# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006271
**Filing Date:** 2026-2
**Character Count:** 43951
**Document Hash:** 78f1e2ada981332251ac481cd1fe98b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006271.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006271

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26686425

**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           |

## 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:** 2025-12-31

**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:** $5973021726.57

**Total Liabilities:** $1118322201.83

**Net Assets:** $4854699524.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034642 | 5.41%                | 0.03%                | -0.21%               |
| Class ID C000160233 | 5.39%                | 0.02%                | -0.24%               |
| Class ID C000179260 | 5.41%                | 0.04%                | -0.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $59479799.97             | $195710031.42                              |
| Month 2  | $7800618.44              | $-2261764.39                               |
| Month 3  | $80516226.43             | $-84621137.82                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Flowserve Corp                            | Flowserve Corp                            | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     529542 | NS      | $36739623.96   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     264630 | NS      | $16123905.90   | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Globalstar Inc                            | Globalstar Inc                            | CUSIP: 378973507<br>LEI: 549300NEX8I0MSOW0R64 | Long             | EC               | CORP              | US        |     793931 | NS      | $48461548.24   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    3135884 | NS      | $34557441.68   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc                    | Northern Oil & Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     804897 | NS      | $17281138.59   | 0.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Nuvalent Inc                              | Nuvalent Inc                              | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     255949 | NS      | $25745909.91   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                           | OSI Systems Inc                           | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     241803 | NS      | $61674273.18   | 1.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     488873 | NS      | $53585369.53   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Holdings Inc                        | Ondas Holdings Inc                        | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |    7075022 | NS      | $69052214.72   | 1.42%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     537434 | NS      | $40823486.64   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                       | PAR Technology Corp                       | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |     336083 | NS      | $12193091.24   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Pegasystems Inc                           | Pegasystems Inc                           | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     830432 | NS      | $49593399.04   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Praxis Precision Medicines Inc            | Praxis Precision Medicines Inc            | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     118859 | NS      | $35032501.66   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                           | Q2 Holdings Inc                           | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     249745 | NS      | $18021599.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     738220 | NS      | $52671997.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     356682 | NS      | $32775508.98   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     513668 | NS      | $40913656.20   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     129034 | NS      | $13811799.36   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Select Medical Holdings Corp              | Select Medical Holdings Corp              | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     769135 | NS      | $11421654.75   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    1196933 | NS      | $88201992.77   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    4372357 | NS      | $84342766.53   | 1.74%             |  |  |  | No            |                  1 | On Loan: —       |
| SiTime Corp                               | SiTime Corp                               | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     170582 | NS      | $60247856.58   | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     331392 | NS      | $15343449.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Syndax Pharmaceuticals Inc                | Syndax Pharmaceuticals Inc                | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |    1211108 | NS      | $25445379.08   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                      | TTM Technologies Inc                      | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     400450 | NS      | $27631050.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     933712 | NS      | $27833954.72   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Transcat Inc                              | Transcat Inc                              | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     346817 | NS      | $19674928.41   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     365464 | NS      | $44458695.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| United States Antimony Corp               | United States Antimony Corp               | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1524365 | NS      | $7652312.30    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    1427361 | NS      | $63046535.37   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute             | Universal Technical Institute Inc         | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    1033052 | NS      | $26993648.76   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                              | Visteon Corp                              | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      31227 | NS      | $2969687.70    | 0.06%             |  |  |  | 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      | $40561223.36   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                           | CUSIP: N/A<br>LEI: 254900QH12XZS53G0V57       | Long             | EC               | CORP              | IL        |     467902 | NS      | $18800302.36   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                   | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |     474013 | NS      | $55658606.46   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PDWHOLDGPP4                               | PDWHOLDGPP4                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    3335186 | NS      | $14999999.04   | 0.31%             |  |  |  | No            |                  3 | On Loan: No      |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | N/A              | EC               | CORP              | FR        |     678966 | NS      | $3048558.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                                   | AXT Inc                                   | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |    1279526 | NS      | $20920250.10   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                               | Arcellx Inc                               | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     180878 | NS      | $11793245.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |    1637849 | NS      | $64793306.44   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      37856 | NS      | $21499558.08   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     189665 | NS      | $34640415.60   | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Babcock & Wilcox Enterprises I            | Babcock & Wilcox Enterprises Inc          | CUSIP: 05614L209<br>LEI: 5493006H661OZN2C0T54 | Long             | EC               | CORP              | US        |    5601435 | NS      | $35513097.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                            | BlackBerry Ltd                            | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |    6748226 | NS      | $25575776.54   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Bloom Energy Corp                         | Bloom Energy Corp                         | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     814204 | NS      | $70746185.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                      | Bridgebio Pharma Inc                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     684355 | NS      | $52346313.95   | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     332843 | NS      | $17617379.99   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                         | Clean Harbors Inc                         | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      79604 | NS      | $18665545.92   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    2260924 | NS      | $54533486.88   | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     931521 | NS      | $24815719.44   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     128037 | NS      | $119495651.73  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                           | Core & Main Inc                           | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     697012 | NS      | $36223713.64   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     471731 | NS      | $21959078.05   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     966029 | NS      | $70636040.48   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     537850 | NS      | $119085368.50  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Denison Mines Corp                        | Denison Mines Corp                        | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |   16566804 | NS      | $44067698.64   | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     601600 | NS      | $28948992.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     169956 | NS      | $35126506.08   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                     | East West Bancorp Inc                     | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     346313 | NS      | $38922118.07   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     285797 | NS      | $49785837.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: —       |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     156851 | NS      | $30647116.89   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     872116 | NS      | $37012603.04   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   60917685 | NS      | $60917684.92   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     586561 | NS      | $93486092.18   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                            | Five Below Inc                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     143734 | NS      | $27073736.24   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |      44629 | NS      | $20318691.12   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |    1661426 | NS      | $16165674.98   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1277619 | NS      | $58438293.06   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     230012 | NS      | $53792906.44   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                | Grand Canyon Education Inc                | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     198139 | NS      | $32952497.09   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                  | Granite Construction Inc                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     532833 | NS      | $61462286.55   | 1.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Guardant Health Inc                       | Guardant Health Inc                       | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     456628 | NS      | $46639983.92   | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| HCI Group Inc                             | HCI Group Inc                             | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |     475065 | NS      | $91065209.85   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure             | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     532501 | NS      | $16736506.43   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Hut 8 Corp                                | Hut 8 Corp                                | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     503193 | NS      | $23116686.42   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     267732 | NS      | $46596077.28   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                             | Interface Inc                             | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    1046515 | NS      | $29218698.80   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     742858 | NS      | $54354919.86   | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Knight-Swift Transportation Ho            | Knight-Swift Transportation Holdings Inc  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     619929 | NS      | $32409888.12   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    1472405 | NS      | $111770263.55  | 2.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     329780 | NS      | $81303961.20   | 1.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     315101 | NS      | $16489235.33   | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| WesBanco Inc                              | WesBanco Inc                              | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     554505 | NS      | $18431746.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     156871 | NS      | $13188144.97   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     609364 | NS      | $82818661.24   | 1.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Xometry Inc                               | Xometry Inc                               | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     231299 | NS      | $13755351.53   | 0.28%             |  |  |  | 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    | 0.13%             | 2026-12-31      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| XENERGY REACTOR COMPANY                   | XENERGY REACTOR COMPANY                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    2166973 | NS      | $31499986.32   | 0.65%             |  |  |  | No            |                  3 | On Loan: No      |
| RXO Inc                                   | RXO Inc                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    1229771 | NS      | $15544305.44   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    1605032 | NS      | $31185771.76   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider National Inc                    | Schneider National Inc                    | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |     613201 | NS      | $16268222.53   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |    1069421 | NS      | $47107995.05   | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    1217003 | NS      | $46562534.78   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |    1654236 | NS      | $79089023.16   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                  | Alignment Healthcare Inc                  | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    3924617 | NS      | $77511185.75   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                    | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    1689205 | NS      | $14881896.05   | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Alphatec Holdings Inc                     | Alphatec Holdings Inc                     | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |     710977 | NS      | $14958956.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |   11854278 | NS      | $290666896.56  | 5.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Optoelectronics Inc               | Applied Optoelectronics Inc               | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |     808818 | NS      | $28195395.48   | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     488631 | NS      | $35953468.98   | 0.74%             |  |  |  | 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        |    2374635 | NS      | $63117798.30   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LightPath Technologies Inc                | LightPath Technologies Inc                | CUSIP: 532257805<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     984371 | NS      | $10631206.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                            | Lovesac Co/The                            | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     620308 | NS      | $9149543.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Academy Sports & Outdoors Inc             | Academy Sports & Outdoors Inc             | CUSIP: 00402L107<br>LEI: 529900HST589BD301M91 | Long             | EC               | CORP              | US        |     587797 | NS      | $29366338.12   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC                         | Landbridge Co LLC                         | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |     593216 | NS      | $29061651.84   | 0.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     162891 | NS      | $60039993.69   | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     134720 | NS      | $78452844.80   | 1.62%             |  |  |  | No            |                  1 | On Loan: —       |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     811177 | NS      | $176325544.49  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                   | Mirion Technologies Inc                   | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    1766569 | NS      | $41373045.98   | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Mirum Pharmaceuticals Inc                 | Mirum Pharmaceuticals Inc                 | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     149307 | NS      | $11793759.93   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Modine Manufacturing Co                   | Modine Manufacturing Co                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     328933 | NS      | $43915844.83   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                  | VSE Corp                                  | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      39492 | NS      | $6823032.84    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| WaterBridge Infrastructure LLC            | WaterBridge Infrastructure LLC            | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     316406 | NS      | $6331284.06    | 0.13%             |  |  |  | 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        | 1113311467 | NS      | $1113311467.07 | 22.93%            |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                 | nCino Inc                                 | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     777782 | NS      | $19942330.48   | 0.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     211510 | NS      | $29998463.30   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                | nLight Inc                                | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     512380 | NS      | $19219373.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President