# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-25-006222
**Filing Date:** 2025-6
**Character Count:** 88270
**Document Hash:** 680133f99ca19eb9600e126b448924d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006222.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006222

**CONFORMED SUBMISSION TYPE**: N-CSRS

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251033342

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

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? 2025-04-09193154_GreenspringIncomeOpportunitiesFund_InstitutionalShares_TSRSemiAnnual

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>September 30, 2025</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202411041728101.jpg) | **Greenspring Income Opportunities Fund**  | ![image](i202410031809838.jpg) |
| ![image](i202411041728101.jpg) | Institutional Shares \| GRIOX  | ![image](i202410031809838.jpg) |
| ![image](i202411041728101.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410031809838.jpg) |

---

This semi-annual shareholder report contains important information about the Greenspring Income Opportunities Fund (the "Fund") for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://www.greenspringfunds.com/. You can also request this information by contacting us at (833) 574-7469.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $43 | 0.85% |

---

\* Annualized

**HOW DID THE FUND PERFORM OVER THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?**

The Greenspring Income Opportunities Fund (GRIOX) gained 1.90% for the semi-annual period ended March 31, 2025. The Bloomberg U.S. Aggregate Bond Index declined -0.37% and the ICE BofA 1-3 Year BB US Cash Pay High Yield Total Return Index returned 2.17% over the same period.

During the fourth quarter of 2024, U.S. Treasury yields spiked and expectations for Federal Reserve ("Fed") rate cuts diminished, reflecting a resilient economy, persistent inflation, and expectations of pro-growth policies from the incoming presidential administration. The 10-year U.S. Treasury yield rose 100 basis points from September to 4.80% in early January, but reversed course to end the first quarter of 2025 at 4.20% as optimism about the economy faded. Credit spreads in the U.S. High Yield bond market mirrored the swings in sentiment, tightening to three-year lows in February before widening again toward the end of the period due to increased uncertainty. The broader fixed income market was whipsawed by these movements, with the Bloomberg U.S. Aggregate Bond Index finishing the semi-annual period with slight negative returns. The Greenspring Income Opportunities Fund, in contrast, provided steady, positive performances during both quarters, aided by our shorter duration and higher yielding portfolio holdings.

**POSITIONING**

Amid rising economic uncertainty driven by both political and macroeconomic factors, we have maintained a conservative stance in portfolio positioning. As of the end of the period, the Fund's effective duration stood at 1.7 years, reflecting our continued caution in extending duration further without meaningful increases in yield. By keeping duration short and preserving a cash balance, our strategy remains well-positioned to take advantage of potential market volatility, particularly if spreads expand.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

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

Greenspring Income Opportunities Fund PAGE 1 TSR-SAR-56170L745

------

**CUMULATIVE PERFORMANCE** (December 15, 2021 through March 31, 2025) (Initial Investment of $10,000)

![image](ts3906img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)** (as of March 31, 2025)

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/15/2021)** |
| **Institutional Shares**  | 6.00 | 4.40 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.88 | -1.35 |
| **ICE BofA 1-3 Year BB US Cash Pay High Yield Total Return Index**  | 6.70 | 4.27 |

---

Visit https://www.greenspringfunds.com/ 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.***

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

---

| | |
|:---|:---|
| **Net Assets** | $354866462 |
| **Number of Holdings** | 141 |
| **Net Advisory Fee** | $1010979 |
| **Portfolio Turnover** | 24% |
| **Average Credit Quality** | B+ |
| **Effective Duration** | 1.72 years |
| **Weighted Average Maturity** | 2.62 years |
| **30-Day SEC Yield** | 5.79% |
| **30-Day SEC Yield Unsubsidized** | 5.82% |

---

Greenspring Income Opportunities Fund PAGE 2 TSR-SAR-56170L745

------

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

---

| | |
|:---|:---|
| **Top 10 Holdings** **\*** | **(% of** **Net** **Assets)**  |
|  Camelot Finance SA  | 1.6% |
|  Light & Wonder International, Inc.  | 1.5% |
|  Jaguar Land Rover Automotive PLC  | 1.4% |
|  NESCO Holdings II, Inc.  | 1.4% |
|  Magnera Corp.  | 1.4% |
|  MasTec, Inc.  | 1.4% |
|  TreeHouse Foods, Inc.  | 1.3% |
|  Primo Water Holdings, Inc. / Triton Water Holdings, Inc.  | 1.3% |
|  TechnipFMC PLC  | 1.3% |
|  Champions Financing, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of** **Net** **Assets)**  |
|  Industrials  | 19.6% |
|  Consumer Discretionary  | 14.9% |
|  Energy  | 11.1% |
|  Financials  | 11.0% |
|  Materials  | 9.1% |
|  Information Technology  | 7.5% |
|  Communication Services  | 4.6% |
|  Health Care  | 3.6% |
|  Consumer Staples  | 3.3% |
|  Real Estate  | 2.2% |
|  Utilities  | 1.7% |
|  Cash & Other  | 11.4% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** **\*\*** | **(% of** **Net** **Assets)**  |
|  Cash & Cash Equivalents  | 9.5% |
|  BBB  | 8.1% |
|  BB  | 35.3% |
|  B  | 33.5% |
|  CCC  | 5.4% |
|  Not Rated  | 8.2% |

---

\* The top 10 holdings excludes investments in money market funds.

\*\* Credit rating agencies Moody's Investor Service ("Moody's") and Standards & Poor's Corporation ("S&P") rate the credit quality of debt issues. For reporting purposes, Corbyn Investment Management, Inc. ("Corbyn"), the Fund's investment adviser, generally assigns a composite rating based on stated ratings from Nationally Recognized Statistical Ratings Organizations. For example, if Moody's and S&P both provide ratings, Corbyn assigns the median rating.

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

**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 Corbyn Investment Management, Inc. at (833) 574-7469, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Greenspring Income Opportunities Fund PAGE 3 TSR-SAR-56170L745

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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>**

(a) ![](greenspringfunds.jpg)

**GREENSPRING INCOME** 

**OPPORTUNITIES FUND**

**Core Financial Statements** 

**March 31, 2025 (Unaudited)** 

This report is intended for shareholders of the

Greenspring Income Opportunities Fund and may not be

used as sales literature unless preceded or

accompanied by a current prospectus.

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [6](#sal) |
| [Statement of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#SCNA) | [8](#SCNA) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to Financial Statements](#notes) | [10](#notes) |
| [Approval of the Investment Advisory Agreement](#app) | [16](#app) |
| [Additional Information](#add) | [18](#add) |

---

------

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

**Greenspring Income Opportunities Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 82.0%**<br>|  |  |
| **COMMUNICATION SERVICES - 3.6%** | **COMMUNICATION SERVICES - 3.6%** |  |
| **Cable & Satellite - 0.3%**<br>|  |  |
| CCO Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026<sup>(a)</sup> | $600000 | $599429  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027<sup>(a)</sup> | 554000 | 546088  |
|  |  | 1145517  |
| **Media - 3.3%**<br>|  |  |
|  Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028<sup>(a)</sup> | 4775000 | 4186853  |
| &nbsp;&nbsp;&nbsp; Belo Corp., <br>7.75%, 06/01/2027 | 920000 | 957072  |
| &nbsp;&nbsp;&nbsp; Getty Images, Inc., <br>9.75%, 03/01/2027<sup>(a)</sup>  | 3905000 | 3915099  |
|  Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(a)</sup> | 2484000 | 2449117  |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc., <br>4.63%, 03/15/2028 | 133000 | 126316  |
|  |  | 11634457  |
|  **TOTAL COMMUNICATION SERVICES** |  | 12779974  |
| **CONSUMER DISCRETIONARY - 14.9%** | **CONSUMER DISCRETIONARY - 14.9%** |  |
| **Apparel & Textiles - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc., <br>4.00%, 08/15/2029<sup>(a)</sup> | 3100000 | 2627909  |
| **Auto Components - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., <br>7.00%, 04/15/2028<sup>(a)</sup> | 1600000 | 1604636  |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025<sup>(a)</sup> | 2045000 | 2046206  |
|  |  | 3650842  |
| **Automobiles - 2.1%**<br>|  |  |
|  Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025<sup>(a)</sup> | 5051000 | 5056055  |
| &nbsp;&nbsp;&nbsp; Rivian Automotive LLC, <br>10.50%, 10/15/2026<sup>(a)</sup> | 2518000 | 2539887  |
|  |  | 7595942  |
| **Automobiles Wholesalers - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; KAR Auction Services, Inc., <br>5.13%, 06/01/2025<sup>(a)</sup> | 1768000 | 1765031  |
| **Casinos & Gaming - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp., <br>4.75%, 12/01/2027 | 675000 | 661676  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., <br>8.13%, 07/01/2027<sup>(a)</sup> | 559000 | 563286  |
|  Light & Wonder International, Inc., 7.00%, 05/15/2028<sup>(a)</sup> | 5472000 | 5473200  |
|  |  | 6698162  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Consumer Services - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co., <br>5.75%, 06/01/2026<sup>(a)</sup> | $1935000 | $1936720  |
|  Prime Security Services Borrower LLC, 6.25%, 01/15/2028<sup>(a)</sup> | 3979000 | 3985048  |
|  |  | 5921768  |
| **Homebuilding - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc., <br>6.75%, 06/01/2027 | 3872000 | 3881282  |
| **Household Durables - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc., <br>5.70%, 04/01/2026<sup>(b)</sup> | 308000 | 307884  |
| **Leisure - 1.8%**<br>|  |  |
| Cedar Fair LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/2027 | 750000 | 740998  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028 | 2000000 | 2014092  |
| &nbsp;&nbsp;&nbsp; Six Flags Theme Parks, Inc., <br>7.00%, 07/01/2025<sup>(a)</sup> | 3655000 | 3665991  |
|  |  | 6421081  |
| **Leisure Products - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., <br>6.25%, 05/15/2025<sup>(a)</sup> | 2553000 | 2555415  |
| **Lodging - 1.2%**<br>|  |  |
|  Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025<sup>(a)</sup> | 375000 | 374649  |
|  Hilton Worldwide Finance LLC, 4.88%, 04/01/2027 | 125000 | 124047  |
|  Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028 | 2592000 | 2470148  |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co., <br>6.63%, 07/31/2026<sup>(a)</sup> | 1300000 | 1310408  |
|  |  | 4279252  |
| **Retail - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Academy Ltd., <br>6.00%, 11/15/2027<sup>(a)</sup> | 3094000 | 3093137  |
|  Evergreen Acqco 1 LP / TVI, Inc., 9.75%, 04/26/2028<sup>(a)</sup> | 3760000 | 3916876  |
|  |  | 7010013  |
|  **TOTAL CONSUMER DISCRETIONARY** |  | 52714581  |
| **CONSUMER STAPLES - 3.3%**<br>|  |  |
| **Food & Beverage - 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., <br>5.25%, 04/15/2027<sup>(a)</sup> | 518000 | 513688  |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. / Triton Water Holdings, Inc., <br>6.25%, 04/01/2029<sup>(a)</sup> | 4690000 | 4681522  |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc., <br>4.00%, 09/01/2028 | 5193000 | 4694148  |
|  |  | 9889358  |

---

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

1<br>

------

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

**Greenspring Income Opportunities Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **CONSUMER STAPLES - (Continued)** | **CONSUMER STAPLES - (Continued)** | **CONSUMER STAPLES - (Continued)** |
| **Food & Staples Retailing - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., <br>5.88%, 02/15/2028<sup>(a)</sup> | $808000 | $808495  |
| **Household & Personal Products - 0.3%** | **Household & Personal Products - 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Coty, Inc., <br>5.00%, 04/15/2026<sup>(a)</sup> | 841000 | 839102  |
| **TOTAL CONSUMER STAPLES** |  | 11536955  |
| **ENERGY - 11.1%**<br>|  |  |
| **Energy Equipment & Services - 4.9%** | **Energy Equipment & Services - 4.9%** |  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., <br>6.88%, 04/01/2027<sup>(a)</sup> | 3127000 | 3130844  |
|  Borr IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028<sup>(a)</sup> | 3429268 | 3268625  |
| &nbsp;&nbsp;&nbsp; Enerflex Ltd., <br>9.00%, 10/15/2027<sup>(a)</sup> | 3241000 | 3327995  |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, <br>7.25%, 02/15/2029<sup>(a)</sup> | 250000 | 255038  |
| Oceaneering International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2028 | 1752000 | 1734700  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2028 | 996000 | 986165  |
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC, <br>6.50%, 02/01/2026<sup>(a)</sup> | 4667000 | 4665374  |
|  |  | 17368741  |
| **Energy Midstream - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP, <br>7.13%, 06/01/2028<sup>(a)</sup> | 2145000 | 2151175  |
|  EnLink Midstream Partners LP, 4.15%, 06/01/2025 | 1000000 | 998368  |
| Genesis Energy LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 | 551000 | 562415  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 1867000 | 1886898  |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP, <br>6.50%, 07/15/2027 | 1432000 | 1438238  |
|  |  | 7037094  |
| **Exploration & Production - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Greenfire Resources Ltd., <br>12.00%, 10/01/2028<sup>(a)</sup> | 3367000 | 3566747  |
|  Permian Resources Operating LLC, 5.38%, 01/15/2026<sup>(a)</sup> | 3410000 | 3401014  |
| &nbsp;&nbsp;&nbsp; SM Energy Co., <br>6.75%, 09/15/2026 | 4024000 | 4025802  |
|  Strathcona Resources Ltd./Alberta, 6.88%, 08/01/2026<sup>(a)</sup> | 3135000 | 3130713  |
| &nbsp;&nbsp;&nbsp; Talos Production, Inc., <br>9.00%, 02/01/2029<sup>(a)</sup> | 1000000 | 1028476  |
|  |  | 15152752  |
| **TOTAL ENERGY** |  | 39558587  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **FINANCIALS - 9.9%**<br>|  |  |
| **Consumer Finance - 4.7%**<br>|  |  |
| Credit Acceptance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/15/2028<sup>(a)</sup> | $1687000 | $1788050  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/2030<sup>(a)</sup> | 2100000 | 2072700  |
| &nbsp;&nbsp;&nbsp; Enova International, Inc., <br>11.25%, 12/15/2028<sup>(a)</sup> | 3098000 | 3340022  |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., <br>9.00%, 01/15/2029 | 1822000 | 1913411  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/01/2028<sup>(a)</sup> | 2900000 | 2965583  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> | 1850000 | 1705710  |
| &nbsp;&nbsp;&nbsp; World Acceptance Corp., <br>7.00%, 11/01/2026<sup>(a)</sup> | 3000000 | 2977807  |
|  |  | 16763283  |
| **Insurance - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc., <br>4.88%, 06/30/2029<sup>(a)</sup> | 2857000 | 2695659  |
| **Investment Banking & Brokerage - 2.0%** | **Investment Banking & Brokerage - 2.0%** |  |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027<sup>(a)</sup> | 1152000 | 1182111  |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc., <br>7.50%, 04/01/2029<sup>(a)</sup> | 3635000 | 3573069  |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., <br>10.75%, 08/01/2027<sup>(a)</sup> | 2305000 | 2350176  |
|  |  | 7105356  |
| **Mortgage REITs - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., <br>8.00%, 04/01/2029<sup>(a)</sup> | 2000000 | 1990574  |
| **Specialty Finance - 1.7%**<br>|  |  |
| Burford Capital Global Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028<sup>(a)</sup> | 3335000 | 3316854  |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031<sup>(a)</sup> | 2500000 | 2637067  |
|  |  | 5953921  |
| **Specialty Insurance - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc., <br>4.88%, 03/15/2027 | 517000 | 517047  |
| **TOTAL FINANCIALS** |  | 35025840  |
| **HEALTH CARE- 3.4%**<br>|  |  |
| **Healthcare Equipment & Supplies - 1.0%** | **Healthcare Equipment & Supplies - 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc., <br>4.50%, 03/31/2029<sup>(a)</sup> | 3512000 | 2946748  |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc., <br>4.63%, 11/15/2027 | 550000 | 537895  |
|  |  | 3484643  |
| **Healthcare Providers & Services - 1.8%** | **Healthcare Providers & Services - 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., <br>5.50%, 07/01/2028<sup>(a)</sup> | 2949000 | 2872206  |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC, <br>6.13%, 08/01/2028<sup>(a)</sup> | 3122000 | 3059054  |

---

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

2<br>

------

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

**Greenspring Income Opportunities Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Healthcare Providers & Services - (Continued)** | **Healthcare Providers & Services - (Continued)** | **Healthcare Providers & Services - (Continued)** |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp., <br>5.75%, 09/15/2025 | $401000 | $402435  |
|  |  | 6333695  |
| **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., <br>4.63%, 07/15/2028<sup>(a)</sup> | 1000000 | 964750  |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc., <br>5.00%, 10/15/2026<sup>(a)</sup> | 1395000 | 1385890  |
|  |  | 2350640  |
| **TOTAL HEALTH CARE** |  | 12168978  |
| **INDUSTRIALS - 18.6%**<br>|  |  |
| **Aerospace & Defense - 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, <br>6.75%, 03/15/2029<sup>(a)</sup> | 250000 | 254278  |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc., <br>7.88%, 04/15/2027<sup>(a)</sup> | 3748000 | 3764543  |
| &nbsp;&nbsp;&nbsp; Rolls-Royce PLC, <br>3.63%, 10/14/2025<sup>(a)</sup> | 1477000 | 1471703  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., <br>9.75%, 11/15/2030<sup>(a)</sup> | 1745000 | 1928389  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., <br>5.50%, 11/15/2027 | 2484000 | 2457591  |
|  |  | 9876504  |
| **Building Products - 1.4%**<br>|  |  |
|  Advanced Drainage Systems, Inc., 5.00%, 09/30/2027<sup>(a)</sup> | 1624000 | 1594475  |
| &nbsp;&nbsp;&nbsp; Griffon Corp., <br>5.75%, 03/01/2028 | 3611000 | 3537634  |
|  |  | 5132109  |
| **Commercial Services & Supplies - 3.4%** | **Commercial Services & Supplies - 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Champions Financing, Inc., <br>8.75%, 02/15/2029<sup>(a)</sup> | 4820000 | 4319322  |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc., <br>8.63%, 04/15/2029 | 2500000 | 2628597  |
| &nbsp;&nbsp;&nbsp; Matthews International Corp., <br>8.63%, 10/01/2027<sup>(a)</sup> | 3450000 | 3586134  |
| &nbsp;&nbsp;&nbsp; Ritchie Bros Holdings, Inc., <br>6.75%, 03/15/2028<sup>(a)</sup> | 1432000 | 1464282  |
|  |  | 11998335  |
| **Engineering & Construction - 3.2%**<br>|  |  |
|  Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(a)</sup> | 2949000 | 2843015  |
| &nbsp;&nbsp;&nbsp; MasTec, Inc., <br>6.63%, 08/15/2029<sup>(a)</sup> | 4894000 | 4895126  |
| &nbsp;&nbsp;&nbsp; Pike Corp., <br>5.50%, 09/01/2028<sup>(a)</sup> | 3855000 | 3733450  |
|  |  | 11471591  |
| **Environmental Services - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc., <br>4.88%, 07/15/2027<sup>(a)</sup> | 900000 | 888028  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Machinery - 3.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Enpro, Inc., <br>5.75%, 10/15/2026 | $3256000 | $3262471  |
| &nbsp;&nbsp;&nbsp; Gates Corp., <br>6.88%, 07/01/2029<sup>(a)</sup> | 500000 | 509287  |
| &nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc., <br>6.63%, 04/15/2027 | 4340000 | 4201005  |
| &nbsp;&nbsp;&nbsp; Titan International, Inc., <br>7.00%, 04/30/2028 | 4052000 | 4012928  |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc., <br>7.75%, 07/15/2028<sup>(a)</sup> | 500000 | 518653  |
|  |  | 12504344  |
| **Professional Services - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Camelot Finance SA, <br>4.50%, 11/01/2026<sup>(a)</sup> | 5700000 | 5592988  |
| **Trading Companies & Distributors - 2.1%** | **Trading Companies & Distributors - 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc., <br>5.50%, 07/15/2027<sup>(a)</sup> | 1639000 | 1633511  |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., <br>5.50%, 04/15/2029<sup>(a)</sup> | 5458000 | 5045106  |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., <br>7.25%, 06/15/2028<sup>(a)</sup> | 650000 | 659665  |
|  |  | 7338282  |
| **Transportation - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; RXO, Inc., <br>7.50%, 11/15/2027<sup>(a)</sup> | 350000 | 360199  |
| &nbsp;&nbsp;&nbsp; XPO, Inc., <br>6.25%, 06/01/2028<sup>(a)</sup> | 1000000 | 1012947  |
|  |  | 1373146  |
| **TOTAL INDUSTRIALS** |  | 66175327  |
| **INFORMATION TECHNOLOGY - 6.4%** | **INFORMATION TECHNOLOGY - 6.4%** |  |
| **Information Technology Services - 2.3%** | **Information Technology Services - 2.3%** |  |
| &nbsp;&nbsp;&nbsp; KBR, Inc., <br>4.75%, 09/30/2028<sup>(a)</sup> | 4518000 | 4300052  |
| &nbsp;&nbsp;&nbsp; Unisys Corp., <br>6.88%, 11/01/2027<sup>(a)</sup> | 4025000 | 3931267  |
|  |  | 8231319  |
| **Software & Services - 3.2%**<br>|  |  |
|  ACI Worldwide, Inc., 5.75%, 08/15/2026<sup>(a)</sup> | 2456000 | 2464905  |
|  Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026<sup>(a)</sup> | 2999000 | 2980033  |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc., <br>6.75%, 09/30/2027<sup>(a)</sup> | 1260000 | 1276579  |
| &nbsp;&nbsp;&nbsp; Open Text Corp., <br>3.88%, 02/15/2028<sup>(a)</sup> | 1850000 | 1744359  |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., <br>9.00%, 11/28/2028<sup>(a)</sup> | 3000000 | 3096423  |
|  |  | 11562299  |

---

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

3<br>

------

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

**Greenspring Income Opportunities Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **INFORMATION TECHNOLOGY - (Continued)** | **INFORMATION TECHNOLOGY - (Continued)** | **INFORMATION TECHNOLOGY - (Continued)** |
| **Technology Hardware & Equipment - 0.9%** | **Technology Hardware & Equipment - 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>4.75%, 02/15/2026 | $3113000 | $3097501  |
|  **TOTAL INFORMATION TECHNOLOGY** |  | 22891119  |
| **MATERIALS - 9.1%**<br>|  |  |
| **Chemicals - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avient Corp., <br>6.25%, 11/01/2031<sup>(a)</sup> | 500000 | 495720  |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC, <br>4.75%, 06/15/2027<sup>(a)</sup> | 1300000 | 1279034  |
| &nbsp;&nbsp;&nbsp; Magnera Corp., <br>4.75%, 11/15/2029<sup>(a)</sup> | 5560000 | 4936174  |
| &nbsp;&nbsp;&nbsp; HB Fuller Co., <br>4.25%, 10/15/2028 | 1953000 | 1853888  |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., <br>5.00%, 07/01/2028<sup>(a)</sup> | 1356000 | 1307353  |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co., <br>5.25%, 12/15/2026 | 1000000 | 994548  |
|  |  | 10866717  |
| **Metals & Mining - 3.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Algoma Steel, Inc., <br>9.13%, 04/15/2029<sup>(a)</sup> | 3350000 | 3120123  |
| &nbsp;&nbsp;&nbsp; Allegheny Ludlum LLC, <br>6.95%, 12/15/2025 | 1077000 | 1088124  |
| &nbsp;&nbsp;&nbsp; Allegheny Technologies, <br>5.88%, 12/01/2027 | 1000000 | 993884  |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., <br>6.88%, 11/01/2029<sup>(a)</sup> | 3125000 | 3061152  |
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd., <br>8.13%, 05/01/2027<sup>(a)</sup> | 4000000 | 3966257  |
| &nbsp;&nbsp;&nbsp; New Gold, Inc., <br>7.50%, 07/15/2027<sup>(a)</sup> | 900000 | 905159  |
|  |  | 13134699  |
| **Packaging & Containers - 2.4%**<br>|  |  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2026<sup>(a)</sup> | 1785000 | 1774647  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026<sup>(a)</sup> | 315000 | 314991  |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC, <br>4.75%, 02/01/2026 | 350000 | 347571  |
| &nbsp;&nbsp;&nbsp; Crown Cork & Seal Co., Inc., <br>7.38%, 12/15/2026 | 500000 | 514581  |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions <br>Holding Co., <br>7.88%, 04/15/2027<sup>(a)</sup> | 3969000 | 3894581  |
| &nbsp;&nbsp;&nbsp; Pactiv LLC, <br>7.95%, 12/15/2025 | 1515000 | 1543671  |
|  |  | 8390042  |
| **TOTAL MATERIALS** |  | 32391458  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **REAL ESTATE - 1.1%**<br>|  |  |
| **Real Estate Investment Trust - 1.1%** | **Real Estate Investment Trust - 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc., <br>4.88%, 09/15/2027<sup>(a)</sup> | $1913000 | $1875365  |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP, <br>7.25%, 07/15/2028<sup>(a)</sup> | 1250000 | 1280875  |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., <br>3.88%, 02/15/2027 | 696000 | 677437  |
|  |  | 3833677 |
| **TOTAL REAL ESTATE** |  | 3833677  |
| **UTILITIES - 0.6%**<br>|  |  |
| **Utilities - 0.6%**<br>|  |  |
| VistraOperations Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026<sup>(a)</sup> | 752000 | 752098  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027<sup>(a)</sup> | 1250000 | 1246331  |
|  |  | 1998429  |
| **TOTAL UTILITIES** |  | 1998429  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $290,787,225)** |  | 291074925  |
| **CONVERTIBLE BONDS - 5.6%**<br>|  |  |
| **COMMUNICATION SERVICES - 1.0%** | **COMMUNICATION SERVICES - 1.0%** |  |
| **Media - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; fuboTV, Inc., <br>3.25%, 02/15/2026 | 3692000 | 3581240  |
| **HEALTH CARE - 0.2%**<br>|  |  |
| **Healthcare Equipment & Supplies - 0.2%** | **Healthcare Equipment & Supplies - 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp., <br>0.00%, 03/01/2026<sup>(c)</sup> | 510000 | 489296  |
| **INFORMATION TECHNOLOGY - 1.1%** | **INFORMATION TECHNOLOGY - 1.1%** |  |
| **Software & Services - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc., <br>0.00%, 12/01/2026<sup>(c)</sup> | 4000000 | 3732197  |
| **FINANCIALS - 1.1%** | **FINANCIALS - 1.1%** | **FINANCIALS - 1.1%** |
| **Mortgage REITs - 1.1%** | **Mortgage REITs - 1.1%** | **Mortgage REITs - 1.1%** |
|  Blackstone Mortgage Trust, Inc., 5.50%, 03/15/2027 | 4000000 | 3896000 |
| **REAL ESTATE - 1.1%**<br>|  |  |
| **Real Estate Investment Trust - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, <br>1.75%, 12/15/2026 | 4250000 | 3982250  |
| **UTILITIES - 1.1%**<br>|  |  |
| **Utilites - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; NextEra Energy Partners LP, <br>0.00%, 11/15/2025<sup>(a)(c)</sup> | 4125000 | 3996094  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $19,353,225)** |  | 19677077  |

---

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

4<br>

------

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

**Greenspring Income Opportunities Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **PREFERRED STOCKS - 1.0%**<br>|  |  |
| **INDUSTRIALS - 1.0%**<br>|  |  |
| **Trading Companies & Distributors - 1.0%** | **Trading Companies & Distributors - 1.0%** |  |
|  WESCO International, Inc., Series A, 10.63% to 06/22/2025 then 5 yr. CMT Rate + 10.33%, Perpetual | 145557 | $3676770  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $3,763,583)** |  | 3676770 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 9.5%** | **SHORT-TERM INVESTMENTS - 9.5%** |  |
| **Money Market Funds - 9.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, <br>4.27%<sup>(d)</sup> | 6041102 | $6041102  |
|  First American Treasury Obligations Fund - Class X, 4.26%<sup>(d)</sup> | 13906043 | 13906043  |
|  Invesco Treasury Portfolio - Class Institutional, 4.25%<sup>(d)</sup> | 13906043 | 13906043  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $33,853,188)** |  | 33853188  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.1%** <br>**(Cost $347,757,221)** |  | 348281960  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.9% |  | 6584502  |
| **TOTAL NET ASSETS - 100.0%** |  | $354866462 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</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 totaled $232,878,552 or 65.6% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(c)</sup> Zero coupon bonds make no periodic interest payments.

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

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

5<br>

------

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

**GREENSPRING INCOME OPPORTUNITIES FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

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

---

| | |
|:---|:---|
| **Assets:**<br>|  |
| Investments, at value (cost of $347,757,221) | $348281960  |
| Receivables:<br>|  |
| &nbsp;&nbsp;&nbsp; Dividends and interest  | 6010347  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1664447  |
| Prepaid expenses | 32097  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 355988851  |
| **Liabilities:**<br>|  |
| Payables:<br>|  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 781103  |
| &nbsp;&nbsp;&nbsp; Advisory fee | 186547  |
| &nbsp;&nbsp;&nbsp; Service fees | 61340  |
| &nbsp;&nbsp;&nbsp; Administration and fund accounting fees | 36243  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 12213  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders | 10949  |
| &nbsp;&nbsp;&nbsp; Audit fees | 10243  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 7680  |
| &nbsp;&nbsp;&nbsp; Reports to shareholders | 6440  |
| &nbsp;&nbsp;&nbsp; Registration fees | 5829  |
| &nbsp;&nbsp;&nbsp; Compliance expense | 2090  |
| &nbsp;&nbsp;&nbsp; Custody fees | 1712  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 1122389  |
| **Net assets** | $354866462  |
| **Net Assets Consist of:**<br>|  |
| Paid in capital | $354351030  |
| Total accumulated gains | 515432  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $354866462  |
| **Institutional Shares:**<br>|  |
| Net assets applicable to outstanding Institutional Shares | 354866462  |
| Shares issued (Unlimited number of beneficial interest authorized, $0.01 par value) | 36385853  |
| **Net asset value, offering price and redemption price per share** | $9.75 |

---

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

6<br>

------

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

**Greenspring Income Opportunities Fund** 

**STATEMENT OF OPERATIONS** 

**For the Six Months Ended March 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **Investment income:**<br>|  |
| Interest | $11057303  |
| Dividends | 193318  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 11250621  |
| **Expenses:**<br>|  |
| Investment advisory fees (Note 4) | 981829  |
| Service fees (Note 5)<br>|  |
| &nbsp;&nbsp;&nbsp; Service fees - Institutional Shares | 163638  |
| Administration and fund accounting fees (Note 4) | 109509  |
| Transfer agent fees and expenses | 21576  |
| Federal and state registration fees | 20512  |
| Legal fees | 18644  |
| Audit fees | 11008  |
| Trustees' fees and expenses | 10652  |
| Custody fees  | 7734  |
| Compliance expense | 6188  |
| Reports to shareholders | 5824  |
| Other | 4660  |
| &nbsp;&nbsp;&nbsp; Total expenses before recoupment to advisor | 1361774  |
| &nbsp;&nbsp;&nbsp; Expense recoupment paid to advisor (Note 4) | 29150  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1390924  |
| **Net investment income** | $9859697  |
| **Realized and unrealized gain/ (loss):**<br>|  |
| Net realized gain on transactions from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | $59010  |
| Net change in unrealized depreciation on investments | (3721659)  |
| **Net realized and unrealized loss** | (3662649)  |
| **Net increase in net assets resulting from operations** | $6197048 |

---

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

7<br>

------

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

**Greenspring Income Opportunities Fund** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**March 31, 2025**<br>(Unaudited) | **Fiscal Year Ended**<br>**September 30, 2024**  |
| **Operations:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $9859697 | &nbsp;&nbsp; $14393887  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 59010 | &nbsp;&nbsp; 61681  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (3721659) | &nbsp;&nbsp; 6750475  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 6197048 | &nbsp;&nbsp; 21206043  |
| **Distributions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings | (9860691) | &nbsp;&nbsp; (14393854)  |
| &nbsp;&nbsp;&nbsp; Total distributions | (9860691) | &nbsp;&nbsp; (14393854)  |
| **Capital Share Transactions:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 87550477 | &nbsp;&nbsp; 190632143  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 9816903 | &nbsp;&nbsp; 14322536  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (37929354) | &nbsp;&nbsp; (82527884)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions** | 59438026 | &nbsp;&nbsp; 122426795  |
| **Total increase in net assets** | 55774383 | &nbsp;&nbsp; 129238984  |
| **Net Assets:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 299092079 | &nbsp;&nbsp; 169853095  |
| &nbsp;&nbsp;&nbsp; End of period | $354866462 | &nbsp;&nbsp; $299092079  |
| **Changes in Shares Outstanding:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8908767 | &nbsp;&nbsp; 19594886  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1000072 | &nbsp;&nbsp; 1467883  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3859930) | &nbsp;&nbsp; (8471997)  |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding | 6048909 | &nbsp;&nbsp; 12590772 |

---

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

8<br>

------

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

**Greenspring Income Opportunities Fund** 

**FINANCIAL HIGHLIGHTS** 

**Institutional Shares** 

**For a capital share outstanding throughout each period** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **Fiscal Year** <br>**Ended September 30,**  | **Fiscal Year** <br>**Ended September 30,**  | **December 15,** <br>**2021 Through** <br>**September 30,** <br>**2022\***  |
|  | **Six Months** <br>**Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **December 15,** <br>**2021 Through** <br>**September 30,** <br>**2022\***  |
| Net Asset Value - Beginning of Period | &nbsp;&nbsp;&nbsp; $9.86 | $9.57 | $9.37 | &nbsp;&nbsp;&nbsp; $10.00  |
| **Income from Investment Operations:** <br>|  |  |  |  |
| Net investment income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 0.58 | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.10) | 0.29 | 0.20 | &nbsp;&nbsp;&nbsp; (0.66)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.87 | 0.71 | &nbsp;&nbsp;&nbsp; (0.38)  |
| **Less Distributions:**<br>|  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp; (0.31) | (0.58) | (0.51) | &nbsp;&nbsp;&nbsp; (0.25)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.31) | (0.58) | (0.51) | &nbsp;&nbsp;&nbsp; (0.25)  |
| **Net asset value - end of period** | &nbsp;&nbsp;&nbsp; $9.75 | $9.86 | $9.57 | &nbsp;&nbsp;&nbsp; $9.37  |
| Total return<sup>2</sup> | &nbsp;&nbsp;&nbsp; 1.90%^ | 9.29% | 7.68% | &nbsp;&nbsp;&nbsp; (3.82)%^  |
| **Ratios and Supplemental Data:**<br>|  |  |  |  |
| Net assets, end of period (thousands) | &nbsp;&nbsp;&nbsp; $354866 | $299092 | $169853 | &nbsp;&nbsp;&nbsp; $93283  |
| Ratio of operating expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before reimbursements and recoupments | &nbsp;&nbsp;&nbsp; 0.83%<sup>+</sup> | 0.89% | 0.95% | &nbsp;&nbsp;&nbsp; 1.13%<sup>+</sup>  |
| &nbsp;&nbsp;&nbsp; After reimbursements and recoupments | &nbsp;&nbsp;&nbsp; 0.85%<sup>+</sup> | 0.85% | 0.85% | &nbsp;&nbsp;&nbsp; 0.85%<sup>+</sup>  |
| Ratio of net investment income to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before reimbursements and recoupments | &nbsp;&nbsp;&nbsp;&nbsp;6.04%<sup>+</sup> | 5.89% | 5.22% | &nbsp;&nbsp;&nbsp; 3.66%<sup>+</sup>  |
| &nbsp;&nbsp;&nbsp; After reimbursements and recoupments | &nbsp;&nbsp;&nbsp;&nbsp;6.02%<sup>+</sup> | 5.93% | 5.32% | &nbsp;&nbsp;&nbsp; 3.38%<sup>+</sup>  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 24%<sup>^</sup> | 54% | 32% | &nbsp;&nbsp;&nbsp; 34%<sup>^</sup> |

---

<sup>\*</sup> Commencement of operations for Institutional Shares was December 15, 2021

<sup>+</sup> Annualized

<sup>^</sup> Not Annualized

<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. 

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

9<br>

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

**Greenspring Income Opportunities Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Greenspring Income Opportunities Fund (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 diversified series of the Trust. The Fund commenced operations on December 15, 2021. Corbyn Investment Management, Inc. (the "Advisor") serves as the investment advisor to the Fund. The investment objective of the Fund is to provide investors with a high level of current income with the potential for capital appreciation.

**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 including FASB Accounting Standard Update ASU 2013-08.

&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 return for the Fund for the current fiscal period, as well as the prior two fiscal periods, 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 Statements of Operations. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, management has concluded that the Fund does not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Fund did not incur any interest or penalties for the period ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions, Income 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 yield to worst call and yield to best put methods.

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.

10<br>

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

**Greenspring Income Opportunities Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(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 Period End:* A special meeting for shareholders of the Fund is scheduled to be held on June 17, 2025 to vote on important
 proposals. It is anticipated that on or about June 30, 2025, a controlling holder of stock of the Advisor will reduce their ownership
 interests by selling a portion of such interests to other current owners and employees of the Advisor. The Board approved a new investment
 advisory agreement between the Trust, on behalf of the Fund, and the Advisor to take effect with this ownership change, subject to shareholder
 approval at the special meeting. The new ownership structure is not expected to impact shareholders or the services to be provided by
 the Advisor to the Fund.

**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 methodologies 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.

11<br>

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

**Greenspring Income Opportunities Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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 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 in the event that 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**  |
| <u>Investments:</u><br>|  |  |  |  |
| Corporate Bonds | $— | $291074925 | $— | $291074925  |
| Convertible Bonds |  | 19677077 |  | 19677077  |
| Preferred Stocks | 3676770 |  |  | 3676770  |
| Short-Term Investments | 33853188 |  |  | 33853188  |
| **Total Investments in Securities** | $37529958 | $310752002 | $— | $348281960 |

---

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

For the six months 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 0.60% from the Fund based upon the average daily net assets of the Fund. For the six months ended March 31, 2025, the Fund incurred $981,829 in advisory fees. Net advisory fees payable on March 31, 2025, for the Fund were $186,547.

The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to waive its management fees and/or absorb expenses of the Fund to ensure that the total annual operating expenses excluding front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees, taxes, leverage, interest, brokerage commissions and other transactional expenses, expenses in connection with a merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses (collectively, "Excludable Expenses") do not exceed 0.75% of the average daily net assets for the Institutional Shares.

For the six months ended March 31, 2025, the Advisor recouped formerly reimbursed fees and expenses in the amount of $29,150 for the Fund. The waivers and reimbursements will remain in effect through January 31, 2026 unless terminated sooner by, or with the consent of, the Board.

The Advisor may request recoupment of previously waived fees and paid expenses in any subsequent month in the three-year period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement

12<br>

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

**Greenspring Income Opportunities Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

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

is also contingent upon the Trust's review and approval. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. Cumulative expenses subject to recapture pursuant to the aforementioned conditions expire as follows:

---

| | |
|:---|:---|
| **Amount** | **Expiration**  |
| $107461 | 09/30/2025  |
| $136988 | 09/30/2026  |
| $96226 | 09/30/2027  |
| $340675 |  |

---

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 and transfer agent, and provides Chief Compliance Officer services to the Fund. For the six month period ended March 31, 2025, the Fund incurred the following expenses for administration, fund accounting, transfer agency, compliance, and custody fees:

---

| | |
|:---|:---|
| Administration and fund accounting | $109509  |
| Custody | $7734  |
| Transfer agency | $21576  |
| Compliance | $6188 |

---

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 | $36243  |
| Custody | $1712  |
| Transfer agency | $7680  |
| Compliance | $2090 |

---

Quasar 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 – SHAREHOLDER SERVICING FEE** 

The Fund has adopted a shareholder servicing plan (the "Plan") on behalf of the Greenspring Income Opportunities Fund's Institutional Share Class. Under the Plan, the Institutional Share Class is authorized to pay an annual shareholder servicing fee of up to 0.10% of its average daily net assets. This fee is used to finance certain activities related to servicing and maintaining shareholder accounts. Payments made under the Plan may not be used to pay for any services in connection with the distribution and sale of the Institutional Shares.

Payments to the Advisor under the Plan may reimburse the Advisor for payments it makes to selected brokers, dealers and administrators which have entered into service agreements with the Advisor for services provided to Institutional Class shareholders of the Fund. Services provided by such intermediaries include the provision of support services to the Fund and include establishing and maintaining shareholders' accounts and record processing, purchase and redemption transactions, answering routine client inquiries regarding the Fund, and providing such other personal services to shareholders as the Fund may reasonably request. For the six month period ended March 31, 2025, the Fund incurred, under the Agreement, shareholder servicing fees in the amount of $163,638. As of March 31, 2025, the Fund had a payable due for shareholder servicing fees in the amount of $61,340.

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

**Greenspring Income Opportunities Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

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

**NOTE 6 – SECURITIES TRANSACTIONS** 

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

---

| | |
|:---|:---|
| **Purchases**<br>|  |
| &nbsp;&nbsp;&nbsp; Other | $123703178  |
| **Sales**<br>|  |
| &nbsp;&nbsp;&nbsp; Other | $67158462 |

---

There were no purchases or sales of long-term U.S. Government securities.

**NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of September 30, 2024, the Fund's most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup> | $292611977  |
| Gross unrealized appreciation | 4729259  |
| Gross unrealized depreciation | (508582)  |
| Net unrealized depreciation | 4220677  |
| Undistributed ordinary income | 7600  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings | 7600  |
| Other accumulated gains/(losses) | (49202)  |
| Total accumulated earnings/(losses) | $4179075 |

---

<sup>(a)</sup> The difference between the book basis and tax basis net unrealized appreciation and cost is attributable primarily to wash sales.

As of September 30, 2024, the Fund had long-term capital losses to offset future capital gains in the amount of $41,014.

The tax character of distributions paid during the most recent fiscal years were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **2024** | **2023**  |
| Ordinary Income | $14393854 | $6767214 |

---

**NOTE 8 – GUARANTEES AND INDEMNIFICATION** 

In the normal course of business, the Fund enters 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 9 – 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 1940 Act. As of March 31, 2025, National Financial Services LLC held 49% of the outstanding Institutional Shares of the Fund and Charles Schwab & Co., Inc. held 44% of the outstanding Institutional Shares of the Fund. The Fund has no knowledge as to whether all or any portion of the shares owned of record by National Financial Services LLC or by Charles Schwab & Co., Inc. are also owned beneficially.

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

**Greenspring Income Opportunities Fund** 

**NOTES TO FINANCIAL STATEMENTS** 

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

**NOTE 10 – 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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**Greenspring Income Opportunities Fund** 

**APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT** 

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 the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Greenspring Income Opportunities Fund (the "Fund"), a series of the Trust, and the Fund's investment advisor, Corbyn Investment Management, Inc. ("Corbyn" or the "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. Prior to these meetings, the Trustees requested and received materials to assist them in considering the continuation of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by counsel to the Independent Trustees discussing factors relevant to the renewal of the Advisory Agreement, comparative performance information, Corbyn's Form ADV Part 1A, brochure and brochure supplements, due diligence materials provided by Corbyn, including information regarding Corbyn'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 expense limitation agreement between Corbyn and the Trust, on behalf of the Fund, 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 information provided. The Trustees noted that they had met with representatives of Corbyn via video conference earlier in the meeting to discuss Corbyn's investment strategy for the Fund, the Fund's performance, updates about the Advisor's business and personnel and other matters. The Board also took into account information reviewed periodically throughout the year regarding the services provided by the Advisor, 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 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.

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

The Trustees considered the nature, extent and quality of services provided by the Advisor in the management of the Fund, including portfolio management, research, trading and compliance monitoring, as well as the qualifications and experience of personnel at the Advisor 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 the Advisor providing investment management services to the Fund. The Trustees considered the information provided by the Advisor in response to the due diligence questionnaire and as part of the presentation by the Advisor earlier in the meeting. The Trustees concluded that the nature, extent and quality of services provided to the Fund by Corbyn were appropriate and that the Fund was likely to continue to benefit from the services provided by Corbyn under the Advisory Agreement.

2. Investment Performance of the Fund

The Trustees considered the performance of the Fund for the one-year period ended June 30, 2024 on an absolute basis and in comparison to (1) the Fund's primary benchmark index, (2) the Morningstar high yield bond peer group and (3) a peer group of funds constructed using Morningstar, Inc. data and presented by Barrington Partners, an independent third-party analytics firm (the "Barrington Cohort"). The Trustees also considered the Fund's since-inception performance.

The Trustees noted that Fund underperformed its benchmark, the ICE BofA 1-3 Year BB US Cash Pay High Yield Index, for the one-year period ended June 30, 2024 and outperformed the benchmark for the since-inception period. The Trustees noted that the Fund underperformed the Barrington Cohort average and the Morningstar peer group average for the one-year period. The Trustees reviewed the Fund's performance relative to Corbyn's composites of other separately managed accounts managed with investment strategies similar to the Fund but did not consider the composite performance to be a material factor.

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**Greenspring Income Opportunities Fund** 

**APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT(Continued)** 

The Trustees concluded that the Fund's performance was satisfactory and that the Fund and its shareholders were likely to benefit from Corbyn'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 Corbyn's commentary regarding the Fund's advisory fee rate. The Trustees noted that the Fund's contractual management fee of 0.60% was equal to the Barrington Cohort average. The Trustees noted that the total net expense ratio for the Institutional share class was higher than the Barrington Cohort average and lower than the Morningstar category average. The Trustees considered the fee waivers and expense reimbursements previously provided by Corbyn and Corbyn's commitment to renew the Fund's expense limitation agreement. The Board considered the advisory fees charged to comparable accounts managed by Corbyn, noting the differences in fee structure, regulatory requirements and servicing requirements.

The Trustees concluded that the Fund's expenses and the management fee paid to Corbyn 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 Corbyn.

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

The Trustees considered Corbyn's financial statements and a profitability analysis prepared by Corbyn based on the fees payable under the Advisory Agreement. The Trustees did not consider Corbyn's level of profitability from its relationship with the Fund to be a material factor because the Fund was not profitable to Corbyn during the period presented.

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 structure did not contain any breakpoint reductions as the Fund's assets grow in size but considered that Corbyn has been waiving fees since the Fund's inception. 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 and in light of the expense limitation agreement that is in place.

6. Benefits Derived from the Relationship with the Fund

The Trustees considered the direct and indirect benefits that could be realized by Corbyn from its association with the Fund. The Trustees concluded that other benefits Corbyn may receive as a result of its relationship with the Fund, such as soft dollar trading services and research, appear to be reasonable.

**Conclusion** 

In considering the renewal of the 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 for an additional one-year term as being in the best interests of the Fund and its shareholders.

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**Greenspring Income Opportunities 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.* Not applicable.

&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.](giof-efp15512_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.](giof-efp15512_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.

(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 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.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<br> 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 Scarmardo |
|  |  | Colton Scarmardo<br> 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 period 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<br>| /s/ Colton Scarmardo |
| Ryan Frank<br> President/Principal Executive Officer,<br> Manager Directed Portfolios | Colton Scarmardo<br> Treasurer/Principal Financial Officer,<br> 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.