# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-25-013297
**Filing Date:** 2025-12
**Character Count:** 68093
**Document Hash:** 820d272174b872492f08568af2ca982b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013297.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013297

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251552497

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

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

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

## Series and Classes Contracts Data

### Pemberwick Fund (Series ID: S000055882)

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

?xml version='1.0' encoding='ASCII'? 2025-08-04196812_PemberwickFund_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Ryan Frank, President</u>**

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

**<u>c/o U.S. Bank Global Fund Services</u>**

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>September 30, 2025</u>**

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

(a) ---

| | |
|:---|:---|
| ![image](img220211_202411041725432.jpg) | **Pemberwick Fund**  |
| ![image](img220211_202411041725432.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  |
| ![image](img220211_202411041725432.jpg) |  |

---

This semi-annual shareholder report contains important information about the Pemberwick Fund for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://pemberwickfund.com/pdf-documents. You can also request this information by contacting us at 1-888-893-4491.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Pemberwick Fund | $19 | 0.38% |

---

\* Annualized

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $198211936 |
| **Number of Holdings** | 184 |
| **Net Advisory Fee Paid** | $155566 |
| **Portfolio Turnover Rate** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 61.2% |
|  U.S. Treasury Securities  | 3.9% |
|  Health Care  | 1.9% |
|  Mortgage and Government Agency Obligations  | 1.9% |
|  Utilities  | 1.5% |
|  Industrials  | 1.3% |
|  Consumer Discretionary  | 1.0% |
|  Energy  | 0.9% |
|  Materials  | 0.5% |
|  Cash & Other  | 25.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Bills  | 13.3% |
|  First American Government Obligations Fund  | 11.4% |
|  American Express Co.  | 5.7% |
|  Sumitomo Mitsui Financial Group, Inc.  | 5.2% |
|  Royal Bank of Canada  | 4.8% |
|  United States Treasury Note/Bond  | 3.9% |
|  Bank of New York Mellon Corp.  | 3.9% |
|  Citibank NA  | 3.7% |
|  Capital One Financial Corp.  | 3.5% |
|  New York Life Global Funding  | 3.2% |

---

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

**HOUSEHOLDING**

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

Pemberwick Fund PAGE 1 TSR-SAR-56170L406

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable.

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

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

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

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

(a) **Pemberwick Fund** 

Core Financial Statements

September 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [5](#tsal) |
| [Statement of Operations](#tsop) | [6](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [7](#tscna) |
| [Financial Highlights](#tfihi) | [8](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [9](#tnotes) |
| [Additional Information](#taddinf) | [14](#taddinf) |

---

------

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

**PEMBERWICK FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 68.9%** <br>|  |  |
| **Communications - 0.3%** <br>|  |  |
| Walt Disney Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/15/2025 | $250000 | $249941  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/13/2026 | 300000 | 297982  |
|  |  | 547923  |
| **Consumer Discretionary - 1.0%**<br>|  |  |
|  American Honda Finance Corp., 5.80%, 10/03/2025 | 1000000 | 1000081  |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., <br>0.80%, 10/16/2025 | 1000000 | 998596  |
|  |  | 1998677  |
| **Consumer Staples - 0.1%**<br>|  |  |
|  Philip Morris International, Inc., 2.75%, 02/25/2026 | 300000 | 298248  |
| **Energy - 0.9%**<br>|  |  |
|  BP Capital Markets America, Inc., 3.12%, 05/04/2026 | 300000 | 298559  |
|  Enterprise Products Operating LLC, 3.70%, 02/15/2026 | 600000 | 598746  |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc., <br>4.15%, 01/15/2026 | 600000 | 599590  |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., <br>1.13%, 01/15/2026 | 200000 | 198192  |
|  |  | 1695087  |
| **Financials - 61.2%<sup>(a)</sup>** <br>|  |  |
| Aflac, Inc., 1.13%, 03/15/2026 | 300000 | 296025  |
| American Express Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.07% (SOFR + 0.76%), 02/13/2026<sup>(f)</sup> | 4231000 | 4237991  |
| &nbsp;&nbsp;&nbsp; 5.67% (SOFR + 1.35%), 10/30/2026<sup>(f)</sup> | 4600000 | 4604520  |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 0.65%), 11/04/2026<sup>(f)</sup> | 2383000 | 2389975  |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc., <br>3.50%, 11/15/2025 | 300000 | 299507  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30% (SOFR + 0.97%), 07/22/2027<sup>(f)</sup> | 1200000 | 1204516  |
| &nbsp;&nbsp;&nbsp; 5.61% (SOFR + 1.35%), 09/15/2027<sup>(f)</sup> | 4879000 | 4922591  |
| &nbsp;&nbsp;&nbsp; Bank of America NA, 5.32% <br>(SOFR + 1.02%), 08/18/2026<sup>(f)</sup> | 3400000 | 3419727  |
|  Bank of New York Mellon, 5.04% (SOFR + 0.71%), 04/20/2027<sup>(f)</sup> | 2000000 | 2004968  |
| Bank of New York Mellon Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95% to 04/26/2026 then SOFR + 1.03%, 04/26/2027<sup>(f)</sup> | 4687000 | 4710382  |
| &nbsp;&nbsp;&nbsp; 4.95% (SOFR + 0.68%), 06/09/2028<sup>(f)</sup> | 3000000 | 3008412  |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., <br>3.13%, 03/15/2026 | 300000 | 298877  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Canadian Imperial Bank of Commerce, 5.48% (SOFR + 1.22%), 10/02/2026<sup>(f)</sup> | $6000000 | $6047754  |
| Capital One Financial Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.15% to 10/29/2026 then SOFR + 2.44%, 10/29/2027<sup>(f)</sup> | 2400000 | 2472255  |
| &nbsp;&nbsp;&nbsp; 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027<sup>(f)</sup> | 4648000 | 4529377  |
| Citibank NA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.91% (SOFR + 0.59%), 04/30/2026<sup>(f)</sup> | 400000 | 400526  |
| &nbsp;&nbsp;&nbsp; 5.02% (SOFR + 0.71%), 08/06/2026<sup>(f)</sup> | 4000000 | 4011895  |
| &nbsp;&nbsp;&nbsp; 5.01% (SOFR + 0.71%), 11/19/2027<sup>(f)</sup> | 3000000 | 3004980  |
|  Citigroup, Inc., 5.05% (SOFR + 0.77%), 06/09/2027<sup>(f)</sup> | 3199000 | 3203881  |
| Goldman Sachs Bank USA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.02% (SOFR + 0.77%), 03/18/2027<sup>(f)</sup> | 1000000 | 1002393  |
| &nbsp;&nbsp;&nbsp; 5.05% (SOFR + 0.75%), 05/21/2027<sup>(f)</sup> | 1330000 | 1334836  |
| Goldman Sachs Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.06% (SOFR + 0.79%), 12/09/2026<sup>(f)</sup> | 2000000 | 2002170  |
| &nbsp;&nbsp;&nbsp; 5.08% (SOFR + 0.81%), 03/09/2027<sup>(f)</sup> | 3000000 | 3004001  |
| &nbsp;&nbsp;&nbsp; 5.25% (SOFR + 0.92%), 10/21/2027<sup>(f)</sup> | 400000 | 401401  |
|  HSBC Holdings PLC, 5.88% (SOFR + 1.57%), 08/14/2027<sup>(f)</sup> | 975000 | 983516  |
|  HSBC USA, Inc., 5.24% (SOFR + 0.96%), 03/04/2027<sup>(f)</sup> | 2500000 | 2515165  |
| Loews Corp., 3.75%, 04/01/2026 | 400000 | 399075  |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., <br>3.75%, 03/14/2026 | 300000 | 299344  |
| MetLife, Inc., 3.60%, 11/13/2025 | 125000 | 124899  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP, <br>4.00%, 11/15/2025 | 300000 | 299728  |
| Morgan Stanley <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/08/2026 | 3400000 | 3407996  |
| &nbsp;&nbsp;&nbsp; 5.36% (SOFR + 1.02%), 04/13/2028<sup>(f)</sup> | 2000000 | 2010750  |
| Morgan Stanley Bank NA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.49% (SOFR + 1.17%), 10/30/2026<sup>(f)</sup> | 2500000 | 2524476  |
| &nbsp;&nbsp;&nbsp; 5.02% (SOFR + 0.69%), 10/15/2027<sup>(f)</sup> | 1000000 | 1002515  |
| &nbsp;&nbsp;&nbsp; 5.42% (SOFR + 1.08%), 01/14/2028<sup>(f)</sup> | 900000 | 904812  |
| New York Life Global Funding <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.76% (SOFR + 0.48%), 06/09/2026<sup>(b)(f)</sup> | 4000000 | 4007134  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/18/2026<sup>(b)</sup> | 2275000 | 2308017  |
|  PNC Bank NA, 4.78% to 01/15/2026 then SOFR + 0.50%, 01/15/2027<sup>(f)</sup> | 1900000 | 1902461  |

---

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

1<br>

------

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

**PEMBERWICK FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **FINANCIALS - (Continued)**  | **FINANCIALS - (Continued)**  | **FINANCIALS - (Continued)**  |
| Prologis LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2026 | $300000 | $298234  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2027 | 300000 | 291836  |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., <br>1.50%, 03/10/2026 | 400000 | 395428  |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., <br>0.88%, 02/15/2026 | 300000 | 296096  |
| Realty Income Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/15/2026 | 400000 | 393741  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/15/2026 | 300000 | 300210  |
| Royal Bank of Canada <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.74% (SOFR + 0.46%), 08/03/2026<sup>(f)</sup> | 2000000 | 2003274  |
| &nbsp;&nbsp;&nbsp; 4.91% (SOFR + 0.59%), 11/02/2026<sup>(f)</sup> | 2200000 | 2206751  |
| &nbsp;&nbsp;&nbsp; 5.28% (SOFR + 0.95%), 01/19/2027<sup>(f)</sup> | 3000000 | 3020105  |
| &nbsp;&nbsp;&nbsp; 5.04% (SOFR + 0.71%), 01/21/2027<sup>(f)</sup> | 1123000 | 1127572  |
| &nbsp;&nbsp;&nbsp; 5.05% (SOFR + 0.72%), 10/18/2027<sup>(f)</sup> | 1140000 | 1143090  |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, <br>3.30%, 01/15/2026 | 900000 | 897448  |
|  State Street Bank & Trust Co., 4.75% (SOFR + 0.46%), 11/25/2026<sup>(f)</sup> | 3161000 | 3165934  |
| Sumitomo Mitsui Financial Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.77% (SOFR + 1.43%), 01/13/2026<sup>(f)</sup> | 7100000 | 7124721  |
| &nbsp;&nbsp;&nbsp; 5.64% (SOFR + 1.30%), 07/13/2026<sup>(f)</sup> | 1400000 | 1410275  |
| &nbsp;&nbsp;&nbsp; 5.22% (SOFR + 0.88%), 01/14/2027<sup>(f)</sup> | 1731000 | 1741143  |
| Wells Fargo & Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 | 3400000 | 3397923  |
| &nbsp;&nbsp;&nbsp; 5.11% (SOFR + 0.78%), 01/24/2028<sup>(f)</sup> | 1600000 | 1603591  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA, 5.05% (SOFR + <br>0.71%), 01/15/2026<sup>(f)</sup> | 4900000 | 4905169  |
|  |  | 121225389  |
| **Health Care - 1.9%**<br>|  |  |
| Bristol-Myers Squibb Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 11/13/2025 | 1300000 | 1294741  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/15/2026 | 300000 | 298579  |
| Cigna Group, 1.25%, 03/15/2026 | 550000 | 542466  |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., <br>3.65%, 03/01/2026 | 600000 | 599072  |
| UnitedHealth Group, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 10/15/2025 | 300000 | 300071  |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/15/2025 | 400000 | 399603  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/15/2026 | 350000 | 348453  |
|  |  | 3782985  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Industrials - 1.3%**<br>|  |  |
|  Burlington Northern Santa Fe LLC, 7.00%, 12/15/2025 | $215000 | $216169  |
|  Caterpillar Financial Services Corp., 0.80%, 11/13/2025 | 1800000 | 1792318  |
| John Deere Capital Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.70%, 01/15/2026 | 300000 | 296995  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/03/2026 | 300000 | 301312  |
|  |  | 2606794  |
| **Materials - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc., <br>1.20%, 03/15/2026 | 1000000 | 986411  |
| **Technology - 0.2%**<br>|  |  |
|  International Business Machines Corp., 7.00%, 10/30/2025 | 150000 | 150316  |
| &nbsp;&nbsp;&nbsp; Lam Research Corp., <br>3.75%, 03/15/2026 | 300000 | 299423  |
|  |  | 449739  |
| **Utilities - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>3.25%, 04/01/2026 | 300000 | 298591  |
|  Louisville Gas and Electric Co., 3.30%, 10/01/2025 | 150000 | 150000  |
|  National Rural Utilities Cooperative Finance Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 10/30/2025 | 1000000 | 1000616  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/13/2026 | 300000 | 300172  |
| &nbsp;&nbsp;&nbsp; PECO Energy Co., <br>3.15%, 10/15/2025 | 428000 | 427801  |
|  Public Service Electric and Gas Co., 0.95%, 03/15/2026 | 300000 | 295547  |
|  Southern California Edison Co., 1.20%, 02/01/2026 | 245000 | 242192  |
|  Virginia Electric and Power Co., 3.15%, 01/15/2026 | 300000 | 299057  |
|  |  | 3013976  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $136,367,244)** |  | 136605229  |
| **U.S. TREASURY SECURITIES - 3.9%** | **U.S. TREASURY SECURITIES - 3.9%** |  |
| United States Treasury Note/Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 | 1220000 | 1217464  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2025 | 400000 | 400184  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 | 1700000 | 1679904  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/31/2026 | 600000 | 597383  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/2026 | 1900000 | 1913054  |
| &nbsp;&nbsp;&nbsp; 0.75%, 04/30/2026 | 1000000 | 982540  |
| &nbsp;&nbsp;&nbsp; 0.75%, 05/31/2026 | 1000000 | 980005  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $7,778,853)** |  | 7770534  |

---

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

2<br>

------

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

**PEMBERWICK FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%** |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2091, Class PG, 6.00%, 11/15/2028 | $45787 | $46622  |
| &nbsp;&nbsp;&nbsp; Series 2097, Class PZ, 6.00%, 11/15/2028 | 29138 | 29646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2526, Class FI, 5.49% <br>(30 day avg SOFR US + 1.11%), 02/15/2032<sup>(f)</sup> | 11727 | 11812  |
| &nbsp;&nbsp;&nbsp; Series 2682, Class LD, 4.50%, 10/15/2033 | 13411 | 13509  |
| &nbsp;&nbsp;&nbsp; Series 2759, Class TC, 4.50%, 03/15/2034 | 78436 | 78171  |
| &nbsp;&nbsp;&nbsp; Series 2933, Class HD, 5.50%, 02/15/2035 | 1285 | 1318  |
| &nbsp;&nbsp;&nbsp; Series 3775, Class EM, 3.50%, 11/15/2025 | 149 | 148  |
| &nbsp;&nbsp;&nbsp; Series 3786, Class NA, 4.50%, 07/15/2040 | 5607 | 5631  |
| &nbsp;&nbsp;&nbsp; Series 3970, Class HB, 3.00%, 12/15/2026 | 20713 | 20543  |
| &nbsp;&nbsp;&nbsp; Series 4002, Class LB, 2.00%, 09/15/2041 | 31173 | 30060  |
| &nbsp;&nbsp;&nbsp; Series 4020, Class PA, 2.75%, 03/15/2027 | 1535 | 1524  |
| &nbsp;&nbsp;&nbsp; Series 4171, Class NG, 2.00%, 06/15/2042 | 54923 | 50800  |
| &nbsp;&nbsp;&nbsp; Series 4203, Class DM, 3.00%, 04/15/2033 | 20778 | 20422  |
| &nbsp;&nbsp;&nbsp; Series 4266, Class BG, 2.50%, 04/15/2026 | 2569 | 2553  |
| &nbsp;&nbsp;&nbsp; Series 4309, Class JD, 2.00%, 10/15/2043 | 8280 | 7777  |
| &nbsp;&nbsp;&nbsp; Series 4311, Class TD, 2.50%, 02/15/2029 | 15235 | 15055  |
| &nbsp;&nbsp;&nbsp; Series 4363, Class EJ, 4.00%, 05/15/2033 | 25689 | 25585  |
| &nbsp;&nbsp;&nbsp; Series 4453, Class DA, 3.50%, 11/15/2033 | 5569 | 5549  |
| &nbsp;&nbsp;&nbsp; Series 4472, Class MA, 3.00%, 05/15/2045 | 224065 | 213192  |
| &nbsp;&nbsp;&nbsp; Series 4716, Class PA, 3.00%, 07/15/2044 | 32753 | 32304  |
| &nbsp;&nbsp;&nbsp; Series 4949, Class PM, 2.50%, 02/25/2050 | 128290 | 111813  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2002-56, Class PE, 6.00%, 09/25/2032 | 33276 | 34524  |
| &nbsp;&nbsp;&nbsp; Series 2003-127, Class EG, 6.00%, 12/25/2033 | 41559 | 43093  |
| &nbsp;&nbsp;&nbsp; Series 2005-48, Class AU, 5.50%, 06/25/2035 | 14343 | 14694  |
| &nbsp;&nbsp;&nbsp; Series 2005-64, Class PL, 5.50%, 07/25/2035 | 3687 | 3782  |
| &nbsp;&nbsp;&nbsp; Series 2005-68, Class PG, 5.50%, 08/25/2035 | 4167 | 4267  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2005-83, Class LA, 5.50%, 10/25/2035 | $1784 | $1835  |
| &nbsp;&nbsp;&nbsp; Series 2007-27, Class MQ, 5.50%, 04/25/2027 | 347 | 347  |
| &nbsp;&nbsp;&nbsp; Series 2010-123, Class BP, 4.50%, 11/25/2040 | 43896 | 44169  |
| &nbsp;&nbsp;&nbsp; Series 2011-110, Class CY, 3.50%, 11/25/2026 | 19479 | 19276  |
| &nbsp;&nbsp;&nbsp; Series 2011-146, Class LX, 3.50%, 10/25/2040 | 33192 | 33039  |
| &nbsp;&nbsp;&nbsp; Series 2012-102, Class HA, 2.00%, 02/25/2042 | 34485 | 32672  |
| &nbsp;&nbsp;&nbsp; Series 2012-134, Class VP, 3.00%, 10/25/2042 | 4813 | 4792  |
| &nbsp;&nbsp;&nbsp; Series 2012-139, Class JA, 3.50%, 12/25/2042 | 132547 | 126637  |
| &nbsp;&nbsp;&nbsp; Series 2012-148, Class BQ, 1.25%, 01/25/2028 | 10166 | 9969  |
| &nbsp;&nbsp;&nbsp; Series 2012-38, Class PA, 2.00%, 09/25/2041 | 13798 | 13127  |
| &nbsp;&nbsp;&nbsp; Series 2012-66, Class HE, 1.50%, 06/25/2027 | 1067 | 1054  |
| &nbsp;&nbsp;&nbsp; Series 2012-90, Class DA, 1.50%, 03/25/2042 | 16312 | 15137  |
| &nbsp;&nbsp;&nbsp; Series 2013-124, Class BD, 2.50%, 12/25/2028 | 676 | 670  |
| &nbsp;&nbsp;&nbsp; Series 2013-14, Class QD, 1.50%, 03/25/2043 | 22630 | 19653  |
| &nbsp;&nbsp;&nbsp; Series 2013-18, Class PA, 2.00%, 11/25/2041 | 44823 | 43031  |
| &nbsp;&nbsp;&nbsp; Series 2013-6, Class LD, 2.00%, 02/25/2043 | 25717 | 22958  |
| &nbsp;&nbsp;&nbsp; Series 2013-72, Class HG, 3.00%, 04/25/2033 | 58272 | 57092  |
| &nbsp;&nbsp;&nbsp; Series 2014-8, Class DA, 4.00%, 03/25/2029 | 1714 | 1708  |
| &nbsp;&nbsp;&nbsp; Series 2016-105, Class PA, 3.50%, 04/25/2045 | 108561 | 106557  |
| &nbsp;&nbsp;&nbsp; Series 2016-60, Class Q, 1.75%, 09/25/2046 | 45804 | 42418  |
| &nbsp;&nbsp;&nbsp; Series 2016-8, Class PC, 2.50%, 10/25/2044 | 113128 | 108727  |
| &nbsp;&nbsp;&nbsp; Series 2017-77, Class BA, 2.00%, 10/25/2047 | 44518 | 41009  |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class N, 3.00%, 03/25/2048 | 261408 | 248513  |
|  Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-11, Class PE, 5.50%, 03/20/2037 | 17976 | 18144  |
| &nbsp;&nbsp;&nbsp; Series 2010-112, Class NG, 2.25%, 09/16/2040 | 39813 | 37058  |
| &nbsp;&nbsp;&nbsp; Series 2012-106, Class MA, 2.00%, 11/20/2041 | 51729 | 48701  |
| &nbsp;&nbsp;&nbsp; Series 2012-48, Class MA, 2.50%, 04/16/2042 | 32377 | 30149  |

---

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

3<br>

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

**PEMBERWICK FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2013-56, Class AP, 2.00%, 11/16/2041 | $45970 | $42985  |
| &nbsp;&nbsp;&nbsp; Series 2013-64, Class LP, 1.50%, 08/20/2041 | 68418 | 64157  |
| &nbsp;&nbsp;&nbsp; Series 2013-88, Class WA, 4.73%, 06/20/2030<sup>(c)</sup> | 118 | 118  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $2,144,275)** |  | 2060096  |
| **U.S. Government Agency Obligations - 0.8%** | **U.S. Government Agency Obligations - 0.8%** | **U.S. Government Agency Obligations - 0.8%** |
| Federal Home Loan Mortgage Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool C91251, 4.50%, 06/01/2029 | 1402 | 1407  |
| &nbsp;&nbsp;&nbsp; Pool C91281, 4.50%, 12/01/2029 | 3450 | 3476  |
| &nbsp;&nbsp;&nbsp; Pool C91295, 4.50%, 04/01/2030 | 1887 | 1896  |
| &nbsp;&nbsp;&nbsp; Pool J14494, 4.00%, 02/01/2026 | 313 | 312  |
| &nbsp;&nbsp;&nbsp; Pool J15974, 4.00%, 06/01/2026 | 195 | 194  |
| &nbsp;&nbsp;&nbsp; Pool J17508, 3.00%, 12/01/2026 | 4316 | 4285  |
| &nbsp;&nbsp;&nbsp; Pool ZT1361, 3.00%, 05/01/2047 | 174961 | 158518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 292, Class 150, Pool <br>S2-0326, 1.50%, 11/15/2027 | 9836 | 9644  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 256045, 5.00%, 12/01/2025 | 48 | 48  |
| &nbsp;&nbsp;&nbsp; Pool 257204, 5.50%, 05/01/2028 | 1565 | 1581  |
| &nbsp;&nbsp;&nbsp; Pool AC3237, 5.00%, 10/01/2039 | 14403 | 14760  |
| &nbsp;&nbsp;&nbsp; Pool AD0249, 5.50%, 04/01/2037 | 5644 | 5792  |
| &nbsp;&nbsp;&nbsp; Pool BL5531, 2.33%, 01/01/2027 | 592405 | 581367  |
| &nbsp;&nbsp;&nbsp; Pool BP3785, 2.00%, 03/01/2036 | 253706 | 233967  |
| &nbsp;&nbsp;&nbsp; Pool BP6567, 3.00%, 08/01/2040 | 119249 | 111251  |
| &nbsp;&nbsp;&nbsp; Pool FM2014, 3.00%, 11/01/2049 | 182257 | 164113  |
| &nbsp;&nbsp;&nbsp; Pool FM5719, 3.00%, 06/01/2046 | 257461 | 236845  |
| &nbsp;&nbsp;&nbsp; Pool MA0142, 4.00%, 08/01/2029 | 2182 | 2171  |
| &nbsp;&nbsp;&nbsp; Pool MA0919, 3.50%, 12/01/2031 | 123559 | 121540  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,772,394)** |  | 1653167  |
| **SHORT-TERM INVESTMENTS - 24.7%** | **SHORT-TERM INVESTMENTS - 24.7%** |  |
| **U.S. Treasury Bills - 13.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.11%, 10/02/2025<sup>(d)</sup> | 2000000 | 1999777  |
| &nbsp;&nbsp;&nbsp; 4.19%, 10/30/2025<sup>(d)</sup> | 2000000 | 1993485  |
| &nbsp;&nbsp;&nbsp; 4.24%, 11/28/2025<sup>(d)</sup> | 2000000 | 1987129  |
| &nbsp;&nbsp;&nbsp; 4.19%, 12/18/2025<sup>(d)</sup> | 2000000 | 1983289  |
| &nbsp;&nbsp;&nbsp; 4.19%, 12/26/2025<sup>(d)</sup> | 2000000 | 1981619  |
| &nbsp;&nbsp;&nbsp; 4.18%, 01/08/2026<sup>(d)</sup> | 2000000 | 1979221  |
| &nbsp;&nbsp;&nbsp; 4.21%, 01/15/2026<sup>(d)</sup> | 2000000 | 1977746  |
| &nbsp;&nbsp;&nbsp; 4.08%, 01/22/2026<sup>(d)</sup> | 2000000 | 1976213  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.04%, 01/29/2026<sup>(d)</sup> | $2000000 | $1974823  |
| &nbsp;&nbsp;&nbsp; 4.01%, 02/12/2026<sup>(d)</sup> | 1500000 | 1479226  |
| &nbsp;&nbsp;&nbsp; 3.92%, 02/26/2026<sup>(d)</sup> | 2000000 | 1969302  |
| &nbsp;&nbsp;&nbsp; 3.82%, 03/05/2026<sup>(d)</sup> | 3500000 | 3443776  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/12/2026<sup>(d)</sup> | 1600000 | 1573120  |
|  |  | 26318726  |
|  | **Shares** |  |
| **Money Market Funds - 11.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(e)</sup> | 22675217 | 22675217  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $48,982,228)** |  | 48993943  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%**<br>**(Cost $197,044,994)** |  | $197082969  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 1128967  |
| **TOTAL NET ASSETS - 100.0%** |  | $198211936 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $6,315,151 or 3.2% of the Fund's net assets.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

<sup>(d)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(f)</sup> Variable or Floating Rate Security. The rate shown represents the rate as of September 30, 2025.

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

4<br>

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

**Pemberwick Fund** 

**Statement of Assets and Liabilities** 

**September 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:** <br>|  |
| Investments, at value | $197082969  |
| Interest receivable | 1248360  |
| Dividends receivable | 69406  |
| Receivable for fund shares sold | 3091  |
| Prepaid expenses and other assets | 9934  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 198413760  |
| **LIABILITIES:** <br>|  |
| Payables: <br>|  |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees | 70007  |
| &nbsp;&nbsp;&nbsp; Distributions to shareholders | 43307  |
| &nbsp;&nbsp;&nbsp; Advisor | 24700  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 12986  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 12710  |
| &nbsp;&nbsp;&nbsp; Custody fees | 9879  |
| &nbsp;&nbsp;&nbsp; Compliance fees | 3866  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | 24369  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 201824  |
| **NET ASSETS** | $198211936  |
| **NET ASSETS CONSISTS OF:** <br>|  |
| Capital stock | $200206824  |
| Total accumulated loss | (1994888)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $198211936  |
| Net assets | $198211936  |
| Shares issued and outstanding<sup>(a)</sup> | 19869904  |
| Net asset value per share | $9.98  |
| **COST:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $197044994 |

---

<sup>(a)</sup> Unlimited shares authorized, $0.01 par value. 

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

5<br>

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

**Pemberwick Fund** 

**Statement of Operations** 

**For the Period Ended September 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** <br>|  |
| Dividend income | $718198  |
| Interest income | 3946487  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4664685  |
| **EXPENSES:** <br>|  |
| Investment advisory fees (Note 4) | 259277  |
| Fund administration and accounting fees (Note 4) | 133190  |
| Transfer agent fees | 31573  |
| Legal fees | 16925  |
| Trustees' fees | 16013  |
| Audit fees | 10980  |
| Custodian fees | 10159  |
| Compliance fees | 7869  |
| Federal and state registration fees | 5120  |
| Reports to shareholders | 2105  |
| Other expenses and fees | 7778  |
| &nbsp;&nbsp;&nbsp; Total expenses before waiver from advisor | 500989  |
| &nbsp;&nbsp;&nbsp; Voluntary expense waiver from advisor (Note 4) | (103711)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 397278  |
| **NET INVESTMENT INCOME** | 4267407  |
| **REALIZED AND UNREALIZED GAIN**<br>|  |
| Net realized gain from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 23698  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 23698  |
| Net change in unrealized appreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 277533  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 277533  |
| **Net realized and unrealized gain** | 301231  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4568638 |

---

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

6<br>

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

**Pemberwick Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Year Ended** <br>**March 31, 2025**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $4267407 | $10711785  |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 23698 | 114187  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp; 277533 | 462291  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp; 4568638 | 11288263  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (4270909) | (10721758)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (4270909) | (10721758)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 23640707 | 89836289  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4335995 | 10761423  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (42706479) | (128254605)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital transactions** | &nbsp;&nbsp; (14729777) | (27656893)  |
| **NET decrease IN NET ASSETS** | &nbsp;&nbsp; (14432048) | (27090388)  |
| **NET ASSETS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 212643984 | 239734372  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $198211936 | $212643984  |
| **SHARES TRANSACTIONS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2372406 | 9028114  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp; 435199 | 1081684  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (4285628) | (12889122)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in shares outstanding** | &nbsp;&nbsp; (1478023) | (2779324) |

---

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

7<br>

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

**Pemberwick Fund** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **Period Ended** <br>**September 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of <br>period | &nbsp;&nbsp; $9.96 | $9.94 | $9.86 | $9.93 | $10.05 | $9.70  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.21 | 0.47 | 0.50 | 0.27 | 0.04 | 0.09  |
|  Net realized and unrealized gain (loss) on investments | 0.02 | 0.10 | 0.16 | 0.00<sup>(b)</sup> | (0.11) | 0.35  |
| **Total from investment operations** | 0.23 | 0.57 | 0.66 | 0.27 | (0.07) | 0.44  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.21) | (0.55) | (0.58) | (0.34) | (0.05) | (0.09)  |
| **Total distributions** | &nbsp;&nbsp; (0.21) | (0.55) | (0.58) | (0.34) | (0.05) | (0.09)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.98 | $9.96 | $9.94 | $9.86 | $9.93 | $10.05  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 2.29% | 5.03% | 5.97% | 2.08% | (0.73)% | 4.49%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp; $198212 | $212644 | $239734 | $284713 | $293295 | $282409  |
|  Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(d)(e)</sup> | &nbsp;&nbsp; 0.48% | 0.47% | 0.45% | 0.43% | 0.42% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement <sup>(d)(e)</sup> | &nbsp;&nbsp; 0.38% | 0.37% | 0.35% | 0.33% | 0.32% | 0.31%  |
|  Ratio of net investment income to average net assets<sup>(d)(e)</sup> | &nbsp;&nbsp; 4.11% | 4.74% | 5.01% | 2.75% | 0.45% | 0.87%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 44% | 54% | 50% | 55% | 43% | 13% |

---

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

<sup>(b)</sup> Amount represents less than $0.005 per share.

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

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

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

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

8<br>

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

**PEMBERWICK FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025** 

**NOTE 1 – ORGANIZATION** 

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period ended September 30, 2025, the Fund did not incur any interest or penalties.

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

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

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

9<br>

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

**PEMBERWICK FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Period End:* In preparing the financial statements as of September 30, 2025 and through the date the financial
 statements were issued, management considered the impact of subsequent events for potential recognition or disclosure in the financial
 statements and concluded that no additional adjustments or disclosures are necessary.

**NOTE 3 – SECURITIES VALUATION** 

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

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

---

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

---

---

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

---

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

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

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

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

10<br>

------

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

**PEMBERWICK FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Corporate Bonds  | $— | $136605229 | $— | $136605229  |
| U.S. Treasury Obligations  |  | 7770534 |  | 7770534  |
| Collateralized Mortgage Obligations  |  | 2060096 |  | 2060096  |
| U.S. Government Agency Obligations  |  | 1653167 |  | 1653167  |
| Short-Term Investments | 22675217 | 26318726 |  | 48993943  |
| **Total Investments in Securities**  | $22675217 | $174407752 | $— | $197082969 |

---

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

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

For the period ended September 30, 2025, the Advisor provided the Fund with investment management services under an investment advisory agreement. The Advisor furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at an annual rate of 0.25% from the Fund based upon the average daily net assets of the Fund. For the period ended September 30, 2025, the Fund incurred $259,277 in advisory fees. Advisory fees payable at September 30, 2025 for the Fund were $24,700. The Advisor has hired J.P. Morgan Investment Management Inc. as a sub-advisor to manage the U.S. Treasuries and agency debt portion of the Fund. The Advisor pays the Sub-Advisor fee for the Pemberwick Fund from its own assets and these fees are not an additional expense of the Fund.

The Fund is responsible for its own operating expenses. The Advisor voluntarily waives 10 basis points of the annual investment advisory fee Pemberwick is entitled to receive from the Fund pursuant to the advisory agreement between Pemberwick and the Fund. Such waiver will continue until Pemberwick notifies the Fund of a change in its voluntary waiver or its discontinuation. For the period ended September 30, 2025, the Advisor voluntarily waived fees in the amount of $103,711. The fees waived by the Advisor are not subject to recoupment.

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

11<br>

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

**PEMBERWICK FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

affiliate of Fund Services, serves as the Fund's custodian. For the period ended September 30, 2025, the Fund incurred the following expenses for administration, fund accounting, transfer agency, compliance and custody fees:

---

| | |
|:---|:---|
| Administration and Fund Accounting  | $133190 |
| Custody  | $10159 |
| Transfer agency  | $31573 |
| Compliance  | $7869 |

---

At September 30, 2025, the Fund had payables due to Fund Services for administration, fund accounting, transfer agency, and compliance fees, and to U.S. Bank N.A. for custody fees in the following amounts:

---

| | |
|:---|:---|
| Administration and fund accounting  | $70007  |
| Custody  | $9879  |
| Transfer agency  | $12986 |
| Compliance  | $3866 |

---

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

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

**NOTE 5 – SECURITIES TRANSACTIONS** 

For the period ended September 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were as follows:

**Purchases** 

---

| | |
|:---|:---|
| U.S. Government Obligations  | $6280108 |
| Other  | $65658732 |

---

**Sales** 

---

| | |
|:---|:---|
| U.S. Government Obligations  | $17430805 |
| Other  | $49664665 |

---

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

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

---

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

---

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

12<br>

------

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

**PEMBERWICK FUND** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

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

---

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

---

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

**NOTE 7 – GUARANTEES AND INDEMNIFICATION** 

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

**NOTE 8 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. While no individual shareholder has a position which exceeds 25% of the voting securities of the Fund, there are numerous shareholders who are affiliated with the Advisor. As of September 30, 2025, investors who are affiliated with the Advisor, when aggregated, owned 100% of the voting securities of the Fund.

**NOTE 9 – SEGMENT REPORTING**

The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by Pemberwick's CFO. Pemberwick's CFO serves as the chief operating decisions maker, using the information presorted in the financial statements and financial highlights.

13<br>

------

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

**PEMBERWICK FUND** 

**ADDITIONAL INFORMATION** 

**September 30, 2025 (Unaudited)** 

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

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

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

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

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

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

Refer to information provided within financial statements.

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

See above.

14<br>

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](pfsar-efp19165_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.](pfsar-efp19165_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>December 2, 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>December 2, 2025</u>

---

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

---

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

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Ryan Frank, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | December 2, 2025 | /s/ Ryan Frank |
|  |  | Ryan Frank<br> President/Principal Executive Officer |

---

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

I, Colton Scarmardo, certify that:

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | December 2, 2025 | /s/ Colton Scarmardo |
|  |  | Colton Scarmardo |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Manager Directed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Manager Directed Portfolios Trust for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Manager Directed Portfolios Trust for the stated period.

---

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

---

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

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