NPORT-P false 0001359057 XXXXXXXX S000085376 C000250379 Manager Directed Portfolios 811-21897 0001359057 549300WAC9XE08QLVP90 615 E. Michigan Street Milwaukee 53202 4145163123 SanJac Alpha Low Duration ETF S000085376 529900200LBHIXC30Z23 2026-05-31 2026-02-28 N 2557155.000000000000 683.630000000000 2556471.370000000000 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 N N/A N/A US TREASURY N/B 254900HROIFWPRGM1V77 91282CPJ4 200000.000000000000 PA USD 200790.290000000000 7.8541967008 Long DBT UST US N 2 2035-11-15 Fixed 4.000000000000 N N N N N N NEXTERA ENERGY CAPITAL UMI46YPGBLUE4VGNNT48 65339K837 9500.000000000000 NS USD 240920.000000000000 9.4239271688 Long EP CORP US N 1 N N N BABCOCK & WILCOX ENTERPR 5493006H661OZN2C0T54 05614L506 5068.000000000000 NS USD 126547.960000000000 4.9501027661 Long EP CORP US N 1 N N N PENNYMAC MTGE INVESTMENT 549300BSSOQO1ZWDUJ97 70931T806 5900.000000000000 NS USD 149152.000000000000 5.8342918192 Long EP CORP US N 1 N N N U.S. Bank Money Market Deposit Account N/A 8AMMF0A92 24354.720000000000 NS USD 24354.720000000000 0.9526693819 Long STIV RF US N 1 N N N PENNYMAC MTGE INVESTMENT 549300BSSOQO1ZWDUJ97 70931T707 6000.000000000000 NS USD 152280.000000000000 5.9566479714 Long EP CORP US N 1 N N N TPG MORTGAGE INVEST TR 549300SNP0PBR2XTFR48 001228709 3000.000000000000 NS USD 76170.000000000000 2.9794974782 Long EP CORP US N 1 N N N MFA FINANCIAL INC YW72IMH2RRC8Z1TGLG58 55272X805 4000.000000000000 NS USD 101360.000000000000 3.9648400209 Long EP CORP US N 1 N N N CHIMERA INVESTMENT CORP 2JBBQFJOL123LOUBE657 16934Q877 3000.000000000000 NS USD 76260.000000000000 2.9830179557 Long EP CORP US N 1 N N N TSY INFL IX N/B 254900HROIFWPRGM1V77 91282CNB3 508990.000000000000 PA USD 519691.630000000000 20.3284744785 Long DBT UST US N 2 2030-04-15 Fixed 1.625000000000 N N N N N N MFA FINANCIAL INC YW72IMH2RRC8Z1TGLG58 55272X706 3000.000000000000 NS USD 75600.000000000000 2.9572011205 Long EP CORP US N 1 N N N PACIFIC GAS & ELECTRIC 1HNPXZSMMB7HMBMVBS46 694308JM0 100000.000000000000 PA USD 100769.250000000000 3.9417319976 Long DBT CORP US N 2 2030-07-01 Fixed 4.550000000000 N N N N N N TREASURY BILL 254900HROIFWPRGM1V77 912797RV1 700000.000000000000 PA USD 699789.410000000000 27.3732543306 Long DBT UST US N 2 2026-03-05 Fixed .000000000000 N N N N N N 2026-04-20 Manager Directed Portfolios /s/ Scott Ostrowski Scott Ostrowski Vice President XXXX