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 2026-02-28 N 2797479.670000000000 1471.650000000000 2796008.020000000000 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 949.000000000000 N N/A N/A Dynex Capital Inc 5CIJ4S9HAEBWILA19B65 26817Q886 4000.000000000000 NS USD 56120.000000000000 2.0071473186 Long EC CORP US N 1 N N N NEXTERA ENERGY CAPITAL UMI46YPGBLUE4VGNNT48 65339K837 8600.000000000000 NS USD 218096.000000000000 7.8002637489 Long EP CORP US N 1 N N N PENNYMAC MTGE INVESTMENT 549300BSSOQO1ZWDUJ97 70931T707 10074.000000000000 NS USD 255678.120000000000 9.1443986631 Long EP CORP US N 1 N N N U.S. Bank Money Market Deposit Account N/A 8AMMF0A92 324990.000000000000 NS USD 324990.000000000000 11.6233572177 Long STIV RF US N 1 N N N CHIMERA INVESTMENT CORP 2JBBQFJOL123LOUBE657 16934Q877 4000.000000000000 NS USD 101680.000000000000 3.6366133170 Long EP CORP US N 1 N N N RITHM CAPITAL CORP 549300WNTHGEO5LP2G31 64828T409 1450.000000000000 NS USD 36366.000000000000 1.3006400461 Long EP CORP US N 1 N N N DUKE ENERGY CORP I1BZKREC126H0VB1BL91 26441C402 3000.000000000000 NS USD 73920.000000000000 2.6437692407 Long EP CORP US N 1 N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 3137F4TS1 20292.140000000000 PA USD 20166.750000000000 0.7212693904 Long ABS-MBS USGSE US N 2 2045-10-15 Fixed 3.500000000000 N N N N N N TSY INFL IX N/B 254900HROIFWPRGM1V77 91282CNB3 417371.800000000000 PA USD 426147.140000000000 15.2412703022 Long DBT UST US N 2 2030-04-15 Fixed 1.625000000000 N N N N N N Government National Mortgage A 549300M8ZYFG0OCMTT87 38383LCA6 59475.880000000000 PA USD 48963.270000000000 1.7511848911 Long ABS-MBS USGA US N 2 2052-11-20 Fixed .000000000000 N N N N N N CHIMERA INVESTMENT CORP 2JBBQFJOL123LOUBE657 16934Q885 2600.000000000000 NS USD 65390.000000000000 2.3386914319 Long EP CORP US N 1 N N N Rithm Capital Corp 549300WNTHGEO5LP2G31 64828T201 2500.000000000000 NS USD 25125.000000000000 0.8986025727 Long EC CORP US N 1 N N N PENNYMAC MTGE INVESTMENT 549300BSSOQO1ZWDUJ97 70931T301 4612.000000000000 NS USD 108935.440000000000 3.8961061349 Long EP CORP US N 1 N N N TREASURY BILL 254900HROIFWPRGM1V77 912797SY4 500000.000000000000 PA USD 499598.310000000000 17.8682717083 Long DBT UST US N 2 2026-03-10 Fixed .000000000000 N N N N N N US TREASURY N/B 254900HROIFWPRGM1V77 91282CPJ4 350000.000000000000 PA USD 351383.000000000000 12.5673101610 Long DBT UST US N 2 2035-11-15 Fixed 4.000000000000 N N N N N N XCEL ENERGY INC LGJNMI9GH8XIDG5RCM61 98389B878 6800.000000000000 NS USD 169660.000000000000 6.0679368151 Long EP CORP US N 1 N N N 2026-04-20 Manager Directed Portfolios /s/ Scott Ostrowski Scott Ostrowski Vice President XXXX