# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-25-008206
**Filing Date:** 2025-8
**Character Count:** 89750
**Document Hash:** 6cdcb07946b548f6f93030ff98cfc18d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008206.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001133228-25-008206

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251199410

**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            |

### SanJac Alpha Core Plus Bond ETF (Series ID: S000085377)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000250380 | SanJac Alpha Core Plus Bond ETF | SJCP            |

?xml version='1.0' encoding='ASCII'? 2025-07-07196386_SanJacAlphaCorePlusBondETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Ryan Frank, President**

**Manager Directed Portfolios**

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img462015_202507151337730.jpg) | **SanJac Alpha Core Plus Bond ETF**  | ![image](img316035_202501031422433.jpg) |
| ![image](img462015_202507151337730.jpg) | SJCP (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img316035_202501031422433.jpg) |
| ![image](img462015_202507151337730.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img316035_202501031422433.jpg) |

---

This annual shareholder report contains important information about the SanJac Alpha Core Plus Bond ETF (the "Fund") for the period of September 10, 2024 (commencement of operations), to May 31, 2025. You can find additional information about the Fund at https://sanjacalpha.com/etf-sjcp. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FROM SEPTEMBER 10, 2024 to MAY 31, 2025?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| SanJac Alpha Core Plus Bond ETF | $48\* | 0.65% |

---

\* Amount shown reflects the expenses of the Fund from September 10, 2024 (commencement of operations) through May 31, 2025. Expenses would be higher if the Fund had been in operations for the full year.

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

For the period from September 10, 2024 to May 31, 2025, the SanJac Alpha Core Plus Bond ETF delivered returns of 2.24%, outperforming the Bloomberg U.S. Aggregate Bond Index by 303 basis points.

**WHAT FACTORS INFLUENCED PERFORMANCE**

A key driver of this performance was our strategic allocation to very short-maturity U.S. Treasuries. This approach was guided by three primary factors:

1. U.S. election uncertainty, representing a significant unquantifiable risk to the Treasury curve.

2. Increased year-end volatility, which tends to be more pronounced than in the earlier parts of the year.

3. Federal Reserve rate cuts, which we anticipated would lower the short end of the yield curve while potentially sparking inflationary pressure and lifting long-term rates.

This conservative strategy proved effective. As interest rates rose by 100 basis points following the Fed's initial cuts, our portfolios experienced minimal negative impact.

**Challenges and Market Dynamics**

A temporary drag on the Fund's performance in Q1 and Q2 2025 stemmed from heightened equity market volatility, particularly related to tariff shocks. Volatility began April 2 when sweeping US tariffs were announced, leading to a sharp sell-off. As certain Fund holdings, including exchange-traded debt and preferred shares, are equity-sensitive, they were impacted by the broader market downturn.

However, our positions in mREIT exchange-traded debt and preferred shares in the Fund, which sit higher in the capital structure and accrue dividends similarly to traditional fixed income, have since rebounded along with the market.

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

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

SanJac Alpha Core Plus Bond ETF PAGE 1 TSR-AR-56170L687

------

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

![image](ts5108img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/10/2024)** |
| **SanJac Alpha Core Plus Bond ETF NAV**  | 2.24% |
| **Bloomberg U.S. Aggregate Bond Index**  | -0.79% |

---

Visit https://sanjacalpha.com/etf-sjcp for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $1253673 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee Paid** | $3787 |
| **Portfolio Turnover Rate** | 15% |

---

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

---

| | |
|:---|:---|
| **Security Type** **\*** | **(% of Net** **Assets)** |
|  U.S. Treasury Securities  | 57.5% |
|  Exchange Traded Debt  | 27.8% |
|  Real Estate Investment Trusts - Preferred  | 8.7% |
|  Real Estate Investment Trusts - Common  | 1.9% |
|  Cash & Other  | 4.1% |

---

---

| | |
|:---|:---|
| **Top Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 57.5% |
|  MFA Financial, Inc.  | 19.9% |
|  Chimera Investment Corp.  | 7.9% |
|  Rithm Capital Corp.  | 4.7% |
|  PennyMac Mortgage Investment Trust  | 4.0% |
|  Dynex Capital, Inc.  | 1.9% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://sanjacalpha.com/etf-sjcp.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SanJac Alpha Core Plus Bond ETF PAGE 2 TSR-AR-56170L687

------

---

| | | |
|:---|:---|:---|
| ![image](img462016_202507151339901.jpg) | **SanJac Alpha Low Duration ETF**  | ![image](img316035_202501031422433.jpg) |
| ![image](img462016_202507151339901.jpg) | SJLD (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img316035_202501031422433.jpg) |
| ![image](img462016_202507151339901.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img316035_202501031422433.jpg) |

---

This annual shareholder report contains important information about the SanJac Alpha Low Duration ETF (the "Fund") for the period of September 10, 2024 (commencement of operations), to May 31, 2025. You can find additional information about the Fund at https://sanjacalpha.com/etf-sjld. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FROM SEPTEMBER 10, 2024 to MAY 31, 2025?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| SanJac Alpha Low Duration ETF | $26\* | 0.35% |

---

\* Amount shown reflects the expenses of the Fund from September 10, 2024 (commencement of operations) through May 31, 2025. Expenses would be higher if the Fund had been in operations for the full year.

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

For the period from September 10, 2024 to May 31, 2025, the SanJac Alpha Low Duration ETF delivered returns of 2.84%, outperforming the Bloomberg U.S. Aggregate Bond Index by 363 basis points.

**WHAT FACTORS INFLUENCED PERFORMANCE**

A key driver of this performance was our strategic allocation to very short-maturity U.S. Treasuries. This approach was guided by three primary factors:

1. U.S. election uncertainty, representing a significant unquantifiable risk to the Treasury curve.

2. Increased year-end volatility, which tends to be more pronounced than in the earlier parts of the year.

3. Federal Reserve rate cuts, which we anticipated would lower the short end of the yield curve while potentially sparking inflationary pressure and lifting long-term rates.

This conservative strategy proved effective. As interest rates rose by 100 basis points following the Fed's initial cuts, our portfolios experienced minimal negative impact.

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

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

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

![image](ts5109img003.jpg)

SanJac Alpha Low Duration ETF PAGE 1 TSR-AR-56170L679

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/10/2024)** |
| **SanJac Alpha Low Duration ETF NAV**  | 2.84% |
| **Bloomberg U.S. Aggregate Bond Index**  | -0.79% |

---

Visit https://sanjacalpha.com/etf-sjld for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $504187 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee Paid** | $1266 |
| **Portfolio Turnover Rate** | 60% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  U.S. Treasury Securities  | 79.3% |
|  Exchange Traded Debt  | 19.7% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 79.3% |
|  MFA Financial, Inc.  | 14.7% |
|  Chimera Investment Corp.  | 5.0% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://sanjacalpha.com/etf-sjld.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SanJac Alpha Low Duration ETF PAGE 2 TSR-AR-56170L679

------

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| | FYE 5/31/2025 | FYE 5/31/2024 |
| (a) Audit Fees | $35000 | N/A |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $7000 | N/A |
| (d) All Other Fees | N/A | N/A |

---

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

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

---

| | | |
|:---|:---|:---|
| | FYE 5/31/2025 | FYE 5/31/2024 |
| Audit-Related Fees | 0% | N/A |
| Tax Fees | 0% | N/A |
| All Other Fees | 0% | N/A |

---

The following table indicates the non-audit fees billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other entity controlling, controlled by or under common control with the registrant's investment adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 5/31/2025 | FYE 5/31/2024 |
| Registrant | 0% | N/A |
| Registrant's Investment Adviser | 0% | N/A |

---

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

The registrant is not a foreign issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act
 of 1934 (the "Act"), and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A)
 of the Act. The independent members of the committee, consisting of the entire Board, are as follows: Gaylord B. Lyman, Scott Craven Jones,
 Lawrence T. Greenberg, and James R. Schoenike.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 7 of this Form.

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

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

(a) ![](sanjacalpha_logo.jpg)

**SanJac Alpha ETFs** 

**SanJac Alpha Core Plus Bond ETF (SJCP)** 

**SanJac Alpha Low Duration ETF (SJLD)** 

**Core Financial Statements** 

**May 31, 2025** 

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments ](#tsoi1) |  |
| &nbsp;&nbsp;&nbsp; [SanJac Alpha Core Plus Bond ETF](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [SanJac Alpha Low Duration ETF](#tsoi2) | [2](#tsoi2) |
| [Statements of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Statements of Operations](#tsop) | [4](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [5](#tscna) |
| [Financial Highlights](#tfihi) | [6](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [8](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [14](#report) |
| [Notice to Shareholders](#notice) | [15](#notice) |
| [ADDITIONAL INFORMATION](#taddinf) | [16](#taddinf) |

---

------

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

**SanJac Alpha Core Plus Bond ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 57.5%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/31/2026 | $200000 | $193524  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 250000 | 249266  |
| &nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 | 170000 | 158551  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 120000 | 119640  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES**<br>**(Cost $723,271)** |  | 720981  |
| **EXCHANGE TRADED DEBT - 27.8%** <br>|  |  |
| **Mortgage REITs - 27.8%<sup>(a)</sup>**  | **Mortgage REITs - 27.8%<sup>(a)</sup>**  | **Mortgage REITs - 27.8%<sup>(a)</sup>**  |
| Chimera Investment Corp., 9.00%, 05/15/2029  | 4000  | 99660  |
| MFA Financial, Inc., 8.88%, 02/15/2029  | 4000  | 98840  |
| MFA Financial, Inc., 9.00%, 08/15/2029  | 6000  | 150300  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED DEBT** <br>**(Cost $351,890)**  |  | 348800  |
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS - PREFERRED STOCK - 8.7%**<br>|  |  |
| **Mortgage REITs - 8.7%** | **Mortgage REITs - 8.7%** | **Mortgage REITs - 8.7%** |
| PennyMac Mortgage Investment Trust, Series A, 8.13%, Perpetual | 2000 | 49620  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 10.23% (3 mo. Term SOFR + 5.90%), Perpetual | 1400 | 35112  |
| &nbsp;&nbsp;&nbsp; Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual | 1000 | 23870  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - PREFERRED STOCK**<br>**(Cost $109,126)** |  | 108602  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON STOCK - 1.9%**<br>|  |  |
| **Mortgage REITs - 1.9%** | **Mortgage REITs - 1.9%** | **Mortgage REITs - 1.9%** |
| Dynex Capital, Inc. | 2000 | 24080  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON STOCK**<br>**(Cost $24,060)** |  | 24080  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.9%**<br>**(Cost $1,208,347)** |  | $1202463  |
| Other Assets in Excess of Liabilities - 4.1% |  | 51210  |
| **TOTAL NET ASSETS - 100.0%** |  | $1253673 |

---

Percentages are stated as a percent of net assets.

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.

CMT - Constant Maturity Treasury

SOFR - Secured Overnight Financing Rate

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

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

1<br>

------

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

**SanJac Alpha Low Duration ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 79.3%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/31/2026 | $100000 | $96762  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 150000 | 149560  |
| &nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 | 165000 | 153888  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $400,488)** |  | 400210  |
| **EXCHANGE TRADED DEBT - 19.7%**<br>|  |  |
| **Mortgage REITs - 19.7%** | **Mortgage REITs - 19.7%** | **Mortgage REITs - 19.7%** |
| Chimera Investment Corp., 9.25%, 08/15/2029 | 1000 | 25147  |
| MFA Financial, Inc., 8.88%, 02/15/2029 | 3000 | 74130  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED DEBT** <br>**(Cost $99,860)** |  | 99277  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $500,348)** |  | $499487  |
| Other Assets in Excess of Liabilities - 1.0% |  | 4700  |
| **TOTAL NET ASSETS - 100.0%** |  | $504187 |

---

Percentages are stated as a percent of net assets.

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.

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

2<br>

------

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

**SanJac Alpha ETFs** 

**Statements of Assets and Liabilities** 

**At May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **SanJac Alpha** <br>**Core Plus Bond** <br>**ETF** | **SanJac Alpha** <br>**Low Duration** <br>**ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $1202463 | &nbsp;&nbsp; $499487  |
| Cash - interest bearing deposit account | 47619 | &nbsp;&nbsp; 3863  |
| Interest receivable | 2925 | &nbsp;&nbsp; 987  |
| Dividends receivable | 1356 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1254363 | &nbsp;&nbsp; 504337  |
| **LIABILITIES:**<br>|  |  |
| Payable to advisor (Note 4) | 690 | &nbsp;&nbsp; 150  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 690 | &nbsp;&nbsp; 150  |
| **NET ASSETS** | $1253673 | &nbsp;&nbsp; $504187  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |
| Paid-in capital | $1246256 | &nbsp;&nbsp; $500000  |
| Total distributable earnings | 7417 | &nbsp;&nbsp; 4187  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1253673 | &nbsp;&nbsp; $504187  |
| Net assets | $1253673 | &nbsp;&nbsp; $504187  |
| Shares issued and outstanding<sup>(a)</sup> | 50000 | &nbsp;&nbsp; 20000  |
| Net asset value per share | $25.07 | &nbsp;&nbsp; $25.21  |
| **COST:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1208347 | &nbsp;&nbsp; $500348 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

3<br>

------

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

**SanJac Alpha ETFs** 

**Statements of Operations** 

**For the Period Ended May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **SanJac Alpha** <br>**Core Plus Bond** <br>**ETF<sup>(a)</sup>** | **SanJac Alpha** <br>**Low Duration** <br>**ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $16211 | &nbsp;&nbsp;&nbsp; $2242  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp; 16254 | &nbsp;&nbsp;&nbsp; 13931  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 32465 | &nbsp;&nbsp;&nbsp; 16173  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 3787 | &nbsp;&nbsp;&nbsp; 1266  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 3787 | &nbsp;&nbsp;&nbsp; 1266  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp;&nbsp; 28678 | &nbsp;&nbsp;&nbsp; 14907  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized loss from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; (1831) | &nbsp;&nbsp;&nbsp; (4)  |
| Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (1831) | &nbsp;&nbsp;&nbsp; (4)  |
| Net change in unrealized depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; (5884) | &nbsp;&nbsp;&nbsp; (861)  |
| Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp; (5884) | &nbsp;&nbsp;&nbsp; (861)  |
| **Net realized and unrealized loss on investments** | &nbsp;&nbsp;&nbsp;&nbsp; (7715) | &nbsp;&nbsp;&nbsp; (865)  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp; $20963 | &nbsp;&nbsp;&nbsp; $14042 |

---

<sup>(a)</sup> The Fund commenced operations on September 10, 2024.

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

4<br>

------

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

**SanJac Alpha ETFs** 

**Statements of Changes in Net Assets** 

**For the Period Ended May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **SanJac Alpha** <br>**Core Plus Bond** <br>**ETF<sup>(a)</sup>** | **SanJac Alpha** <br>**Low Duration** <br>**ETF<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $28678 | &nbsp;&nbsp; $14907  |
| &nbsp;&nbsp;&nbsp; Net realized loss | (1831) | (4)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation | (5884) | &nbsp;&nbsp; (861)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 20963 | &nbsp;&nbsp; 14042  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (13546) | &nbsp;&nbsp; (9855)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (13546) | &nbsp;&nbsp; (9855)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1246256 | &nbsp;&nbsp; 500000  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 1246256 | &nbsp;&nbsp; 500000  |
| **NET INCREASE IN NET ASSETS** | 1253673 | &nbsp;&nbsp; 504187  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1253673 | &nbsp;&nbsp; $504187  |
| **SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 50000 | &nbsp;&nbsp; 20000  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 50000 | &nbsp;&nbsp; 20000 |

---

<sup>(a)</sup> The Fund commenced operations on September 10, 2024.

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

5<br>

------

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

**SanJac Alpha Core Plus Bond ETF** 

**Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **September 10, 2024<sup>(a)</sup>** <br>**through May 31, 2025**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89  |
| Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.07  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1254  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15% |

---

<sup>(a)</sup> Operations commenced on September 10, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

6<br>

------

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

**SanJac Alpha Low Duration ETF** 

**Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **September 10, 2024<sup>(a)</sup>** <br>**through May 31, 2025**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75  |
| Net realized and unrealized loss on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.21  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $504  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%  |
| Ratio of net investment income to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60% |

---

<sup>(a)</sup> Operations commenced on September 10, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

7<br>

------

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

**SanJac Alpha ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025** 

**NOTE 1 – ORGANIZATION** 

The SanJac Alpha Core Plus Bond ETF (the "Core Plus Bond ETF") and the SanJac Alpha Low Duration ETF (the "Low Duration ETF") (each a "Fund," and collectively, the "Funds") are each a series of Manager Directed Portfolios (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and was organized as a Delaware statutory trust on April 4, 2006. Each Fund is classified as a non-diversified open-end investment management company under the 1940 Act. Each Fund commenced operations on September 10, 2024. SanJac Alpha LP (the "Advisor") serves as the investment advisor to the Funds. The Low Duration ETF seeks current income consistent with preservation of capital and daily liquidity. The Core Plus Bond ETF seeks current income and total returns consistent with limited volatility and the preservation of capital.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

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

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liabilities for unrecognized tax benefits should be recorded related to uncertain tax positions to be taken or expected to be taken on a tax return. The tax returns for the Funds for the current fiscal period are open for examination. The Funds identify their major tax jurisdictions as U.S. Federal and the state of Delaware.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the fiscal period ended May 31, 2025, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions, Income, Expenses, and Distributions:* Securities transactions are accounted for on the trade date. Realized gains
 and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend
 income and distributions to shareholders are recorded on the ex-dividend date. Discounts and premiums on fixed income securities are amortized
 using the effective interest method. The Core Plus Bond ETF invests in real estate investment trusts (REITs) which report information
 on the source of their distributions annually. The Core Plus Bond ETF's policy is to record all REIT distributions initially as
 dividend income on the ex-dividend date and then re-designate them as return of capital and/or capital gain distributions at the end of
 the reporting period based on information provided annually by each REIT, and management estimates such re-designations when actual information
 has not yet been reported. Income on REITs may be reclassified to realized gains or as an adjustment to cost in order to correctly recognize
 the true character of the distributions received by the Fund. The Fund is charged a unitary fee on an accrual basis. All other expenses,
 besides those mentioned in Note 4, are paid by the investment advisor.

The Funds distribute substantially all of their net investment income, if any, typically quarterly, and net realized capital gains, if any, at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes.

8<br>

------

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

**SanJac Alpha ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

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

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

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

**NOTE 3 – SECURITIES VALUATION** 

The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the fiscal period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted, quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the date of measurement.

---

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

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

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

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

**Short-Term Debt Securities: Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.** 

9<br>

------

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

**SanJac Alpha ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

**Equity Securities: Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds and REITs, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Funds calculate their net asset value ("NAV") because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by an event (a "Significant Event") occurring after the close of the market in which the security is principally traded, but before the time the Funds calculate their NAV. A Significant Event may relate to a single issuer or to an entire market sector, or even occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts, or significant government actions.** 

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

**Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and demand deposits. The Funds sweeps uninvested cash into a Money Market Deposit Account (MMDA) offered by U.S. Bank. MMDAs are interest-bearing accounts that offer competitive interest rates and limited transactions capabilities. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank.** 

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

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

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

**Core Plus Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $720981 | $— | $720981  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Debt | 348800 |  |  | 348800  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Preferred | 108602 |  |  | 108602  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 24080 |  |  | 24080  |
| **Total Investments** | $481482 | $720981 | $— | $1202463 |

---

10<br>

------

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

**SanJac Alpha ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

**Low Duration ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $400210 | $— | $400210  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Debt | 99277 |  |  | 99277  |
| **Total Investments** | $99277 | $400210 | $— | $499487 |

---

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

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

For the fiscal period ended May 31, 2025, the Advisor provided the Funds with investment management services under an investment advisory agreement. The Advisor furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.65% of the average daily net assets of the Core Plus Bond ETF and 0.35% of the average daily net assets of the Low Duration ETF. For the period September 10, 2024 through May 31, 2025, the Funds incurred $3,787 and $1,266 in advisory fees for the Core Plus Bond ETF and Low Duration ETF, respectively. Advisory fees payable at May 31, 2025 for the Core Plus Bond ETF and Low Duration ETF were $690 and $150, respectively.

Under the investment advisory agreement, the Advisor has agreed to pay all expenses of the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, legal or other expenses in connection with any arbitration or litigation, extraordinary expenses, shareholder service fees and expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, interest and taxes of any kind or nature, the unified management fee payable to the Advisor, and certain other excluded expenses.

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

Quasar Distributors, LLC (the "Distributor") acts as the Funds' principal underwriter. Shares of the Funds ("Shares") are continuously offered for sale by the Distributor only in Creation Units (defined below). The Distributor will not distribute Shares in amounts less than a Creation Unit (defined below) and does not maintain a secondary market in Shares.

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

**NOTE 5 – SECURITIES TRANSACTIONS** 

For the fiscal period ended May 31, 2025, the cost of purchases and the proceeds from sales of securities, excluding U.S. Government securities, short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Core Plus Bond ETF | $514936 | $27684 |
| Low Duration ETF | $124960 | $25130 |

---

11<br>

------

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

**SanJac Alpha ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

Purchases and sales of long-term U.S. Government Securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Core Plus Bond ETF | $781638 | $60164 |
| Low Duration ETF | $546100 | $148027 |

---

There were no purchases or sales in-kind for the fiscal period ended May 31, 2025.

**NOTE 6 – CREATION AND REDEMPTION TRANSACTIONS** 

The Funds offer and issue Shares at their NAV only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Funds generally offer and issue Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount to be added to the Cash Component to replace any Deposit Security. Shares are listed on the Nasdaq Stock Market LLC (the "Exchange") and trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. A Creation Unit of each Fund generally consists of 10,000 Shares, though this may change from time to time. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities. The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

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

As of May 31, 2025, the Funds' most recent fiscal period end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Core Plus** <br>**Bond ETF** | **Low Duration** <br>**ETF**  |
| Cost of investments<sup>(a)</sup> | $1208556  | &nbsp;&nbsp; $500348 |
| Gross unrealized appreciation | 1354 | &nbsp;&nbsp; 939 |
| Gross unrealized depreciation | (7447) | &nbsp;&nbsp; (1800) |
| Net unrealized depreciation | (6093) | &nbsp;&nbsp; (861)  |
| Undistributed ordinary income | 15131 | &nbsp;&nbsp; 5052  |
| Undistributed long-term capital gain |  | &nbsp;&nbsp; — |
| Total distributable earnings | 15131 | &nbsp;&nbsp; 5052 |
| Other accumulated losses | (1621)  | &nbsp;&nbsp; (4) |
| Total accumulated earnings | $7417 | &nbsp;&nbsp; $4187 |

---

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

As of May 31, 2025, the Core Plus Bond ETF had short-term capital losses in the amount of $1,621, and the Low Duration ETF had short-term capital losses in the amount of $4, with no expiration to offset future capital gains.

12<br>

------

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

**SanJac Alpha ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**May 31, 2025(Continued)** 

The tax character of distributions paid during the fiscal period ended May 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Period Ended** <br>**May 31, 2025**  |
| **Core Plus Bond ETF**<br>|  |
| Ordinary Income | &nbsp;&nbsp; $13546  |
| **Low Duration ETF**<br>|  |
| Ordinary Income | &nbsp;&nbsp; $9855 |

---

**NOTE 8 – GUARANTEES AND INDEMNIFICATIONS** 

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

**NOTE 9 – SEGMENT REPORTING** 

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

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

13<br>

------

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

**SANJAC ALPHA ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of SanJac Alpha Core Plus Bond ETF and

SanJac Alpha Low Duration ETF and

Board of Trustees of Manager Directed Portfolios

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the SanJac Alpha ETFs comprising SanJac Alpha Core Plus Bond ETF and SanJac Alpha Low Duration ETF (the "Funds"), each a series of Manager Directed Portfolios, as of May 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the period September 10, 2024 (commencement of operations) through May 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for the period September 10, 2024 (commencement of operations) through May 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

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

We have served as the Funds' auditor since 2025.

![](cohen_02.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 30, 2025

14<br>

------

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

**SANJAC ALPHA ETFs** 

**NOTICE TO SHAREHOLDERS** 

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

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION**

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

---

| | |
|:---|:---|
| Core Plus Bond ETF  | 38.05% |
| Low Duration ETF  | 15.04% |

---

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

---

| | |
|:---|:---|
| Core Plus Bond ETF  | 35.19% |
| Low Duration ETF  | 15.04% |

---

15<br>

------

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

**SanJac Alpha ETFs** 

**ADDITIONAL INFORMATION** 

**May 31, 2025 (Unaudited)** 

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

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

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

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

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

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

Refer to information provided within financial statements.

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

Not applicable.

16<br>

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit*. Filed herewith.](sea-efp16478_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](sea-efp16478_ex99cert.htm)

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

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

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](sea-efp16478_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Manager Directed Portfolios

---

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

---

Date <u>August 4, 2025</u>

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

---

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

---

Date <u>August 4, 2025</u>

---

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

---

Date <u>August 4, 2025</u>

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

**MANAGER DIRECTED PORTFOLIOS**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Effective January 1, 2023

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

Manager Directed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder.

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

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

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

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

This Code of Ethics requires each Covered Person to:

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

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

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

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

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

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

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

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

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

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

Each Covered Person must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Ryan Frank, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | August 4, 2025 | /s/ Ryan Frank |
|  |  | Ryan Frank<br> President/Principal Executive Officer |

---

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

I, Colton Scarmardo, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | August 4, 2025 | /s/ Colton W. Scarmardo |
|  |  | Colton Scarmardo<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

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

---

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

---

Dated: <u>August 4, 2025 </u> Dated: <u>August 4, 2025 </u>

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