# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-247597
**Filing Date:** 2026-5
**Character Count:** 59295
**Document Hash:** eccd8e1bdaa092eba46eaa40f2d71533
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247597.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247597

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**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:** 261042339

**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

## Series and Classes Contracts Data

### Hood River New Opportunities Fund (Series ID: S000086255)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000251704 | Institutional Shares | HRNOX           |
| C000251705 | Investor Shares      | HRNIX           |
| C000251706 | Retirement Shares    | HRNRX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hood River New Opportunities Fund** | **Hood River New Opportunities Fund** | **Hood River New Opportunities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 95.8%** | **Shares**  | **Value**  |
| **<u>Communication Services</u> - 1.6%** | **<u>Communication Services</u> - 1.6%** | |
| **Entertainment - 1.1%** | | |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 36940 | $7295650 |
| **Interactive Media & Services - 0.5%** |  |  |
| Reddit, Inc. - Class A <sup>(a)</sup> | 24653 | 3319526 |
| **Total Communication Services** | **Total Communication Services** | 10615176 |
| **<u>Consumer Discretionary</u> - 7.7%** | **<u>Consumer Discretionary</u> - 7.7%** |  |
| **Broadline Retail - 0.7%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 47916 | 4410189 |
| **Hotels, Restaurants & Leisure - 3.8%** |  |  |
| Cava Group, Inc. <sup>(a)(b)</sup> | 74774 | 6049217 |
| DraftKings, Inc. - Class A <sup>(a)</sup> | 141312 | 3055165 |
| Genius Sports Ltd. <sup>(a)</sup> | 333641 | 1478030 |
| Kura Sushi USA, Inc. - Class A <sup>(a)(b)</sup> | 54223 | 3784223 |
| Rush Street Interactive, Inc. <sup>(a)</sup> | 365235 | 7943861 |
| Viking Holdings Ltd. <sup>(a)</sup> | 35679 | 2621693 |
|  |  | 24932189 |
| **Household Durables - 1.0%** |  |  |
| SharkNinja, Inc. <sup>(a)(b)</sup> | 61356 | 6497600 |
| **Specialty Retail - 1.6%** |  |  |
| Bob's Discount Furniture, Inc. <sup>(a)(b)</sup> | 298155 | 3503321 |
| Camping World Holdings, Inc. - Class A | 242499 | 1656268 |
| Five Below, Inc. <sup>(a)</sup> | 14502 | 3313417 |
| Signet Jewelers Ltd. | 30002 | 2539370 |
|  |  | 11012376 |
| **Textiles, Apparel & Luxury Goods - 0.6%** |  |  |
| Ralph Lauren Corp. | 11799 | 4058738 |
| <br> **Total Consumer Discretionary** | <br> **Total Consumer Discretionary** | 50911092 |
| **<u>Consumer Staples</u> - 0.7%** | **<u>Consumer Staples</u> - 0.7%** |  |
| **Beverages - 0.4%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | 68682 | 2436838 |
| **Food Products - 0.3%** |  |  |
| Freshpet, Inc. <sup>(a)</sup> | 3593 | 211843 |
| Once Upon a Farm PBC <sup>(a)(b)</sup> | 132457 | 2165672 |
|  |  | 2377515 |
| **Total Consumer Staples** | **Total Consumer Staples** | 4814353 |
| **<u>Energy</u> - 3.1%** | **<u>Energy</u> - 3.1%** |  |
| **Energy Equipment & Services - 0.5%** |  |  |
| WaterBridge Infrastructure LLC - Class A | 41776 | 1119179 |
| X-Energy Reactor Company, LLC <sup>(a)(c)</sup> | 137586 | 2000005 |
|  |  | 3119184 |
| **Oil, Gas & Consumable Fuels - 2.6%** |  |  |
| Antero Resources Corp. <sup>(a)</sup> | 146523 | 6218436 |
| Comstock, Inc. <sup>(a)(b)</sup> | 1806079 | 5508541 |
| Expand Energy Corp. | 23863 | 2619680 |
| Ur-Energy, Inc. <sup>(a)</sup> | 1959582 | 2919777 |
|  |  | 17266434 |
| **Total Energy** | **Total Energy** | 20385618 |
| **<u>Financials</u> - 9.0%** | **<u>Financials</u> - 9.0%** |  |
| **Banks - 2.0%** |  |  |
| Customers Bancorp, Inc. <sup>(a)</sup> | 78568 | 5453405 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 33050 | 3135784 |
| WesBanco, Inc. | 129077 | 4451866 |
|  |  | 13041055 |
| **Consumer Finance - 4.7%** |  |  |
| Dave, Inc. <sup>(a)</sup> | 101938 | 17746386 |
| FirstCash Holdings, Inc. | 70998 | 13347624 |
|  |  | 31094010 |
| **Insurance - 2.3%** |  |  |
| Hippo Holdings, Inc. <sup>(a)</sup> | 192485 | 5016159 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 26688 | 3189216 |
| Slide Insurance Holdings, Inc. <sup>(a)</sup> | 397898 | 7162164 |
|  |  | 15367539 |
| **Total Financials** | **Total Financials** | 59502604 |
| **<u>Health Care</u> - 21.0%** | **<u>Health Care</u> - 21.0%** |  |
| **Biotechnology - 12.5%** |  |  |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup> | 55397 | 3473392 |
| Bridgebio Pharma, Inc. <sup>(a)</sup> | 65746 | 4882298 |
| Corvus Pharmaceuticals, Inc. <sup>(a)</sup> | 62321 | 911756 |
| Insmed, Inc. <sup>(a)</sup> | 88575 | 14483784 |
| Krystal Biotech, Inc. <sup>(a)</sup> | 35627 | 9203167 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 13307 | 6965815 |
| Mirum Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 17674 | 1632724 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 44018 | 5798931 |
| Nuvalent, Inc. - Class A <sup>(a)(b)</sup> | 26187 | 2682858 |
| Praxis Precision Medicines, Inc. <sup>(a)</sup> | 23176 | 7467076 |
| Protagonist Therapeutics, Inc. <sup>(a)(b)</sup> | 48230 | 5083442 |
| PTC Therapeutics, Inc. <sup>(a)</sup> | 99058 | 6748822 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 13192 | 1147308 |
| Scholar Rock Holding Corp. <sup>(a)(b)</sup> | 127834 | 6284319 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> | 33778 | 1130888 |
| Syndax Pharmaceuticals, Inc. <sup>(a)</sup> | 153949 | 3596249 |
| TG Therapeutics, Inc. <sup>(a)</sup> | 38851 | 1290630 |
|  |  | 82783459 |
| **Health Care Equipment & Supplies - 4.7%** |  |  |
| AtriCure, Inc. <sup>(a)</sup> | 181394 | 5175171 |
| Butterfly Network, Inc. <sup>(a)</sup> | 2747417 | 11099564 |
| Enovis Corp. <sup>(a)</sup> | 99770 | 2269767 |
| Kestra Medical Technologies Ltd. <sup>(a)(b)</sup> | 205946 | 4104504 |
| LivaNova PLC <sup>(a)</sup> | 31209 | 1983644 |
| MiniMed Group, Inc. <sup>(a)(b)</sup> | 92940 | 1386665 |
| Senseonics Holdings, Inc. <sup>(a)(b)</sup> | 59383 | 395491 |
| TransMedics Group, Inc. <sup>(a)(b)</sup> | 43556 | 4329902 |
|  |  | 30744708 |
| **Health Care Providers & Services - 2.9%** |  |  |
| Ensign Group, Inc. | 15425 | 3108137 |
| Guardant Health, Inc. <sup>(a)</sup> | 94226 | 8703656 |
| National HealthCare Corp. | 17691 | 2825253 |
| RadNet, Inc. <sup>(a)</sup> | 82515 | 4611763 |
|  |  | 19248809 |
| **Pharmaceuticals - 0.9%** |  |  |
| Axsome Therapeutics, Inc. <sup>(a)(b)</sup> | 23987 | 4054283 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | 53426 | 1940432 |
|  |  | 5994715 |
| **Total Health Care** | **Total Health Care** | 138771691 |
| **<u>Industrials</u> - 28.7% <sup>(d)</sup>** | **<u>Industrials</u> - 28.7% <sup>(d)</sup>** |  |
| **Aerospace & Defense - 5.8%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 7020 | 2981324 |
| Curtiss-Wright Corp. | 4964 | 3381079 |
| FTAI Aviation Ltd. | 28248 | 6920760 |
| Karman Holdings, Inc. <sup>(a)(b)</sup> | 44296 | 3545895 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 151616 | 10690444 |
| Rocket Lab Corp. <sup>(a)</sup> | 89931 | 5775369 |
| VSE Corp. | 19792 | 3649645 |
| York Space Systems, Inc. <sup>(a)</sup> | 60514 | 1341595 |
|  |  | 38286111 |
| **Commercial Services & Supplies - 1.2%** |  |  |
| GFL Environmental, Inc. <sup>(b)</sup> | 196478 | 8197062 |
| **Construction & Engineering - 8.0%** |  |  |
| API Group Corp. <sup>(a)</sup> | 149382 | 6052959 |
| Comfort Systems USA, Inc. | 16779 | 23138073 |
| MasTec, Inc. <sup>(a)</sup> | 64744 | 20830735 |
| Solv Energy, Inc. - Class A <sup>(a)</sup> | 98871 | 2969096 |
|  |  | 52990863 |
| **Electrical Equipment - 5.4%** |  |  |
| American Superconductor Corp. <sup>(a)</sup> | 127029 | 4299932 |
| Amprius Technologies, Inc. <sup>(a)(b)</sup> | 302263 | 5096154 |
| Babcock & Wilcox Enterprises, Inc. <sup>(a)</sup> | 738480 | 10848271 |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 102980 | 13952760 |
| LSI Industries, Inc. | 99604 | 1852635 |
|  |  | 36049752 |
| **Ground Transportation - 3.6%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 169257 | 9745818 |
| XPO, Inc. <sup>(a)</sup> | 71038 | 13820443 |
|  |  | 23566261 |
| **Machinery - 2.2%** |  |  |
| ESCO Technologies, Inc. | 19562 | 5504160 |
| Symbotic, Inc. <sup>(a)(b)</sup> | 166315 | 8847958 |
|  |  | 14352118 |
| **Marine Transportation - 0.6%** |  |  |
| Kirby Corp. <sup>(a)</sup> | 29280 | 3890726 |
| **Trading Companies & Distributors - 1.9%** |  |  |
| QXO, Inc. <sup>(a)</sup> | 490515 | 9525801 |
| Xometry, Inc. - Class A <sup>(a)(b)</sup> | 79991 | 3266833 |
|  |  | 12792634 |
| **Total Industrials** | **Total Industrials** | 190125527 |
| **<u>Information Technology</u> - 21.2%** | **<u>Information Technology</u> - 21.2%** |  |
| **Aerospace & Defense - 0.4%** |  |  |
| Red Cat Holdings, Inc. <sup>(a)(b)</sup> | 195072 | 2553493 |
| **Communications Equipment - 3.4%** |  |  |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 15464 | 10867481 |
| Ondas Holdings, Inc. <sup>(a)(b)</sup> | 1284754 | 11614176 |
|  |  | 22481657 |
| **Electronic Equipment, Instruments & Components - 1.2%** |  |  |
| Fabrinet <sup>(a)</sup> | 5860 | 3056107 |
| LightPath Technologies, Inc. - Class A <sup>(a)</sup> | 291669 | 2925440 |
| Unusual Machines, Inc. /US <sup>(a)</sup> | 141575 | 1755530 |
|  |  | 7737077 |
| **IT Services - 7.6%** |  |  |
| Applied Digital Corp. <sup>(a)(b)</sup> | 1313316 | 31178122 |
| DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | 223013 | 19130055 |
|  |  | 50308177 |
| **Semiconductors & Semiconductor Equipment - 5.5%** |  |  |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 81221 | 7534060 |
| MKS, Inc. | 21836 | 5018131 |
| Rambus, Inc. <sup>(a)(b)</sup> | 55950 | 4813378 |
| Semtech Corp. <sup>(a)</sup> | 142481 | 10955364 |
| Sequans Communications SA - ADR <sup>(a)</sup> | 26543 | 67154 |
| Teradyne, Inc. | 27917 | 8276274 |
|  |  | 36664361 |
| **Software - 3.1%** |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | 125800 | 5159058 |
| Hut 8 Corp. <sup>(a)</sup> | 142597 | 6689225 |
| Pegasystems, Inc. | 61626 | 2622802 |
| Unity Software, Inc. <sup>(a)</sup> | 281123 | 6167839 |
|  |  | 20638924 |
| **Total Information Technology** | **Total Information Technology** | 140383689 |
| **<u>Materials</u> - 1.3%** | **<u>Materials</u> - 1.3%** |  |
| **Chemicals - 0.3%** |  |  |
| DuPont de Nemours, Inc. | 39964 | 1830351 |
| **Metals & Mining - 1.0%** |  |  |
| Almonty Industries, Inc. <sup>(a)</sup> | 257055 | 3722156 |
| USA Rare Earth, Inc. <sup>(a)</sup> | 190419 | 2881992 |
|  |  | 6604148 |
| **Total Materials** | **Total Materials** | 8434499 |
| **<u>Utilities</u> - 1.5%** | **<u>Utilities</u> - 1.5%** |  |
| **Electric Utilities - 1.5%** |  |  |
| NRG Energy, Inc. | 54993 | 8036677 |
| Oklo, Inc. <sup>(a)(b)</sup> | 37945 | 1881693 |
| **Total Utilities** | **Total Utilities** | 9918370 |
| **TOTAL COMMON STOCKS** (Cost $563,096,009) | **TOTAL COMMON STOCKS** (Cost $563,096,009) | 633862619 |
| **WARRANTS - 0.6%** | **Contracts**  | **Value**  |
| Ekso Bionics Holdings Inc., Expires 01/21/2031, Exercise Price $8.22 <sup>(a)(c)</sup> | 177980 | - |
| Ekso Bionics Holdings Inc., Expires 01/21/2031, Exercise Price $8.22 <sup>(a)(c)</sup> | 2926 | 3790984 |
| **TOTAL WARRANTS** (Cost $2,926,000) | **TOTAL WARRANTS** (Cost $2,926,000) | 3790984 |
| **RIGHTS - 0.0% <sup>(f)</sup>** | **Contracts**  | **Value**  |
| **Health Care *-* 0.0% <sup>(f)</sup>** | **Health Care *-* 0.0% <sup>(f)</sup>** |  |
| **Pharmaceuticals — 0.0% <sup>(f)</sup>** | **Pharmaceuticals — 0.0% <sup>(f)</sup>** |  |
| Novo Nordisk AS, Exercise Price $0.00 <sup>(a)(c)</sup> | 20805 | - |
| **TOTAL RIGHTS** (Cost $-) | **TOTAL RIGHTS** (Cost $-) | - |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.7%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(g)</sup> | 104272756 | 104272756 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $104,272,756) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $104,272,756) | 104272756 |
| **MONEY MARKET FUNDS - 3.3%** | **Shares**  | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(g)</sup> | 21603266 | 21603266 |
| **TOTAL MONEY MARKET FUNDS** (Cost $21,603,266) | **TOTAL MONEY MARKET FUNDS** (Cost $21,603,266) | 21603266 |
| **TOTAL INVESTMENTS - 115.4% (**Cost $691,898,031**)** | **TOTAL INVESTMENTS - 115.4% (**Cost $691,898,031**)** | 763529625 |
| Liabilities in Excess of Other Assets - (15.4)% | Liabilities in Excess of Other Assets - (15.4)% | (101675812) |
| **TOTAL NET ASSETS - 100.0%** |  | $661853813 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt <br> LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $112,368,985.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented
 $5,790,989 or 0.9% of net assets as of March 31, 2026.

(d) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(e) All or some of the shares of the security were acquired through a private investment in public equity (PIPE) transaction. Security may be subject to legal restrictions on sales and was illiquid as of March 31, 2026.

(f) Represents less than 0.05% of net assets.

(g) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Hood River New Opportunities Fund (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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $631862614 | $– | $2000005 | $633862619 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 3790984 | 3790984 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | – | – | - | - |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 104272756 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 21603266 | – | – | 21603266 |
| Total Investments | $653465880 | $– | $5790989 | $763529625 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of
 $104,272,756 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hood River New Opportunities Fund

- **b. EDGAR series identifier (if any):** S000086255

- **c. LEI of Series:** 529900TR41M9QT3U9N96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $763727364.85

**Total Liabilities:** $104944660.08

**Net Assets:** $658782704.77

**Cash Not Reported:** $5022.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251704 | 5.65%                | 2.17%                | -5.28%               |
| Class ID C000251705 | 5.61%                | 2.18%                | -5.36%               |
| Class ID C000251706 | 5.65%                | 2.22%                | -5.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9137822.19              | $10502468.37                               |
| Month 2  | $-4926634.01             | $16667574.38                               |
| Month 3  | $-1867708.23             | $-32692686.15                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    149382 | NS      | $6052958.64   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |    125800 | NS      | $5159058.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                    | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    257055 | NS      | $3722156.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp              | American Superconductor Corp              | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    127029 | NS      | $4299931.65   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Amprius Technologies Inc                  | Amprius Technologies Inc                  | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    302263 | NS      | $5096154.18   | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| Antero Resources Corp                     | Antero Resources Corp                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    146523 | NS      | $6218436.12   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |   1313316 | NS      | $31178121.84  | 4.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Arrowhead Pharmaceuticals Inc             | Arrowhead Pharmaceuticals Inc             | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |     55397 | NS      | $3473391.90   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |    181394 | NS      | $5175170.82   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      7020 | NS      | $2981323.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     23987 | NS      | $4054282.74   | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Babcock & Wilcox Enterprises I            | Babcock & Wilcox Enterprises Inc          | CUSIP: 05614L209<br>LEI: 5493006H661OZN2C0T54 | Long             | EC               | CORP              | US        |    738480 | NS      | $10848271.20  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                         | Bloom Energy Corp                         | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |    102980 | NS      | $13952760.20  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bob's Discount Furniture Inc              | Bob's Discount Furniture Inc              | CUSIP: 09681N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    298155 | NS      | $3503321.25   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Bridgebio Pharma Inc                      | Bridgebio Pharma Inc                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     65746 | NS      | $4882297.96   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54223 | NS      | $3784223.17   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     81221 | NS      | $7534059.96   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LightPath Technologies Inc                | LightPath Technologies Inc                | CUSIP: 532257805<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    291669 | NS      | $2925440.07   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     47916 | NS      | $4410188.64   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Inc                                 | Ondas Inc                                 | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |   1284754 | NS      | $11614176.16  | 1.76%             |  |  |  | No            |                  1 | On Loan: —       |
| Once Upon a Farm PBC                      | Once Upon a Farm PBC                      | CUSIP: 68237F108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132457 | NS      | $2165671.95   | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Palomar Holdings Inc                      | Palomar Holdings Inc                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     26688 | NS      | $3189216.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Syndax Pharmaceuticals Inc                | Syndax Pharmaceuticals Inc                | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |    153949 | NS      | $3596248.64   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software             | Take-Two Interactive Software Inc         | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     36940 | NS      | $7295650.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                              | Teradyne Inc                              | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     27917 | NS      | $8276273.82   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc              | Texas Capital Bancshares Inc              | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     33050 | NS      | $3135784.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     38851 | NS      | $1290630.22   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     43556 | NS      | $4329901.96   | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    281123 | NS      | $6167838.62   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Unusual Machines Inc /US                  | Unusual Machines Inc /US                  | CUSIP: 91532F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141575 | NS      | $1755530.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                              | LivaNova PLC                              | CUSIP: N/A<br>LEI: 2138001K2FX6SHK2B339       | Long             | EC               | CORP              | GB        |     31209 | NS      | $1983644.04   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | Oklo Inc                                  | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37945 | NS      | $1881692.55   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Expand Energy Corp                        | Expand Energy Corp                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     23863 | NS      | $2619680.14   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                              | Nuvalent Inc                              | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26187 | NS      | $2682858.15   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Solv Energy Inc                           | Solv Energy Inc                           | CUSIP: 78475V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98871 | NS      | $2969096.13   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc              | Slide Insurance Holdings Inc              | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |    397898 | NS      | $7162164.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     33778 | NS      | $1130887.44   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                              | Symbotic Inc                              | CUSIP: 87151X101<br>LEI: 529900UN9QT55OG9I235 | Long             | EC               | CORP              | US        |    166315 | NS      | $8847958.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Ur-Energy Inc                             | Ur-Energy Inc                             | CUSIP: 91688R108<br>LEI: 5493004ZEMNWEC7T6X93 | Long             | EC               | CORP              | US        |   1959582 | NS      | $2919777.18   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| USA Rare Earth Inc                        | USA Rare Earth Inc                        | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    190419 | NS      | $2881991.57   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                  | VSE Corp                                  | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     19792 | NS      | $3649644.80   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                       | Viking Holdings Ltd                       | CUSIP: N/A<br>LEI: 52990032GOPN7BVQMN13       | Long             | EC               | CORP              | BM        |     35679 | NS      | $2621692.92   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Butterfly Network Inc                     | Butterfly Network Inc                     | CUSIP: 124155102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2747417 | NS      | $11099564.68  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |    242499 | NS      | $1656268.17   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                            | Cava Group Inc                            | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74774 | NS      | $6049216.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68682 | NS      | $2436837.36   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     99770 | NS      | $2269767.50   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     16779 | NS      | $23138073.21  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Inc                              | Comstock Inc                              | CUSIP: 205750409<br>LEI: 549300PX1C7TOIY9SK20 | Long             | EC               | CORP              | US        |   1806079 | NS      | $5508540.95   | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Corvus Pharmaceuticals Inc                | Corvus Pharmaceuticals Inc                | CUSIP: 221015100<br>LEI: 549300I3AVJ8F75NCX65 | Long             | EC               | CORP              | US        |     62321 | NS      | $911756.23    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     53426 | NS      | $1940432.32   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                       | Curtiss-Wright Corp                       | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      4964 | NS      | $3381079.68   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     78568 | NS      | $5453404.88   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: 25490061SUVXCW51RZ82 | Long             | EC               | CORP              | US        |    101938 | NS      | $17746386.42  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |    223013 | NS      | $19130055.14  | 2.90%             |  |  |  | No            |                  1 | On Loan: —       |
| DraftKings Inc                            | DraftKings Inc                            | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    141312 | NS      | $3055165.44   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                     | DuPont de Nemours Inc                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     39964 | NS      | $1830351.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     15425 | NS      | $3108137.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     19562 | NS      | $5504159.94   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  21598243 | NS      | $21598243.09  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70998 | NS      | $13347624.00  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                            | Five Below Inc                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     14502 | NS      | $3313416.96   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      3593 | NS      | $211843.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    196478 | NS      | $8197062.16   | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Guardant Health Inc                       | Guardant Health Inc                       | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     94226 | NS      | $8703655.62   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                        | Hippo Holdings Inc                        | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192485 | NS      | $5016159.10   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                                | Hut 8 Corp                                | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |    142597 | NS      | $6689225.27   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     88575 | NS      | $14483784.00  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44296 | NS      | $3545894.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     99058 | NS      | $6748821.54   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                           | Pegasystems Inc                           | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     61626 | NS      | $2622802.56   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Precision Medicines Inc            | Praxis Precision Medicines Inc            | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23176 | NS      | $7467075.44   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc              | Protagonist Therapeutics Inc              | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48230 | NS      | $5083442.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     82515 | NS      | $4611763.35   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     55950 | NS      | $4813378.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Ralph Lauren Corp                         | Ralph Lauren Corp                         | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     11799 | NS      | $4058738.01   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Cat Holdings Inc                      | Red Cat Holdings Inc                      | CUSIP: 75644T100<br>LEI: 5493005OGSQW28V2PY05 | Long             | EC               | CORP              | PR        |    195072 | NS      | $2553492.48   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Reddit Inc                                | Reddit Inc                                | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     24653 | NS      | $3319526.45   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     13192 | NS      | $1147308.24   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Rocket Lab Corp                           | Rocket Lab Corp                           | CUSIP: 773121108<br>LEI: 254900LNRW7906KUMM93 | Long             | EC               | CORP              | US        |     89931 | NS      | $5775368.82   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    365235 | NS      | $7943861.25   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |    127834 | NS      | $6284319.44   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    142481 | NS      | $10955364.09  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Senseonics Holdings Inc                   | Senseonics Holdings Inc                   | CUSIP: 81727U303<br>LEI: 549300RCH6Z07TBHJ258 | Long             | EC               | CORP              | US        |     59383 | NS      | $395490.78    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | Long             | EC               | CORP              | FR        |     26543 | NS      | $67153.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    490515 | NS      | $9525801.30   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EKSO BIONICS HLDGS INC - CW               | EKSO BIONICS HLDGS INC - CW               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    177980 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EKSO BIONICS HLDGS INC - PFD              | EKSO BIONICS HLDGS INC - PFD              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      2926 | NS      | $3790984.12   | 0.58%             |  |  |  | No            |                  3 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |      5860 | NS      | $3056107.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                         | FTAI Aviation Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     28248 | NS      | $6920760.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    333641 | NS      | $1478029.63   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                            | SharkNinja Inc                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     61356 | NS      | $6497600.40   | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |     30002 | NS      | $2539369.28   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                        | LSI Industries Inc                        | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     99604 | NS      | $1852634.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     15464 | NS      | $10867480.64  | 1.65%             |  |  |  | No            |                  1 | On Loan: —       |
| MKS Inc                                   | MKS Inc                                   | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     21836 | NS      | $5018131.16   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     13307 | NS      | $6965815.29   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     64744 | NS      | $20830734.56  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MiniMed Group Inc                         | MiniMed Group Inc                         | CUSIP: 60365F109<br>LEI: 254900MS5BIVZH51VD96 | Long             | EC               | CORP              | US        |     92940 | NS      | $1386664.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Mirum Pharmaceuticals Inc                 | Mirum Pharmaceuticals Inc                 | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     17674 | NS      | $1632724.12   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     54993 | NS      | $8036677.02   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp                  | National HealthCare Corp                  | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |     17691 | NS      | $2825252.70   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     44018 | NS      | $5798931.32   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        | 104272756 | NS      | $104272756.26 | 15.83%            |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     20805 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kirby Corp                                | Kirby Corp                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |     29280 | NS      | $3890726.40   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho            | Knight-Swift Transportation Holdings Inc  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169257 | NS      | $9745818.06   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    151616 | NS      | $10690444.16  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     35627 | NS      | $9203166.64   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC            | WaterBridge Infrastructure LLC            | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41776 | NS      | $1119179.04   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                              | WesBanco Inc                              | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129077 | NS      | $4451865.73   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     71038 | NS      | $13820442.90  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                               | Xometry Inc                               | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     77631 | NS      | $3170450.04   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| York Space Systems Inc                    | York Space Systems Inc                    | CUSIP: 987084100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60514 | NS      | $1341595.38   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Lt            | Kestra Medical Technologies Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    205946 | NS      | $4104503.78   | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| XENERGY REACTOR COMPANY                   | XENERGY REACTOR COMPANY                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137586 | NS      | $2000005.13   | 0.30%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President