# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006228
**Filing Date:** 2026-2
**Character Count:** 91585
**Document Hash:** db3baf84547d40b859fec0a9c71eeaab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006228.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006228

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260331

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 26686322

**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 |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Pemberwick Fund** | **Pemberwick Fund** | **Pemberwick Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 72.2%** | **Par** | **Value**  |
| **Communications - 0.5%** | **Communications - 0.5%** | **Communications - 0.5%** |
|  Comcast Corp., 3.15%, 03/01/2026 | $600000 | $599806 |
|  Walt Disney Co., 1.75%, 01/13/2026 | 300000 | 299828 |
|  |  | 899634 |
| **Consumer Discretionary - 1.2%** | **Consumer Discretionary - 1.2%** | **Consumer Discretionary - 1.2%** |
|  Amazon.com, Inc., 1.00%, 05/12/2026 | 1200000 | 1188460 |
|  Toyota Motor Credit Corp., 4.45%, 05/18/2026 | 905000 | 907010 |
|  |  | 2095470 |
| **Consumer Staples - 0.9%** | **Consumer Staples - 0.9%** | **Consumer Staples - 0.9%** |
|  Bunge Ltd. Finance Corp., 2.00%, 04/21/2026 | 610000 | 606305 |
|  Philip Morris International, Inc., 2.75%, 02/25/2026 | 600000 | 598944 |
|  Target Corp., 2.50%, 04/15/2026 | 300000 | 298878 |
|  |  | 1504127 |
| **Energy - 0.7%** | **Energy - 0.7%** | **Energy - 0.7%** |
|  Enterprise Products Operating LLC, 3.70%, 02/15/2026 | 600000 | 599626 |
|  Exxon Mobil Corp., 3.04%, 03/01/2026 | 500000 | 499385 |
|  Pioneer Natural Resources Co., 1.13%, 01/15/2026 | 200000 | 199792 |
|  |  | 1298803 |
| **Financials - 63.1%<sup>(a)</sup>** | **Financials - 63.1%<sup>(a)</sup>** | **Financials - 63.1%<sup>(a)</sup>** |
|  Aflac, Inc., 1.13%, 03/15/2026 | 300000 | 298426 |
| American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp; 4.65% (SOFR + 0.76%), 02/13/2026 | 4231000 | 4231695 |
| &nbsp;&nbsp; 4.56% (SOFR + 0.65%), 11/04/2026 | 2383000 | 2391846 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp; 4.91% (SOFR + 0.97%), 07/22/2027 | 1200000 | 1204813 |
| &nbsp;&nbsp; 5.21% (SOFR + 1.35%), 09/15/2027 | 4879000 | 4909051 |
|  Bank of America NA, 4.90% (SOFR + 1.02%), 08/18/2026 | 3400000 | 3414974 |
|  Bank of New York Mellon, 4.67% (SOFR + 0.71%), 04/20/2027 | 2000000 | 2002768 |
| Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
| &nbsp;&nbsp; 4.95% to 04/26/2026 then SOFR + 1.03%, 04/26/2027 | 4687000 | 4702384 |
| &nbsp;&nbsp; 4.53% (SOFR + 0.68%), 06/09/2028 | 3000000 | 3003720 |
|  Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | 600000 | 599067 |
|  Canadian Imperial Bank of Commerce, 5.11% (SOFR + 1.22%), 10/02/2026 | 6000000 | 6041611 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| &nbsp;&nbsp; 7.15% to 10/29/2026 then SOFR + 2.44%, 10/29/2027 | 2400000 | 2457769 |
| &nbsp;&nbsp; 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 | 4648000 | 4561573 |
|  Chubb INA Holdings LLC, 3.35%, 05/03/2026 | 610000 | 608950 |
| Citibank NA | Citibank NA | Citibank NA |
| &nbsp;&nbsp; 4.51% (SOFR + 0.59%), 04/30/2026 | 400000 | 400335 |
| &nbsp;&nbsp; 4.60% (SOFR + 0.71%), 08/06/2026 | 4000000 | 4007482 |
| &nbsp;&nbsp; 4.59% (SOFR + 0.71%), 11/19/2027 | 3000000 | 3006956 |
|  Citigroup, Inc., 4.62% (SOFR + 0.77%), 06/09/2027 | 3199000 | 3203248 |
| Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
| &nbsp;&nbsp; 4.63% (SOFR + 0.77%), 03/18/2027 | 1000000 | 1001200 |
| &nbsp;&nbsp; 4.63% (SOFR + 0.75%), 05/21/2027 | 1330000 | 1332124 |
| Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| &nbsp;&nbsp; 4.66% (SOFR + 0.81%), 03/09/2027 | 3000000 | 3003844 |
| &nbsp;&nbsp; 4.88% (SOFR + 0.92%), 10/21/2027 | 400000 | 401418 |
|  HSBC Holdings PLC, 5.46% (SOFR + 1.57%), 08/14/2027 | 975000 | 981154 |
|  HSBC USA, Inc., 4.82% (SOFR + 0.96%), 03/04/2027 | 2500000 | 2513955 |
|  Loews Corp., 3.75%, 04/01/2026 | 400000 | 399773 |
|  Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026 | 300000 | 299764 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp; 4.35%, 09/08/2026 | 3400000 | 3406348 |
| &nbsp;&nbsp; 4.99% (SOFR + 1.02%), 04/13/2028 | 2000000 | 2008711 |
| Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp; 5.08% (SOFR + 1.17%), 10/30/2026 | 2500000 | 2520809 |
| &nbsp;&nbsp; 4.67% (SOFR + 0.69%), 10/15/2027 | 1000000 | 1002273 |
| &nbsp;&nbsp; 5.05% (SOFR + 1.08%), 01/14/2028 | 900000 | 906300 |
| New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| &nbsp;&nbsp; 4.33% (SOFR + 0.48%), 06/09/2026 <sup>(b)</sup> | 4000000 | 4004458 |
| &nbsp;&nbsp; 5.45%, 09/18/2026 <sup>(b)</sup> | 2275000 | 2300185 |
|  PNC Bank NA, 4.78% to 01/15/2026 then SOFR + 0.50%, 01/15/2027 | 1900000 | 1900534 |
|  Prologis LP, 2.13%, 04/15/2027 | 300000 | 293790 |
|  Prudential Financial, Inc., 1.50%, 03/10/2026 | 400000 | 398165 |
|  Public Storage Operating Co., 0.88%, 02/15/2026 | 300000 | 298942 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| &nbsp;&nbsp; 0.75%, 03/15/2026 | 400000 | 397329 |
| &nbsp;&nbsp; 4.13%, 10/15/2026 | 300000 | 300366 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| &nbsp;&nbsp; 4.37% (SOFR + 0.46%), 08/03/2026 | 2000000 | 2002872 |
| &nbsp;&nbsp; 4.50% (SOFR + 0.59%), 11/02/2026 | 2200000 | 2205596 |
| &nbsp;&nbsp; 4.91% (SOFR + 0.95%), 01/19/2027 | 3000000 | 3020096 |
| &nbsp;&nbsp; 4.67% (SOFR + 0.71%), 01/21/2027 | 1123000 | 1128081 |
| &nbsp;&nbsp; 4.68% (SOFR + 0.72%), 10/18/2027 | 1140000 | 1143176 |
|  Simon Property Group LP, 3.30%, 01/15/2026 | 900000 | 899815 |
|  State Street Bank & Trust Co., 4.34% (SOFR + 0.46%), 11/25/2026 | 3161000 | 3168668 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| &nbsp;&nbsp; 5.42% (SOFR + 1.43%), 01/13/2026 | 7100000 | 7102692 |
| &nbsp;&nbsp; 5.29% (SOFR + 1.30%), 07/13/2026 | 1400000 | 1408363 |
| &nbsp;&nbsp; 4.87% (SOFR + 0.88%), 01/14/2027 | 1731000 | 1740594 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp; 4.10%, 06/03/2026 | 3400000 | 3400728 |
| &nbsp;&nbsp; 4.72% (SOFR + 0.78%), 01/24/2028 | 1600000 | 1603988 |
|  Welltower OP LLC, 4.25%, 04/01/2026 | 300000 | 300016 |
|  |  | 109842795 |
| **Health Care - 2.2%** | **Health Care - 2.2%** | **Health Care - 2.2%** |
|  AbbVie, Inc., 3.20%, 05/14/2026 | 600000 | 598745 |
|  Bristol-Myers Squibb Co., 3.20%, 06/15/2026 | 300000 | 299256 |
|  Cigna Group, 1.25%, 03/15/2026 | 550000 | 546900 |
|  Gilead Sciences, Inc., 3.65%, 03/01/2026 | 600000 | 599772 |
|  Pfizer, Inc., 2.75%, 06/03/2026 | 600000 | 597488 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| &nbsp;&nbsp; 3.10%, 03/15/2026 | 550000 | 549135 |
| &nbsp;&nbsp; 1.15%, 05/15/2026 | 620000 | 613980 |
|  |  | 3805276 |
| **Industrials - 1.0%** | **Industrials - 1.0%** | **Industrials - 1.0%** |
| John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
| &nbsp;&nbsp; 0.70%, 01/15/2026 | 300000 | 299638 |
| &nbsp;&nbsp; 5.05%, 03/03/2026 | 300000 | 300597 |
| &nbsp;&nbsp; 4.75%, 06/08/2026 | 600000 | 602474 |
|  Union Pacific Corp., 2.75%, 03/01/2026 | 600000 | 598744 |
|  |  | 1801453 |
| **Materials - 0.9%** | **Materials - 0.9%** | **Materials - 0.9%** |
|  EIDP, Inc., 4.50%, 05/15/2026 | 600000 | 600532 |
|  PPG Industries, Inc., 1.20%, 03/15/2026 | 1000000 | 994300 |
|  |  | 1594832 |
| **Technology - 0.4%** | **Technology - 0.4%** | **Technology - 0.4%** |
|  Lam Research Corp., 3.75%, 03/15/2026 | 650000 | 649754 |
| **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |
|  Entergy Arkansas LLC, 3.50%, 04/01/2026 | 503000 | 502469 |
|  Georgia Power Co., 3.25%, 04/01/2026 | 300000 | 299460 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp; 4.45%, 03/13/2026 | 300000 | 300094 |
| &nbsp;&nbsp; 1.00%, 06/15/2026 | 310000 | 305858 |
|  Public Service Electric and Gas Co., 0.95%, 03/15/2026 | 300000 | 298236 |
|  Southern California Edison Co., 1.20%, 02/01/2026 | 245000 | 244122 |
|  Virginia Electric and Power Co., 3.15%, 01/15/2026 | 300000 | 299871 |
|  |  | 2250110 |
| **TOTAL CORPORATE BONDS** (Cost $125,519,530) | **TOTAL CORPORATE BONDS** (Cost $125,519,530) | 125742254 |
| **U.S. TREASURY SECURITIES - 3.6%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 0.38%, 01/31/2026 | 1700000 | 1695617 |
| &nbsp;&nbsp; 2.63%, 01/31/2026 | 600000 | 599473 |
| &nbsp;&nbsp; 6.00%, 02/15/2026 | 1900000 | 1905071 |
| &nbsp;&nbsp; 0.75%, 04/30/2026 | 1000000 | 990913 |
| &nbsp;&nbsp; 0.75%, 05/31/2026 | 1000000 | 988591 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $6,178,688) | **TOTAL U.S. TREASURY SECURITIES** (Cost $6,178,688) | 6179665 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series 2091, Class PG, 6.00%, 11/15/2028 | 40311 | 41108 |
| &nbsp;&nbsp; Series 2097, Class PZ, 6.00%, 11/15/2028 | 25821 | 26312 |
| &nbsp;&nbsp; Series 2526, Class FI, 5.10% (30 day avg SOFR US + 1.11%), 02/15/2032 | 10666 | 10778 |
| &nbsp;&nbsp; Series 2682, Class LD, 4.50%, 10/15/2033 | 12568 | 12709 |
| &nbsp;&nbsp; Series 2759, Class TC, 4.50%, 03/15/2034 | 74628 | 75543 |
| &nbsp;&nbsp; Series 2933, Class HD, 5.50%, 02/15/2035 | 1175 | 1209 |
| &nbsp;&nbsp; Series 3786, Class NA, 4.50%, 07/15/2040 | 5230 | 5260 |
| &nbsp;&nbsp; Series 3970, Class HB, 3.00%, 12/15/2026 | 15423 | 15354 |
| &nbsp;&nbsp; Series 4002, Class LB, 2.00%, 09/15/2041 | 29598 | 28672 |
| &nbsp;&nbsp; Series 4020, Class PA, 2.75%, 03/15/2027 | 858 | 853 |
| &nbsp;&nbsp; Series 4171, Class NG, 2.00%, 06/15/2042 | 52905 | 49227 |
| &nbsp;&nbsp; Series 4203, Class DM, 3.00%, 04/15/2033 | 18621 | 18362 |
| &nbsp;&nbsp; Series 4266, Class BG, 2.50%, 04/15/2026 | 1109 | 1106 |
| &nbsp;&nbsp; Series 4309, Class JD, 2.00%, 10/15/2043 | 7760 | 7330 |
| &nbsp;&nbsp; Series 4311, Class TD, 2.50%, 02/15/2029 | 11579 | 11489 |
| &nbsp;&nbsp; Series 4363, Class EJ, 4.00%, 05/15/2033 | 18788 | 18744 |
| &nbsp;&nbsp; Series 4453, Class DA, 3.50%, 11/15/2033 | 1671 | 1668 |
| &nbsp;&nbsp; Series 4472, Class MA, 3.00%, 05/15/2045 | 216651 | 207154 |
| &nbsp;&nbsp; Series 4716, Class PA, 3.00%, 07/15/2044 | 24694 | 24447 |
| &nbsp;&nbsp; Series 4949, Class PM, 2.50%, 02/25/2050 | 125696 | 109711 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Series 2002-56, Class PE, 6.00%, 09/25/2032 | 31847 | 33163 |
| &nbsp;&nbsp; Series 2003-127, Class EG, 6.00%, 12/25/2033 | 39604 | 41215 |
| &nbsp;&nbsp; Series 2005-48, Class AU, 5.50%, 06/25/2035 | 13119 | 13491 |
| &nbsp;&nbsp; Series 2005-64, Class PL, 5.50%, 07/25/2035 | 3390 | 3491 |
| &nbsp;&nbsp; Series 2005-68, Class PG, 5.50%, 08/25/2035 | 3867 | 3973 |
| &nbsp;&nbsp; Series 2005-83, Class LA, 5.50%, 10/25/2035 | 1641 | 1693 |
| &nbsp;&nbsp; Series 2007-27, Class MQ, 5.50%, 04/25/2027 | 267 | 268 |
| &nbsp;&nbsp; Series 2010-123, Class BP, 4.50%, 11/25/2040 | 41956 | 42382 |
| &nbsp;&nbsp; Series 2011-110, Class CY, 3.50%, 11/25/2026 | 13973 | 13867 |
| &nbsp;&nbsp; Series 2011-146, Class LX, 3.50%, 10/25/2040 | 25089 | 25012 |
| &nbsp;&nbsp; Series 2012-102, Class HA, 2.00%, 02/25/2042 | 32478 | 30955 |
| &nbsp;&nbsp; Series 2012-139, Class JA, 3.50%, 12/25/2042 | 127289 | 122078 |
| &nbsp;&nbsp; Series 2012-148, Class BQ, 1.25%, 01/25/2028 | 7636 | 7519 |
| &nbsp;&nbsp; Series 2012-38, Class PA, 2.00%, 09/25/2041 | 12817 | 12270 |
| &nbsp;&nbsp; Series 2012-66, Class HE, 1.50%, 06/25/2027 | 563 | 558 |
| &nbsp;&nbsp; Series 2012-90, Class DA, 1.50%, 03/25/2042 | 15889 | 14825 |
| &nbsp;&nbsp; Series 2013-124, Class BD, 2.50%, 12/25/2028 | 351 | 349 |
| &nbsp;&nbsp; Series 2013-14, Class QD, 1.50%, 03/25/2043 | 22298 | 19450 |
| &nbsp;&nbsp; Series 2013-18, Class PA, 2.00%, 11/25/2041 | 42577 | 41073 |
| &nbsp;&nbsp; Series 2013-6, Class LD, 2.00%, 02/25/2043 | 24908 | 22346 |
| &nbsp;&nbsp; Series 2013-72, Class HG, 3.00%, 04/25/2033 | 53679 | 52860 |
| &nbsp;&nbsp; Series 2014-8, Class DA, 4.00%, 03/25/2029 | 648 | 646 |
| &nbsp;&nbsp; Series 2016-105, Class PA, 3.50%, 04/25/2045 | 99479 | 98001 |
| &nbsp;&nbsp; Series 2016-60, Class Q, 1.75%, 09/25/2046 | 43544 | 40550 |
| &nbsp;&nbsp; Series 2016-8, Class PC, 2.50%, 10/25/2044 | 106549 | 102953 |
| &nbsp;&nbsp; Series 2017-77, Class BA, 2.00%, 10/25/2047 | 42439 | 39319 |
| &nbsp;&nbsp; Series 2019-33, Class N, 3.00%, 03/25/2048 | 250760 | 239585 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; Series 2007-11, Class PE, 5.50%, 03/20/2037 | 17529 | 17680 |
| &nbsp;&nbsp; Series 2010-112, Class NG, 2.25%, 09/16/2040 | 37306 | 34910 |
| &nbsp;&nbsp; Series 2012-106, Class MA, 2.00%, 11/20/2041 | 47935 | 45388 |
| &nbsp;&nbsp; Series 2012-48, Class MA, 2.50%, 04/16/2042 | 31628 | 29600 |
| &nbsp;&nbsp; Series 2013-56, Class AP, 2.00%, 11/16/2041 | 44188 | 41573 |
| &nbsp;&nbsp; Series 2013-64, Class LP, 1.50%, 08/20/2041 | 63539 | 59878 |
| &nbsp;&nbsp; Series 2013-88, Class WA, 4.78%, 06/20/2030 <sup>(c)</sup> | 61 | 61 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $1,991,244) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $1,991,244) | 1920018 |
| **MORTGAGE-BACKED SECURITIES - 0.9%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool C91251, 4.50%, 06/01/2029 | 1252 | 1259 |
| &nbsp;&nbsp; Pool C91281, 4.50%, 12/01/2029 | 3169 | 3198 |
| &nbsp;&nbsp; Pool C91295, 4.50%, 04/01/2030 | 1751 | 1763 |
| &nbsp;&nbsp; Pool J14494, 4.00%, 02/01/2026 | 95 | 94 |
| &nbsp;&nbsp; Pool J15974, 4.00%, 06/01/2026 | 105 | 105 |
| &nbsp;&nbsp; Pool J17508, 3.00%, 12/01/2026 | 3214 | 3197 |
| &nbsp;&nbsp; Pool ZT1361, 3.00%, 05/01/2047 | 169074 | 154178 |
| &nbsp;&nbsp; Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027 | 8040 | 7900 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 257204, 5.50%, 05/01/2028 | 1390 | 1410 |
| &nbsp;&nbsp; Pool AC3237, 5.00%, 10/01/2039 | 13840 | 14239 |
| &nbsp;&nbsp; Pool AD0249, 5.50%, 04/01/2037 | 5327 | 5477 |
| &nbsp;&nbsp; Pool BL5531, 2.33%, 01/01/2027 | 589506 | 580376 |
| &nbsp;&nbsp; Pool BP3785, 2.00%, 03/01/2036 | 247039 | 229003 |
| &nbsp;&nbsp; Pool BP6567, 3.00%, 08/01/2040 | 117510 | 109736 |
| &nbsp;&nbsp; Pool FM2014, 3.00%, 11/01/2049 | 178444 | 161699 |
| &nbsp;&nbsp; Pool FM5719, 3.00%, 06/01/2046 | 252130 | 233177 |
| &nbsp;&nbsp; Pool MA0142, 4.00%, 08/01/2029 | 1921 | 1916 |
| &nbsp;&nbsp; Pool MA0919, 3.50%, 12/01/2031 | 115791 | 114218 |
| **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $1,733,355) | **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $1,733,355) | 1622945 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 17.2%** | **Par** | **Value**  |
| 4.18%, 01/08/2026 <sup>(d)</sup> | 2000000 | 1998844 |
| 4.21%, 01/15/2026 <sup>(d)</sup> | 2000000 | 1997448 |
| 4.08%, 01/22/2026 <sup>(d)</sup> | 2000000 | 1996057 |
| 4.04%, 01/29/2026 <sup>(d)</sup> | 2000000 | 1994726 |
| 4.01%, 02/12/2026 <sup>(d)</sup> | 1500000 | 1493877 |
| 3.92%, 02/26/2026 <sup>(d)</sup> | 2000000 | 1989054 |
| 3.82%, 03/05/2026 <sup>(d)</sup> | 3500000 | 3478769 |
| 3.80%, 03/12/2026 <sup>(d)</sup> | 1600000 | 1589142 |
| 3.76%, 03/26/2026 <sup>(d)</sup> | 2000000 | 1983804 |
| 3.77%, 04/02/2026 <sup>(d)</sup> | 2600000 | 2576934 |
| 3.76%, 04/30/2026 <sup>(d)</sup> | 2000000 | 1977028 |
| 3.76%, 05/14/2026 <sup>(d)</sup> | 3200000 | 3159283 |
| 3.71%, 05/28/2026 <sup>(d)</sup> | 800000 | 788649 |
| 3.53%, 06/18/2026 <sup>(d)</sup> | 2920000 | 2872686 |
| **TOTAL U.S. TREASURY BILLS** (Cost $29,882,066) | **TOTAL U.S. TREASURY BILLS** (Cost $29,882,066) | 29896301 |
| **MONEY MARKET FUNDS - 4.3%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.67% <sup>(e)</sup> | 7456953 | 7456953 |
| **TOTAL MONEY MARKET FUNDS** (Cost $7,456,953) | **TOTAL MONEY MARKET FUNDS** (Cost $7,456,953) | 7456953 |
| **TOTAL INVESTMENTS - 99.3% (**Cost $172,761,836**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $172,761,836**)** | 172818136 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 1253351 |
| **TOTAL NET ASSETS - 100.0%** |  | $174071487 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |

---

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

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of December 31, 2025, the value of these securities total $6,304,643 or 3.6% of the Fund's net assets.

(c) 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 December 31, 2025.

(d) The rate shown is the annualized yield as of December 31, 2025.

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

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Pemberwick Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $125742254 | $– | $125742254 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 6179665 | – | 6179665 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 1920018 | – | 1920018 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | – | 1622945 | – | 1622945 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 29896301 | – | 29896301 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 7456953 | – | – | 7456953 |
| Total Investments | $7456953 | $165361183 | $– | $172818136 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pemberwick Fund

- **b. EDGAR series identifier (if any):** S000055882

- **c. LEI of Series:** 5493009II7H4BJZX1I59

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $173937895.54

**Total Liabilities:** $204168.60

**Net Assets:** $173733726.94

**Cash Not Reported:** $88248.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3066.753214000000 | **1-Year:** 4489.806994000000 | **5-Year:** 279.045479000000 | **10-Year:** 586.682172000000 | **30-Year:** 239.837109000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176027 | 0.34%                | 0.32%                | 0.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $13164.96                                  |
| Month 2  | $2418.53                 | $22315.22                                  |
| Month 3  | $19731.49                | $-17156.15                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOEWS CORP                     | Loews Corp                                        | CUSIP: 540424AS7<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399773.12    | 0.23%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2008710.78   | 1.16%             | 2028-04-13      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                | CUSIP: 756109AZ7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397329.31    | 0.23%             | 2026-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78016EYD3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2200000 | PA      | $2205595.68   | 1.27%             | 2026-11-02      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| LAM RESEARCH CORP              | Lam Research Corp                                 | CUSIP: 512807AS7<br>LEI: 549300I4GMO6D34U1T02 | Long             | DBT              | CORP              | US        |    650000 | PA      | $649754.33    | 0.37%             | 2026-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                            | CUSIP: 61690U7Z7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    900000 | PA      | $906299.62    | 0.52%             | 2028-01-14      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON        | Bank of New York Mellon/The                       | CUSIP: 06405LAG6<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2002767.90   | 1.15%             | 2027-04-20      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                  | CUSIP: 06406RBQ9<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   4687000 | PA      | $4702383.48   | 2.71%             | 2027-04-26      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| EXXON MOBIL CORPORATION        | Exxon Mobil Corp                                  | CUSIP: 30231GAT9<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499385.58    | 0.29%             | 2026-03-01      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25089 | PA      | $25012.20     | 0.01%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ACA50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42577 | PA      | $41073.20     | 0.02%             | 2041-11-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The                  | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003720.03   | 1.73%             | 2028-06-09      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                | Cigna Group/The                                   | CUSIP: 125523CP3<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |    550000 | PA      | $546899.50    | 0.31%             | 2026-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                       | CUSIP: 17325FBE7<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400334.84    | 0.23%             | 2026-04-30      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128P7NL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1751 | PA      | $1762.96      | 0.00%             | 2030-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128PT7F6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        95 | PA      | $94.39        | 0.00%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128PVT75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       105 | PA      | $105.16       | 0.00%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137A5UQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5230 | PA      | $5259.81      | 0.00%             | 2040-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AYEW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     52905 | PA      | $49226.88     | 0.03%             | 2042-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31396VCN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       267 | PA      | $267.41       | 0.00%             | 2027-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A6A20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       563 | PA      | $557.73       | 0.00%             | 2027-06-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ATND2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     43544 | PA      | $40550.04     | 0.02%             | 2046-09-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                       | CUSIP: 38141GXX7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3003844.11   | 1.73%             | 2027-03-09      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38377KB58<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     37306 | PA      | $34910.12     | 0.02%             | 2040-09-16      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                     | Pfizer Inc                                        | CUSIP: 717081DV2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    600000 | PA      | $597487.70    | 0.34%             | 2026-06-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE       | Pioneer Natural Resources Co                      | CUSIP: 723787AT4<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199791.59    | 0.11%             | 2026-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc               | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1731000 | PA      | $1740594.36   | 1.00%             | 2027-01-14      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1493876.70   | 0.86%             | 2026-02-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE CORP         | Bunge Ltd Finance Corp                            | CUSIP: 120568BL3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    610000 | PA      | $606305.39    | 0.35%             | 2026-04-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK         | Canadian Imperial Bank of Commerce                | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   6000000 | PA      | $6041610.66   | 3.48%             | 2026-10-02      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| EIDP INC                       | EIDP Inc                                          | CUSIP: 263534CQ0<br>LEI: GLU7INWNWH88J9XBXD45 | Long             | DBT              | CORP              | US        |    600000 | PA      | $600531.62    | 0.35%             | 2026-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B2CM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18621 | PA      | $18362.07     | 0.01%             | 2033-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B7US6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7760 | PA      | $7330.18      | 0.00%             | 2043-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31393FGD2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10666 | PA      | $10778.10     | 0.01%             | 2032-02-15      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38375JNM3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     17529 | PA      | $17679.88     | 0.01%             | 2037-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378TK90<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        61 | PA      | $61.16        | 0.00%             | 2030-06-20      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| HSBC USA INC                   | HSBC USA Inc                                      | CUSIP: 40428HA51<br>LEI: 549300LBOHZ4QSIWU288 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2513955.03   | 1.45%             | 2027-03-04      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1994725.92   | 1.15%             | 2026-01-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1977027.58   | 1.14%             | 2026-04-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie Inc                                        | CUSIP: 00287YAY5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598745.38    | 0.34%             | 2026-05-14      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                               | CUSIP: 025816CL1<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   2383000 | PA      | $2391845.77   | 1.38%             | 2026-11-04      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                       | CUSIP: 17325FBH0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4007481.68   | 2.31%             | 2026-08-06      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31371NU52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1390 | PA      | $1410.08      | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AM2T3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29598 | PA      | $28672.23     | 0.02%             | 2041-09-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                               | CUSIP: 025816DD8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   4231000 | PA      | $4231695.32   | 2.44%             | 2026-02-13      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| BERKSHIRE HATHAWAY INC         | Berkshire Hathaway Inc                            | CUSIP: 084670BS6<br>LEI: 5493000C01ZX7D35SD85 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599066.60    | 0.34%             | 2026-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                        | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $2457769.34   | 1.41%             | 2027-10-29      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| ENTERGY ARKANSAS LLC           | Entergy Arkansas LLC                              | CUSIP: 29364DAU4<br>LEI: 549300A0I5ONUIFMLP35 | Long             | DBT              | CORP              | US        |    503000 | PA      | $502468.85    | 0.29%             | 2026-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AFLAC INC                      | Aflac Inc                                         | CUSIP: 001055BK7<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298425.92    | 0.17%             | 2026-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                     | CUSIP: 172967MZ1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3199000 | PA      | $3203247.95   | 1.84%             | 2027-06-09      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA                    | Citibank NA                                       | CUSIP: 17325FBM9<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3006956.13   | 1.73%             | 2027-11-19      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                      | CUSIP: 20030NBS9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599805.76    | 0.35%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                           | CUSIP: 24422EWX3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    600000 | PA      | $602474.22    | 0.35%             | 2026-06-08      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER       | Enterprise Products Operating LLC                 | CUSIP: 29379VBH5<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599625.71    | 0.35%             | 2026-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip               | Freddie Mac Strips                                | CUSIP: 31283ALF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8040 | PA      | $7899.88      | 0.00%             | 2027-11-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3133TGT74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     40311 | PA      | $41108.38     | 0.02%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A42X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12817 | PA      | $12269.77     | 0.01%             | 2041-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AALT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127289 | PA      | $122078.38    | 0.07%             | 2042-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ABLC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7636 | PA      | $7519.06      | 0.00%             | 2028-01-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AC2Z3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22298 | PA      | $19450.34     | 0.01%             | 2043-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AHHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       351 | PA      | $348.75       | 0.00%             | 2028-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AJEC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       648 | PA      | $645.93       | 0.00%             | 2029-03-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AMLM7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       858 | PA      | $853.25       | 0.00%             | 2027-03-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137BGV97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1671 | PA      | $1668.16      | 0.00%             | 2033-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137FAYD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     24694 | PA      | $24446.51     | 0.01%             | 2044-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394FH65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1641 | PA      | $1693.27      | 0.00%             | 2035-10-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31394KK78<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12568 | PA      | $12708.89     | 0.01%             | 2033-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31394TFV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74628 | PA      | $75543.20     | 0.04%             | 2034-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140X5GY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    178444 | PA      | $161699.25    | 0.09%             | 2049-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31417MS38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13840 | PA      | $14239.44     | 0.01%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31417YEQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1921 | PA      | $1916.07      | 0.00%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31418MH39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5327 | PA      | $5477.08      | 0.00%             | 2037-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC            | Gilead Sciences Inc                               | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599771.88    | 0.35%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38375CTS9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     31628 | PA      | $29600.32     | 0.02%             | 2042-04-16      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378HJG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     47935 | PA      | $45387.59     | 0.03%             | 2041-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378MN76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63539 | PA      | $59878.39     | 0.03%             | 2041-08-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                            | CUSIP: 61690U7X2<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2520809.08   | 1.45%             | 2026-10-30      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP       | National Rural Utilities Cooperative Finance Corp | CUSIP: 63743HEW8<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    310000 | PA      | $305858.00    | 0.18%             | 2026-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                    | PNC Bank NA                                       | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1900534.38   | 1.09%             | 2027-01-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE ELECTRIC        | Public Service Electric and Gas Co                | CUSIP: 74456QCF1<br>LEI: 549300RUHPVD434XUK18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298236.35    | 0.17%             | 2026-03-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CBH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1695616.60   | 0.98%             | 2026-01-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                           | CUSIP: 24422EVK2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299638.32    | 0.17%             | 2026-01-15      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY COMPANY/THE        | Walt Disney Co/The                                | CUSIP: 254687FV3<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299827.86    | 0.17%             | 2026-01-13      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AFDT8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     53679 | PA      | $52860.22     | 0.03%             | 2033-04-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140HXED8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    589506 | PA      | $580375.51    | 0.33%             | 2027-01-01      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140KBF33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    247039 | PA      | $229002.91    | 0.13%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC       | Marsh & McLennan Cos Inc                          | CUSIP: 571748AZ5<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299763.80    | 0.17%             | 2026-03-14      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                    | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3406348.48   | 1.96%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG       | New York Life Global Funding                      | CUSIP: 64953BBF4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   2275000 | PA      | $2300185.21   | 1.32%             | 2026-09-18      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 9128286A3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $599473.60    | 0.35%             | 2026-01-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CCF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $988590.83    | 0.57%             | 2026-05-31      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128P7L84<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1252 | PA      | $1259.01      | 0.00%             | 2029-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128PXKV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3214 | PA      | $3196.70      | 0.00%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ARSJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    106549 | PA      | $102952.54    | 0.06%             | 2044-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31392ERB8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     31847 | PA      | $33162.82     | 0.02%             | 2032-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC              | HSBC Holdings PLC                                 | CUSIP: 404280DY2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    975000 | PA      | $981154.40    | 0.56%             | 2027-08-14      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL UTIL COOP       | National Rural Utilities Cooperative Finance Corp | CUSIP: 63743HFH0<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300093.63    | 0.17%             | 2026-03-13      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                       | CUSIP: 74340XBN0<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    300000 | PA      | $293789.93    | 0.17%             | 2027-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO           | Public Storage Operating Co                       | CUSIP: 74460WAA5<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298942.06    | 0.17%             | 2026-02-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3133TGQU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25821 | PA      | $26311.92     | 0.02%             | 2028-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A2AQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13973 | PA      | $13867.13     | 0.01%             | 2026-11-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A8RL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     32478 | PA      | $30955.24     | 0.02%             | 2042-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136ABZ22<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24908 | PA      | $22345.68     | 0.01%             | 2043-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394E7B8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3867 | PA      | $3973.27      | 0.00%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140KEJM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    117510 | PA      | $109735.56    | 0.06%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA         | Morgan Stanley Bank NA                            | CUSIP: 61690U8F0<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002272.96   | 0.58%             | 2027-10-15      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG       | New York Life Global Funding                      | CUSIP: 64952WEE9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4004458.12   | 2.30%             | 2026-06-09      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC       | Prudential Financial Inc                          | CUSIP: 74432QCH6<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398165.07    | 0.23%             | 2026-03-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                    | Target Corp                                       | CUSIP: 87612EBE5<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298878.29    | 0.17%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2920000 | PA      | $2872685.93   | 1.65%             | 2026-06-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO       | Capital One Financial Corp                        | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   4648000 | PA      | $4561573.41   | 2.63%             | 2027-11-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 31418AAV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115791 | PA      | $114218.42    | 0.07%             | 2031-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1996057.42   | 1.15%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797SC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1983804.34   | 1.14%             | 2026-03-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $788649.22    | 0.45%             | 2026-05-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                            | CUSIP: 91324PEC2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    620000 | PA      | $613980.24    | 0.35%             | 2026-05-15      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06051GLX5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4879000 | PA      | $4909051.42   | 2.83%             | 2027-09-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA             | Bank of America NA                                | CUSIP: 06428CAB0<br>LEI: B4TYDEB6GKMZO031MB27 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3414973.80   | 1.97%             | 2026-08-18      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO               | Georgia Power Co                                  | CUSIP: 373334KE0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299460.34    | 0.17%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA         | Goldman Sachs Bank USA/New York NY                | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1001200.39   | 0.58%             | 2027-03-18      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA         | Goldman Sachs Bank USA/New York NY                | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1332124.29   | 0.77%             | 2027-05-21      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association          | CUSIP: 38378MZW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     44188 | PA      | $41572.57     | 0.02%             | 2041-11-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PPG INDUSTRIES INC             | PPG Industries Inc                                | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994300.05    | 0.57%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC         | Philip Morris International Inc                   | CUSIP: 718172BT5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598943.57    | 0.34%             | 2026-02-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP             | Realty Income Corp                                | CUSIP: 756109AR5<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300365.48    | 0.17%             | 2026-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON            | Southern California Edison Co                     | CUSIP: 842400GV9<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    245000 | PA      | $244121.42    | 0.14%             | 2026-02-01      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP             | Union Pacific Corp                                | CUSIP: 907818EH7<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    600000 | PA      | $598743.88    | 0.34%             | 2026-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3478769.46   | 2.00%             | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797SB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1589142.46   | 0.91%             | 2026-03-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 912810EW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $1905071.23   | 1.10%             | 2026-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UnitedHealth Group Inc                            | CUSIP: 91324PCV2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    550000 | PA      | $549135.42    | 0.32%             | 2026-03-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                  | CUSIP: 94974BFY1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3400728.14   | 1.96%             | 2026-06-03      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC               | Welltower OP LLC                                  | CUSIP: 95040QAC8<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300015.78    | 0.17%             | 2026-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78016EYZ4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1123000 | PA      | $1128081.38   | 0.65%             | 2027-01-21      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78016HZU7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3020096.13   | 1.74%             | 2027-01-19      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78017DAE8<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2002871.86   | 1.15%             | 2026-08-03      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP        | Simon Property Group LP                           | CUSIP: 828807CW5<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899814.94    | 0.52%             | 2026-01-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136A7RE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15889 | PA      | $14825.25     | 0.01%             | 2042-03-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK & TR         | State Street Bank & Trust Co                      | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |   3161000 | PA      | $3168667.99   | 1.82%             | 2026-11-25      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc               | CUSIP: 86562MCU2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   7100000 | PA      | $7102691.54   | 4.09%             | 2026-01-13      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP       | Sumitomo Mitsui Financial Group Inc               | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   1400000 | PA      | $1408363.36   | 0.81%             | 2026-07-13      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $3159282.59   | 1.82%             | 2026-05-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHUBB INA HOLDINGS LLC         | Chubb INA Holdings LLC                            | CUSIP: 00440EAV9<br>LEI: CZCBJZWDMLTHWJDXU843 | Long             | DBT              | CORP              | US        |    610000 | PA      | $608949.51    | 0.35%             | 2026-05-03      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                                    | CUSIP: 023135BX3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1188459.71   | 0.68%             | 2026-05-12      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                              | CUSIP: 06051GJV2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1204812.85   | 0.69%             | 2027-07-22      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                           | CUSIP: 110122CN6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299255.89    | 0.17%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AUE80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     99479 | PA      | $98000.45     | 0.06%             | 2045-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137AK6F3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15423 | PA      | $15353.55     | 0.01%             | 2026-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31393UJE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39604 | PA      | $41214.71     | 0.02%             | 2033-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31398NU85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41956 | PA      | $42382.08     | 0.02%             | 2040-11-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                   | CUSIP: 3140X9K95<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    252130 | PA      | $233176.87    | 0.13%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp                           | CUSIP: 24422EWT2<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300597.17    | 0.17%             | 2026-03-03      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B5N90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1109 | PA      | $1106.07      | 0.00%             | 2026-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137B7YG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11579 | PA      | $11489.09     | 0.01%             | 2029-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137BCMT2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18788 | PA      | $18743.59     | 0.01%             | 2033-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137BJ2M4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    216651 | PA      | $207153.58    | 0.12%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 3137FRAX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    125696 | PA      | $109711.30    | 0.06%             | 2050-02-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                | CUSIP: 31395MSH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1175 | PA      | $1209.06      | 0.00%             | 2035-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                       | CUSIP: 38141GYR9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401418.07    | 0.23%             | 2027-10-21      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA           | Royal Bank of Canada                              | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1140000 | PA      | $1143176.36   | 0.66%             | 2027-10-18      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp                          | CUSIP: 89236TKT1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    905000 | PA      | $907010.10    | 0.52%             | 2026-05-18      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1998843.94   | 1.15%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1997447.48   | 1.15%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1989053.56   | 1.14%             | 2026-02-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                       | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2576934.23   | 1.48%             | 2026-04-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                  | CUSIP: 91282CBW0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $990912.61    | 0.57%             | 2026-04-30      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO       | Virginia Electric and Power Co                    | CUSIP: 927804FU3<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299871.35    | 0.17%             | 2026-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                  | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1603987.65   | 0.92%             | 2028-01-24      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                             | CUSIP: 3128P7M67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3169 | PA      | $3198.06      | 0.00%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                  | CUSIP: 3132ADQN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    169074 | PA      | $154177.90    | 0.09%             | 2047-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136AYGR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42439 | PA      | $39319.19     | 0.02%             | 2047-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 3136B45G9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250760 | PA      | $239585.25    | 0.14%             | 2048-03-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394DA59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13119 | PA      | $13491.02     | 0.01%             | 2035-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                 | CUSIP: 31394EFT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3390 | PA      | $3491.04      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund        | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   7368704 | NS      | $7368703.95   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Manager Directed Portfolios

**Title:** President