0000894189-26-012594.txt : 20260423 0000894189-26-012594.hdr.sgml : 20260423 20260423110224 ACCESSION NUMBER: 0000894189-26-012594 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20260228 FILED AS OF DATE: 20260423 DATE AS OF CHANGE: 20260423 PERIOD START: 20260531 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: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21897 FILM NUMBER: 26886652 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 0001359057 S000086570 Twin Oak Active Opportunities ETF C000252158 Twin Oak Active Opportunities ETF TSPX NPORT-P 1 primary_doc.xml NPORT-P false 0001359057 XXXXXXXX S000086570 C000252158 Manager Directed Portfolios 811-21897 0001359057 549300WAC9XE08QLVP90 615 E. Michigan Street Milwaukee 53202 4145163123 Twin Oak Active Opportunities ETF S000086570 529900UOLMOVPQ0GOJ22 2026-05-31 2026-02-28 N 252860090.380000000000 67870.790000000000 252792219.590000000000 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 Vanguard S&P 500 ETF N/A Vanguard S&P 500 ETF 922908363 306613.000000000000 NS USD 193485067.520000000000 76.5391703249 Long EC RF US N 1 N N N U.S. Bank Money Market Deposit Account N/A U.S. Bank Money Market Deposit Account 8AMMF0A84 217793.800000000000 NS USD 217793.800000000000 0.0861552624 Long STIV RF US N 1 N N N iShares Ultra Short Duration B 549300JE6SRZTXKUCU42 iShares Ultra Short Duration Bond Active ETF 46434V878 710454.000000000000 NS USD 36034226.880000000000 14.2544841524 Long EC RF US N 1 N N N JPMorgan Ultra-Short Income ET 549300VN24B8TQAGGX74 JPMorgan Ultra-Short Income ETF 46641Q837 455511.000000000000 NS USD 23121738.360000000000 9.1465387651 Long EC RF US N 1 N N N 2026-04-20 Manager Directed Portfolios /s/ Scott Ostrowski Scott Ostrowski Vice President XXXX NPORT-EX 2 active-opp.htm

Twin Oak Active Opportunities ETF
  
Schedule of Investments
  
February 28, 2026 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 99.9%
  
Shares
    
Value
 
iShares Ultra Short Duration Bond Active ETF
    
710,454
    
$
36,034,227
  
JPMorgan Ultra-Short Income ETF
    
455,511
      
23,121,738
  
Vanguard S&P 500 ETF (a)
    
306,613
      
193,485,068
  
TOTAL EXCHANGE TRADED FUNDS (Cost $225,128,489)
      
252,641,033
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $225,128,489)
      
252,641,033
  
Other Assets in Excess of Liabilities - 0.1%
      
151,086
  
TOTAL NET ASSETS - 100.0%
          
$
252,792,119
  
                 
Percentages are stated as a percent of net assets.
          

(a)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.


Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
 
Twin Oak Active Opportunities ETF (the "Fund") has adopted fair value accounting standards which establish a 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. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - 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 - 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2026:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Exchange Traded Funds
  
$
252,641,033
    
$
–
    
$
–
    
$
252,641,033
  
Total Investments
  
$
252,641,033
    
$
–
    
$
–
    
$
252,641,033
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.