NPORT-P false 0001359057 XXXXXXXX S000074750 C000232913 Manager Directed Portfolios 811-21897 0001359057 549300WAC9XE08QLVP90 615 E. Michigan Street Milwaukee 53202 4145163123 Greenspring Income Opportunities Fund S000074750 549300I0NPYRTNVWX811 2026-09-30 2026-06-30 N 439682520.130000000000 4400142.360000000000 435282377.770000000000 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 HELIX ENERGY SOLUTIONS 416AP2JOUTCWEGSOZW41 42330PAL1 5575000.000000000000 PA USD 5847115.750000000000 1.3432925495 Long DBT CORP US N 2 2029-03-01 Fixed 9.750000000000 N N N N N N HILLENBRAND INC U246OE781574J2BUD366 431571AF5 5838000.000000000000 PA USD 5473809.800000000000 1.2575307615 Long DBT CORP US N 2 2029-02-15 Fixed 6.250000000000 N N N N N N MAUSER PACKAGING SOLUT 549300DNGHXL0OMHW304 57763RAE7 3299000.000000000000 PA USD 3374398.650000000000 0.7752205976 Long DBT CORP US N 2 2030-04-15 Fixed 7.875000000000 N N N N N N SBA COMMUNICATIONS CORP 5299001HX8ZN8Y8QIT49 78410GAD6 4445000.000000000000 PA USD 4422323.210000000000 1.0159665164 Long DBT CORP US N 2 2027-02-15 Fixed 3.875000000000 N N N N N N ATI INC ZW1LRE7C3H17O2ZN9B45 01741RAH5 5335000.000000000000 PA USD 5349004.380000000000 1.2288584728 Long DBT CORP US N 2 2027-12-01 Fixed 5.875000000000 N N N N N N AMERICAN AXLE & MFG INC RY5TAKFOBLDUGX31MS24 02406PBA7 2779000.000000000000 PA USD 2797498.610000000000 0.6426859328 Long DBT CORP US N 2 2028-07-01 Fixed 6.875000000000 N N N N N N ARBOR REALTY TRUST INC 549300ASFUWYQO0RW077 038923AX6 2000000.000000000000 PA USD 1991271.260000000000 0.4574665462 Long DBT CORP US N 2 2026-09-01 Fixed 4.500000000000 N N N N N N ARETEC GROUP INC 549300NV2T8A33L0PQ58 04020JAA4 2000000.000000000000 PA USD 2109166.000000000000 0.4845512035 Long DBT CORP US N 2 2030-08-15 Fixed 10.000000000000 N N N N N N BURFORD CAPITAL GLBL FIN 549300JVAOO67CSCH406 12116LAE9 2500000.000000000000 PA USD 2436275.000000000000 0.5596998924 Long DBT CORP US N 2 2031-07-01 Fixed 9.250000000000 N N N N N N LIONS GATE CAPITAL HOL 1 N/A 535939AA0 4345000.000000000000 PA USD 4149475.000000000000 0.9532834803 Long DBT CORP US N 2 2030-04-15 Fixed 6.000000000000 N N N N N N NESCO HOLDINGS II INC 254900FAHT0HW9T6L409 64083YAA9 5458000.000000000000 PA USD 5433136.630000000000 1.2481866732 Long DBT CORP US N 2 2029-04-15 Fixed 5.500000000000 N N N N N N RITHM CAPITAL CORP 549300WNTHGEO5LP2G31 64828TAB8 4650000.000000000000 PA USD 4672436.250000000000 1.0734264672 Long DBT CORP US N 2 2029-04-01 Fixed 8.000000000000 N N N N N N OPEN TEXT CORP 549300HP7ONDQODZJV16 683715AC0 5000000.000000000000 PA USD 4875712.500000000000 1.1201263247 Long DBT CORP CA N 2 2028-02-15 Fixed 3.875000000000 N N N N N N PRA GROUP INC 549300Q5HW3JSSB86K27 69354NAD8 1850000.000000000000 PA USD 1749269.910000000000 0.4018701421 Long DBT CORP US N 2 2029-10-01 Fixed 5.000000000000 N N N N N N PENNYMAC CORP EWN0I878407TKQNXZ933 70932AAH6 3175000.000000000000 PA USD 3248977.500000000000 0.7464068536 Long DBT CORP US N 2 2029-06-01 Fixed 8.500000000000 N N N N N PennyMac Mortgage Investment T USD XXXX N N N VIASAT INC UFC8NYMNFSYIHNSM2I38 92552VAN0 4546000.000000000000 PA USD 4538222.070000000000 1.0425926483 Long DBT CORP US N 2 2028-07-15 Fixed 6.500000000000 N N N N N N APH/APH2/APH3/AQUARIAN N/A 00188QAA4 5499000.000000000000 PA USD 5572906.560000000000 1.2802968474 Long DBT CORP US N 2 2029-11-01 Fixed 7.875000000000 N N N N N N TRINITY INDUSTRIES INC R1JB4KXN77XFCXOQKV49 896522AJ8 4783000.000000000000 PA USD 4897557.630000000000 1.1251449358 Long DBT CORP US N 2 2028-07-15 Fixed 7.750000000000 N N N N N N EVERFORTH INC LZBNYYCBUKY537072438 00191UAA0 4774000.000000000000 PA USD 4423887.250000000000 1.0163258326 Long DBT CORP US N 2 2028-05-15 Fixed 4.625000000000 N N N N N N ACADIA HEALTHCARE CO INC 5493005CW985Y9D0NC11 00404AAN9 3949000.000000000000 PA USD 3933252.970000000000 0.9036095121 Long DBT CORP US N 2 2028-07-01 Fixed 5.500000000000 N N N N N N ALGOMA STEEL INC 5493006RXIB5GVHWJS53 01566MAD7 3500000.000000000000 PA USD 3274506.550000000000 0.7522717935 Long DBT CORP CA N 2 2029-04-15 Fixed 9.125000000000 N N N N N N BLACKSTONE MORTGAGE TR 549300OLDJ20R2Y2UW20 09257WAE0 4500000.000000000000 PA USD 4500000.000000000000 1.0338116657 Long DBT CORP US N 2 2027-03-15 Fixed 5.500000000000 N N N N Y Blackstone Mortgage Trust Inc USD XXXX N N N C&S GROUP ENTERPRISES LL N/A 12467AAF5 5079000.000000000000 PA USD 4817501.590000000000 1.1067531874 Long DBT CORP US N 2 2028-12-15 Fixed 5.000000000000 N N N N N N CLEVELAND-CLIFFS INC 549300TM2WLI2BJMDD86 185899AQ4 3125000.000000000000 PA USD 3154575.880000000000 0.7247194100 Long DBT CORP US N 2 2029-11-01 Fixed 6.875000000000 N N N N N N UNITED NATURAL FOODS INC 549300GKGW6WPZ282D40 911163AA1 4216000.000000000000 PA USD 4219166.220000000000 0.9692940573 Long DBT CORP US N 2 2028-10-15 Fixed 6.750000000000 N N N N N N MGP INGREDIENTS INC 2549006OMHFVZ4MS8538 55303JAB2 5730000.000000000000 PA USD 5583183.420000000000 1.2826578114 Long DBT CORP US N 2 2041-11-15 Fixed 1.875000000000 N N N N Y MGP Ingredients Inc USD XXXX N N N MARRIOTT OWNERSHIP RESOR BW4532OH033VURR0IT68 57164PAF3 4100000.000000000000 PA USD 4056317.370000000000 0.9318818259 Long DBT CORP US N 2 2028-01-15 Fixed 4.750000000000 N N N N N N MINERALS TECHNOLOGIES IN 549300D3I1QU67GP6403 603158AA4 3880000.000000000000 PA USD 3853228.000000000000 0.8852249015 Long DBT CORP US N 2 2028-07-01 Fixed 5.000000000000 N N N N N N OCEANEERING INTL INC 549300L6PH74701W0R30 675232AD4 2252000.000000000000 PA USD 2289957.460000000000 0.5260854969 Long DBT CORP US N 2 2028-02-01 Fixed 6.000000000000 N N N N N N GETTY IMAGES INC 5493005NV20IG4VEKZ40 374276AP8 1856000.000000000000 PA USD 1631424.000000000000 0.3747967029 Long DBT CORP US N 2 2028-03-01 Fixed 14.000000000000 N N N N N N IRON MOUNTAIN INC SQL3F6CKNNBM3SQGHX24 46284VAC5 2413000.000000000000 PA USD 2409843.700000000000 0.5536276732 Long DBT CORP US N 2 2027-09-15 Fixed 4.875000000000 N N N N N N OCEANEERING INTL INC 549300L6PH74701W0R30 675232AB8 996000.000000000000 PA USD 1012787.580000000000 0.2326736922 Long DBT CORP US N 2 2028-02-01 Fixed 6.000000000000 N N N N N N PRA GROUP INC 549300Q5HW3JSSB86K27 69354NAE6 2900000.000000000000 PA USD 2942692.810000000000 0.6760422568 Long DBT CORP US N 2 2028-02-01 Fixed 8.375000000000 N N N N N N PEBBLEBROOK HOTEL TRUST 5493004Q1NNH6JXCSI52 70509VAA8 4250000.000000000000 PA USD 4220675.000000000000 0.9696406782 Long DBT CORP US N 2 2026-12-15 Fixed 1.750000000000 N N N N Y Pebblebrook Hotel Trust USD XXXX N N N ROCKET SOFTWARE INC 549300PVG26ISP5X1556 77314EAB4 4500000.000000000000 PA USD 4476899.250000000000 1.0285045935 Long DBT CORP US N 2 2028-11-28 Fixed 9.000000000000 N N N N N N TRAVEL + LEISURE CO T4VNTWMFQ7JQB65L7T35 98310WAN8 3187000.000000000000 PA USD 3193632.150000000000 0.7336920383 Long DBT CORP US N 2 2027-04-01 Fixed 6.000000000000 N N N N N N PHH ESCROW ISS LCC/PHH C N/A 716964AA9 5650000.000000000000 PA USD 5534870.680000000000 1.2715586393 Long DBT CORP US N 2 2029-11-01 Fixed 9.875000000000 N N N N N N PRIMO / TRITON WATER HLD N/A 74168RAC7 4690000.000000000000 PA USD 4710546.890000000000 1.0821818504 Long DBT CORP US N 2 2029-04-01 Fixed 6.250000000000 N N N N N N GLOBAL INFRASTRUCTURE SO 2549003BGLQITAJ6ZT28 37960XAA5 3849000.000000000000 PA USD 3849099.300000000000 0.8842763908 Long DBT CORP US N 2 2029-06-01 Fixed 5.625000000000 N N N N N N GRAND CANYON UNIVERSITY N/A 38528UAE6 3050000.000000000000 PA USD 3012119.000000000000 0.6919919468 Long DBT CORP US N 2 2028-10-01 Fixed 5.125000000000 N N N N N N RHP HOTEL PPTY/RHP FINAN N/A 749571AJ4 3313000.000000000000 PA USD 3387025.670000000000 0.7781214777 Long DBT CORP US N 2 2028-07-15 Fixed 7.250000000000 N N N N N N RLJ LODGING TRUST LP 549300RX5I8Z6I6LDZ74 74965LAA9 4809000.000000000000 PA USD 4809000.000000000000 1.1048000667 Long DBT CORP US N 2 2026-07-01 Fixed 3.750000000000 N N N N N N IQVIA INC 549300PLWY28YB00C717 449934AD0 3852000.000000000000 PA USD 3851854.780000000000 0.8849094236 Long DBT CORP US N 2 2026-10-15 Fixed 5.000000000000 N N N N N N REDFIN CORP 549300HXWD3JEMZU3O57 75737FAE8 4000000.000000000000 PA USD 3860000.000000000000 0.8867806732 Long DBT CORP US N 2 2027-04-01 Fixed .500000000000 N N N N Y Rocket Cos Inc USD XXXX N N N SM ENERGY CO 84BUTVXV5ODI6BXNMH43 78454LAP5 5000000.000000000000 PA USD 5009790.000000000000 1.1509287432 Long DBT CORP US N 2 2027-01-15 Fixed 6.625000000000 N N N N N N SAREPTA THERAPEUTICS INC 549300IKDPIED8J8IG21 803607AD2 1216000.000000000000 PA USD 1149968.780000000000 0.2641891422 Long DBT CORP US N 2 2027-09-15 Fixed 1.250000000000 N N N N N Sarepta Therapeutics Inc USD XXXX N N N SCOTTS MIRACLE-GRO CO 2TH9E0JTOUXOEGI2R879 810186AP1 5090000.000000000000 PA USD 5083085.740000000000 1.1677674079 Long DBT CORP US N 2 2026-12-15 Fixed 5.250000000000 N N N N N N DELUXE CORP KWGNKB8TX9LE5TV29231 248019AU5 3791000.000000000000 PA USD 3821164.990000000000 0.8778588762 Long DBT CORP US N 2 2029-06-01 Fixed 8.000000000000 N N N N N N FUBOTV INC 529900Z0YH1VZ6QTWP27 35953DAC8 5000000.000000000000 PA USD 4968590.050000000000 1.1414636346 Long DBT CORP US N 2 2029-02-15 Fixed 7.500000000000 N N Y N Y fuboTV Inc USD XXXX N N N GATES CORPORATION/DE 984500F43C791F4C7894 367398AA2 500000.000000000000 PA USD 512014.000000000000 0.1176280103 Long DBT CORP US N 2 2029-07-01 Fixed 6.875000000000 N N N N N N GENESIS ENERGY LP/FIN N/A 37185LAN2 392000.000000000000 PA USD 410380.490000000000 0.0942791418 Long DBT CORP US N 2 2030-04-15 Fixed 8.875000000000 N N N N N N MASTEC INC 549300TMDIT8WREDOF45 576323AQ2 4894000.000000000000 PA USD 4908828.820000000000 1.1277343331 Long DBT CORP US N 2 2029-08-15 Fixed 6.625000000000 N N N N N N RADIAN GROUP INC 54930005OUP720S5U385 750236AW1 517000.000000000000 PA USD 516577.090000000000 0.1186763160 Long DBT CORP US N 2 2027-03-15 Fixed 4.875000000000 N N N N N N AVIENT CORP SM8L9RZYIB34LNTWO040 05368VAB2 500000.000000000000 PA USD 506986.000000000000 0.1164728980 Long DBT CORP US N 2 2031-11-01 Fixed 6.250000000000 N N N N N N AXALTA COAT/DUTCH HLD BV N/A 05454NAA7 4300000.000000000000 PA USD 4289636.570000000000 0.9854836283 Long DBT CORP US N 2 2027-06-15 Fixed 4.750000000000 N N N N N N SKINHEALTH SYSTEMS INC 5493001Z2JZQT4C63C50 88331LAA6 1000000.000000000000 PA USD 982550.350000000000 0.2257271142 Long DBT CORP US N 2 2026-10-01 Fixed 1.250000000000 N N N N Y SkinHealth Systems Inc USD XXXX N N N CARS.COM INC 5493002G6J07LNGX4M98 14575EAA3 5278000.000000000000 PA USD 5238842.520000000000 1.2035503360 Long DBT CORP US N 2 2028-11-01 Fixed 6.375000000000 N N N N N N CENTENE CORP 549300Z7JJ4TQSQGT333 15135BAY7 4361000.000000000000 PA USD 4146315.650000000000 0.9525576641 Long DBT CORP US N 2 2028-07-15 Fixed 2.450000000000 N N N N N N CLARIV SCI HLD CORP N/A 18064PAC3 4538000.000000000000 PA USD 4367681.150000000000 1.0034132722 Long DBT CORP US N 2 2028-07-01 Fixed 3.875000000000 N N N N N N COREWEAVE INC 984500511DP2B6186053 21873SAB4 3800000.000000000000 PA USD 3827475.710000000000 0.8793086753 Long DBT CORP US N 2 2030-06-01 Fixed 9.250000000000 N N N N N N BLUELINX HOLDING 549300YSX7GU28F5I540 09624HAA7 4713000.000000000000 PA USD 4666756.520000000000 1.0721216292 Long DBT CORP US N 2 2029-11-15 Fixed 6.000000000000 N N N N N N HERC HOLDINGS INC 549300TP80QLITMSBP82 42704LAF1 700000.000000000000 PA USD 725376.810000000000 0.1666451129 Long DBT CORP US N 2 2030-06-15 Fixed 7.000000000000 N N N N N N CREDIT ACCEPTANC N/A 225310AQ4 2001000.000000000000 PA USD 2086298.630000000000 0.4792977471 Long DBT CORP US N 2 2028-12-15 Fixed 9.250000000000 N N N N N N CREDIT ACCEPTANC N/A 225310AS0 2100000.000000000000 PA USD 2107284.770000000000 0.4841190174 Long DBT CORP US N 2 2030-03-15 Fixed 6.625000000000 N N N N N N Invesco Treasury Portfolio 5493004B3TM8ZIDDDC39 825252406 1929062.940000000000 NS USD 1929062.940000000000 0.4431750603 Long STIV RF US N 1 N N N ADAPTHEALTH LLC N/A 00653VAA9 5113000.000000000000 PA USD 5118864.610000000000 1.1759870997 Long DBT CORP US N 2 2028-08-01 Fixed 6.125000000000 N N N N N N UPBOUND GROUP INC 529900QUHE15UQNCCJ63 76009NAL4 3262000.000000000000 PA USD 3235557.900000000000 0.7433238893 Long DBT CORP US N 2 2029-02-15 Fixed 6.375000000000 N N N N N N SPECTRUM BRANDS INC 549300VU3EH2E73C1Q04 84762LAX3 4751000.000000000000 PA USD 4204342.340000000000 0.9658884795 Long DBT CORP US N 2 2031-03-15 Fixed 3.875000000000 N N N N N N H.B. FULLER CO JSMX3Z5FOYM8V0Q52357 359694AB2 2129000.000000000000 PA USD 2109341.500000000000 0.4845915221 Long DBT CORP US N 2 2027-02-15 Fixed 4.000000000000 N N N N N N GEO GROUP INC/THE 54930024XOXET7NQVZ63 36162JAG1 2500000.000000000000 PA USD 2605935.000000000000 0.5986768896 Long DBT CORP US N 2 2029-04-15 Fixed 8.625000000000 N N N N N N GEN DIGITAL INC YF6ZV0M6AU4FY94MK914 668771AK4 5729000.000000000000 PA USD 5750380.630000000000 1.3210690172 Long DBT CORP US N 2 2027-09-30 Fixed 6.750000000000 N N N N N N XPO INC 54930096DB9LCLPN7H13 98379KAA0 1000000.000000000000 PA USD 1011881.000000000000 0.2324654182 Long DBT CORP US N 2 2028-06-01 Fixed 6.250000000000 N N N N N N AVANTOR FUNDING INC 5493003VM0XB4U8YD238 05352TAA7 4500000.000000000000 PA USD 4455147.150000000000 1.0235073547 Long DBT CORP US N 2 2028-07-15 Fixed 4.625000000000 N N N N N N BANDWIDTH INC 549300QC70JB7MUGXM66 05988JAD5 3239000.000000000000 PA USD 3059235.500000000000 0.7028162995 Long DBT CORP US N 2 2028-04-01 Fixed .500000000000 N N N N Y Bandwidth Inc USD XXXX N N N BELO CORP N/A 080555AF2 3000000.000000000000 PA USD 3082128.000000000000 0.7080755292 Long DBT CORP US N 2 2027-09-15 Fixed 7.250000000000 N N N N N N BURFORD CAPITAL GLBL FIN 549300JVAOO67CSCH406 12116LAA7 3335000.000000000000 PA USD 3297138.080000000000 0.7574710690 Long DBT CORP US N 2 2028-04-15 Fixed 6.250000000000 N N N N N N BELO CORP N/A 080555AE5 2500000.000000000000 PA USD 2555572.500000000000 0.5871068140 Long DBT CORP US N 2 2027-06-01 Fixed 7.750000000000 N N N N N N SYNERGY INFRASTRUCTURE H N/A 87191JAA2 3879000.000000000000 PA USD 4063759.680000000000 0.9335915919 Long DBT CORP US N 2 2030-12-01 Fixed 7.875000000000 N N N N N N TALOS PRODUCTION INC 549300GZ2DZZE2Y8TX15 87485LAD6 1000000.000000000000 PA USD 1042428.000000000000 0.2394831616 Long DBT CORP US N 2 2029-02-01 Fixed 9.000000000000 N N N N N N TENET HEALTHCARE CORP 0W9AIBT6U6ADJ2I8HK17 88033GDK3 5092000.000000000000 PA USD 5115163.510000000000 1.1751368241 Long DBT CORP US N 2 2028-10-01 Fixed 6.125000000000 N N N N N N DARLING INGREDIENTS INC L1N0SPPKS7EXZYUMZ898 237266AH4 6074000.000000000000 PA USD 6072803.420000000000 1.3951411153 Long DBT CORP US N 2 2027-04-15 Fixed 5.250000000000 N N N N N N ENERFLEX INC 549300SQCOV1LC1GBK07 29281WAA6 2000000.000000000000 PA USD 2048094.000000000000 0.4705207710 Long DBT CORP US N 2 2031-01-15 Fixed 6.875000000000 N N N N N N ADIENT GLOBAL HOLDINGS 213800VA38VCKE6M8790 00687YAB1 4100000.000000000000 PA USD 4169322.800000000000 0.9578432330 Long DBT CORP JE N 2 2028-04-15 Fixed 7.000000000000 N N N N N N SUNOCO LP 54930001NJU8E40NQ561 86765KAH2 4000000.000000000000 PA USD 4000309.200000000000 0.9190147372 Long DBT CORP US N 2 2027-07-15 Fixed 5.875000000000 N N N N N N CARVANA CO 5493003WEAK2PJ5WS063 146869AN2 5320000.000000000000 PA USD 5504391.200000000000 1.2645564078 Long DBT CORP US N 2 2030-06-01 Fixed 9.000000000000 N N Y N N N CLEARWATER PAPER CORP 549300HCVV19GXN4P292 18538RAJ2 4205000.000000000000 PA USD 3438217.700000000000 0.7898821261 Long DBT CORP US N 2 2028-08-15 Fixed 4.750000000000 N N N N N N First American Treasury Obliga 549300UU586IAH2B8H03 31846V328 17217998.320000000000 NS USD 17217998.320000000000 3.9555927828 Long STIV RF US N 1 N N N ZIFF DAVIS INC 5493008OJYGLHD7MXA18 48123VAF9 6273000.000000000000 PA USD 5901408.750000000000 1.3557656021 Long DBT CORP US N 2 2030-10-15 Fixed 4.625000000000 N N N N N N SHEA HOMES LP/FNDG CP N/A 82088KAK4 1938000.000000000000 PA USD 1920506.840000000000 0.4412094167 Long DBT CORP US N 2 2028-02-15 Fixed 4.750000000000 N N N N N N AMWINS GROUP INC 549300SJE7MUB8NMRG61 031921AB5 3407000.000000000000 PA USD 3285127.180000000000 0.7547117338 Long DBT CORP US N 2 2029-06-30 Fixed 4.875000000000 N N N N N N ARETEC GROUP INC 549300NV2T8A33L0PQ58 040133AA8 3135000.000000000000 PA USD 3125172.090000000000 0.7179643031 Long DBT CORP US N 2 2029-04-01 Fixed 7.500000000000 N N N N N N SPECTRUM BRANDS INC 549300VU3EH2E73C1Q04 84762LAZ8 1928000.000000000000 PA USD 2014181.600000000000 0.4627298744 Long DBT CORP US N 2 2029-06-01 Fixed 3.375000000000 N N N N N Spectrum Brands Holdings Inc USD XXXX N N N SUPER MICRO COMPUTER INC 54930022CZO1N2UGVW07 86800UAB0 4500000.000000000000 PA USD 4160250.000000000000 0.9557588849 Long DBT CORP US N 2 2029-03-01 Fixed 3.500000000000 N N N N Y Super Micro Computer Inc USD XXXX N N N TITAN INTERNATIONAL INC 254900CXRGBE7C4B5A06 88830MAM4 4281000.000000000000 PA USD 4288286.690000000000 0.9851735124 Long DBT CORP US N 2 2028-04-30 Fixed 7.000000000000 N N N N N N MAGNERA CORP 549300LDQLQBT38QDY28 377320AA4 5560000.000000000000 PA USD 5194254.860000000000 1.1933069486 Long DBT CORP US N 2 2029-11-15 Fixed 4.750000000000 N N N N N N GOODYEAR TIRE & RUBBER 5493002BI0S2ZQUY3437 382550BG5 2000000.000000000000 PA USD 1999382.600000000000 0.4593300124 Long DBT CORP US N 2 2027-03-15 Fixed 4.875000000000 N N N N N N GRIFFON CORPORATION 5493000C2SGNC7ZN3242 398433AP7 4006000.000000000000 PA USD 4008940.400000000000 0.9209976339 Long DBT CORP US N 2 2028-03-01 Fixed 5.750000000000 N N N N N N H.B. FULLER CO JSMX3Z5FOYM8V0Q52357 40410KAA3 1953000.000000000000 PA USD 1922934.740000000000 0.4417671926 Long DBT CORP US N 2 2028-10-15 Fixed 4.250000000000 N N N N N N ADVANTAGE SALES & MARKET 549300T4O24KQDED1182 00775DAC8 4520826.350977000000 PA USD 4034837.520000000000 0.9269471327 Long DBT CORP US N 2 2030-11-15 Fixed 9.000000000000 N N N N N N HILTON WORLDWIDE FIN LLC N/A 432891AK5 1676000.000000000000 PA USD 1676498.290000000000 0.3851518866 Long DBT CORP US N 2 2027-04-01 Fixed 4.875000000000 N N N N N N KBR INC 254900OFQDXZRKRCV808 48242WAC0 4518000.000000000000 PA USD 4463123.920000000000 1.0253399053 Long DBT CORP US N 2 2028-09-30 Fixed 4.750000000000 N N N N N N BOYD GAMING CORP 254900787YGRYS2A1Z35 103304BU4 3336000.000000000000 PA USD 3326304.580000000000 0.7641716619 Long DBT CORP US N 2 2027-12-01 Fixed 4.750000000000 N N N N N N CCO HLDGS LLC/CAP CORP N/A 1248EPBT9 2556000.000000000000 PA USD 2552138.910000000000 0.5863179950 Long DBT CORP US N 2 2027-05-01 Fixed 5.125000000000 N N N N N N LUCID GROUP INC 529900MRL9Z13ZCRVD74 549498AA1 3445000.000000000000 PA USD 3298587.500000000000 0.7578040528 Long DBT CORP US N 2 2026-12-15 Fixed 1.250000000000 N N N N Y Lucid Group Inc USD XXXX N N N MIDAS OPCO HOLDINGS LLC 984500904E015Z0C1F82 59565JAA9 4107000.000000000000 PA USD 3964242.730000000000 0.9107289733 Long DBT CORP US N 2 2029-08-15 Fixed 5.625000000000 N N N N N N SIX FLAGS/CANADA WON N/A 150190AK2 5256000.000000000000 PA USD 5267536.920000000000 1.2101424705 Long DBT CORP US N 2 2028-10-01 Fixed 6.500000000000 N N N N N N CHAMPIONS FINANCING INC 391200ZDD75EGEUJ7625 15870LAA6 4820000.000000000000 PA USD 4692124.440000000000 1.0779495517 Long DBT CORP US N 2 2029-02-15 Fixed 8.750000000000 N N N N N N ORGANON & CO/ORGANON FOR N/A 68622TAA9 4491000.000000000000 PA USD 4437269.410000000000 1.0194001955 Long DBT CORP US N 2 2028-04-30 Fixed 4.125000000000 N N N N N N ENOVA INTERNATIONAL INC 549300O8XOCQSB49UO63 29357KAH6 5098000.000000000000 PA USD 5375565.710000000000 1.2349605646 Long DBT CORP US N 2 2028-12-15 Fixed 11.250000000000 N N N N N N UNISYS CORP 549300T21W22FIJJOW08 909214BX5 4000000.000000000000 PA USD 3768258.400000000000 0.8657043318 Long DBT CORP US N 2 2031-01-15 Fixed 10.625000000000 N N N N N N WOLVERINE WORLD WIDE 549300OVC7PK14LQ8D87 978097AG8 5592000.000000000000 PA USD 5272663.250000000000 1.2113201727 Long DBT CORP US N 2 2029-08-15 Fixed 4.000000000000 N N N N N N GOEASY LTD 5493009DJVZG2P8YV435 380355AH0 5062000.000000000000 PA USD 4973795.160000000000 1.1426594353 Long DBT CORP CA N 2 2028-12-01 Fixed 9.250000000000 N N N N N N HARROW INC 529900AP4LIRLNV8A089 415858AC3 6135000.000000000000 PA USD 6230883.490000000000 1.4314577865 Long DBT CORP US N 2 2030-09-15 Fixed 8.625000000000 N N N N N N RB GLOBAL HOLDINGS INC 254900LH3N0EGB1LQ203 76774LAB3 1432000.000000000000 PA USD 1452951.590000000000 0.3337951785 Long DBT CORP US N 2 2028-03-15 Fixed 6.750000000000 N N N N N N SILGAN HOLDINGS INC KAF673KJXD92C8KSLU49 827048AW9 4397000.000000000000 PA USD 4342055.970000000000 0.9975262477 Long DBT CORP US N 2 2028-02-01 Fixed 4.125000000000 N N N N N N SUNOCO LP/FINANCE CORP N/A 86765LAN7 1733000.000000000000 PA USD 1733076.250000000000 0.3981498766 Long DBT CORP US N 2 2028-03-15 Fixed 5.875000000000 N N N N N N 2026-08-25 Manager Directed Portfolios /s/ Ryan Frank Ryan Frank President XXXX