund's advisory fee rate and subadvisory fee. The Trustees noted that Pemberwick voluntarily waives 0.10% of its management fee. The Trustees noted that the Fund's contractual management fee of 0.25% was lower than the Barrington Cohort average. The Trustees noted that the total net expense ratio for the Fund, after voluntary waivers, was lower than the Barrington Cohort average. The Trustees noted that Pemberwick does not manage any comparable accounts.

The Trustees concluded that the Fund's expenses and the management fee paid to Pemberwick were fair and reasonable in light of the comparative expense and management fee information and the quality of the services provided to the Fund by Pemberwick.

The Trustees then considered the sub-advisory fee paid to JPMIM by Pemberwick for the services provided as the Fund's sub-advisor. The Trustees concluded that the sub-advisory fee paid to JPMIM by Pemberwick was reasonable.

4. Costs of Services Provided and Profits Realized by the Advisor and Sub-Advisor

The Trustees considered Pemberwick's and JPMIM's financial statements and a profitability analysis prepared by Pemberwick based on the fees payable under the Advisory Agreement. The Trustees noted that Pemberwick seeks to achieve break even in operating the Fund and that the Fund was not profitable to Pemberwick during the period presented. The Trustees did not consider JPMIM's profitability from its relationship with the Fund to be a material factor because the sub-advisory fee is paid by Pemberwick.

5. Economies of Scale

The Trustees compared the Fund's expenses relative to its cohort and Morningstar peer group and considered potential economies of scale. The Trustees noted that the Fund's management fee did not contain any breakpoint reductions as the Fund's assets grow in size but was already set at a low level and that Pemberwick has historically voluntarily waived a portion of its management fee. The Trustees concluded that the Fund's current fee structure represents an appropriate sharing of economies of scale with shareholders at the Fund's current asset level.

Because the sub-advisory fees payable to JPMIM is not paid by the Fund, the Trustees did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund's assets increase.

6. Benefits Derived from the Relationship with the Fund

Based on the information presented, the Trustees did not consider any direct or indirect benefits that could be realized by Pemberwick and JPMIM from their association with the Fund to be material factors.

**Conclusion** 

In considering the renewal of the Advisory Agreement and the Sub-Advisory Agreement, the Trustees did not identify any one factor as all important but rather considered these factors collectively in light of the Fund's surrounding circumstances. Based on this review, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement and the Sub-Advisory Agreement for an additional one-year term as being in the best interests of the Fund and its shareholders.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pemberwick Fund** 

**ADDITIONAL INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Item 7(b). Financial Highlights are included within the financial statements under Item 7(a) above.** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

See above.

18<br>

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial
 Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the
 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
 that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 providers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](par-efp15455_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240. 10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](par-efp15455_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant.* Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](par-efp15455_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Manager Directed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan Frank |
|  | Ryan Frank, President/ |
|  | Principal Executive Officer |

---

Date <u>June 2, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan Frank |
|  | Ryan Frank, President/ |
|  | Principal Executive Officer |

---

Date <u>June 2, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Colton W. Scarmardo |
|  | Colton Scarmardo, |
|  | Treasurer/Principal Financial Officer |

---

Date <u>June 2, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH**

**MANAGER DIRECTED PORTFOLIOS**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Effective January 1, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

Manager Directed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the

Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder.

This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics.

This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Code of Ethics Requirements** 

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act
 with honesty and integrity, including the ethical handling of actual or apparent conflicts
 of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide
 full, fair, accurate, timely and understandable disclosure in reports submitted to or filed
 with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply
 with laws, rules and regulations of the federal government, state governments and other regulatory
 agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose
 promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the
 Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not
 retaliate against any other Covered Person or any employee of the Trust or their affiliated
 persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Conflicts of Interest** 

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own mutual fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the Trust whereby the Covered Person would benefit personally
 to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 ownership interest in, or any consulting or employment relationship with, any of the Trust's
 service providers, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the Trust for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Person's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Accurate, Complete, Timely and Understandable Information** 

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose.

Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers** 

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

This Code of Ethics may be amended by the Board of Trustees, including a majority of independent Trustees. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the applicable Fund to shall (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply.

Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Violations** 

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Disclosure** 

The Trust shall make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Acknowledgement** 

Each Covered Person shall, in the form attached hereto as <u>Appendix A</u>, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as <u>Appendix B</u>, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**XI.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ryan Frank, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Manager Directed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether material, or not, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 2, 2025 | /s/ Ryan Frank |
|  |  | Ryan Frank |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Colton Scarmardo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Manager Directed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 fraud, whether material, or not, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 2, 2025 | /s/ Colton W. Scarmardo |
|  |  | Colton Scarmardo |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Manager Directed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Manager Directed Portfolios Trust for the year ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Manager Directed Portfolios Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Ryan Frank | /s/ Colton W. Scarmardo |
| Ryan Frank | Colton Scarmardo |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Manager Directed Portfolios | Manager Directed Portfolios |

---

Dated: <u>June 2, 2025</u> Dated: <u>June 2, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Manager Directed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.