Manager Directed Portfolios NPORT-P Greenspring Income Opportunities Fund (Dec 2024 report)

Greenspring Income Opportunities Fund
Schedule of Investments
December 31, 2024 (Unaudited)
CORPORATE BONDS - 79.9%	Par		Value
COMMUNICATION SERVICES - 4.1%
Cable & Satellite - 0.4%
CCO Holdings LLC
5.50%, 05/01/2026 (a)	$	600,000	$	598,792
5.13%, 05/01/2027 (a)		554,000		544,840
				1,143,632
Media - 3.7%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028 (a)		4,775,000		4,538,324
Belo Corp., 7.75%, 06/01/2027		920,000		961,381
Getty Images, Inc., 9.75%, 03/01/2027 (a)		4,030,000		4,020,491
Nexstar Media, Inc., 5.63%, 07/15/2027 (a)		2,484,000		2,425,479
TEGNA, Inc., 4.63%, 03/15/2028		133,000		126,184
				12,071,859
TOTAL COMMUNICATION SERVICES				13,215,491
CONSUMER DISCRETIONARY - 16.1%
Auto Components - 2.0%
Adient Global Holdings Ltd.
4.88%, 08/15/2026 (a)		1,138,000		1,122,082
7.00%, 04/15/2028 (a)		1,600,000		1,620,231
Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (a)		2,045,000		2,040,549
Goodyear Tire & Rubber Co., 9.50%, 05/31/2025		1,587,000		1,598,284
				6,381,146
Automobiles - 1.6%
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/2025 (a)		5,051,000		5,053,032
Automobiles Wholesalers - 0.5%
KAR Auction Services, Inc., 5.13%, 06/01/2025 (a)		1,768,000		1,764,941
Casinos & Gaming - 1.6%
Boyd Gaming Corp., 4.75%, 12/01/2027		675,000		653,851
Caesars Entertainment, Inc., 8.13%, 07/01/2027 (a)		559,000		565,047
Light & Wonder International, Inc., 7.00%, 05/15/2028 (a)		4,132,000		4,144,083
				5,362,981
Consumer Services - 1.8%
Graham Holdings Co., 5.75%, 06/01/2026 (a)		1,935,000		1,928,658
Prime Security Services Borrower LLC, 6.25%, 01/15/2028 (a)		3,979,000		3,961,766
				5,890,424
Homebuilding - 0.8%
Century Communities, Inc., 6.75%, 06/01/2027		2,455,000		2,458,240
Household Durables - 0.1%
Newell Brands, Inc., 5.70%, 04/01/2026 (b)		308,000		308,135
Leisure - 2.9%
Cedar Fair LP
5.38%, 04/15/2027		750,000		742,591
6.50%, 10/01/2028		2,000,000		2,012,540
Life Time, Inc., 5.75%, 01/15/2026 (a)		3,088,000		3,086,732
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (a)		3,655,000		3,663,863
				9,505,726
Leisure Products - 0.8%
Viking Cruises Ltd., 6.25%, 05/15/2025 (a)		2,553,000		2,555,407
Lodging - 2.3%
Arrow Bidco LLC, 10.75%, 06/15/2025 (a)		3,055,000		3,122,629
Hilton Domestic Operating Co., Inc., 5.38%, 05/01/2025 (a)		375,000		374,131
Hilton Worldwide Finance LLC, 4.88%, 04/01/2027		125,000		123,455
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028		2,592,000		2,492,922
Travel + Leisure Co., 6.63%, 07/31/2026 (a)		1,300,000		1,314,818
				7,427,955
Retail - 1.7%
Academy Ltd., 6.00%, 11/15/2027 (a)		3,094,000		3,080,172
Evergreen Acqco 1 LP, 9.75%, 04/26/2028 (a)		2,400,000		2,528,383
				5,608,555
TOTAL CONSUMER DISCRETIONARY				52,316,542
CONSUMER STAPLES - 2.4%
Food & Beverage - 1.7%
Darling Ingredients, Inc., 5.25%, 04/15/2027 (a)		518,000		512,132
TreeHouse Foods, Inc., 4.00%, 09/01/2028		500,000		454,683
Triton Water Holdings, Inc., 6.25%, 04/01/2029 (a)		4,690,000		4,660,702
				5,627,517
Food & Staples Retailing - 0.5%
Albertsons Cos., Inc.
7.50%, 03/15/2026 (a)		700,000		703,358
5.88%, 02/15/2028 (a)		808,000		805,333
				1,508,691
Household & Personal Products - 0.2%
Coty, Inc., 5.00%, 04/15/2026 (a)		841,000		839,974
TOTAL CONSUMER STAPLES				7,976,182
ENERGY - 11.2%
Energy Equipment & Services - 4.5%
Archrock Partners LP, 6.88%, 04/01/2027 (a)		3,127,000		3,146,169
Borr IHC Ltd., 10.00%, 11/15/2028 (a)		2,687,805		2,685,027
Enerflex Ltd., 9.00%, 10/15/2027 (a)		2,741,000		2,855,848
Kodiak Gas Services LLC, 7.25%, 02/15/2029 (a)		250,000		255,248
Oceaneering International, Inc., 6.00%, 02/01/2028		1,288,000		1,271,620
TechnipFMC PLC, 6.50%, 02/01/2026 (a)		4,470,000		4,483,564
				14,697,476
Energy Midstream - 2.1%
Delek Logistics Partners LP, 7.13%, 06/01/2028 (a)		2,145,000		2,145,337
EnLink Midstream Partners LP, 4.15%, 06/01/2025		1,000,000		997,519
Genesis Energy LP
8.00%, 01/15/2027		551,000		561,124
7.75%, 02/01/2028		1,654,000		1,657,556
Targa Resources Partners LP, 6.50%, 07/15/2027		1,432,000		1,443,289
				6,804,825
Exploration & Production - 4.6%
Greenfire Resources Ltd., 12.00%, 10/01/2028 (a)		3,367,000		3,644,370
Permian Resources Operating LLC, 5.38%, 01/15/2026 (a)		3,410,000		3,392,120
SM Energy Co., 6.75%, 09/15/2026		3,688,000		3,690,137
Strathcona Resources Ltd., 6.88%, 08/01/2026 (a)		3,135,000		3,143,718
Talos Production, Inc., 9.00%, 02/01/2029 (a)		1,000,000		1,026,907
				14,897,252
TOTAL ENERGY				36,399,553
FINANCIALS - 8.9%
Consumer Finance - 3.8%
Credit Acceptance Corp.
6.63%, 03/15/2026		3,806,000		3,820,270
9.25%, 12/15/2028 (a)		1,687,000		1,786,405
OneMain Finance Corp., 9.00%, 01/15/2029		1,822,000		1,933,434
PRA Group, Inc.
8.38%, 02/01/2028 (a)		2,900,000		2,983,006
5.00%, 10/01/2029 (a)		1,850,000		1,694,164
				12,217,279
Insurance - 0.8%
AmWINS Group, Inc., 4.88%, 06/30/2029 (a)		2,857,000		2,695,930
Investment Banking & Brokerage - 2.2%
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a)		1,152,000		1,195,546
Aretec Group, Inc., 7.50%, 04/01/2029 (a)		3,635,000		3,622,055
Osaic Holdings, Inc., 10.75%, 08/01/2027 (a)		2,305,000		2,391,958
				7,209,559
Mortgage REITs - 0.2%
Starwood Property Trust, Inc., 4.75%, 03/15/2025		788,000		789,628
Specialty Finance - 1.7%
Burford Capital Global Finance LLC
6.25%, 04/15/2028 (a)		3,335,000		3,336,613
9.25%, 07/01/2031 (a)		2,000,000		2,125,803
				5,462,416
Specialty Insurance - 0.2%
Radian Group, Inc., 4.88%, 03/15/2027		517,000		513,686
TOTAL FINANCIALS				28,888,498
HEALTH CARE- 3.4%
Healthcare Equipment & Supplies - 1.1%
Owens & Minor, Inc., 4.50%, 03/31/2029 (a)		3,512,000		3,138,064
Teleflex, Inc., 4.63%, 11/15/2027		550,000		533,465
				3,671,529
Healthcare Providers & Services - 1.6%
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 (a)		1,660,000		1,592,680
AdaptHealth LLC, 6.13%, 08/01/2028 (a)		3,122,000		3,060,074
Encompass Health Corp., 5.75%, 09/15/2025		401,000		401,442
				5,054,196
Life Sciences Tools & Services - 0.7%
Avantor Funding, Inc., 4.63%, 07/15/2028 (a)		1,000,000		955,344
IQVIA, Inc., 5.00%, 10/15/2026 (a)		1,395,000		1,377,417
				2,332,761
TOTAL HEALTH CARE				11,058,486
INDUSTRIALS - 16.2%
Aerospace & Defense - 2.9%
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (a)		250,000		253,753
Bombardier, Inc., 7.88%, 04/15/2027 (a)		5,167,000		5,178,057
Rolls-Royce PLC, 3.63%, 10/14/2025 (a)		1,477,000		1,453,421
TransDigm, Inc., 5.50%, 11/15/2027		2,484,000		2,442,901
				9,328,132
Building Products - 1.5%
Advanced Drainage Systems, Inc., 5.00%, 09/30/2027 (a)		1,624,000		1,601,988
Griffon Corp., 5.75%, 03/01/2028		3,387,000		3,323,547
				4,925,535
Commercial Services & Supplies - 3.3%
Champions Financing, Inc., 8.75%, 02/15/2029 (a)		4,820,000		4,705,088
GEO Group, Inc., 8.63%, 04/15/2029		2,500,000		2,643,036
Matthews International Corp., 8.63%, 10/01/2027 (a)		2,000,000		2,087,562
Ritchie Bros Holdings, Inc., 6.75%, 03/15/2028 (a)		1,432,000		1,465,852
				10,901,538
Engineering & Construction - 3.5%
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (a)		2,949,000		2,849,447
MasTec, Inc., 6.63%, 08/15/2029 (a)		1,800,000		1,815,381
Pike Corp., 5.50%, 09/01/2028 (a)		3,855,000		3,710,404
Williams Scotsman, Inc., 6.13%, 06/15/2025 (a)		2,998,000		2,996,816
				11,372,048
Environmental Services - 0.5%
Clean Harbors, Inc., 4.88%, 07/15/2027 (a)		900,000		882,431
GFL Environmental, Inc., 5.13%, 12/15/2026 (a)		750,000		746,615
				1,629,046
Machinery - 2.4%
Enpro, Inc., 5.75%, 10/15/2026		3,256,000		3,251,181
Gates Corp., 6.88%, 07/01/2029 (a)		500,000		509,234
Titan International, Inc., 7.00%, 04/30/2028		3,638,000		3,580,020
Trinity Industries, Inc., 7.75%, 07/15/2028 (a)		500,000		519,179
				7,859,614
Professional Services - 1.0%
Camelot Finance SA, 4.50%, 11/01/2026 (a)		3,200,000		3,112,083
Trading Companies & Distributors - 0.7%
Herc Holdings, Inc., 5.50%, 07/15/2027 (a)		1,639,000		1,624,498
WESCO Distribution, Inc., 7.25%, 06/15/2028 (a)		650,000		661,446
				2,285,944
Transportation - 0.4%
RXO, Inc., 7.50%, 11/15/2027 (a)		350,000		360,588
XPO, Inc., 6.25%, 06/01/2028 (a)		1,000,000		1,007,981
				1,368,569
TOTAL INDUSTRIALS				52,782,509
INFORMATION TECHNOLOGY - 6.3%
Information Technology Services - 1.3%
KBR, Inc., 4.75%, 09/30/2028 (a)		4,518,000		4,335,654
Software & Services - 4.0%
ACI Worldwide, Inc., 5.75%, 08/15/2026 (a)		2,456,000		2,453,439
Consensus Cloud Solutions, Inc., 6.00%, 10/15/2026 (a)		2,999,000		2,976,636
Gen Digital, Inc.
5.00%, 04/15/2025 (a)		989,000		987,963
6.75%, 09/30/2027 (a)		1,260,000		1,280,083
Open Text Corp., 3.88%, 02/15/2028 (a)		1,850,000		1,744,313
PTC, Inc., 3.63%, 02/15/2025 (a)		500,000		500,050
Rocket Software, Inc., 9.00%, 11/28/2028 (a)		3,000,000		3,113,346
				13,055,830
Technology Hardware & Equipment - 1.0%
Western Digital Corp., 4.75%, 02/15/2026		3,113,000		3,085,683
TOTAL INFORMATION TECHNOLOGY				20,477,167
MATERIALS - 9.5%
Chemicals - 3.2%
Avient Corp., 6.25%, 11/01/2031 (a)		500,000		493,740
Axalta Coating Systems LLC, 4.75%, 06/15/2027 (a)		1,300,000		1,275,298
Magnera Corp., 4.75%, 11/15/2029 (a)		5,060,000		4,499,844
HB Fuller Co., 4.25%, 10/15/2028		1,953,000		1,845,391
Minerals Technologies, Inc., 5.00%, 07/01/2028 (a)		1,356,000		1,312,574
Scotts Miracle-Gro Co., 5.25%, 12/15/2026		1,000,000		986,379
				10,413,226
Construction Materials - 0.8%
Summit Materials LLC, 6.50%, 03/15/2027 (a)		2,674,000		2,675,005
Metals & Mining - 3.5%
Algoma Steel, Inc., 9.13%, 04/15/2029 (a)		2,800,000		2,866,752
Allegheny Ludlum LLC, 6.95%, 12/15/2025		1,077,000		1,085,894
Allegheny Technologies, 5.88%, 12/01/2027		1,000,000		992,040
Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 (a)		3,125,000		3,095,064
Mineral Resources Ltd., 8.13%, 05/01/2027 (a)		2,500,000		2,512,621
New Gold, Inc., 7.50%, 07/15/2027 (a)		900,000		908,310
				11,460,681
Packaging & Containers - 2.0%
Berry Global, Inc.
4.50%, 02/15/2026 (a)		1,785,000		1,760,689
4.88%, 07/15/2026 (a)		315,000		313,983
Crown Americas LLC, 4.75%, 02/01/2026		350,000		346,467
Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026		500,000		514,990
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 (a)		1,780,000		1,818,199
Pactiv LLC, 7.95%, 12/15/2025		1,515,000		1,542,270
				6,296,598
TOTAL MATERIALS				30,845,510
REAL ESTATE - 1.2%
Real Estate Investment Trust - 0.6%
Iron Mountain, Inc., 4.88%, 09/15/2027 (a)		1,913,000		1,866,617
RHP Hotel Properties LP, 7.25%, 07/15/2028 (a)		1,250,000		1,289,797
SBA Communications Corp., 3.88%, 02/15/2027		696,000		666,844
TOTAL REAL ESTATE				3,823,258
UTILITIES - 0.6%
Utilities - 0.6%
Vistra Operations Co. LLC
5.50%, 09/01/2026 (a)		752,000		750,248
5.63%, 02/15/2027 (a)		1,250,000		1,248,749
				1,998,997
TOTAL UTILITIES				1,998,997
TOTAL CORPORATE BONDS (Cost $257,135,511)				259,782,193
CONVERTIBLE BONDS - 5.9%	Par		Value
CONSUMER DISCRETIONARY - 1.4%
Consumer Services - 1.0%
Chegg, Inc., 0.13%, 03/15/2025		3,218,000		3,127,896
Restaurants - 0.4%
Cracker Barrel Old Country Store, Inc., 0.63%, 06/15/2026		1,435,000		1,356,075
				4,483,971
HEALTH CARE - 0.1%
Healthcare Equipment & Supplies - 0.1%
Haemonetics Corp., 0.00%, 03/01/2026 (c)		510,000		482,613
INFORMATION TECHNOLOGY - 1.1%
Software & Services - 1.1%
DigitalOcean Holdings, Inc., 0.00%, 12/01/2026 (c)		4,000,000		3,570,000
REAL ESTATE - 2.1%
Real Estate Investment Trust - 2.1%
Blackstone Mortgage Trust, Inc., 5.50%, 03/15/2027		3,000,000		2,902,500
Pebblebrook Hotel Trust, 1.75%, 12/15/2026		4,250,000		3,967,800
				6,870,300
UTILITIES - 1.2%
Utilites - 1.2%
NextEra Energy Partners LP, 0.00%, 11/15/2025 (a)(c)		4,125,000		3,892,969
TOTAL CONVERTIBLE BONDS (Cost $19,066,386)				19,299,853
PREFERRED STOCKS - 1.1%	Shares		Value
INDUSTRIALS - 1.1%
Trading Companies & Distributors - 1.1%
WESCO International, Inc., Series A, 10.63% to 06/22/2025 then 5 yr. CMT Rate + 10.33%, Perpetual		145,557		3,714,615
TOTAL PREFERRED STOCKS (Cost $3,763,582)				3,714,615
SHORT-TERM INVESTMENTS - 12.3%	Shares		Value
Money Market Funds - 12.3%
First American Government Obligations Fund - Class X, 4.32% (d)		12,806,743		12,806,743
First American Treasury Obligations Fund - Class X, 4.31% (d)		12,806,743		12,806,743
Invesco Government & Agency Portfolio - Class Institutional, 4.32% (d)		1,576,428		1,576,428
Invesco Treasury Portfolio - Class Institutional, 4.29% (d)		12,806,743		12,806,743
TOTAL SHORT-TERM INVESTMENTS (Cost $39,996,657)				39,996,657
TOTAL INVESTMENTS - 99.2% (Cost $319,962,136)				322,793,318
Other Assets in Excess of Liabilities - 0.8%				2,528,667
TOTAL NET ASSETS - 100.0%			$	325,321,985
two				–	%
Percentages are stated as a percent of net assets.				–	%

CMT - Constant Maturity Treasury

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2024, the value of these securities total $207,823,081 or 63.9% of the Fund’s net assets.
(b)	Step coupon bond. The rate disclosed is as of December 31, 2024.
(c)	Zero coupon bonds make no periodic interest payments.
(d)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Greenspring Income Opportunities Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	259,782,193	$	–	$	259,782,193
Convertible Bonds		–		19,299,853		–		19,299,853
Preferred Stocks		3,714,615		–		–		3,714,615
Money Market Funds		39,996,657		–		–		39,996,657
Total Investments	$	43,711,272	$	279,082,046	$	–	$	322,793,318
Refer to the Schedule of Investments for further disaggregation of investment categories.