NPORT-P false 0001359057 XXXXXXXX S000085377 C000250380 Manager Directed Portfolios 811-21897 0001359057 549300WAC9XE08QLVP90 615 E. Michigan Street Milwaukee 53202 4145163123 SanJac Alpha Core Plus Bond ETF S000085377 52990007T3G368VP1091 2026-05-31 2026-05-31 N 11555480.190000000000 4017236.210000000000 7538243.980000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 USD N N/A N/A RITHM CAPITAL CORP 549300WNTHGEO5LP2G31 64828T409 1450.000000000000 NS USD 36482.000000000000 0.4839588649 Long EP CORP US N 1 N N N BABCOCK & WILCOX ENTERPR 5493006H661OZN2C0T54 05614L506 8248.000000000000 NS USD 206694.880000000000 2.7419499893 Long EP CORP US N 1 N N N CHIMERA INVESTMENT CORP 2JBBQFJOL123LOUBE657 16934Q877 4000.000000000000 NS USD 101000.000000000000 1.3398345857 Long EP CORP US N 1 N N N CHIMERA INVESTMENT CORP 2JBBQFJOL123LOUBE657 16934Q885 2600.000000000000 NS USD 65728.000000000000 0.8719272045 Long EP CORP US N 1 N N N Dynex Capital Inc 5CIJ4S9HAEBWILA19B65 26817Q886 4000.000000000000 NS USD 52360.000000000000 0.6945914743 Long EC CORP US N 1 N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 3137ASD35 28802.860000000000 PA USD 21912.540000000000 0.2906849401 Long ABS-MBS USGSE US N 2 2041-05-15 Fixed .000000000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 3137F4TS1 16225.540000000000 PA USD 16119.750000000000 0.2138395897 Long ABS-MBS USGSE US N 2 2045-10-15 Fixed 3.500000000000 N N N N N N Government National Mortgage A 549300M8ZYFG0OCMTT87 38383LCA6 57811.750000000000 PA USD 44941.840000000000 0.5961844711 Long ABS-MBS USGA US N 2 2052-11-20 Fixed .000000000000 N N N N N N Rithm Capital Corp 549300WNTHGEO5LP2G31 64828T201 2500.000000000000 NS USD 23300.000000000000 0.3090905529 Long EC CORP US N 1 N N N RITHM CAPITAL CORP 549300WNTHGEO5LP2G31 64828T706 21800.000000000000 NS USD 543038.000000000000 7.2037732055 Long EP CORP US N 1 N N N U.S. Bank Money Market Deposit Account N/A 8AMMF0A92 3897705.640000000000 NS USD 3897705.640000000000 51.7057507072 Long STIV RF US N 1 N N N TSY INFL IX N/B 254900HROIFWPRGM1V77 91282CNB3 674264.500000000000 PA USD 676660.540000000000 8.9763682602 Long DBT UST US N 2 2030-04-15 Fixed 1.625000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 91282CQB0 850000.000000000000 PA USD 841447.000000000000 11.1623741847 Long DBT UST US N 2 2028-02-29 Fixed 3.375000000000 N N N N N N XCEL ENERGY INC LGJNMI9GH8XIDG5RCM61 98389B878 6800.000000000000 NS USD 163404.000000000000 2.1676666400 Long EP CORP US N 1 N N N NEXTERA ENERGY CAPITAL UMI46YPGBLUE4VGNNT48 65339K837 3700.000000000000 NS USD 91612.000000000000 1.2152962977 Long EP CORP US N 1 N N N PENNYMAC MTGE INVESTMENT 549300BSSOQO1ZWDUJ97 70931T301 7412.000000000000 NS USD 169734.800000000000 2.2516490638 Long EP CORP US N 1 N N N TREASURY BILL 254900HROIFWPRGM1V77 912797UC9 250000.000000000000 PA USD 249270.440000000000 3.3067441258 Long DBT UST US N 2 2026-06-30 Fixed .000000000000 N N N N N N DUKE ENERGY CORP I1BZKREC126H0VB1BL91 26441C402 3000.000000000000 NS USD 71520.000000000000 0.9487620750 Long EP CORP US N 1 N N N PENNYMAC MTGE INVESTMENT 549300BSSOQO1ZWDUJ97 70931T707 10074.000000000000 NS USD 254368.500000000000 3.3743734041 Long EP CORP US N 1 N N N US TREASURY N/B 254900HROIFWPRGM1V77 91282CQS3 1000000.000000000000 PA USD 1000097.140000000000 13.2669775966 Long DBT UST US N 2 2028-05-31 Fixed 4.000000000000 N N N N N N 2026-07-22 Manager Directed Portfolios /s/ Colton Scarmardo Colton Scarmardo Treasurer