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 |
|---|---|---|---|
| TREASURY BILLBond | 35.21% | $897.37K | 900,000 |
| TSY INFL IX N/BBond | 24.31% | $619.40K | 617,211 |
| U.S. Bank Money Market Deposit AccountCash or money market | 6.28% | $160.01K | 160,012 |
| PENNYMAC MTGE INVESTMENTPreferred | 5.94% | $151.50K | 6,000 |
| PENNYMAC MTGE INVESTMENTPreferred | 5.94% | $151.34K | 5,900 |
| BABCOCK & WILCOX ENTERPRPreferred | 4.98% | $127.00K | 5,068 |
| NEXTERA ENERGY CAPITALPreferred | 4.37% | $111.42K | 4,500 |
| MFA FINANCIAL INCPreferred | 3.96% | $100.84K | 4,000 |
| CHIMERA INVESTMENT CORPPreferred | 2.97% | $75.75K | 3,000 |
| TPG MORTGAGE INVEST TRPreferred | 2.96% | $75.54K | 3,000 |
| MFA FINANCIAL INCPreferred | 2.95% | $75.24K | 3,000 |
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.