# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006190
**Filing Date:** 2026-2
**Character Count:** 55406
**Document Hash:** bcc2b8c2e1e5cb25558a7e3131419450
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006190.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006190

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 26686279

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

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

- **a. Name of Series:** Vert Global Sustainable Real Estate ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $498174259.19

**Total Liabilities:** $45623382.79

**Net Assets:** $452550876.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246488 | -1.84%               | 0.97%                | -0.67%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-71140.03               | $-8501109.97                               |
| Month 2  | $-19621.45               | $3915529.89                                |
| Month 3  | $5548109.85              | $-10965514.44                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alexander & Baldwin Inc                   | Alexander & Baldwin Inc                          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32880 | NS      | $678643.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     72688 | NS      | $3557350.72   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| American Assets Trust Inc                 | American Assets Trust Inc                        | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20869 | NS      | $395050.17    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                       | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    123568 | NS      | $21694833.76  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    131687 | NS      | $1693494.82   | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| AvalonBay Communities Inc                 | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     68205 | NS      | $12366248.55  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties Real Estate             | Allied Properties Real Estate Investment Trust   | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | CORP              | CA        |     24900 | NS      | $242869.23    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Altarea SCA                               | Altarea SCA                                      | CUSIP: N/A<br>LEI: 969500ICGCY1PD6OT783       | Long             | EC               | CORP              | FR        |      1901 | NS      | $244696.87    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                               | Aedifica SA                                      | CUSIP: N/A<br>LEI: 529900DTKNXL0AXQFN28       | Long             | EC               | CORP              | BE        |     22691 | NS      | $1798842.58   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Activia Properties Inc                    | Activia Properties Inc                           | CUSIP: N/A<br>LEI: 353800RPGYN3ML8CXV54       | Long             | EC               | CORP              | JP        |       919 | NS      | $825514.05    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AEON REIT Investment Corp                 | AEON REIT Investment Corp                        | CUSIP: N/A<br>LEI: 353800P59F8MJB4FE788       | Long             | EC               | CORP              | JP        |       757 | NS      | $663090.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                        | Derwent London PLC                               | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |     52172 | NS      | $1220319.69   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                    | Cousins Properties Inc                           | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     86382 | NS      | $2226927.96   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                   | Kite Realty Group Trust                          | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41869 | NS      | $1003599.93   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                              | Klepierre SA                                     | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |     97830 | NS      | $3876616.87   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiwi Property Group Ltd                   | Kiwi Property Group Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    795230 | NS      | $482448.13    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                 | Land Securities Group PLC                        | CUSIP: N/A<br>LEI: 213800V8IAVKS37D6B88       | Long             | EC               | CORP              | GB        |    331428 | NS      | $2772784.59   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                | DiamondRock Hospitality Co                       | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     98512 | NS      | $882667.52    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                  | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    138597 | NS      | $21442341.87  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc             | Empire State Realty Trust Inc                    | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     56073 | NS      | $365595.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                               | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     29151 | NS      | $22334330.16  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In            | Equity LifeStyle Properties Inc                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     89381 | NS      | $5417382.41   | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Federal Realty Investment Trus            | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     38304 | NS      | $3861043.20   | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Cofinimmo SA                              | Cofinimmo SA                                     | CUSIP: N/A<br>LEI: 549300TM914CSF6KI389       | Long             | EC               | CORP              | BE        |     17323 | NS      | $1611328.31   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                         | Iron Mountain Inc                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    138056 | NS      | $11451745.20  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                      | JBG SMITH Properties                             | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31074 | NS      | $528568.74    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                        | Kilroy Realty Corp                               | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     52492 | NS      | $1961626.04   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corp                         | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    330250 | NS      | $6694167.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| LXP Industrial Trust                      | LXP Industrial Trust                             | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     27941 | NS      | $1385314.78   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                           | Macerich Co/The                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    122202 | NS      | $2255848.92   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Mid-America Apartment Communit            | Mid-America Apartment Communities Inc            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     56185 | NS      | $7804658.35   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirvac Group                              | Mirvac Group                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1846623 | NS      | $2524408.10   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cromwell Property Group                   | Cromwell Property Group                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    819845 | NS      | $251487.87    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc                  | Nippon Building Fund Inc                         | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        |      3694 | NS      | $3367715.72   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment C            | Japan Real Estate Investment Corp                | CUSIP: N/A<br>LEI: 3538003YAIR3CBGJJ928       | Long             | EC               | CORP              | JP        |      3171 | NS      | $2648147.63   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Metropolitan Fund Invest            | Japan Metropolitan Fund Invest                   | CUSIP: N/A<br>LEI: 353800QDHNIP60E1LQ93       | Long             | EC               | CORP              | JP        |      3448 | NS      | $2729891.22   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Prime Realty Investment             | Japan Prime Realty Investment Corp               | CUSIP: N/A<br>LEI: 353800NJOQJAY1ODEX72       | Long             | EC               | CORP              | JP        |      1628 | NS      | $1097831.51   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Trust Reit Inc                       | Mori Trust Reit Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1215 | NS      | $605387.73    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                 | Gecina SA                                        | CUSIP: N/A<br>LEI: 9695003E4MMA10IBTR26       | Long             | EC               | CORP              | FR        |     21349 | NS      | $2028438.33   | 0.45%             |  |  |  | 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        |    492828 | NS      | $2676691.01   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                      | Big Yellow Group PLC                             | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     85357 | NS      | $1200901.48   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                   | BXP Inc                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     70313 | NS      | $4744721.24   | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Brandywine Realty Trust                   | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     66296 | NS      | $193584.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group Inc                       | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    142965 | NS      | $3748542.30   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                     | Camden Property Trust                            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     28097 | NS      | $3092917.76   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                               | Centerspace                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |      7218 | NS      | $481584.96    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc             | Hudson Pacific Properties Inc                    | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               | CORP              | US        |     18048 | NS      | $195458.29    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA/France                         | Covivio SA/France                                | CUSIP: N/A<br>LEI: 969500P8M3W2XX376054       | Long             | EC               | CORP              | FR        |     25379 | NS      | $1688535.40   | 0.37%             |  |  |  | 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        |  42286173 | NS      | $42286173.25  | 9.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ICADE                                     | ICADE                                            | CUSIP: N/A<br>LEI: 969500UDH342QLTE1M42       | Long             | EC               | CORP              | FR        |     18817 | NS      | $486193.13    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commerci            | CapitaLand Integrated Commercial Trust           | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |   2880956 | NS      | $5354187.28   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT                  | CapitaLand Ascendas REIT                         | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |   1838800 | NS      | $4046503.89   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio            | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   4640125 | NS      | $4640125.44   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                     | Dexus                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    537635 | NS      | $2484552.81   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Logistics Fund Inc                  | Japan Logistics Fund Inc                         | CUSIP: N/A<br>LEI: 3538004KZWISCQO70151       | Long             | EC               | CORP              | JP        |      1189 | NS      | $789657.72    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme            | InterRent Real Estate Investment Trust           | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     24900 | NS      | $239599.49    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Infrastructure Fu            | Industrial & Infrastructure Fund Investment Corp | CUSIP: N/A<br>LEI: 353800WCHFY04YKYCI19       | Long             | EC               | CORP              | JP        |      1096 | NS      | $1078204.73   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmila SA                                | Carmila SA                                       | CUSIP: N/A<br>LEI: 222100P6D3QKU33LZQ72       | Long             | EC               | CORP              | FR        |     30498 | NS      | $608914.10    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Long Wale REIT               | Charter Hall Long Wale REIT                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    319343 | NS      | $868850.45    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Immobiliare Grande Distribuzio            | Immobiliare Grande Distribuzione SIIQ SpA        | CUSIP: N/A<br>LEI: 815600CF8C0389D0E272       | Long             | EC               | CORP              | IT        |     19790 | NS      | $80651.23     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascott Trust                   | CapitaLand Ascott Trust                          | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |   1220700 | NS      | $906507.39    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| KDX Realty Investment Corp                | KDX Realty Investment Corp                       | CUSIP: N/A<br>LEI: 353800FFT483NCIHFY42       | Long             | EC               | CORP              | JP        |      1947 | NS      | $2184932.85   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercialys SA                              | Mercialys SA                                     | CUSIP: N/A<br>LEI: 969500081CGAXB7YS433       | Long             | EC               | CORP              | FR        |     45607 | NS      | $591338.74    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Reit Inc                            | Hulic Reit Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       541 | NS      | $609183.71    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Irish Residential Properties R            | Irish Residential Properties REIT PLC            | CUSIP: N/A<br>LEI: 635400EOPACLULRENY18       | Long             | EC               | CORP              | IE        |    214719 | NS      | $236542.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Care Property Invest NV                   | Care Property Invest NV                          | CUSIP: N/A<br>LEI: 54930096UUTCOUCQDU64       | Long             | EC               | CORP              | BE        |     14592 | NS      | $203252.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Residential Invest            | Daiwa House REIT Investment Corp                 | CUSIP: N/A<br>LEI: 3538001FWU534P8JMO05       | Long             | EC               | CORP              | JP        |      1987 | NS      | $1815294.91   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel REIT                               | Keppel REIT                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1381400 | NS      | $1047328.93   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                       | UNITE Group PLC/The                              | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    180072 | NS      | $1355135.84   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave NV                             | Wereldhave NV                                    | CUSIP: N/A<br>LEI: 724500YRQCY3BD9RJZ92       | Long             | EC               | CORP              | NL        |     18651 | NS      | $421885.07    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave Belgium Comm VA                | Wereldhave Belgium Comm VA                       | CUSIP: N/A<br>LEI: 549300WKEX26S4CUA403       | Long             | EC               | CORP              | BE        |       545 | NS      | $33924.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vastned NV                                | Vastned NV                                       | CUSIP: N/A<br>LEI: 54930068RSC6OT68NE51       | Long             | EC               | CORP              | BE        |      3705 | NS      | $135326.97    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Precinct Properties New Zealan            | Precinct Properties New Zealand Ltd              | CUSIP: N/A<br>LEI: 9845001BD9S8C9A04510       | Long             | EC               | CORP              | NZ        |    780879 | NS      | $538853.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Orix JREIT Inc                            | Orix JREIT Inc                                   | CUSIP: N/A<br>LEI: 353800WVNTBIU65TA247       | Long             | EC               | CORP              | JP        |      2383 | NS      | $1616082.81   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyu REIT Inc                            | Tokyu REIT Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       350 | NS      | $462438.99    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockland                                 | Stockland                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1121899 | NS      | $4286825.91   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                  | Phillips Edison & Co Inc                         | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     59814 | NS      | $2127583.98   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                              | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    170387 | NS      | $21751604.42  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                      | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     83376 | NS      | $5755445.28   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                      | SL Green Realty Corp                             | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     35726 | NS      | $1638751.62   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    118588 | NS      | $21951824.68  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                       | STAG Industrial Inc                              | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     86624 | NS      | $3184298.24   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Hotel REIT Investment Co            | Japan Hotel REIT Investment Corp                 | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        |      2495 | NS      | $1302057.48   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Centrepoint Trust                 | Frasers Centrepoint Trust                        | CUSIP: N/A<br>LEI: 5493002RGQ266FKERZ83       | Long             | EC               | CORP              | SG        |    612936 | NS      | $1110529.46   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                   | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    150133 | NS      | $5506878.44   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                        | UMH Properties Inc                               | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     36736 | NS      | $584469.76    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                     | Urban Edge Properties                            | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52733 | NS      | $1011946.27   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    221369 | NS      | $17129533.22  | 3.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Welltower Inc                             | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    114197 | NS      | $21196105.17  | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntec REIT                               | Suntec Real Estate Investment Trust              | CUSIP: N/A<br>LEI: 549300C46QFXSI2F4K13       | Long             | EC               | CORP              | SG        |    650500 | NS      | $728398.13    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Picton Property Income Ltd                | Picton Property Income Ltd                       | CUSIP: N/A<br>LEI: 213800RYE59K9CKR4497       | Long             | EC               | CORP              | GB        |    170820 | NS      | $170252.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                 | Segro PLC                                        | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        |    611628 | NS      | $5926490.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaftesbury Capital PLC                   | Shaftesbury Capital PLC                          | CUSIP: N/A<br>LEI: 549300TTXXZ1SHUI0D54       | Long             | EC               | CORP              | GB        |    591638 | NS      | $1153879.91   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Workspace Group PLC                       | Workspace Group PLC                              | CUSIP: N/A<br>LEI: 2138003GUZRFIN3UT430       | Long             | EC               | CORP              | GB        |     65908 | NS      | $353710.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Montea NV                                 | Montea NV                                        | CUSIP: N/A<br>LEI: 5493006K5LQDD0GK1T60       | Long             | EC               | CORP              | BE        |      9497 | NS      | $816456.91    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Hills REIT Investment Cor            | Mori Hills REIT Investment Corp                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       606 | NS      | $576056.65    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Prologis REIT Inc                  | Nippon Prologis REIT Inc                         | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        |      3170 | NS      | $1878803.15   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                 | Unibail-Rodamco-Westfield                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |     55400 | NS      | $6035402.72   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tritax Big Box REIT PLC                   | Tritax Big Box REIT PLC                          | CUSIP: N/A<br>LEI: 213800L6X88MIYPVR714       | Long             | EC               | CORP              | GB        |   1193453 | NS      | $2443185.96   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Redefine Properties Ltd                   | Redefine Properties Ltd                          | CUSIP: N/A<br>LEI: 37890061EC026A7DA532       | Long             | EC               | CORP              | ZA        |   3227147 | NS      | $1168550.51   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de            | Prologis Property Mexico SA de CV                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    492272 | NS      | $2059494.82   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Shurgard Self Storage Ltd                 | Shurgard Self Storage Ltd                        | CUSIP: N/A<br>LEI: 549300J0UEIKU81XO336       | Long             | EC               | CORP              | LU        |     15250 | NS      | $524775.09    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Reit Inc                    | Sekisui House Reit Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      2147 | NS      | $1232766.60   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Primary Health Properties PLC             | Primary Health Properties PLC                    | CUSIP: N/A<br>LEI: 213800Y5CJHXOATK7X11       | Long             | EC               | CORP              | GB        |   1230776 | NS      | $1620683.69   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP J-Reit                                | GLP J-Reit                                       | CUSIP: N/A<br>LEI: 353800E27V9KA51K2I90       | Long             | EC               | CORP              | JP        |      2115 | NS      | $2009145.43   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel REIT                               | Keppel REIT                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    317722 | NS      | $3705.93      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Equity Residential                        | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    171851 | NS      | $10833487.04  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                  | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     30080 | NS      | $7871334.40   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                   | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101440 | NS      | $13209516.80  | 2.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Charter Hall Retail REIT                  | Charter Hall Retail REIT                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    244566 | NS      | $663770.51    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Social Infrastruc            | Charter Hall Social Infrastructure REIT          | CUSIP: N/A<br>LEI: 254900W31UGIMDQW3W98       | Long             | EC               | CORP              | AU        |    170799 | NS      | $350803.17    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Real Estate Master Fund            | Nomura Real Estate Master Fund Inc               | CUSIP: N/A<br>LEI: 353800TNNZOQ1CPZE086       | Long             | EC               | CORP              | JP        |      1873 | NS      | $2068431.53   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Xior Student Housing NV                   | Xior Student Housing NV                          | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |     15718 | NS      | $534418.65    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurocommercial Properties NV              | Eurocommercial Properties NV                     | CUSIP: N/A<br>LEI: 724500SFK53FPNM68L95       | Long             | EC               | CORP              | NL        |     19967 | NS      | $610880.55    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartCentres Real Estate Inves            | SmartCentres Real Estate Investment Trust        | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               | CORP              | CA        |      6500 | NS      | $122104.69    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NSI NV                                    | NSI NV                                           | CUSIP: N/A<br>LEI: 724500I77C30W2LZZJ03       | Long             | EC               | CORP              | NL        |      7443 | NS      | $169409.41    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Properties Real Estate             | Choice Properties Real Estate Investment Trust   | CUSIP: 17039A106<br>LEI: 5493007MYGFSLOZGT937 | Long             | EC               | CORP              | CA        |     71734 | NS      | $775035.96    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Colonial SFL Socimi SA                    | Colonial SFL Socimi SA                           | CUSIP: N/A<br>LEI: 95980020140005007414       | Long             | EC               | CORP              | ES        |    134924 | NS      | $865994.48    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Minto Apartment Real Estate In            | Minto Apartment Real Estate Investment Trust     | CUSIP: 60448E103<br>LEI: 8945004CL5S09C4BXW65 | Long             | EC               | CORP              | CA        |     11500 | NS      | $114349.81    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NewRiver REIT PLC                         | NewRiver REIT PLC                                | CUSIP: N/A<br>LEI: 2138004GX1VAUMH66L31       | Long             | EC               | CORP              | GB        |     31052 | NS      | $28860.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LaSalle Logiport REIT                     | LaSalle Logiport REIT                            | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |       830 | NS      | $839822.64    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CLS Holdings PLC                          | CLS Holdings PLC                                 | CUSIP: N/A<br>LEI: 213800A357TKB2TD9U78       | Long             | EC               | CORP              | GB        |     15840 | NS      | $12825.91     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Logistics RE            | Mitsubishi Estate Logistics REIT Investment Corp | CUSIP: N/A<br>LEI: 353800YYSGZU31ICQK38       | Long             | EC               | CORP              | JP        |       672 | NS      | $569771.28    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Custodian Property Income Reit            | Custodian Property Income Reit PLC               | CUSIP: N/A<br>LEI: 2138001BOD1J5XK1CX76       | Long             | EC               | CORP              | GB        |     73391 | NS      | $85387.73     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendlease Global Commercial RE            | Lendlease Global Commercial REIT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1020097 | NS      | $491804.15    | 0.11%             |  |  |  | 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        |     54125 | NS      | $746279.41    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Industrial Real Estate I            | Dream Industrial Real Estate Investment Trust    | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     61919 | NS      | $568259.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA               | Merlin Properties Socimi SA                      | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        |    179434 | NS      | $2619459.07   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus Industria REIT                      | Dexus Industria REIT                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    110930 | NS      | $198988.86    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Office Real Estate Inves            | Dream Office Real Estate Investment Trust        | CUSIP: 26153P203<br>LEI: 549300WQI5VPNY3ILE95 | Long             | EC               | CORP              | CA        |      3508 | NS      | $46628.31     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Logistics & Commercial            | Frasers Logistics & Commercial Trust             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1324000 | NS      | $1024401.24   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Killam Apartment Real Estate I            | Killam Apartment Real Estate Investment Trust    | CUSIP: 49410M102<br>LEI: 2549001RZSL75H60JE41 | Long             | EC               | CORP              | CA        |     27142 | NS      | $324733.76    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    338136 | NS      | $5437226.88   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                        | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    334323 | NS      | $5927546.79   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Property Trust                    | Goodman Property Trust                           | CUSIP: N/A<br>LEI: 213800EWCLT1H1U94486       | Long             | EC               | CORP              | NZ        |    527961 | NS      | $596581.54    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GPT Group/The                             | GPT Group/The                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    875052 | NS      | $3162719.04   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                             | Goodman Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    930723 | NS      | $19227787.96  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Helical PLC                               | Helical PLC                                      | CUSIP: N/A<br>LEI: 2138003SBD2Z7WV2MP70       | Long             | EC               | CORP              | GB        |     17189 | NS      | $43604.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Austral            | Growthpoint Properties Australia Ltd             | CUSIP: N/A<br>LEI: 529900VCPJ9IEDF4TJ03       | Long             | EC               | CORP              | AU        |    118508 | NS      | $192825.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                | Growthpoint Properties Ltd                       | CUSIP: N/A<br>LEI: 37890019DD1E46632291       | Long             | EC               | CORP              | ZA        |   1560026 | NS      | $1615573.09   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc                  | Hoshino Resorts REIT Inc                         | CUSIP: N/A<br>LEI: 353800DF2MUZWFL4IL56       | Long             | EC               | CORP              | JP        |       270 | NS      | $449928.23    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Portland Estates PLC                | Great Portland Estates PLC                       | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    184705 | NS      | $791269.89    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Reit PLC                             | Home Reit PLC                                    | CUSIP: N/A<br>LEI: 213800A53AOVH3FCGG44       | Long             | EC               | CORP              | GB        |    255956 | NS      | $30984.49     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Hammerson PLC                             | Hammerson PLC                                    | CUSIP: N/A<br>LEI: 213800G1C9KKVVDN1A60       | Long             | EC               | CORP              | GB        |    266245 | NS      | $1181767.25   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan REIT                               | RioCan Real Estate Investment Trust              | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     74913 | NS      | $1021975.63   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                     | Veris Residential Inc                            | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     37662 | NS      | $560410.56    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc             | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    116270 | NS      | $4501974.40   | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Vornado Realty Trust                      | Vornado Realty Trust                             | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76245 | NS      | $2537433.60   | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Safestore Holdings PLC                    | Safestore Holdings PLC                           | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        |    116150 | NS      | $1149829.85   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                    | Warehouses De Pauw CVA                           | CUSIP: N/A<br>LEI: 549300HWDYC5JXC85138       | Long             | EC               | CORP              | BE        |     95676 | NS      | $2485557.89   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Scentre Group                             | Scentre Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2395105 | NS      | $6708127.55   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicinity Ltd                              | Vicinity Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1781887 | NS      | $3041918.60   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President