# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-247599
**Filing Date:** 2026-5
**Character Count:** 60944
**Document Hash:** cb9f30b53a3c21f731b8fe369de3558d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247599.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247599

**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:** 261042341

**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 Small-Cap Growth Fund (Series ID: S000012813)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000034642 | Institutional Shares | HRSMX           |
| C000160233 | Investor Shares      | HRSRX           |
| C000179260 | Retirement Shares    | HRSIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hood River Small-Cap Growth Fund** | **Hood River Small-Cap Growth Fund** | **Hood River Small-Cap Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 98.8%** | **Shares**  | **Value**  |
| **<u>Consumer Discretionary</u> - 8.0%** | **<u>Consumer Discretionary</u> - 8.0%** | |
| **Broadline Retail - 0.8%** | | |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 475450 | $43760418 |
| **Diversified Consumer Services - 1.3%** |  |  |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 172679 | 29360610 |
| Universal Technical Institute, Inc. <sup>(a)(b)</sup> | 1033052 | 37293177 |
|  |  | 66653787 |
| **Hotels, Restaurants & Leisure - 3.4%** |  |  |
| Cava Group, Inc. <sup>(a)(b)</sup> | 619817 | 50143195 |
| Genius Sports Ltd. <sup>(a)</sup> | 3135884 | 13891966 |
| Kura Sushi USA, Inc. - Class A <sup>(a)(b)</sup> | 410754 | 28666522 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 1726088 | 46500811 |
| Rush Street Interactive, Inc. <sup>(a)</sup> | 1605032 | 34909446 |
|  |  | 174111940 |
| **Household Durables - 0.2%** |  |  |
| Lovesac Co. <sup>(a)(b)</sup> | 620308 | 9161949 |
| **Specialty Retail - 2.3%** |  |  |
| Academy Sports & Outdoors, Inc. <sup>(b)</sup> | 587797 | 33181141 |
| Camping World Holdings, Inc. - Class A | 1919108 | 13107508 |
| Five Below, Inc. <sup>(a)</sup> | 143734 | 32840344 |
| Signet Jewelers Ltd. <sup>(b)</sup> | 489397 | 41422562 |
|  |  | 120551555 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 414239649 |
| **<u>Consumer Staples</u> - 0.6%** | **<u>Consumer Staples</u> - 0.6%** |  |
| **Beverages - 0.5%** |  |  |
| Celsius Holdings, Inc. <sup>(a)(b)</sup> | 758084 | 26896820 |
| **Food Products - 0.1%** |  |  |
| Freshpet, Inc. <sup>(a)</sup> | 32859 | 1937367 |
| **Total Consumer Staples** | **Total Consumer Staples** | 28834187 |
| **<u>Energy</u> - 2.5%** | **<u>Energy</u> - 2.5%** |  |
| **Energy Equipment & Services - 0.8%** |  |  |
| WaterBridge Infrastructure LLC - Class A | 316406 | 8476517 |
| Xenergy Reactor Company <sup>(a)(c)</sup> | 2166973 | 31499986 |
|  |  | 39976503 |
| **Oil, Gas & Consumable Fuels - 1.7%** |  |  |
| Denison Mines Corp. <sup>(a)(b)</sup> | 16566804 | 58480818 |
| Northern Oil & Gas, Inc. <sup>(b)</sup> | 1042805 | 30481190 |
|  |  | 88962008 |
| **Total Energy** | **Total Energy** | 128938511 |
| **<u>Financials</u> - 8.1%** | **<u>Financials</u> - 8.1%** |  |
| **Banks - 2.5%** |  |  |
| Customers Bancorp, Inc. <sup>(a)</sup> | 966029 | 67052073 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 271456 | 25755745 |
| WesBanco, Inc. <sup>(b)</sup> | 1058473 | 36506734 |
|  |  | 129314552 |
| **Consumer Finance - 3.9%** |  |  |
| Dave, Inc. <sup>(a)(b)</sup> | 537850 | 93634306 |
| FirstCash Holdings, Inc. | 588804 | 110695152 |
|  |  | 204329458 |
| **Insurance - 1.7%** |  |  |
| HCI Group, Inc. | 410059 | 63399222 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 223794 | 26743383 |
|  |  | 90142605 |
| **Total Financials** | **Total Financials** | 423786615 |
| **<u>Health Care</u> - 21.1%** | **<u>Health Care</u> - 21.1%** |  |
| **Biotechnology - 12.7%** |  |  |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 578500 | 36271950 |
| Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | 684355 | 50820202 |
| Corvus Pharmaceuticals, Inc. <sup>(a)</sup> | 744094 | 10886095 |
| Insmed, Inc. <sup>(a)</sup> | 267732 | 43779537 |
| Krystal Biotech, Inc. <sup>(a)(b)</sup> | 329780 | 85188770 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 134720 | 70521878 |
| Mirum Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 149307 | 13792981 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 173881 | 22907083 |
| Nuvalent, Inc. - Class A <sup>(a)(b)</sup> | 255949 | 26221975 |
| Praxis Precision Medicines, Inc. <sup>(a)(b)</sup> | 187831 | 60517270 |
| Protagonist Therapeutics, Inc. <sup>(a)</sup> | 445248 | 46929139 |
| PTC Therapeutics, Inc. <sup>(a)</sup> | 889381 | 60593528 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 129034 | 11222087 |
| Scholar Rock Holding Corp. <sup>(a)(b)</sup> | 1069421 | 52572736 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> | 331392 | 11095004 |
| Syndax Pharmaceuticals, Inc. <sup>(a)</sup> | 1211108 | 28291483 |
| TG Therapeutics, Inc. <sup>(a)</sup> | 933712 | 31017913 |
|  |  | 662629631 |
| **Health Care Equipment & Supplies - 3.0%** |  |  |
| Alphatec Holdings, Inc. <sup>(a)</sup> | 1506549 | 16391253 |
| AtriCure, Inc. <sup>(a)</sup> | 1637849 | 46727832 |
| Enovis Corp. <sup>(a)(b)</sup> | 931521 | 21192103 |
| LivaNova PLC <sup>(a)</sup> | 351912 | 22367527 |
| MiniMed Group, Inc. <sup>(a)(b)</sup> | 793709 | 11842138 |
| TransMedics Group, Inc. <sup>(a)(b)</sup> | 365464 | 36330776 |
|  |  | 154851629 |
| **Health Care Providers & Services - 4.4%** |  |  |
| Alignment Healthcare, Inc. <sup>(a)</sup> | 3924617 | 69151752 |
| Ensign Group, Inc. <sup>(b)</sup> | 285797 | 57588095 |
| Guardant Health, Inc. <sup>(a)</sup> | 667252 | 61634067 |
| RadNet, Inc. <sup>(a)</sup> | 738220 | 41259116 |
|  |  | 229633030 |
| **Pharmaceuticals - 1.0%** |  |  |
| Axsome Therapeutics, Inc. <sup>(a)(b)</sup> | 189665 | 32057178 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 471731 | 17133270 |
|  |  | 49190448 |
| **Total Health Care** | **Total Health Care** | 1096304738 |
| **<u>Industrials</u> - 30.1% <sup>(d)</sup>** | **<u>Industrials</u> - 30.1% <sup>(d)</sup>** |  |
| **Aerospace & Defense - 4.7%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | 52299 | 22210862 |
| Karman Holdings, Inc. <sup>(a)(b)</sup> | 742858 | 59465783 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> | 1467553 | 103477162 |
| PDW Holdings Inc. <sup>(a)(c)</sup> | 3335186 | 14999999 |
| VSE Corp. <sup>(b)</sup> | 159252 | 29366069 |
| York Space Systems, Inc. <sup>(a)(b)</sup> | 516521 | 11451271 |
|  |  | 240971146 |
| **Building Products - 0.5%** |  |  |
| Modine Manufacturing Co. <sup>(a)</sup> | 121252 | 26276521 |
| **Commercial Services & Supplies - 0.9%** |  |  |
| Clean Harbors, Inc. <sup>(a)</sup> | 79604 | 22824855 |
| Interface, Inc. | 1046515 | 26079154 |
|  |  | 48904009 |
| **Construction & Engineering - 10.1%** |  |  |
| API Group Corp. <sup>(a)</sup> | 1217003 | 49312962 |
| Comfort Systems USA, Inc. | 128037 | 176561743 |
| Granite Construction, Inc. <sup>(b)</sup> | 583222 | 69916653 |
| MasTec, Inc. <sup>(a)</sup> | 721111 | 232010253 |
|  |  | 527801611 |
| **Electrical Equipment - 3.8%** |  |  |
| Babcock & Wilcox Enterprises, Inc. <sup>(a)</sup> | 6033924 | 88638343 |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 814204 | 110316500 |
|  |  | 198954843 |
| **Ground Transportation - 5.2%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 1405107 | 80906061 |
| RXO, Inc. <sup>(a)(b)</sup> | 2928155 | 42809626 |
| Schneider National, Inc. - Class B <sup>(b)</sup> | 1132672 | 29857234 |
| XPO, Inc. <sup>(a)(b)</sup> | 609364 | 118551766 |
|  |  | 272124687 |
| **Machinery - 1.6%** |  |  |
| ESCO Technologies, Inc. | 156851 | 44133166 |
| Flowserve Corp. | 529542 | 38926632 |
|  |  | 83059798 |
| **Marine Transportation - 0.6%** |  |  |
| Kirby Corp. <sup>(a)</sup> | 243466 | 32351762 |
| **Trading Companies & Distributors - 2.7%** |  |  |
| QXO, Inc. <sup>(a)(b)</sup> | 4372357 | 84911173 |
| Transcat, Inc. <sup>(a)</sup> | 402674 | 29576405 |
| Xometry, Inc. - Class A <sup>(a)(b)</sup> | 573822 | 23434891 |
|  |  | 137922469 |
| **Total Industrials** | **Total Industrials** | 1568366846 |
| **<u>Information Technology</u> - 25.0% <sup>(d)</sup>** | **<u>Information Technology</u> - 25.0% <sup>(d)</sup>** |  |
| **Aerospace & Defense - 0.4%** |  |  |
| Red Cat Holdings, Inc. <sup>(a)(b)</sup> | 1587479 | 20780100 |
| **Communications Equipment - 4.1%** |  |  |
| Applied Optoelectronics, Inc. <sup>(a)(b)</sup> | 838236 | 70906383 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 149207 | 104856711 |
| Ondas Holdings, Inc. <sup>(a)(b)</sup> | 4094418 | 37013539 |
|  |  | 212776633 |
| **Electronic Equipment, Instruments & Components - 3.3%** |  |  |
| Fabrinet <sup>(a)</sup> | 59259 | 30904754 |
| LightPath Technologies, Inc. - Class A <sup>(a)</sup> | 984371 | 9873241 |
| nLight, Inc. <sup>(a)</sup> | 604818 | 34486722 |
| OSI Systems, Inc. <sup>(a)(b)</sup> | 241803 | 64201115 |
| TTM Technologies, Inc. <sup>(a)</sup> | 339488 | 33072921 |
|  |  | 172538753 |
| **IT Services - 8.6%** |  |  |
| Applied Digital Corp. <sup>(a)(b)</sup> | 12259088 | 291030749 |
| DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | 1835457 | 157445502 |
|  |  | 448476251 |
| **Semiconductors & Semiconductor Equipment - 4.9%** |  |  |
| AXT, Inc. <sup>(a)(b)</sup> | 346324 | 19733542 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 679023 | 62986173 |
| Rambus, Inc. <sup>(a)(b)</sup> | 362445 | 31181143 |
| Semtech Corp. <sup>(a)</sup> | 1196933 | 92032178 |
| Sequans Communications SA - ADR <sup>(a)</sup> | 615790 | 1557949 |
| SiTime Corp. <sup>(a)</sup> | 133210 | 46004074 |
|  |  | 253495059 |
| **Software - 3.7%** |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | 1309816 | 53715554 |
| BlackBerry Ltd. <sup>(a)(b)</sup> | 7693303 | 24926301 |
| Hut 8 Corp. <sup>(a)</sup> | 916423 | 42989403 |
| Pegasystems, Inc. | 512773 | 21823619 |
| Unity Software, Inc. <sup>(a)</sup> | 2373154 | 52066999 |
|  |  | 195521876 |
| **Total Information Technology** | **Total Information Technology** | 1303588672 |
| **<u>Materials</u> - 2.3%** | **<u>Materials</u> - 2.3%** |  |
| **Construction Materials - 0.9%** |  |  |
| Eagle Materials, Inc. <sup>(b)</sup> | 90643 | 17172317 |
| Knife River Corp. <sup>(a)(b)</sup> | 335665 | 27407047 |
|  |  | 44579364 |
| **Metals & Mining - 1.4%** |  |  |
| Almonty Industries, Inc. <sup>(a)</sup> | 1845939 | 26729197 |
| United States Antimony Corp. <sup>(a)(b)</sup> | 1798554 | 15701376 |
| USA Rare Earth, Inc. <sup>(a)(b)</sup> | 2110146 | 31937060 |
|  |  | 74367633 |
| **Total Materials** | **Total Materials** | 118946997 |
| **<u>Real Estate</u> - 0.8%** | **<u>Real Estate</u> - 0.8%** |  |
| **Real Estate Management & Development - 0.8%** |  |  |
| Landbridge Co. LLC - Class A <sup>(b)</sup> | 593216 | 40961565 |
| **<u>Utilities</u> - 0.3%** | **<u>Utilities</u> - 0.3%** |  |
| **Electric Utilities - 0.3%** |  |  |
| Oklo, Inc. <sup>(a)(b)</sup> | 307978 | 15272629 |
| **TOTAL COMMON STOCKS** (Cost $3,383,748,273) | **TOTAL COMMON STOCKS** (Cost $3,383,748,273) | 5139240409 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.6%** | **Shares**  | **Value**  |
| **<u>Financials</u> - 0.6%** | **<u>Financials</u> - 0.6%** |  |
| **Financial Services - 0.6%** |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. <sup>(b)</sup> | 864096 | 31755528 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $23,489,456) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $23,489,456) | 31755528 |
| **PRIVATE NOTES - 0.1%** | **Par**  | **Value**  |
| **<u>Consumer Discretionary</u> - 0.1%** | **<u>Consumer Discretionary</u> - 0.1%** | **<u>Consumer Discretionary</u> - 0.1%** |
|  Cariloha 15.00%, 12/31/2026 <sup>(c)(h)</sup> | 6500000 | 6500000 |
| **TOTAL PRIVATE NOTES** (Cost $6,500,000) | **TOTAL PRIVATE NOTES** (Cost $6,500,000) | 6500000 |
| **RIGHTS - 0.0% <sup>(e)</sup>** | **Contracts**  | **Value**  |
| **Health Care *-* 0.0% <sup>(e)</sup>** | **Health Care *-* 0.0% <sup>(e)</sup>** |  |
| **Pharmaceuticals — 0.0% <sup>(e)</sup>** | **Pharmaceuticals — 0.0% <sup>(e)</sup>** |  |
| Novo Nordisk AS, Exercise Price $0.00 <sup>(a)(c)</sup> | 350637 | - |
| **TOTAL RIGHTS** (Cost $-) | **TOTAL RIGHTS** (Cost $-) | - |
| **WARRANTS - 0.0% <sup>(e)</sup>** | **Contracts**  | **Value**  |
| Ondas Holdings,, Inc., Expires 10/06/2032, Exercise Price $20.00 <sup>(a)(c)(f)(g)</sup> | 4320000 | - |
| **TOTAL WARRANTS** (Cost $-) | **TOTAL WARRANTS** (Cost $-) | - |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.1%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(i)</sup> | 945038776 | 945038776 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $945,038,776) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $945,038,776) | 945038776 |
| **MONEY MARKET FUNDS - 0.6%** | **Shares**  | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(i)</sup> | 29071086 | 29071086 |
| **TOTAL MONEY MARKET FUNDS** (Cost $29,071,086) | **TOTAL MONEY MARKET FUNDS** (Cost $29,071,086) | 29071086 |
| **TOTAL INVESTMENTS - 118.2% (**Cost $4,387,847,591**)** | **TOTAL INVESTMENTS - 118.2% (**Cost $4,387,847,591**)** | 6151605799 |
| Liabilities in Excess of Other Assets - (18.2)% | Liabilities in Excess of Other Assets - (18.2)% | (945851978) |
| **TOTAL NET ASSETS - 100.0%** |  | $5205753821 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |  |

---

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 $986,188,312.

(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
 $52,999,985 or 1.0% 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) Represents less than 0.05% of net assets.

(f) 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.

(g) Security received at no cost in connection with Ondas Holdings 2025 PIPE transaction. The security had no market value as of March 31, 2026.

(h) Private investment.

(i) 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 Small-Cap Growth 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 | $5092740424 | $– | $46499985 | $5139240409 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | 31755528 | – | – | 31755528 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Notes | – | – | 6500000 | 6500000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | – | – | - | - |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | - | - |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 945038776 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 29071086 | – | – | 29071086 |
| Total Investments | $5153567038 | $– | $52999985 | $6151605799 |
| 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
 $945,038,776 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 Small-Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000012813

- **c. LEI of Series:** 549300URUI4QC4DIX544

**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:** $6154440728.03

**Total Liabilities:** $950615217.60

**Net Assets:** $5203825510.43

**Cash Not Reported:** $161675.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034642 | 7.91%                | 3.06%                | -5.24%               |
| Class ID C000160233 | 7.89%                | 3.05%                | -5.27%               |
| Class ID C000179260 | 7.91%                | 3.07%                | -5.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $128419750.89            | $257964869.47                              |
| Month 2  | $-3328013.56             | $169683308.02                              |
| Month 3  | $42702134.05             | $-333023312.55                             |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AXT Inc                                   | AXT Inc                                   | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |    346324 | NS      | $19733541.52  | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Arrowhead Pharmaceuticals Inc             | Arrowhead Pharmaceuticals Inc             | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |    578500 | NS      | $36271950.00  | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |   1637849 | NS      | $46727831.97  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     52299 | NS      | $22210862.31  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |    189665 | NS      | $32057178.30  | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Babcock & Wilcox Enterprises I            | Babcock & Wilcox Enterprises Inc          | CUSIP: 05614L209<br>LEI: 5493006H661OZN2C0T54 | Long             | EC               | CORP              | US        |   6033924 | NS      | $88638343.56  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                            | BlackBerry Ltd                            | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |   7693303 | NS      | $24926301.72  | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    931521 | NS      | $21192102.75  | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    285797 | NS      | $57588095.50  | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |    156851 | NS      | $44133165.87  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  28946330 | NS      | $28946329.82  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    588804 | NS      | $110695152.00 | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                            | Five Below Inc                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |    143734 | NS      | $32840344.32  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                            | Flowserve Corp                            | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    529542 | NS      | $38926632.42  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     32859 | NS      | $1937366.64   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                | Grand Canyon Education Inc                | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |    172679 | NS      | $29360610.37  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                  | Granite Construction Inc                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |    583222 | NS      | $69916653.36  | 1.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Knight-Swift Transportation Ho            | Knight-Swift Transportation Holdings Inc  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1405107 | NS      | $80906061.06  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |   1467553 | NS      | $103477162.03 | 1.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |    329780 | NS      | $85188769.60  | 1.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    410754 | NS      | $28666521.66  | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC                         | Landbridge Co LLC                         | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    593216 | NS      | $40961564.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    679023 | NS      | $62986173.48  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1726088 | NS      | $46500810.72  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| LightPath Technologies Inc                | LightPath Technologies Inc                | CUSIP: 532257805<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    984371 | NS      | $9873241.13   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                            | Lovesac Co/The                            | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    620308 | NS      | $9161949.16   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |     59259 | NS      | $30904753.68  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   3135884 | NS      | $13891966.12  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                              | LivaNova PLC                              | CUSIP: N/A<br>LEI: 2138001K2FX6SHK2B339       | Long             | EC               | CORP              | GB        |    351912 | NS      | $22367526.72  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |   1217003 | NS      | $49312961.56  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                     | Alphatec Holdings Inc                     | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |   1506549 | NS      | $16391253.12  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |  12259088 | NS      | $291030749.12 | 5.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Optoelectronics Inc               | Applied Optoelectronics Inc               | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |    838236 | NS      | $70906383.24  | 1.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Mirum Pharmaceuticals Inc                 | Mirum Pharmaceuticals Inc                 | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |    149307 | NS      | $13792980.66  | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Modine Manufacturing Co                   | Modine Manufacturing Co                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    121252 | NS      | $26276520.92  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    173881 | NS      | $22907082.94  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                | nLight Inc                                | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    604818 | NS      | $34486722.36  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc                    | Northern Oil & Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |   1042805 | NS      | $30481190.15  | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        | 945038776 | NS      | $945038776.32 | 18.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | Oklo Inc                                  | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    307978 | NS      | $15272629.02  | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Nuvalent Inc                              | Nuvalent Inc                              | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    255949 | NS      | $26221975.05  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| OSI Systems Inc                           | OSI Systems Inc                           | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |    241803 | NS      | $64201114.53  | 1.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    475450 | NS      | $43760418.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Inc                                 | Ondas Inc                                 | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |   4094418 | NS      | $37013538.72  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Palomar Holdings Inc                      | Palomar Holdings Inc                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |    223794 | NS      | $26743383.00  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                           | Pegasystems Inc                           | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |    512773 | NS      | $21823618.88  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Precision Medicines Inc            | Praxis Precision Medicines Inc            | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    187831 | NS      | $60517269.89  | 1.16%             |  |  |  | No            |                  1 | On Loan: —       |
| RXO Inc                                   | RXO Inc                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |   2928155 | NS      | $42809626.10  | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Red Cat Holdings Inc                      | Red Cat Holdings Inc                      | CUSIP: 75644T100<br>LEI: 5493005OGSQW28V2PY05 | Long             | EC               | CORP              | PR        |   1587479 | NS      | $20780100.11  | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    129034 | NS      | $11222086.98  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1605032 | NS      | $34909446.00  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider National Inc                    | Schneider National Inc                    | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |   1132672 | NS      | $29857233.92  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |   1069421 | NS      | $52572736.36  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |   1196933 | NS      | $92032178.37  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | Long             | EC               | CORP              | FR        |    615790 | NS      | $1557948.70   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                               | SiTime Corp                               | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133210 | NS      | $46004073.50  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |    331392 | NS      | $11095004.16  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Syndax Pharmaceuticals Inc                | Syndax Pharmaceuticals Inc                | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |   1211108 | NS      | $28291482.88  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc              | Texas Capital Bancshares Inc              | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |    271456 | NS      | $25755745.28  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    933712 | NS      | $31017912.64  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |    350637 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ondas Holdings, Inc                       | Ondas Holdings, Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |   4320000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |    489397 | NS      | $41422562.08  | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| PDWHOLDGPP4                               | PDWHOLDGPP4                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   3335186 | NS      | $14999999.04  | 0.29%             |  |  |  | No            |                  3 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |   1919108 | NS      | $13107507.64  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                            | Cava Group Inc                            | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    619817 | NS      | $50143195.30  | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    758084 | NS      | $26896820.32  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Clean Harbors Inc                         | Clean Harbors Inc                         | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     79604 | NS      | $22824854.92  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    128037 | NS      | $176561742.63 | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Corvus Pharmaceuticals Inc                | Corvus Pharmaceuticals Inc                | CUSIP: 221015100<br>LEI: 549300I3AVJ8F75NCX65 | Long             | EC               | CORP              | US        |    744094 | NS      | $10886095.22  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    471731 | NS      | $17133269.92  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    966029 | NS      | $67052072.89  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: 25490061SUVXCW51RZ82 | Long             | EC               | CORP              | US        |    537850 | NS      | $93634306.50  | 1.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Denison Mines Corp                        | Denison Mines Corp                        | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |  16566804 | NS      | $58480818.12  | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |   1835457 | NS      | $157445501.46 | 3.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     90643 | NS      | $17172316.35  | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Cariloha 15 12/31/2025                    | Cariloha 15 12/31/2025                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6500000.00   | 0.12%             | 2026-12-31      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Bloom Energy Corp                         | Bloom Energy Corp                         | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |    814204 | NS      | $110316499.96 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                      | Bridgebio Pharma Inc                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    684355 | NS      | $50820202.30  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |    889381 | NS      | $60593527.53  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    738220 | NS      | $41259115.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    362445 | NS      | $31181143.35  | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4372357 | NS      | $84911172.94  | 1.63%             |  |  |  | No            |                  1 | On Loan: —       |
| USA Rare Earth Inc                        | USA Rare Earth Inc                        | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2110146 | NS      | $31937059.71  | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| VSE Corp                                  | VSE Corp                                  | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |    159252 | NS      | $29366068.80  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| WaterBridge Infrastructure LLC            | WaterBridge Infrastructure LLC            | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    316406 | NS      | $8476516.74   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                              | WesBanco Inc                              | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1058473 | NS      | $36506733.77  | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    609364 | NS      | $118551766.20 | 2.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Xometry Inc                               | Xometry Inc                               | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |    562144 | NS      | $22957960.96  | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| York Space Systems Inc                    | York Space Systems Inc                    | CUSIP: 987084100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    516521 | NS      | $11451270.57  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| XENERGY REACTOR COMPANY                   | XENERGY REACTOR COMPANY                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   2166973 | NS      | $31499986.32  | 0.61%             |  |  |  | No            |                  3 | On Loan: No      |
| Academy Sports & Outdoors Inc             | Academy Sports & Outdoors Inc             | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |    587797 | NS      | $33181140.65  | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |   1309816 | NS      | $53715554.16  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                  | Alignment Healthcare Inc                  | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3924617 | NS      | $69151751.54  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                    | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |   1845939 | NS      | $26729196.72  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                       | Guardant Health Inc                       | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    667252 | NS      | $61634067.24  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                             | HCI Group Inc                             | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |    410059 | NS      | $63399221.99  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure             | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    864096 | NS      | $31755528.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Hut 8 Corp                                | Hut 8 Corp                                | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |    916423 | NS      | $42989402.93  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |    149207 | NS      | $104856711.32 | 2.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |    134720 | NS      | $70521878.40  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |    721111 | NS      | $232010253.14 | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MiniMed Group Inc                         | MiniMed Group Inc                         | CUSIP: 60365F109<br>LEI: 254900MS5BIVZH51VD96 | Long             | EC               | CORP              | US        |    793709 | NS      | $11842138.28  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Protagonist Therapeutics Inc              | Protagonist Therapeutics Inc              | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    445248 | NS      | $46929139.20  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute             | Universal Technical Institute Inc         | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |   1033052 | NS      | $37293177.20  | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| TTM Technologies Inc                      | TTM Technologies Inc                      | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    339488 | NS      | $33072920.96  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |    365464 | NS      | $36330776.24  | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Antimony Corp               | United States Antimony Corp               | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1798554 | NS      | $15701376.42  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |   2373154 | NS      | $52066998.76  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                              | Transcat Inc                              | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |    402674 | NS      | $29576405.30  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    267732 | NS      | $43779536.64  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                             | Interface Inc                             | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |   1046515 | NS      | $26079153.80  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    742858 | NS      | $59465782.90  | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Kirby Corp                                | Kirby Corp                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    243466 | NS      | $32351762.08  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                          | Knife River Corp                          | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    335665 | NS      | $27407047.25  | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President