# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-014360
**Filing Date:** 2023-3
**Character Count:** 52299
**Document Hash:** 261633f67979c727916e3353e1a2f872
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014360.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014360

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 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:** 23692798

**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 Fund (Series ID: S000059043)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000193646 | Institutional Shares | VGSRX           |

## 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 Fund

- **b. EDGAR series identifier (if any):** S000059043

- **c. LEI of Series:** 549300O4S6KI8KB5W085

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $183091265.81

**Total Liabilities:** $8709447.01

**Net Assets:** $174381818.80

**Delayed Delivery Securities:** $1672574.62

**Cash Not Reported:** $836975.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000193646 | 3.81%                | 8.71%                | -4.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2774612.78             | $8670378.78                                |
| Month 2  | $-228777.32              | $14562416.40                               |
| Month 3  | $-2590171.34             | $-6435403.66                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Klepierre SA                              | Klepierre SA                                            | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     49997 | NS      | $1153957.78   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers Corp                      | Regency Centers Corp                                    | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     35735 | NS      | $2233437.50   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc             | Rexford Industrial Realty Inc                           | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     43982 | NS      | $2403176.48   | 1.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Gecina SA                                 | Gecina SA                                               | CUSIP: N/A<br>LEI: 9695003E4MMA10IBTR26       | Long             | EC               | CORP              | FR        |     10421 | NS      | $1061687.81   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Covivio                                   | Covivio                                                 | CUSIP: N/A<br>LEI: 969500P8M3W2XX376054       | Long             | EC               | CORP              | FR        |     12186 | NS      | $723340.89    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| SL Green Realty Corp                      | SL Green Realty Corp                                    | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     12216 | NS      | $411923.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio                   | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   6472340 | NS      | $6472339.60   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                                | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     73074 | NS      | $8584733.52   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                       | Sun Communities Inc                                     | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     28437 | NS      | $4066491.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc              | Sunstone Hotel Investors Inc                            | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     45658 | NS      | $441056.28    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                   | UDR Inc                                                 | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     74558 | NS      | $2887631.34   | 1.66%             |  |  |  | No            |                  1 | On Loan: —       |
| UMH Properties Inc                        | UMH Properties Inc                                      | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     12547 | NS      | $202006.70    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Killam Apartment Real Estate I            | Killam Apartment Real Estate Investment Trust           | CUSIP: 49410M102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4342 | NS      | $51982.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Logistics Investment C            | Advance Logistics Investment Corp                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |        41 | NS      | $45117.08     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NSI NV                                    | NSI NV                                                  | CUSIP: N/A<br>LEI: 724500I77C30W2LZZJ03       | Long             | EC               | CORP              | NL        |      4548 | NS      | $113190.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| British Land Co PLC/The                   | British Land Co PLC/The                                 | CUSIP: N/A<br>LEI: RV5B68J2GV3QGMRPW209       | Long             | EC               | CORP              | GB        |    211142 | NS      | $1002457.12   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Alexander & Baldwin Inc                   | Alexander & Baldwin Inc                                 | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15505 | NS      | $290408.65    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc                     | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     35062 | NS      | $5107481.54   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                 | American Assets Trust Inc                               | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10058 | NS      | $266537.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                        | Derwent London PLC                                      | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |     22033 | NS      | $630615.38    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Big Yellow Group PLC                      | Big Yellow Group PLC                                    | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     44723 | NS      | $619476.92    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp                       | American Tower Corp                                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     39239 | NS      | $8313174.54   | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                | Americold Realty Trust Inc                              | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |     61079 | NS      | $1729146.49   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Accommodations Fund Inc            | Nippon Accommodations Fund Inc                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       122 | NS      | $559715.85    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Aedifica SA                               | Aedifica SA                                             | CUSIP: N/A<br>LEI: 529900DTKNXL0AXQFN28       | Long             | EC               | CORP              | BE        |      9283 | NS      | $755336.74    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Growthpoint Properties Austral            | Growthpoint Properties Australia Ltd                    | CUSIP: N/A<br>LEI: 529900VCPJ9IEDF4TJ03       | Long             | EC               | CORP              | AU        |     57094 | NS      | $115124.13    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Infrastructure Fu            | Industrial & Infrastructure Fund Investment Corp        | CUSIP: N/A<br>LEI: 353800WCHFY04YKYCI19       | Long             | EC               | CORP              | JP        |       462 | NS      | $533278.09    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Carmila SA                                | Carmila SA                                              | CUSIP: N/A<br>LEI: 222100P6D3QKU33LZQ72       | Long             | EC               | CORP              | FR        |     14983 | NS      | $213931.80    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Segro PLC                                 | Segro PLC                                               | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        |    281757 | NS      | $2595631.69   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital & Counties Properties             | Capital & Counties Properties PLC                       | CUSIP: N/A<br>LEI: 549300TTXXZ1SHUI0D54       | Long             | EC               | CORP              | GB        |    150610 | NS      | $193916.11    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Residence Investment C            | Advance Residence Investment Corp                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       285 | NS      | $734993.16    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Workspace Group PLC                       | Workspace Group PLC                                     | CUSIP: N/A<br>LEI: 2138003GUZRFIN3UT430       | Long             | EC               | CORP              | GB        |     30127 | NS      | $161933.17    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TF Administradora Industrial S            | TF Administradora Industrial S de RL de CV              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    210722 | NS      | $301919.70    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Activia Properties Inc                    | Activia Properties Inc                                  | CUSIP: N/A<br>LEI: 353800RPGYN3ML8CXV54       | Long             | EC               | CORP              | JP        |       171 | NS      | $536063.82    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Comforia Residential REIT Inc             | Comforia Residential REIT Inc                           | CUSIP: N/A<br>LEI: 353800BJ2SV3UPG9JU05       | Long             | EC               | CORP              | JP        |       122 | NS      | $274852.76    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP J-Reit                                | GLP J-Reit                                              | CUSIP: N/A<br>LEI: 353800E27V9KA51K2I90       | Long             | EC               | CORP              | JP        |      1029 | NS      | $1185076.76   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Prologis REIT Inc                  | Nippon Prologis REIT Inc                                | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        |       517 | NS      | $1212145.93   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Growthpoint Properties Ltd                | Growthpoint Properties Ltd                              | CUSIP: N/A<br>LEI: 37890019DD1E46632291       | Long             | EC               | CORP              | ZA        |    891288 | NS      | $762705.95    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc                  | Hoshino Resorts REIT Inc                                | CUSIP: N/A<br>LEI: 353800DF2MUZWFL4IL56       | Long             | EC               | CORP              | JP        |        55 | NS      | $296229.15    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Choice Properties Real Estate             | Choice Properties Real Estate Investment Trust          | CUSIP: 17039A106<br>LEI: 5493007MYGFSLOZGT937 | Long             | EC               | CORP              | CA        |     25600 | NS      | $279066.47    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmobiliaria Colonial Socimi S            | Inmobiliaria Colonial Socimi SA                         | CUSIP: N/A<br>LEI: 95980020140005007414       | Long             | EC               | CORP              | ES        |     95523 | NS      | $614424.69    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Long Wale REIT               | Charter Hall Long Wale REIT                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    116084 | NS      | $348033.86    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| LaSalle Logiport REIT                     | LaSalle Logiport REIT                                   | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |       388 | NS      | $473106.56    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Mori Trust Hotel Reit Inc                 | Mori Trust Hotel Reit Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |        56 | NS      | $57556.04     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Logistics RE            | Mitsubishi Estate Logistics REIT Investment Corp        | CUSIP: N/A<br>LEI: 353800YYSGZU31ICQK38       | Long             | EC               | CORP              | JP        |       132 | NS      | $423241.74    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Great Portland Estates PLC                | Great Portland Estates PLC                              | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |     51702 | NS      | $308143.13    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield                 | Unibail-Rodamco-Westfield                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |     27503 | NS      | $1437747.05   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascott Trust                   | CapitaLand Ascott Trust                                 | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |    443300 | NS      | $347840.90    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SOSiLA Logistics REIT Inc                 | SOSiLA Logistics REIT Inc                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       136 | NS      | $141790.90    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tritax Big Box REIT PLC                   | Tritax Big Box REIT PLC                                 | CUSIP: N/A<br>LEI: 213800L6X88MIYPVR714       | Long             | EC               | CORP              | GB        |    425854 | NS      | $713702.91    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Social Infrastruc            | Charter Hall Social Infrastructure REIT                 | CUSIP: N/A<br>LEI: 254900W31UGIMDQW3W98       | Long             | EC               | CORP              | AU        |     85792 | NS      | $197973.65    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Reit Inc                            | Hulic Reit Inc                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       252 | NS      | $313865.18    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Reit PLC                             | Home Reit PLC                                           | CUSIP: N/A<br>LEI: 213800A53AOVH3FCGG44       | Long             | EC               | CORP              | GB        |    255956 | NS      | $117741.74    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammerson PLC                             | Hammerson PLC                                           | CUSIP: N/A<br>LEI: 213800G1C9KKVVDN1A60       | Long             | EC               | CORP              | GB        |   1062519 | NS      | $305720.20    | 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        |    531926 | NS      | $279950.18    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ICADE                                     | ICADE                                                   | CUSIP: N/A<br>LEI: 969500UDH342QLTE1M42       | Long             | EC               | CORP              | FR        |      8522 | NS      | $367558.93    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc                 | AvalonBay Communities Inc                               | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     32868 | NS      | $5308839.36   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                       | UNITE Group PLC/The                                     | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |     74627 | NS      | $818714.29    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Shaftesbury PLC                           | Shaftesbury PLC                                         | CUSIP: N/A<br>LEI: 213800N7LHKFNTDKAT98       | Long             | EC               | CORP              | GB        |     41092 | NS      | $182835.06    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Boston Properties Inc                     | Boston Properties Inc                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     33293 | NS      | $2249940.94   | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Brandywine Realty Trust                   | Brandywine Realty Trust                                 | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     30800 | NS      | $189420.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan REIT                               | RioCan Real Estate Investment Trust                     | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     34413 | NS      | $537035.96    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties Real Estate             | Allied Properties Real Estate Investment Trust          | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | CORP              | CA        |     14600 | NS      | $276041.36    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                | DiamondRock Hospitality Co                              | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     51777 | NS      | $424053.63    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                  | Digital Realty Trust Inc                                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     64665 | NS      | $6483959.55   | 3.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Empire State Realty Trust Inc             | Empire State Realty Trust Inc                           | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     26479 | NS      | $178468.46    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                               | Equinix Inc                                             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     12970 | NS      | $8495739.10   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In            | Equity LifeStyle Properties Inc                         | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     41204 | NS      | $2661778.40   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                        | Equity Residential                                      | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     83667 | NS      | $4936353.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Essex Property Trust Inc                  | Essex Property Trust Inc                                | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     14822 | NS      | $3141078.24   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                   | Extra Space Storage Inc                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29298 | NS      | $4312079.64   | 2.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Federal Realty Investment Trus            | Federal Realty Investment Trust                         | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16284 | NS      | $1645335.36   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Street Properties Cor            | Franklin Street Properties Corp                         | CUSIP: 35471R106<br>LEI: 549300STLK2T6QY5WO82 | Long             | EC               | CORP              | US        |     18517 | NS      | $50551.41     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannon Armstrong Sustainable I            | Hannon Armstrong Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19843 | NS      | $575050.14    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cofinimmo SA                              | Cofinimmo SA                                            | CUSIP: N/A<br>LEI: 549300TM914CSF6KI389       | Long             | EC               | CORP              | BE        |      6795 | NS      | $608501.11    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                               | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    122850 | NS      | $3079849.50   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hersha Hospitality Trust                  | Hersha Hospitality Trust                                | CUSIP: 427825500<br>LEI: 549300DNC58BIN1VO064 | Long             | EC               | CORP              | US        |      5877 | NS      | $50072.04     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                               | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    164356 | NS      | $2637913.80   | 1.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Hudson Pacific Properties Inc             | Hudson Pacific Properties Inc                           | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36360 | NS      | $353782.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                         | Iron Mountain Inc                                       | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |     65669 | NS      | $3273599.65   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                      | JBG SMITH Properties                                    | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19557 | NS      | $371191.86    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Altarea SCA                               | Altarea SCA                                             | CUSIP: N/A<br>LEI: 969500ICGCY1PD6OT783       | Long             | EC               | CORP              | FR        |       865 | NS      | $116696.18    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe de la Tour Eiffel                 | Societe de la Tour Eiffel                               | CUSIP: N/A<br>LEI: 969500LIJD0OW1446X30       | Long             | EC               | CORP              | FR        |       402 | NS      | $9017.89      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vastned Retail NV                         | Vastned Retail NV                                       | CUSIP: N/A<br>LEI: 724500GTYRJW5W85PN10       | Long             | EC               | CORP              | NL        |      2359 | NS      | $53407.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                        | Kilroy Realty Corp                                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     22083 | NS      | $853949.61    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KRC Interim Corp                          | KRC Interim Corp                                        | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |    142735 | NS      | $3023127.30   | 1.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Wereldhave NV                             | Wereldhave NV                                           | CUSIP: N/A<br>LEI: 724500YRQCY3BD9RJZ92       | Long             | EC               | CORP              | NL        |      6927 | NS      | $92746.82     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Wereldhave Belgium Comm VA                | Wereldhave Belgium Comm VA                              | CUSIP: N/A<br>LEI: 549300WKEX26S4CUA403       | Long             | EC               | CORP              | BE        |       447 | NS      | $23483.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Macerich Co/The                           | Macerich Co/The                                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |     40799 | NS      | $459396.74    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Precinct Properties New Zealan            | Precinct Properties New Zealand Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    299372 | NS      | $240470.20    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Mirvac Group                              | Mirvac Group                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    932502 | NS      | $1349073.10   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Cromwell Property Group                   | Cromwell Property Group                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    306669 | NS      | $139708.90    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Retail REIT                  | Charter Hall Retail REIT                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    130391 | NS      | $336770.19    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Property Trust                    | Goodman Property Trust                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    280850 | NS      | $360290.94    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| GPT Group/The                             | GPT Group/The                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    439898 | NS      | $1254595.69   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Building Fund Inc                  | Nippon Building Fund Inc                                | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        |       380 | NS      | $1699288.27   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Real Estate Investment C            | Japan Real Estate Investment Corp                       | CUSIP: N/A<br>LEI: 3538003YAIR3CBGJJ928       | Long             | EC               | CORP              | JP        |       305 | NS      | $1339649.88   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commerci            | CapitaLand Integrated Commercial Trust                  | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |   1309412 | NS      | $1997130.94   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Metropolitan Fund Invest            | Japan Metropolitan Fund Invest                          | CUSIP: N/A<br>LEI: 353800QDHNIP60E1LQ93       | Long             | EC               | CORP              | JP        |      1612 | NS      | $1282368.72   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Orix JREIT Inc                            | Orix JREIT Inc                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       667 | NS      | $946241.33    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT UD REIT Investment Corp               | NTT UD REIT Investment Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       363 | NS      | $378961.96    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                | Ventas Inc                                              | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     87917 | NS      | $3960660.85   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                      | Vornado Realty Trust                                    | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40471 | NS      | $842201.51    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                             | Welltower Inc                                           | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    105427 | NS      | $6910739.85   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   3652456 | NS      | $3652455.75   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Schroder Real Estate Investmen            | Schroder Real Estate Investment Trust Ltd               | CUSIP: N/A<br>LEI: 549300ZIJJTMTIIQJP67       | Long             | EC               | CORP              | GB        |     92182 | NS      | $47013.31     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexus                                     | Dexus                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    247443 | NS      | $1299093.52   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                             | Goodman Group                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    400164 | NS      | $4706077.67   | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntec REIT                               | Suntec Real Estate Investment Trust                     | CUSIP: N/A<br>LEI: 549300C46QFXSI2F4K13       | Long             | EC               | CORP              | SG        |    617900 | NS      | $636474.83    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Logistics Fund Inc                  | Japan Logistics Fund Inc                                | CUSIP: N/A<br>LEI: 3538004KZWISCQO70151       | Long             | EC               | CORP              | JP        |       210 | NS      | $501020.10    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Picton Property Income Ltd/The            | Picton Property Income Ltd/The                          | CUSIP: N/A<br>LEI: 213800RYE59K9CKR4497       | Long             | EC               | CORP              | GB        |     16471 | NS      | $15910.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercialys SA                              | Mercialys SA                                            | CUSIP: N/A<br>LEI: 969500081CGAXB7YS433       | Long             | EC               | CORP              | FR        |     18512 | NS      | $193688.48    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Residential Invest            | Daiwa House REIT Investment Corp                        | CUSIP: N/A<br>LEI: 3538001FWU534P8JMO05       | Long             | EC               | CORP              | JP        |       329 | NS      | $733557.78    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Hotel REIT Investment Co            | Japan Hotel REIT Investment Corp                        | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        |      1009 | NS      | $593396.88    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Excellent Inc                       | Japan Excellent Inc                                     | CUSIP: N/A<br>LEI: 35380015J62221TE0D86       | Long             | EC               | CORP              | JP        |       286 | NS      | $284801.21    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Frasers Centrepoint Trust                 | Frasers Centrepoint Trust                               | CUSIP: N/A<br>LEI: 5493002RGQ266FKERZ83       | Long             | EC               | CORP              | SG        |    218800 | NS      | $343209.87    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| RLJ Lodging Trust                         | RLJ Lodging Trust                                       | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31095 | NS      | $329296.05    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lar Espana Real Estate Socimi             | Lar Espana Real Estate Socimi SA                        | CUSIP: N/A<br>LEI: 9598002PHMH00MHN3741       | Long             | EC               | CORP              | ES        |      9669 | NS      | $43729.35     | 0.03%             |  |  |  | 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        |     26625 | NS      | $330551.14    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cromwell European Real Estate             | Cromwell European Real Estate Investment Trust          | CUSIP: Y1867K124<br>LEI: 21380093RFHTC319NL93 | Long             | EC               | CORP              | SG        |     46919 | NS      | $75377.37     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group                             | Scentre Group                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1174495 | NS      | $2286228.99   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Dream Industrial Real Estate I            | Dream Industrial Real Estate Investment Trust           | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     34919 | NS      | $301479.40    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Office Real Estate Inves            | Dream Office Real Estate Investment Trust               | CUSIP: 26153P104<br>LEI: 549300WQI5VPNY3ILE95 | Long             | EC               | CORP              | CA        |      5300 | NS      | $58480.06     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Redefine Properties Ltd                   | Redefine Properties Ltd                                 | CUSIP: N/A<br>LEI: 37890061EC026A7DA532       | Long             | EC               | CORP              | ZA        |   1347461 | NS      | $335462.42    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Dream Impact Trust                        | Dream Impact Trust                                      | CUSIP: 26154L102<br>LEI: 549300CN7LLOI4MV1658 | Long             | EC               | CORP              | CA        |      8300 | NS      | $24703.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurocommercial Properties NV              | Eurocommercial Properties NV                            | CUSIP: N/A<br>LEI: 724500SFK53FPNM68L95       | Long             | EC               | CORP              | NL        |      7236 | NS      | $175300.88    | 0.10%             |  |  |  | No            |                  2 | 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        |    109710 | NS      | $312636.76    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA               | Merlin Properties Socimi SA                             | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        |     36930 | NS      | $346361.61    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Reit Inc                    | Sekisui House Reit Inc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       883 | NS      | $500790.06    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Kiwi Property Group Ltd                   | Kiwi Property Group Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    358910 | NS      | $207897.09    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicinity Ltd                              | Vicinity Ltd                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    895103 | NS      | $1208658.11   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Real Estate Master Fund            | Nomura Real Estate Master Fund Inc                      | CUSIP: N/A<br>LEI: 353800TNNZOQ1CPZE086       | Long             | EC               | CORP              | JP        |       968 | NS      | $1199247.85   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Manulife US Real Estate Invest            | Manulife US Real Estate Investment Trust                | CUSIP: Y5817J103<br>LEI: 254900OMIOIPNIC1T502 | Long             | EC               | CORP              | SG        |    363209 | NS      | $109003.02    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Land Securities Group PLC                 | Land Securities Group PLC                               | CUSIP: N/A<br>LEI: 213800V8IAVKS37D6B88       | Long             | EC               | CORP              | GB        |    146109 | NS      | $1091609.07   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Frasers Logistics & Commercial            | Frasers Logistics & Commercial Trust                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    570000 | NS      | $493525.78    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                  | CapitaLand Ascendas REIT                                | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |    811800 | NS      | $1662623.86   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Global One Real Estate Investm            | Global One Real Estate Investment Corp                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       146 | NS      | $119938.88    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland                                 | Stockland                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    570548 | NS      | $1405181.16   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Paramount Group Inc                       | Paramount Group Inc                                     | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               | CORP              | US        |     47549 | NS      | $282441.06    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                              | Prologis Inc                                            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     73988 | NS      | $8340667.24   | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Scott Ostrowski

**Name of Signer:** Manager Directed Portfolios

**Title:** President