# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-247596
**Filing Date:** 2026-5
**Character Count:** 51467
**Document Hash:** c159c80f5686b7a9e773e2940f270d4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247596.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247596

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 261042338

**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 International Opportunity Fund (Series ID: S000073660)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230725 | Retirement Shares    | HRITX           |
| C000230726 | Institutional Shares | HRIOX           |
| C000230727 | Investor Shares      | HRIIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hood River International Opportunity Fund** | **Hood River International Opportunity Fund** | **Hood River International Opportunity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 97.7%** | **Shares**  | **Value**  |
| **<u>Communication Services</u> - 0.6%** | **<u>Communication Services</u> - 0.6%** | |
| **Entertainment - 0.6%** | | |
| CD Projekt SA | 34361 | $2210774 |
| **<u>Communications</u> - 0.9%** | **<u>Communications</u> - 0.9%** |  |
| **IT Services - 0.9%** |  |  |
| SharonAI Holdings, Inc. <sup>(a)(b)</sup> | 137538 | 3126239 |
| **<u>Consumer Discretionary</u> - 10.9%** | **<u>Consumer Discretionary</u> - 10.9%** |  |
| **Automobile Components - 2.6%** |  |  |
| Minth Group Ltd. | 611500 | 2554572 |
| Schaeffler AG | 384301 | 3209968 |
| WeRide, Inc. - ADR <sup>(a)(b)</sup> | 392036 | 3171571 |
|  |  | 8936111 |
| **Broadline Retail - 1.4%** |  |  |
| Falabella SA | 540753 | 3310160 |
| Jumia Technologies AG - ADR <sup>(a)(b)</sup> | 254782 | 1757996 |
|  |  | 5068156 |
| **Hotels, Restaurants & Leisure - 3.3%** |  |  |
| Genius Sports Ltd. <sup>(a)</sup> | 1306098 | 5786014 |
| Super Group SGHC Ltd. | 360000 | 3888000 |
| WEB Travel Group Ltd. <sup>(a)</sup> | 1001697 | 1842585 |
|  |  | 11516599 |
| **Household Durables - 0.4%** |  |  |
| Cury Construtora e Incorporadora SA | 188000 | 1285914 |
| **Specialty Retail - 2.2%** |  |  |
| ATRenew, Inc. - ADR <sup>(a)</sup> | 360669 | 1691537 |
| Groupe Dynamite, Inc. | 89194 | 4910767 |
| Sanrio Co. Ltd. | 207000 | 1286972 |
|  |  | 7889276 |
| **Textiles, Apparel & Luxury Goods - 1.0%** |  |  |
| Canada Goose Holdings, Inc. <sup>(a)(b)</sup> | 309510 | 3395325 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 38091381 |
| **<u>Consumer Staples</u> - 1.0%** | **<u>Consumer Staples</u> - 1.0%** |  |
| **Food Products - 1.0%** |  |  |
| Samyang Foods Co. Ltd. | 3762 | 3049790 |
| Winfarm SAS <sup>(a)</sup> | 70491 | 325910 |
| **Total Consumer Staples** | **Total Consumer Staples** | 3375700 |
| **<u>Energy</u> - 4.6%** | **<u>Energy</u> - 4.6%** |  |
| **Oil, Gas & Consumable Fuels - 4.6%** |  |  |
| Cameco Corp. | 62655 | 6804959 |
| Denison Mines Corp. <sup>(a)(b)</sup> | 994639 | 3511076 |
| Energy Fuels, Inc. <sup>(a)(b)</sup> | 148461 | 2709413 |
| Secure Waste Infrastructure Corp. <sup>(a)</sup> | 190923 | 2996082 |
| **Total Energy** | **Total Energy** | 16021530 |
| **<u>Financials</u> - 9.2%** | **<u>Financials</u> - 9.2%** |  |
| **Banks - 3.5%** |  |  |
| Banco BPM SpA | 91702 | 1275626 |
| BPER Banca SPA | 93351 | 1223391 |
| Credicorp Ltd. | 11134 | 3776430 |
| Credito Emiliano SpA | 54850 | 929545 |
| Grupo Cibest SA - ADR | 68761 | 5006488 |
|  |  | 12211480 |
| **Capital Markets - 4.3%** |  |  |
| Angel One Ltd. | 1458072 | 3561222 |
| IP Group PLC <sup>(a)</sup> | 3594311 | 2529091 |
| KIWOOM Securities Co. Ltd. | 5143 | 1378384 |
| Meitav Investment House Ltd. | 71200 | 2518084 |
| Pensionbee Group PLC <sup>(a)</sup> | 719514 | 1345882 |
| Plus500 Ltd. | 69288 | 3752605 |
|  |  | 15085268 |
| **Financial Services - 1.1%** |  |  |
| Boku, Inc. <sup>(a)(c)</sup> | 510000 | 1110428 |
| Wise PLC - Class A <sup>(a)</sup> | 222206 | 2675829 |
|  |  | 3786257 |
| **Insurance - 0.3%** |  |  |
| Revo Insurance SpA | 40000 | 1093439 |
| **Total Financials** | **Total Financials** | 32176444 |
| **<u>Health Care</u> - 4.0%** | **<u>Health Care</u> - 4.0%** |  |
| **Health Care Equipment & Supplies - 3.8%** |  |  |
| Establishment Labs Holdings, Inc. <sup>(a)</sup> | 87179 | 4950024 |
| Implantica AG <sup>(a)</sup> | 319967 | 1519283 |
| SS Innovations International, Inc. <sup>(a)</sup> | 833333 | 4166665 |
| Xvivo Perfusion AB <sup>(a)</sup> | 109700 | 2705526 |
|  |  | 13341498 |
| **Health Care Technology - 0.2%** |  |  |
| Craneware PLC | 30769 | 541650 |
| **Total Health Care** | **Total Health Care** | 13883148 |
| **<u>Industrials</u> - 34.2% <sup>(d)</sup>** | **<u>Industrials</u> - 34.2% <sup>(d)</sup>** |  |
| **Aerospace & Defense - 6.5%** |  |  |
| A2Z Cust2Mate Solutions Corp. <sup>(a)(b)</sup> | 355459 | 2370912 |
| Avio SpA | 103092 | 4002317 |
| Electro Optic Systems Holdings Ltd. <sup>(a)</sup> | 667951 | 3751905 |
| Gabler Group AG <sup>(a)</sup> | 49115 | 2412719 |
| Hanwha Systems Co. Ltd. | 59235 | 4638144 |
| MDA Space Ltd. <sup>(a)</sup> | 84687 | 2144275 |
| Theon International PLC | 48000 | 1735156 |
| Vincorion SE <sup>(a)</sup> | 88452 | 1659318 |
|  |  | 22714746 |
| **Building Products - 1.9%** |  |  |
| KRN Heat Exchanger And Refrigeration Ltd. <sup>(a)</sup> | 492589 | 4511036 |
| TOTO Ltd. | 62000 | 2049803 |
|  |  | 6560839 |
| **Commercial Services & Supplies - 2.7%** |  |  |
| GFL Environmental, Inc. <sup>(b)</sup> | 66108 | 2758026 |
| Japan Elevator Service Holdings Co. Ltd. | 195000 | 2016408 |
| Orizon Valorizacao de Residuos SA <sup>(a)</sup> | 340929 | 4690213 |
|  |  | 9464647 |
| **Construction & Engineering - 7.0%** |  |  |
| Dai-Dan Co. Ltd. | 395000 | 6785578 |
| Kandenko Co. Ltd. | 208000 | 7899759 |
| Maas Group Holdings Ltd. | 1605615 | 4818720 |
| Sanki Engineering Co. Ltd. | 114700 | 4983091 |
|  |  | 24487148 |
| **Electrical Equipment - 7.1%** |  |  |
| Fujikura Ltd. | 210000 | 5775427 |
| HD Hyundai Electric Co. Ltd. | 4898 | 2775638 |
| Hyosung Heavy Industries Corp. | 3889 | 6566855 |
| Rosebank Industries PLC <sup>(a)</sup> | 841651 | 3509107 |
| Siemens Energy AG | 36553 | 6303580 |
|  |  | 24930607 |
| **Machinery - 7.3%** |  |  |
| Anhui Yingliu Electromechanical Co. Ltd. - Class A | 471100 | 4270442 |
| Circus SE <sup>(a)</sup> | 266402 | 1816778 |
| IHI Corp. | 312000 | 6437498 |
| Japan Steel Works Ltd. | 15300 | 842783 |
| Leader Harmonious Drive Systems Co. Ltd. - Class A | 62000 | 1712419 |
| Mitsubishi Heavy Industries Ltd. | 123000 | 3379629 |
| Union Tool Co. | 43800 | 3781120 |
| Wartsila OYJ Abp | 84885 | 3161811 |
|  |  | 25402480 |
| **Professional Services - 0.5%** |  |  |
| Chrysos Corp. Ltd. <sup>(a)</sup> | 320000 | 1569775 |
| **Trading Companies & Distributors - 1.2%** |  |  |
| Zedcor, Inc. <sup>(a)</sup> | 1191493 | 4171210 |
| **Total Industrials** | **Total Industrials** | 119301452 |
| **<u>Information Technology</u> - 25.6% <sup>(d)</sup>** | **<u>Information Technology</u> - 25.6% <sup>(d)</sup>** |  |
| **Communications Equipment - 1.5%** |  |  |
| Filtronic PLC <sup>(a)</sup> | 1349266 | 3430992 |
| Parrot SA <sup>(a)</sup> | 157000 | 1786822 |
|  |  | 5217814 |
| **Electronic Equipment, Instruments & Components - 6.6%** |  |  |
| Jenoptik AG | 121278 | 4079420 |
| Kitron ASA | 420788 | 4061798 |
| Kraken Robotics, Inc. <sup>(a)</sup> | 652494 | 3752392 |
| Lens Technology Co. Ltd. - Class H | 427000 | 1119395 |
| Maruwa Co. Ltd. | 4900 | 1730562 |
| Next Vision Stabilized Systems Ltd. | 38726 | 3756458 |
| Taiwan Union Technology Corp. | 246000 | 4592135 |
|  |  | 23092160 |
| **IT Services - 5.1%** |  |  |
| Applied Digital Corp. <sup>(a)(b)</sup> | 626507 | 14873276 |
| Indra Sistemas SA | 53282 | 2977968 |
|  |  | 17851244 |
| **Semiconductors & Semiconductor Equipment - 11.2%** |  |  |
| AIXTRON SE | 260613 | 10169278 |
| ASE Technology Holding Co. Ltd. | 423000 | 4655608 |
| BE Semiconductor Industries NV | 31630 | 6774985 |
| King Yuan Electronics Co. Ltd. | 351000 | 3002522 |
| Kioxia Holdings Corp. <sup>(a)</sup> | 38000 | 4962804 |
| Sequans Communications SA - ADR <sup>(a)</sup> | 22429 | 56746 |
| Shibaura Mechatronics Corp. | 147300 | 3918005 |
| Suzhou Maxwell Technologies Co. Ltd. - Class A | 53300 | 1791625 |
| Tower Semiconductor Ltd. <sup>(a)</sup> | 21659 | 3800721 |
|  |  | 39132294 |
| **Software - 1.2%** |  |  |
| IREN Ltd. <sup>(a)(b)</sup> | 114065 | 3910148 |
| **Total Information Technology** | **Total Information Technology** | 89203660 |
| **<u>Materials</u> - 6.7%** | **<u>Materials</u> - 6.7%** |  |
| **Chemicals - 2.0%** |  |  |
| MEC Co. Ltd. | 164500 | 6880092 |
| **Construction Materials - 0.8%** |  |  |
| Heidelberg Materials AG | 13551 | 2859769 |
| **Metals & Mining - 3.9%** |  |  |
| Almonty Industries, Inc. <sup>(a)(b)</sup> | 600221 | 8691200 |
| IperionX Ltd. <sup>(a)</sup> | 180000 | 454268 |
| Ucore Rare Metals, Inc. <sup>(a)</sup> | 1079975 | 4347538 |
|  |  | 13493006 |
| **Total Materials** | **Total Materials** | 23232867 |
| **TOTAL COMMON STOCKS** (Cost $286,702,575) | **TOTAL COMMON STOCKS** (Cost $286,702,575) | 340623195 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.9%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(e)</sup> | 23940417 | 23940417 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $23,940,417) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $23,940,417) | 23940417 |
| **MONEY MARKET FUNDS - 3.7%** | **Shares**  | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(e)</sup> | 13043645 | 13043645 |
| **TOTAL MONEY MARKET FUNDS** (Cost $13,043,645) | **TOTAL MONEY MARKET FUNDS** (Cost $13,043,645) | 13043645 |
| **TOTAL INVESTMENTS - 108.3% (**Cost $323,686,637**)** | **TOTAL INVESTMENTS - 108.3% (**Cost $323,686,637**)** | 377607257 |
| Liabilities in Excess of Other Assets - (8.3)% | Liabilities in Excess of Other Assets - (8.3)% | (28788101) |
| **TOTAL NET ASSETS - 100.0%** |  | $348819156 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |  |

---

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

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $25,785,991.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of March 31, 2026, the value of these securities total $1,110,428 or 0.3% of the Fund's net assets.

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

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

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Hood River International Opportunity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $140687788 | $199935407 | $– | $340623195 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 23940417 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 13043645 | – | – | 13043645 |
| Total Investments | $153731433 | $199935407 | $– | $377607257 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of
 $23,940,417 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

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

- **a. Name of Series:** Hood River International Opportunity Fund

- **b. EDGAR series identifier (if any):** S000073660

- **c. LEI of Series:** 549300O0VSYG3SRE2F79

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $379559147.74

**Total Liabilities:** $31135766.32

**Net Assets:** $348423381.42

**Cash Not Reported:** $2306935.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230725 | 15.17%               | 6.45%                | -9.60%               |
| Class ID C000230726 | 15.14%               | 6.47%                | -9.62%               |
| Class ID C000230727 | 15.13%               | 6.43%                | -9.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $830567.55               | $30117688.98                               |
| Month 2  | $-1822760.14             | $22751917.87                               |
| Month 3  | $6416485.81              | $-43283968.19                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Jumia Technologies AG                     | Jumia Technologies AG                     | CUSIP: 48138M105<br>LEI: 391200JWCL5VCOSXNT56 | Long             | EC               | CORP              | DE        |    254782 | NS      | $1757995.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Kandenko Co Ltd                           | Kandenko Co Ltd                           | CUSIP: N/A<br>LEI: 35380080NSN7GCYZ3X14       | Long             | EC               | CORP              | JP        |    208000 | NS      | $7899758.90   | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTO Ltd                                  | TOTO Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     62000 | NS      | $2049802.51   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Tool Co                             | Union Tool Co                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     43800 | NS      | $3781119.90   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ucore Rare Metals Inc                     | Ucore Rare Metals Inc                     | CUSIP: 90348V301<br>LEI: 54930010QPKRBHZWKG15 | Long             | EC               | CORP              | CA        |    975975 | NS      | $3928876.43   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                   | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |     21659 | NS      | $3800721.32   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                               | Cameco Corp                               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     62655 | NS      | $6804959.55   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Canada Goose Holdings Inc                 | Canada Goose Holdings Inc                 | CUSIP: 135086106<br>LEI: 529900891XBE6RV8JR07 | Long             | EC               | CORP              | CA        |    309510 | NS      | $3395324.70   | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| BPER Banca SPA                            | BPER Banca SPA                            | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |     93351 | NS      | $1223391.20   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Boku Inc                                  | Boku Inc                                  | CUSIP: N/A<br>LEI: 549300Y4P2ZPFKCZ0C60       | Long             | EC               | CORP              | US        |    510000 | NS      | $1110427.26   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Denison Mines Corp                        | Denison Mines Corp                        | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |    994639 | NS      | $3511075.67   | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Energy Fuels Inc/Canada                   | Energy Fuels Inc/Canada                   | CUSIP: 292671708<br>LEI: 529900P0GCATXMGK8I62 | Long             | EC               | CORP              | US        |    148461 | NS      | $2709413.25   | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Wartsila OYJ Abp                          | Wartsila OYJ Abp                          | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               | CORP              | FI        |     84885 | NS      | $3161811.23   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Kitron ASA                                | Kitron ASA                                | CUSIP: N/A<br>LEI: 5967007LIEEXZXIG6009       | Long             | EC               | CORP              | NO        |    420788 | NS      | $4061797.87   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| MDA Space Ltd                             | MDA Space Ltd                             | CUSIP: 55293N109<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     84687 | NS      | $2144274.84   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WEB Travel Group Ltd                      | WEB Travel Group Ltd                      | CUSIP: Q9570B108<br>LEI: 21380064YZG4XMO4CW38 | Long             | EC               | CORP              | AU        |   1001697 | NS      | $1842584.65   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Meitav Investment House Ltd               | Meitav Investment House Ltd               | CUSIP: N/A<br>LEI: 213800ZFO2DPAZ4UAL65       | Long             | EC               | CORP              | IL        |     71200 | NS      | $2518084.25   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Electro Optic Systems Holdings            | Electro Optic Systems Holdings Ltd        | CUSIP: N/A<br>LEI: 391200AIL8NMTC2B3I63       | Long             | EC               | CORP              | AU        |    667951 | NS      | $3751904.98   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MEC Co Ltd                                | MEC Co Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    164500 | NS      | $6880091.56   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co Ltd              | King Yuan Electronics Co Ltd              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    351000 | NS      | $3002522.30   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi                       | Maruwa Co Ltd/Aichi                       | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |      4900 | NS      | $1730561.87   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt            | Mitsubishi Heavy Industries Ltd           | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    123000 | NS      | $3379629.17   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-Dan Co Ltd                            | Dai-Dan Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    395000 | NS      | $6785578.24   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Credito Emiliano SpA                      | Credito Emiliano SpA                      | CUSIP: N/A<br>LEI: 8156004B244AA70DE787       | Long             | EC               | CORP              | IT        |     54850 | NS      | $929544.76    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| WeRide Inc                                | WeRide Inc                                | CUSIP: 950915108<br>LEI: 254900R1B7IWBCPDQ262 | Long             | EC               | CORP              | CN        |    392036 | NS      | $3171571.24   | 0.91%             |  |  |  | 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        |  23940417 | NS      | $23940416.75  | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Parrot SA                                 | Parrot SA                                 | CUSIP: N/A<br>LEI: 9695000KELLFSASOM232       | Long             | EC               | CORP              | FR        |    157000 | NS      | $1786821.91   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                           | Minth Group Ltd                           | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | TW        |    611500 | NS      | $2554571.74   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Craneware PLC                             | Craneware PLC                             | CUSIP: N/A<br>LEI: 213800O2CTJ1YFXNXG05       | Long             | EC               | CORP              | GB        |     30769 | NS      | $541650.39    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Xvivo Perfusion AB                        | Xvivo Perfusion AB                        | CUSIP: N/A<br>LEI: 549300G2464FYLS14B41       | Long             | EC               | CORP              | SE        |    109700 | NS      | $2705526.31   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraken Robotics Inc                       | Kraken Robotics Inc                       | CUSIP: 50077N102<br>LEI: 529900IX6H61N726FS70 | Long             | EC               | CORP              | CA        |    652494 | NS      | $3752391.63   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zedcor Inc                                | Zedcor Inc                                | CUSIP: 98923V109<br>LEI: 254900C8YEKAFZG8P027 | Long             | EC               | CORP              | CA        |   1191493 | NS      | $4171210.49   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cury Construtora e Incorporado            | Cury Construtora e Incorporadora SA       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    188000 | NS      | $1285913.68   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Orizon Valorizacao de Residuos            | Orizon Valorizacao de Residuos SA         | CUSIP: N/A<br>LEI: 894500ACAMVLSLV62B28       | Long             | EC               | CORP              | BR        |    340929 | NS      | $4690213.14   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Wise PLC                                  | Wise PLC                                  | CUSIP: N/A<br>LEI: 213800LD9XCHIC1C4V71       | Long             | EC               | CORP              | GB        |    222206 | NS      | $2675829.11   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Maas Group Holdings Ltd                   | Maas Group Holdings Ltd                   | CUSIP: N/A<br>LEI: 9845002E61U3EB3DD061       | Long             | EC               | CORP              | AU        |   1605615 | NS      | $4818720.50   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Winfarm SAS                               | Winfarm SAS                               | CUSIP: N/A<br>LEI: 969500NPTXP45WNXHW18       | Long             | EC               | CORP              | FR        |     77680 | NS      | $359147.44    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Leader Harmonious Drive System            | Leader Harmonious Drive Systems Co Ltd    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     62000 | NS      | $1712419.24   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp                      | Kioxia Holdings Corp                      | CUSIP: N/A<br>LEI: 35380080RTKRARNH4R73       | Long             | EC               | CORP              | JP        |     38000 | NS      | $4962804.12   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Next Vision Stabilized Systems            | Next Vision Stabilized Systems Ltd        | CUSIP: N/A<br>LEI: 2549001OCAI48UYCZD40       | Long             | EC               | CORP              | IL        |     38726 | NS      | $3756457.72   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chrysos Corp Ltd                          | Chrysos Corp Ltd                          | CUSIP: N/A<br>LEI: 984500AAZB77B0753848       | Long             | EC               | CORP              | AU        |    320000 | NS      | $1569774.66   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| YINGLIU                                   | Anhui Yingliu Electromechanical Co Ltd    | CUSIP: N/A<br>LEI: 300300D1M9RNSPEHDR92       | Long             | EC               | CORP              | CN        |    471100 | NS      | $4270441.85   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Circus SE                                 | Circus SE                                 | CUSIP: N/A<br>LEI: 98450020CA9F13FUED64       | Long             | EC               | CORP              | DE        |    266402 | NS      | $1816777.82   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| KRN Heat Exchanger And Refrige            | KRN Heat Exchanger And Refrigeration Ltd  | CUSIP: N/A<br>LEI: 3358007L1G6EOZQYBZ22       | Long             | EC               | CORP              | IN        |    492589 | NS      | $4511036.00   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Lens Technology Co Ltd                    | Lens Technology Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    427000 | NS      | $1119395.49   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Vincorion SE                              | Vincorion SE                              | CUSIP: N/A<br>LEI: 5299001T2RB6WJBIRX15       | Long             | EC               | CORP              | DE        |     88452 | NS      | $1659318.46   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                             | Credicorp Ltd                             | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |     11134 | NS      | $3776430.12   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ATRenew Inc                               | ATRenew Inc                               | CUSIP: 00138L108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    360669 | NS      | $1691537.61   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| A2Z Cust2Mate Solutions Corp              | A2Z Cust2Mate Solutions Corp              | CUSIP: 002205102<br>LEI: 875500SPYFJB375QFG54 | Long             | EC               | CORP              | IL        |    355459 | NS      | $2370911.53   | 0.68%             |  |  |  | No            |                  1 | On Loan: —       |
| Almonty Industries Inc                    | Almonty Industries Inc                    | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    600221 | NS      | $8691200.08   | 2.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    552555 | NS      | $13117655.70  | 3.76%             |  |  |  | No            |                  1 | On Loan: —       |
| SS Innovations International I            | SS Innovations International Inc          | CUSIP: 05453U203<br>LEI: 549300R1NOCJPRJEMP71 | Long             | EC               | CORP              | US        |    833333 | NS      | $4166665.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     66108 | NS      | $2758025.76   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Cibest SA                           | Grupo Cibest SA                           | CUSIP: 40090E106<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EC               | CORP              | CO        |     68761 | NS      | $5006488.41   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Filtronic PLC                             | Filtronic PLC                             | CUSIP: N/A<br>LEI: 213800PDQ9V2ZNCDO264       | Long             | EC               | CORP              | GB        |   1349266 | NS      | $3430991.71   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Indra Sistemas SA                         | Indra Sistemas SA                         | CUSIP: N/A<br>LEI: 95980020140005308793       | Long             | EC               | CORP              | ES        |     53282 | NS      | $2977968.15   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                   | Heidelberg Materials AG                   | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |     13551 | NS      | $2859769.28   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| AIXTRON SE                                | AIXTRON SE                                | CUSIP: N/A<br>LEI: 5299004UJ4D51M25LD67       | Long             | EC               | CORP              | DE        |    260613 | NS      | $10169278.25  | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd                              | Fujikura Ltd                              | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               | CORP              | JP        |    210000 | NS      | $5775426.96   | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                  | IHI Corp                                  | CUSIP: N/A<br>LEI: 549300ETQIESIUQ2OE26       | Long             | EC               | CORP              | JP        |    312000 | NS      | $6437498.17   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Steel Works Ltd/The                 | Japan Steel Works Ltd/The                 | CUSIP: N/A<br>LEI: 529900AWFTILIHHO0936       | Long             | EC               | CORP              | JP        |     15300 | NS      | $842783.05    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Falabella SA                              | Falabella SA                              | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               | CORP              | CL        |    540753 | NS      | $3310160.76   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  13039400 | NS      | $13039399.74  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Union Technology Corp              | Taiwan Union Technology Corp              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    246000 | NS      | $4592134.51   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Samyang Foods Co Ltd                      | Samyang Foods Co Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3762 | NS      | $3049790.29   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanki Engineering Co Ltd                  | Sanki Engineering Co Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    114700 | NS      | $4983090.78   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanrio Co Ltd                             | Sanrio Co Ltd                             | CUSIP: N/A<br>LEI: 3538002Q5JQLOMSPH125       | Long             | EC               | CORP              | JP        |    207000 | NS      | $1286971.70   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Plus500 Ltd                               | Plus500 Ltd                               | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               | CORP              | IL        |     69288 | NS      | $3752604.77   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV            | BE Semiconductor Industries NV            | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |     31630 | NS      | $6774984.48   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Pensionbee Group PLC                      | Pensionbee Group PLC                      | CUSIP: N/A<br>LEI: 2138008663P5FHPGZV74       | Long             | EC               | CORP              | GB        |    719514 | NS      | $1345882.21   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Revo Insurance SpA                        | Revo Insurance SpA                        | CUSIP: N/A<br>LEI: 815600BF2EA41687F764       | Long             | EC               | CORP              | IT        |     40000 | NS      | $1093439.36   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Rosebank Industries PLC                   | Rosebank Industries PLC                   | CUSIP: N/A<br>LEI: 2138005KFPHBAEW69F51       | Long             | EC               | CORP              | JE        |    841651 | NS      | $3509107.17   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In            | Establishment Labs Holdings Inc           | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | US        |     87179 | NS      | $4950023.62   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Shibaura Mechatronics Corp                | Shibaura Mechatronics Corp                | CUSIP: N/A<br>LEI: 529900K56IZ9LT5WLM42       | Long             | EC               | CORP              | JP        |    147300 | NS      | $3918004.78   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CD Projekt SA                             | CD Projekt SA                             | CUSIP: N/A<br>LEI: 259400TYO5Q8SH8TL437       | Long             | EC               | CORP              | PL        |     34361 | NS      | $2210774.44   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| SharonAI Holdings Inc                     | SharonAI Holdings Inc                     | CUSIP: 778920306<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137538 | NS      | $3126238.74   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | Long             | EC               | CORP              | FR        |     22429 | NS      | $56745.37     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| IP Group PLC                              | IP Group PLC                              | CUSIP: N/A<br>LEI: 213800HG22UM138WFG43       | Long             | EC               | CORP              | GB        |   3444311 | NS      | $2423545.45   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Electric Co Ltd                | HD Hyundai Electric Co Ltd                | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |      4898 | NS      | $2775638.15   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corp             | Hyosung Heavy Industries Corp             | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |      3889 | NS      | $6566854.78   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Elevator Service Holding            | Japan Elevator Service Holdings Co Ltd    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    195000 | NS      | $2016408.18   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd             | ASE Technology Holding Co Ltd             | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |    423000 | NS      | $4655608.19   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Jenoptik AG                               | Jenoptik AG                               | CUSIP: N/A<br>LEI: 529900P34GDHGXK6VB37       | Long             | EC               | CORP              | DE        |    121278 | NS      | $4079420.25   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Systems Co Ltd                     | Hanwha Systems Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     59235 | NS      | $4638144.14   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzhou Maxwell Technologies Co            | Suzhou Maxwell Technologies Co Ltd        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     53300 | NS      | $1791625.34   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Implantica AG                             | Implantica AG                             | CUSIP: N/A<br>LEI: 5493007VLX358PSHF006       | Long             | EC               | CORP              | LI        |    297510 | NS      | $1412651.20   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IperionX Ltd                              | IperionX Ltd                              | CUSIP: N/A<br>LEI: 98450096B1C9E094C832       | Long             | EC               | CORP              | AU        |    180000 | NS      | $454268.32    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                         | Siemens Energy AG                         | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |     36553 | NS      | $6303579.60   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Theon International PLC                   | Theon International PLC                   | CUSIP: N/A<br>LEI: 2138002Y6CEIWHLN8775       | Long             | EC               | CORP              | CY        |     48000 | NS      | $1735156.11   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel One Ltd                             | Angel One Ltd                             | CUSIP: N/A<br>LEI: 3358003DRK7SFA3Q3214       | Long             | EC               | CORP              | IN        |   1458072 | NS      | $3561221.83   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Dynamite Inc                       | Groupe Dynamite Inc                       | CUSIP: 39944C100<br>LEI: 894500PR7X62F01X8R60 | Long             | EC               | CORP              | CA        |     89194 | NS      | $4910767.35   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Secure Waste Infrastructure Co            | Secure Waste Infrastructure Corp          | CUSIP: 813921103<br>LEI: 894500UQR7AONHFERA55 | Long             | EC               | CORP              | CA        |    190923 | NS      | $2996081.58   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Schaeffler AG                             | Schaeffler AG                             | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | EC               | CORP              | DE        |    384301 | NS      | $3209967.87   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Gabler Group AG                           | Gabler Group AG                           | CUSIP: N/A<br>LEI: 391200E0ZR3VLW4EM351       | Long             | EC               | CORP              | DE        |     49115 | NS      | $2412718.46   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BPM SpA                             | Banco BPM SpA                             | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               | CORP              | IT        |     91702 | NS      | $1275625.74   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Avio SpA                                  | Avio SpA                                  | CUSIP: N/A<br>LEI: 8156008F25C4B0E7C860       | Long             | EC               | CORP              | IT        |    103092 | NS      | $4002317.40   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   1306098 | NS      | $5786014.14   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Group SGHC Ltd                      | Super Group SGHC Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GG        |    360000 | NS      | $3888000.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                                  | IREN Ltd                                  | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |     87883 | NS      | $3012629.24   | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President