# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-012583
**Filing Date:** 2026-4
**Character Count:** 14510
**Document Hash:** 6e17fc0aaf0d9a2a81df5271a7debc93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-012583.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000894189-26-012583

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**PERIOD START**: 20260531

**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:** 26886514

**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

### SanJac Alpha Low Duration ETF (Series ID: S000085376)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000250379 | SanJac Alpha Low Duration ETF | SJLD            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **SanJac Alpha Low Duration ETF** | **SanJac Alpha Low Duration ETF** | **SanJac Alpha Low Duration ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **EXCHANGE TRADED NOTES - 43.0%** | **Par** | **Value**  |
| **Electric Utilities - 3.9%** | **Electric Utilities - 3.9%** | **Electric Utilities - 3.9%** |
|  Pacific Gas and Electric Co., 4.55%, 07/01/2030 | $100000 | $100769 |
| **Heavy Electrical Equipment - 5.0%** | **Heavy Electrical Equipment - 5.0%** | **Heavy Electrical Equipment - 5.0%** |
|  Babcock & Wilcox Enterprises, Inc., 6.50%, 12/31/2026 <sup>(a)</sup> | 5068 | 126548 |
| **Mortgage REITs - 24.7%** | **Mortgage REITs - 24.7%** | **Mortgage REITs - 24.7%** |
|  Chimera Investment Corp., 9.25%, 08/15/2029 | 3000 | 76260 |
| MFA Financial, Inc. | MFA Financial, Inc. | MFA Financial, Inc. |
| &nbsp;&nbsp; 8.88%, 02/15/2029 | 3000 | 75600 |
| &nbsp;&nbsp; 9.00%, 08/15/2029 | 4000 | 101360 |
| PennyMac Mortgage Investment Trust | PennyMac Mortgage Investment Trust | PennyMac Mortgage Investment Trust |
| &nbsp;&nbsp; 9.00%, 02/15/2030 | 6000 | 152280 |
| &nbsp;&nbsp; 9.00%, 06/15/2030 | 5900 | 149152 |
|  TPG Mortgage Investment Trust, Inc., 9.50%, 05/15/2029 | 3000 | 76170 |
|  |  | 630822 |
| **Utilities - 9.4%** | **Utilities - 9.4%** | **Utilities - 9.4%** |
|  NextEra Energy Capital Holdings, Inc., Series U, 6.50%, 06/01/2085 <sup>(a)</sup> | 9500 | 240920 |
| **TOTAL EXCHANGE TRADED NOTES** (Cost $1,095,519) | **TOTAL EXCHANGE TRADED NOTES** (Cost $1,095,519) | 1099059 |
| **U.S. TREASURY SECURITIES - 28.2%** | **Par** | **Value**  |
|  United States Treasury Inflation Indexed Bonds, 1.63%, 04/15/2030 | 508990 | 519692 |
|  United States Treasury Note/Bond, 4.00%, 11/15/2035 | 200000 | 200790 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $711,135) | **TOTAL U.S. TREASURY SECURITIES** (Cost $711,135) | 720482 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 27.3%** | **Par** | **Value**  |
| 3.63%, 03/05/2026 <sup>(b)</sup> | 700000 | 699790 |
| **TOTAL U.S. TREASURY BILLS** (Cost $699,719) | **TOTAL U.S. TREASURY BILLS** (Cost $699,719) | 699790 |
| **TOTAL INVESTMENTS - 98.5% (**Cost $2,506,373**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $2,506,373**)** | 2519331 |
| Other Assets in Excess of Liabilities - 1.5% | Other Assets in Excess of Liabilities - 1.5% | 37140 |
| **TOTAL NET ASSETS - 100.0%** |  | $2556471 |
| 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. |  |

---

---

| |
|:---|
| REIT - Real Estate Investment Trust |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

(b) The rate shown is the annualized yield as of February 28, 2026.

------

#### <br>

#### Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
SanJac Alpha Low Duration ETF (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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Notes | $998290 | $100769 | $– | $1099059 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 720482 | – | 720482 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 699790 | – | 699790 |
| Total Investments | $998290 | $1521041 | $– | $2519331 |
| 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:** SanJac Alpha Low Duration ETF

- **b. EDGAR series identifier (if any):** S000085376

- **c. LEI of Series:** 529900200LBHIXC30Z23

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $2557155.00

**Total Liabilities:** $683.63

**Net Assets:** $2556471.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250379 | 0.25%                | 0.41%                | 0.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-395.07                 | $-3222.98                                  |
| Month 2  | $-882.82                 | $1847.51                                   |
| Month 3  | $0.00                    | $8657.63                                   |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US TREASURY N/B                        | United States Treasury Note/Bond               | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200790.29    | 7.85%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                 | NextEra Energy Capital Holdings Inc            | CUSIP: 65339K837<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      9500 | NS      | $240920.00    | 9.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BABCOCK & WILCOX ENTERPR               | Babcock & Wilcox Enterprises Inc               | CUSIP: 05614L506<br>LEI: 5493006H661OZN2C0T54 | Long             | EP               | CORP              | US        |      5068 | NS      | $126547.96    | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT               | PennyMac Mortgage Investment Trust             | CUSIP: 70931T806<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |      5900 | NS      | $149152.00    | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account         | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     24355 | NS      | $24354.72     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MTGE INVESTMENT               | PennyMac Mortgage Investment Trust             | CUSIP: 70931T707<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |      6000 | NS      | $152280.00    | 5.96%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG MORTGAGE INVEST TR                 | TPG Mortgage Investment Trust Inc              | CUSIP: 001228709<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EP               | CORP              | US        |      3000 | NS      | $76170.00     | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA FINANCIAL INC                      | MFA Financial Inc                              | CUSIP: 55272X805<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |      4000 | NS      | $101360.00    | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP                | Chimera Investment Corp                        | CUSIP: 16934Q877<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |      3000 | NS      | $76260.00     | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| TSY INFL IX N/B                        | United States Treasury Inflation Indexed Bonds | CUSIP: 91282CNB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    508990 | PA      | $519691.63    | 20.33%            | 2030-04-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                      | MFA Financial Inc                              | CUSIP: 55272X706<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |      3000 | NS      | $75600.00     | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                 | Pacific Gas and Electric Co                    | CUSIP: 694308JM0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100769.25    | 3.94%             | 2030-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                          | United States Treasury Bill                    | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $699789.41    | 27.37%            | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-20

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Scott Ostrowski

**Name of Signer:** Scott Ostrowski

**Title:** Vice President