# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-006002
**Filing Date:** 2025-8
**Character Count:** 54055
**Document Hash:** 99bdf19faa4d0d65681004ebd5745a5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006002.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-006002

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250630

**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:** 251261295

**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

### Vert Global Sustainable Real Estate ETF (Series ID: S000083012)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000246488 | Vert Global Sustainable Real Estate ETF | VGSR            |

## 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:** Vert Global Sustainable Real Estate ETF

- **b. EDGAR series identifier (if any):** S000083012

- **c. LEI of Series:** 529900XBXJ8L1CX3YX02

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

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $476495896.73

**Total Liabilities:** $61810455.39

**Net Assets:** $414685441.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246488 | 0.89%                | 2.62%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17556.63                | $3271257.36                                |
| Month 2  | $6702963.58              | $3302101.84                                |
| Month 3  | $276164.30               | $-115514.32                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| British Land Co PLC/The                   | British Land Co PLC/The                          | CUSIP: N/A<br>LEI: RV5B68J2GV3QGMRPW209       | Long             | EC               | CORP              | GB        |    448624 | NS      | $2314003.26   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                   | Alexander & Baldwin Inc                          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32880 | NS      | $586250.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     67747 | NS      | $4920464.61   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                      | Big Yellow Group PLC                             | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     74661 | NS      | $1035395.24   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    124482 | NS      | $2070135.66   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                 | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     62841 | NS      | $12788143.50  | 3.08%             |  |  |  | No            |                  1 | On Loan: —       |
| UNITE Group PLC/The                       | UNITE Group PLC/The                              | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    169704 | NS      | $1970895.66   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                   | BXP Inc                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     66627 | NS      | $4495323.69   | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Brandywine Realty Trust                   | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     66296 | NS      | $284409.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group Inc                       | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    133136 | NS      | $3466861.44   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                               | Centerspace                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |      6376 | NS      | $383771.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave NV                             | Wereldhave NV                                    | CUSIP: N/A<br>LEI: 724500YRQCY3BD9RJZ92       | Long             | EC               | CORP              | NL        |     16895 | NS      | $338732.95    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave Belgium Comm VA                | Wereldhave Belgium Comm VA                       | CUSIP: N/A<br>LEI: 549300WKEX26S4CUA403       | Long             | EC               | CORP              | BE        |       447 | NS      | $27809.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                     | Veris Residential Inc                            | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     36256 | NS      | $539851.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vastned NV                                | Vastned NV                                       | CUSIP: N/A<br>LEI: 54930068RSC6OT68NE51       | Long             | EC               | CORP              | BE        |      3705 | NS      | $139606.17    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Retail REIT                  | Charter Hall Retail REIT                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    231057 | NS      | $581465.94    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commerci            | CapitaLand Integrated Commercial Trust           | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |   2516056 | NS      | $4286767.57   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT                  | CapitaLand Ascendas REIT                         | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |   1633400 | NS      | $3436981.90   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyu REIT Inc                            | Tokyu REIT Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       409 | NS      | $551581.57    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockland                                 | Stockland                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1052935 | NS      | $3698624.81   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                      | SL Green Realty Corp                             | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     28906 | NS      | $1789281.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| STAG Industrial Inc                       | STAG Industrial Inc                              | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     78294 | NS      | $2840506.32   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                   | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    137778 | NS      | $5625475.74   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                        | UMH Properties Inc                               | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     34594 | NS      | $580833.26    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Urban Edge Properties                     | Urban Edge Properties                            | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50276 | NS      | $938150.16    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    196887 | NS      | $12433414.05  | 3.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Vornado Realty Trust                      | Vornado Realty Trust                             | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67435 | NS      | $2578714.40   | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Welltower Inc                             | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    133425 | NS      | $20511425.25  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                               | Aedifica SA                                      | CUSIP: N/A<br>LEI: 529900DTKNXL0AXQFN28       | Long             | EC               | CORP              | BE        |     21284 | NS      | $1650203.31   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmila SA                                | Carmila SA                                       | CUSIP: N/A<br>LEI: 222100P6D3QKU33LZQ72       | Long             | EC               | CORP              | FR        |     24909 | NS      | $486542.74    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Activia Properties Inc                    | Activia Properties Inc                           | CUSIP: N/A<br>LEI: 353800RPGYN3ML8CXV54       | Long             | EC               | CORP              | JP        |       898 | NS      | $762813.53    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Long Wale REIT               | Charter Hall Long Wale REIT                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    280252 | NS      | $749346.72    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                 | Unibail-Rodamco-Westfield                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |     53256 | NS      | $5072416.76   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AEON REIT Investment Corp                 | AEON REIT Investment Corp                        | CUSIP: N/A<br>LEI: 353800P59F8MJB4FE788       | Long             | EC               | CORP              | JP        |       600 | NS      | $526705.67    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascott Trust                   | CapitaLand Ascott Trust                          | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |   1130300 | NS      | $785392.77    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tritax Big Box REIT PLC                   | Tritax Big Box REIT PLC                          | CUSIP: N/A<br>LEI: 213800L6X88MIYPVR714       | Long             | EC               | CORP              | GB        |    978375 | NS      | $1978898.65   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                    | Warehouses De Pauw CVA                           | CUSIP: N/A<br>LEI: 549300HWDYC5JXC85138       | Long             | EC               | CORP              | BE        |     79403 | NS      | $1929383.85   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Care Property Invest NV                   | Care Property Invest NV                          | CUSIP: N/A<br>LEI: 54930096UUTCOUCQDU64       | Long             | EC               | CORP              | BE        |     10738 | NS      | $157307.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Assura PLC                                | Assura PLC                                       | CUSIP: N/A<br>LEI: 21380026T19N2Y52XF72       | Long             | EC               | CORP              | GB        |   1403338 | NS      | $966340.54    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicinity Ltd                              | Vicinity Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1608013 | NS      | $2602917.69   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan REIT                               | RioCan Real Estate Investment Trust              | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     69213 | NS      | $898323.36    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Precinct Properties New Zealan            | Precinct Properties New Zealand Ltd              | CUSIP: N/A<br>LEI: 9845001BD9S8C9A04510       | Long             | EC               | CORP              | NZ        |    607879 | NS      | $442815.74    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc                  | Nippon Building Fund Inc                         | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        |      3273 | NS      | $3011400.19   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Orix JREIT Inc                            | Orix JREIT Inc                                   | CUSIP: N/A<br>LEI: 353800WVNTBIU65TA247       | Long             | EC               | CORP              | JP        |      1080 | NS      | $1404160.75   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Trust Reit Inc                       | Mori Trust Reit Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1227 | NS      | $586126.21    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                  | Phillips Edison & Co Inc                         | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     52737 | NS      | $1847377.11   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                              | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    184251 | NS      | $19368465.12  | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                         | RLJ Lodging Trust                                | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67864 | NS      | $494049.92    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                      | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     76009 | NS      | $5414121.07   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc             | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    103389 | NS      | $3677546.73   | 0.89%             |  |  |  | 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        |  53854131 | NS      | $53854131.00  | 12.99%            |  |  |  | No            |                  1 | On Loan: No      |
| Picton Property Income Ltd                | Picton Property Income Ltd                       | CUSIP: N/A<br>LEI: 213800RYE59K9CKR4497       | Long             | EC               | CORP              | GB        |    170820 | NS      | $188203.03    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Montea NV                                 | Montea NV                                        | CUSIP: N/A<br>LEI: 5493006K5LQDD0GK1T60       | Long             | EC               | CORP              | BE        |      6873 | NS      | $525216.93    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Hills REIT Investment Cor            | Mori Hills REIT Investment Corp                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       606 | NS      | $561340.30    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Safestore Holdings PLC                    | Safestore Holdings PLC                           | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        |     87713 | NS      | $850999.04    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                 | Segro PLC                                        | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        |    559058 | NS      | $5206454.58   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Prologis REIT Inc                  | Nippon Prologis REIT Inc                         | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        |      2874 | NS      | $1583788.99   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Logistics RE            | Mitsubishi Estate Logistics REIT Investment Corp | CUSIP: N/A<br>LEI: 353800YYSGZU31ICQK38       | Long             | EC               | CORP              | JP        |       594 | NS      | $489362.73    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Scentre Group                             | Scentre Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2277548 | NS      | $5313631.88   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Redefine Properties Ltd                   | Redefine Properties Ltd                          | CUSIP: N/A<br>LEI: 37890061EC026A7DA532       | Long             | EC               | CORP              | ZA        |   3012537 | NS      | $776389.93    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de            | Prologis Property Mexico SA de CV                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    453472 | NS      | $1698241.33   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Real Estate Master Fund            | Nomura Real Estate Master Fund Inc               | CUSIP: N/A<br>LEI: 353800TNNZOQ1CPZE086       | Long             | EC               | CORP              | JP        |      1741 | NS      | $1774206.10   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NSI NV                                    | NSI NV                                           | CUSIP: N/A<br>LEI: 724500I77C30W2LZZJ03       | Long             | EC               | CORP              | NL        |      7443 | NS      | $208376.04    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Workspace Group PLC                       | Workspace Group PLC                              | CUSIP: N/A<br>LEI: 2138003GUZRFIN3UT430       | Long             | EC               | CORP              | GB        |     65908 | NS      | $379783.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Xior Student Housing NV                   | Xior Student Housing NV                          | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |     13494 | NS      | $487076.53    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    297762 | NS      | $5213812.62   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                        | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    310272 | NS      | $4765777.92   | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Hudson Pacific Properties Inc             | Hudson Pacific Properties Inc                    | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36698 | NS      | $100552.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICADE                                     | ICADE                                            | CUSIP: N/A<br>LEI: 969500UDH342QLTE1M42       | Long             | EC               | CORP              | FR        |     13618 | NS      | $381092.99    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Helical PLC                               | Helical PLC                                      | CUSIP: N/A<br>LEI: 2138003SBD2Z7WV2MP70       | Long             | EC               | CORP              | GB        |     17189 | NS      | $54176.42     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme            | InterRent Real Estate Investment Trust           | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     24900 | NS      | $246718.94    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Infrastructure Fu            | Industrial & Infrastructure Fund Investment Corp | CUSIP: N/A<br>LEI: 353800WCHFY04YKYCI19       | Long             | EC               | CORP              | JP        |      1094 | NS      | $920218.77    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                | Growthpoint Properties Ltd                       | CUSIP: N/A<br>LEI: 37890019DD1E46632291       | Long             | EC               | CORP              | ZA        |   1440264 | NS      | $1085187.31   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc                  | Hoshino Resorts REIT Inc                         | CUSIP: N/A<br>LEI: 353800DF2MUZWFL4IL56       | Long             | EC               | CORP              | JP        |       270 | NS      | $450482.88    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmobiliaria Colonial Socimi S            | Inmobiliaria Colonial Socimi SA                  | CUSIP: N/A<br>LEI: 95980020140005007414       | Long             | EC               | CORP              | ES        |    134204 | NS      | $946784.88    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Immobiliare Grande Distribuzio            | Immobiliare Grande Distribuzione SIIQ SpA        | CUSIP: N/A<br>LEI: 815600CF8C0389D0E272       | Long             | EC               | CORP              | IT        |     19790 | NS      | $72014.32     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Reit Inc                            | Hulic Reit Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       541 | NS      | $584277.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Reit PLC                             | Home Reit PLC                                    | CUSIP: N/A<br>LEI: 213800A53AOVH3FCGG44       | Long             | EC               | CORP              | GB        |    255956 | NS      | $31567.46     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Hammerson PLC                             | Hammerson PLC                                    | CUSIP: N/A<br>LEI: 213800G1C9KKVVDN1A60       | Long             | EC               | CORP              | GB        |    203510 | NS      | $833851.65    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                    | Cousins Properties Inc                           | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     70882 | NS      | $2128586.46   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cofinimmo SA                              | Cofinimmo SA                                     | CUSIP: N/A<br>LEI: 549300TM914CSF6KI389       | Long             | EC               | CORP              | BE        |     16432 | NS      | $1489083.70   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cromwell Property Group                   | Cromwell Property Group                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    647533 | NS      | $144282.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA/France                         | Covivio SA/France                                | CUSIP: N/A<br>LEI: 969500P8M3W2XX376054       | Long             | EC               | CORP              | FR        |     24825 | NS      | $1560486.85   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Properties Real Estate             | Choice Properties Real Estate Investment Trust   | CUSIP: 17039A106<br>LEI: 5493007MYGFSLOZGT937 | Long             | EC               | CORP              | CA        |     71734 | NS      | $781740.26    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CLS Holdings PLC                          | CLS Holdings PLC                                 | CUSIP: N/A<br>LEI: 213800A357TKB2TD9U78       | Long             | EC               | CORP              | GB        |     15840 | NS      | $15216.16     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Social Infrastruc            | Charter Hall Social Infrastructure REIT          | CUSIP: N/A<br>LEI: 254900W31UGIMDQW3W98       | Long             | EC               | CORP              | AU        |    136353 | NS      | $258247.70    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                         | Iron Mountain Inc                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    129482 | NS      | $13280968.74  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Metropolitan Fund Invest            | Japan Metropolitan Fund Invest                   | CUSIP: N/A<br>LEI: 353800QDHNIP60E1LQ93       | Long             | EC               | CORP              | JP        |      3169 | NS      | $2237792.93   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Prime Realty Investment             | Japan Prime Realty Investment Corp               | CUSIP: N/A<br>LEI: 353800NJOQJAY1ODEX72       | Long             | EC               | CORP              | JP        |      1564 | NS      | $1002640.45   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio            | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1593441 | NS      | $1593440.83   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Logistics Fund Inc                  | Japan Logistics Fund Inc                         | CUSIP: N/A<br>LEI: 3538004KZWISCQO70151       | Long             | EC               | CORP              | JP        |      1169 | NS      | $756699.78    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Hotel REIT Investment Co            | Japan Hotel REIT Investment Corp                 | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        |      2241 | NS      | $1180657.69   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Irish Residential Properties R            | Irish Residential Properties REIT PLC            | CUSIP: N/A<br>LEI: 635400EOPACLULRENY18       | Long             | EC               | CORP              | IE        |    166745 | NS      | $199647.73    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                        | Derwent London PLC                               | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |     42627 | NS      | $1210337.16   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                | DiamondRock Hospitality Co                       | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     85474 | NS      | $654730.84    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Digital Realty Trust Inc                  | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    126304 | NS      | $22018576.32  | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                      | JBG SMITH Properties                             | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31074 | NS      | $537580.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Kilroy Realty Corp                        | Kilroy Realty Corp                               | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     47166 | NS      | $1618265.46   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Japan Real Estate Investment C            | Japan Real Estate Investment Corp                | CUSIP: N/A<br>LEI: 3538003YAIR3CBGJJ928       | Long             | EC               | CORP              | JP        |      2698 | NS      | $2202182.15   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                     | Dexus                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    473192 | NS      | $2062210.37   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KDX Realty Investment Corp                | KDX Realty Investment Corp                       | CUSIP: N/A<br>LEI: 353800FFT483NCIHFY42       | Long             | EC               | CORP              | JP        |      1772 | NS      | $1914979.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Residential Invest            | Daiwa House REIT Investment Corp                 | CUSIP: N/A<br>LEI: 3538001FWU534P8JMO05       | Long             | EC               | CORP              | JP        |       924 | NS      | $1557644.78   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel REIT                               | Keppel REIT                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1075000 | NS      | $746967.38    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Custodian Property Income Reit            | Custodian Property Income Reit PLC               | CUSIP: N/A<br>LEI: 2138001BOD1J5XK1CX76       | Long             | EC               | CORP              | GB        |     28949 | NS      | $30982.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus Industria REIT                      | Dexus Industria REIT                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     92624 | NS      | $165107.33    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Killam Apartment Real Estate I            | Killam Apartment Real Estate Investment Trust    | CUSIP: 49410M102<br>LEI: 2549001RZSL75H60JE41 | Long             | EC               | CORP              | CA        |     23942 | NS      | $344084.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc             | Empire State Realty Trust Inc                    | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     56073 | NS      | $453630.57    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                               | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     23621 | NS      | $18789796.87  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In            | Equity LifeStyle Properties Inc                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     80165 | NS      | $4943775.55   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                        | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    146194 | NS      | $9866633.06   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                  | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     28406 | NS      | $8050260.40   | 1.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Extra Space Storage Inc                   | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93400 | NS      | $13770896.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus            | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     34253 | NS      | $3253692.47   | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Gecina SA                                 | Gecina SA                                        | CUSIP: N/A<br>LEI: 9695003E4MMA10IBTR26       | Long             | EC               | CORP              | FR        |     20054 | NS      | $2196312.01   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Real Estate Investmen            | Frontier Real Estate Investment Corp             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1040 | NS      | $591117.73    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                             | Goodman Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    887298 | NS      | $19910271.66  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Centrepoint Trust                 | Frasers Centrepoint Trust                        | CUSIP: N/A<br>LEI: 5493002RGQ266FKERZ83       | Long             | EC               | CORP              | SG        |    559336 | NS      | $1001284.56   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP J-Reit                                | GLP J-Reit                                       | CUSIP: N/A<br>LEI: 353800E27V9KA51K2I90       | Long             | EC               | CORP              | JP        |      1933 | NS      | $1735678.63   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First Capital Real Estate Inve            | First Capital Real Estate Investment Trust       | CUSIP: 31890B103<br>LEI: 54930042UG2WCIIAQZ39 | Long             | EC               | CORP              | CA        |     37925 | NS      | $504462.26    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Industrial Real Estate I            | Dream Industrial Real Estate Investment Trust    | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     58419 | NS      | $504770.99    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurocommercial Properties NV              | Eurocommercial Properties NV                     | CUSIP: N/A<br>LEI: 724500SFK53FPNM68L95       | Long             | EC               | CORP              | NL        |     19212 | NS      | $603264.47    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Office Real Estate Inves            | Dream Office Real Estate Investment Trust        | CUSIP: 26153P203<br>LEI: 549300WQI5VPNY3ILE95 | Long             | EC               | CORP              | CA        |      3508 | NS      | $41828.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Logistics & Commercial            | Frasers Logistics & Commercial Trust             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1228400 | NS      | $824623.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                 | American Assets Trust Inc                        | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20869 | NS      | $412162.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                       | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     93250 | NS      | $20610115.00  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties Real Estate             | Allied Properties Real Estate Investment Trust   | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | CORP              | CA        |     20600 | NS      | $259066.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Altarea SCA                               | Altarea SCA                                      | CUSIP: N/A<br>LEI: 969500ICGCY1PD6OT783       | Long             | EC               | CORP              | FR        |      1773 | NS      | $210620.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                         | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    299794 | NS      | $6301669.88   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                      | LXP Industrial Trust                             | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    133569 | NS      | $1103279.94   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Macerich Co/The                           | Macerich Co/The                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    108157 | NS      | $1749980.26   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit            | Mid-America Apartment Communities Inc            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     50831 | NS      | $7523496.31   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirvac Group                              | Mirvac Group                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1717364 | NS      | $2476047.45   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                              | Klepierre SA                                     | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     93728 | NS      | $3679145.82   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    123237 | NS      | $19811580.12  | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercialys SA                              | Mercialys SA                                     | CUSIP: N/A<br>LEI: 969500081CGAXB7YS433       | Long             | EC               | CORP              | FR        |     44581 | NS      | $556804.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaftesbury Capital PLC                   | Shaftesbury Capital PLC                          | CUSIP: N/A<br>LEI: 549300TTXXZ1SHUI0D54       | Long             | EC               | CORP              | GB        |    583790 | NS      | $1248795.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Minto Apartment Real Estate In            | Minto Apartment Real Estate Investment Trust     | CUSIP: 60448E103<br>LEI: 8945004CL5S09C4BXW65 | Long             | EC               | CORP              | CA        |     11500 | NS      | $118666.18    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LaSalle Logiport REIT                     | LaSalle Logiport REIT                            | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |       786 | NS      | $756915.09    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendlease Global Commercial RE            | Lendlease Global Commercial REIT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    831697 | NS      | $339561.45    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA               | Merlin Properties Socimi SA                      | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        |    171567 | NS      | $2241508.05   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Shurgard Self Storage Ltd                 | Shurgard Self Storage Ltd                        | CUSIP: N/A<br>LEI: 549300J0UEIKU81XO336       | Long             | EC               | CORP              | LU        |     10924 | NS      | $474454.75    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Reit Inc                    | Sekisui House Reit Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1825 | NS      | $958963.62    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiwi Property Group Ltd                   | Kiwi Property Group Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    735482 | NS      | $397362.35    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                 | Land Securities Group PLC                        | CUSIP: N/A<br>LEI: 213800V8IAVKS37D6B88       | Long             | EC               | CORP              | GB        |    310548 | NS      | $2685282.26   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Property Trust                    | Goodman Property Trust                           | CUSIP: N/A<br>LEI: 213800EWCLT1H1U94486       | Long             | EC               | CORP              | NZ        |    482589 | NS      | $565404.67    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GPT Group/The                             | GPT Group/The                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    846846 | NS      | $2686109.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Austral            | Growthpoint Properties Australia Ltd             | CUSIP: N/A<br>LEI: 529900VCPJ9IEDF4TJ03       | Long             | EC               | CORP              | AU        |    118508 | NS      | $180957.89    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Portland Estates PLC                | Great Portland Estates PLC                       | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    150565 | NS      | $739681.98    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President