Manager Directed Portfolios. Holdings as of May 31, 2026, from Form N-PORT.
Share of net assets at the report date, for the whole fund across all share classes.
| Holding | Weight | Value | Shares or units |
|---|---|---|---|
| U.S. Bank Money Market Deposit AccountCash or money market | 51.71% | $3.90M | 3,897,706 |
| US TREASURY N/BBond | 13.27% | $1.00M | 1,000,000 |
| US TREASURY N/BBond | 11.16% | $841.45K | 850,000 |
| TSY INFL IX N/BBond | 8.98% | $676.66K | 674,265 |
| RITHM CAPITAL CORPPreferred | 7.20% | $543.04K | 21,800 |
| PENNYMAC MTGE INVESTMENTPreferred | 3.37% | $254.37K | 10,074 |
| TREASURY BILLBond | 3.31% | $249.27K | 250,000 |
| BABCOCK & WILCOX ENTERPRPreferred | 2.74% | $206.69K | 8,248 |
| PENNYMAC MTGE INVESTMENTPreferred | 2.25% | $169.73K | 7,412 |
| XCEL ENERGY INCPreferred | 2.17% | $163.40K | 6,800 |
| CHIMERA INVESTMENT CORPPreferred | 1.34% | $101.00K | 4,000 |
| NEXTERA ENERGY CAPITALPreferred | 1.22% | $91.61K | 3,700 |
| DUKE ENERGY CORPPreferred | 0.95% | $71.52K | 3,000 |
| CHIMERA INVESTMENT CORPPreferred | 0.87% | $65.73K | 2,600 |
| Dynex Capital IncDX | 0.69% | $52.36K | 4,000 |
| Government National Mortgage AABS-MBS | 0.60% | $44.94K | 57,812 |
| RITHM CAPITAL CORPPreferred | 0.48% | $36.48K | 1,450 |
| Rithm Capital CorpRITM | 0.31% | $23.30K | 2,500 |
| Freddie MacABS-MBS | 0.29% | $21.91K | 28,803 |
| Freddie MacABS-MBS | 0.21% | $16.12K | 16,226 |
Holdings from the fund's latest Form N-PORT; expense ratio (net of fee waivers) from the risk/return summary of its prospectus; fund type from Form N-CEN. Prices are end-of-day closes adjusted for splits; total return also reinvests distributions.