# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-015917
**Filing Date:** 2025-11
**Character Count:** 63394
**Document Hash:** dcd585d46bc70fefc0f5bbf6ce33e4e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015917.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015917

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251528911

**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 New Opportunities Fund (Series ID: S000086255)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000251704 | Institutional Shares | HRNOX           |
| C000251705 | Investor Shares      | HRNIX           |
| C000251706 | Retirement Shares    | HRNRX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hood River New Opportunities Fund** | **Hood River New Opportunities Fund** | **Hood River New Opportunities Fund** | **Hood River New Opportunities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** | **Shares** | **Value**  |
| **COMMUNICATION SERVICES - 2.9%** | **COMMUNICATION SERVICES - 2.9%** | **COMMUNICATION SERVICES - 2.9%** | |
| **Entertainment - 1.9%** | **Entertainment - 1.9%** | | |
| Electronic Arts, Inc. | Electronic Arts, Inc. | 9132 | $1841924 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | Take-Two Interactive Software, Inc. <sup>(a)</sup> | 10558 | 2727765 |
|  |  |  | 4569689 |
| **Interactive Media & Services - 1.0%** | **Interactive Media & Services - 1.0%** |  |  |
| Reddit, Inc. - Class A <sup>(a)</sup> | Reddit, Inc. - Class A <sup>(a)</sup> | 10316 | 2372577 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 6942266 |
| **CONSUMER DISCRETIONARY - 8.9%** | **CONSUMER DISCRETIONARY - 8.9%** | **CONSUMER DISCRETIONARY - 8.9%** |  |
| **Automobile Components - 0.2%** | **Automobile Components - 0.2%** |  |  |
| Visteon Corp. | Visteon Corp. | 4961 | 594625 |
|  |  |  | $– |
| **Broadline Retail - 1.4%** | **Broadline Retail - 1.4%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)(b)</sup> | Ollie's Bargain Outlet Holdings, Inc. <sup>(a)(b)</sup> | 26593 | 3414541 |
|  |  |  | $– |
| **Hotels, Restaurants & Leisure - 3.8%** | **Hotels, Restaurants & Leisure - 3.8%** |  |  |
| Genius Sports Ltd. <sup>(a)</sup> | Genius Sports Ltd. <sup>(a)</sup> | 271460 | 3360675 |
| Kura Sushi USA, Inc. - Class A <sup>(a)(b)</sup> | Kura Sushi USA, Inc. - Class A <sup>(a)(b)</sup> | 10105 | 600338 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | Life Time Group Holdings, Inc. <sup>(a)</sup> | 105585 | 2914146 |
| Rush Street Interactive, Inc. <sup>(a)</sup> | Rush Street Interactive, Inc. <sup>(a)</sup> | 112018 | 2294128 |
|  |  |  | 9169287 |
| **Management of Companies and Enterprises - 0.8%** | **Management of Companies and Enterprises - 0.8%** |  |  |
| Viking Holdings Ltd. ORD SHS <sup>(a)(b)</sup> | Viking Holdings Ltd. ORD SHS <sup>(a)(b)</sup> | 29854 | 1855725 |
|  |  |  | $– |
| **Specialty Retail - 2.3%** | **Specialty Retail - 2.3%** |  |  |
| Build-A-Bear Workshop, Inc. | Build-A-Bear Workshop, Inc. | 8201 | 534787 |
| Camping World Holdings, Inc. - Class A | Camping World Holdings, Inc. - Class A | 88498 | 1397383 |
| Five Below, Inc. <sup>(a)</sup> | Five Below, Inc. <sup>(a)</sup> | 4508 | 697388 |
| Signet Jewelers Ltd. <sup>(b)</sup> | Signet Jewelers Ltd. <sup>(b)</sup> | 12575 | 1206194 |
| Williams-Sonoma, Inc. | Williams-Sonoma, Inc. | 8190 | 1600736 |
|  |  |  | 5436488 |
| **Textiles, Apparel & Luxury Goods - 0.4%** | **Textiles, Apparel & Luxury Goods - 0.4%** |  |  |
| Amer Sports, Inc. <sup>(a)</sup> | Amer Sports, Inc. <sup>(a)</sup> | 28637 | 995136 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 21465802 |
| **CONSUMER STAPLES - 2.0%** | **CONSUMER STAPLES - 2.0%** | **CONSUMER STAPLES - 2.0%** |  |
| **Beverages - 0.9%** | **Beverages - 0.9%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | Celsius Holdings, Inc. <sup>(a)</sup> | 37181 | 2137536 |
|  |  |  | $– |
| **Consumer Staples Distribution & Retail - 0.8%** | **Consumer Staples Distribution & Retail - 0.8%** |  |  |
| Sprouts Farmers Market, Inc. <sup>(a)</sup> | Sprouts Farmers Market, Inc. <sup>(a)</sup> | 17884 | 1945779 |
|  |  |  | $– |
| **Food Products - 0.3%** | **Food Products - 0.3%** |  |  |
| Freshpet, Inc. <sup>(a)</sup> | Freshpet, Inc. <sup>(a)</sup> | 13383 | 737537 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 4820852 |
| **ENERGY - 1.7%** | **ENERGY - 1.7%** | **ENERGY - 1.7%** |  |
| **Oil, Gas & Consumable Fuels - 1.7%** | **Oil, Gas & Consumable Fuels - 1.7%** |  |  |
| Antero Resources Corp. <sup>(a)</sup> | Antero Resources Corp. <sup>(a)</sup> | 61402 | 2060651 |
| Comstock, Inc. <sup>(a)(b)</sup> | Comstock, Inc. <sup>(a)(b)</sup> | 281327 | 962138 |
| Expand Energy Corp. | Expand Energy Corp. | 9999 | 1062294 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | **TOTAL ENERGY** | 4085083 |
| **FINANCIALS - 10.2%** | **FINANCIALS - 10.2%** | **FINANCIALS - 10.2%** |  |
| **Banks - 2.1%** | **Banks - 2.1%** |  |  |
| Customers Bancorp, Inc. <sup>(a)</sup> | Customers Bancorp, Inc. <sup>(a)</sup> | 32924 | 2152242 |
| East West Bancorp, Inc. | East West Bancorp, Inc. | 14256 | 1517551 |
| Western Alliance Bancorp | Western Alliance Bancorp | 14729 | 1277299 |
|  |  |  | 4947092 |
| **Consumer Finance - 5.8%** | **Consumer Finance - 5.8%** |  |  |
| Dave, Inc. <sup>(a)</sup> | Dave, Inc. <sup>(a)</sup> | 40170 | 8007889 |
| FirstCash Holdings, Inc. | FirstCash Holdings, Inc. | 22207 | 3518033 |
| Kaspi.KZ JSC - ADR | Kaspi.KZ JSC - ADR | 11567 | 944793 |
| SoFi Technologies, Inc. <sup>(a)</sup> | SoFi Technologies, Inc. <sup>(a)</sup> | 60037 | 1586178 |
|  |  |  | 14056893 |
| **Insurance - 2.3%** | **Insurance - 2.3%** |  |  |
| Hippo Holdings, Inc. <sup>(a)</sup> | Hippo Holdings, Inc. <sup>(a)</sup> | 80665 | 2916846 |
| Slide Insurance Holdings, Inc. <sup>(a)</sup> | Slide Insurance Holdings, Inc. <sup>(a)</sup> | 168428 | 2658636 |
|  |  |  | 5575482 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 24579467 |
| **HEALTH CARE - 17.8%** | **HEALTH CARE - 17.8%** | **HEALTH CARE - 17.8%** |  |
| **Biotechnology - 9.0%** | **Biotechnology - 9.0%** |  |  |
| Akero Therapeutics, Inc. <sup>(a)</sup> | Akero Therapeutics, Inc. <sup>(a)</sup> | 4224 | 200556 |
| Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> | Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> | 6967 | 76985 |
| BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> | BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> | 89397 | 678523 |
| Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | 27436 | 1425026 |
| Insmed, Inc. <sup>(a)</sup> | Insmed, Inc. <sup>(a)</sup> | 34075 | 4907141 |
| Krystal Biotech, Inc. <sup>(a)</sup> | Krystal Biotech, Inc. <sup>(a)</sup> | 15003 | 2648480 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 5573 | 2556112 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | Neurocrine Biosciences, Inc. <sup>(a)</sup> | 20368 | 2859260 |
| PTC Therapeutics, Inc. <sup>(a)</sup> | PTC Therapeutics, Inc. <sup>(a)</sup> | 23166 | 1421697 |
| Revolution Medicines, Inc. <sup>(a)</sup> | Revolution Medicines, Inc. <sup>(a)</sup> | 20944 | 978085 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 5527 | 558172 |
| Scholar Rock Holding Corp. <sup>(a)(b)</sup> | Scholar Rock Holding Corp. <sup>(a)(b)</sup> | 52185 | 1943369 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> | Soleno Therapeutics, Inc. <sup>(a)</sup> | 14628 | 988853 |
| TG Therapeutics, Inc. <sup>(a)</sup> | TG Therapeutics, Inc. <sup>(a)</sup> | 16283 | 588223 |
|  |  |  | 21830482 |
| **Health Care Equipment & Supplies - 4.3%** | **Health Care Equipment & Supplies - 4.3%** |  |  |
| AtriCure, Inc. <sup>(a)</sup> | AtriCure, Inc. <sup>(a)</sup> | 80758 | 2846720 |
| Butterfly Network, Inc. <sup>(a)(b)</sup> | Butterfly Network, Inc. <sup>(a)(b)</sup> | 831994 | 1605748 |
| Enovis Corp. <sup>(a)</sup> | Enovis Corp. <sup>(a)</sup> | 41639 | 1263327 |
| Kestra Medical Technologies Ltd. <sup>(a)(b)</sup> | Kestra Medical Technologies Ltd. <sup>(a)(b)</sup> | 61366 | 1458056 |
| Senseonics Holdings, Inc. <sup>(a)(b)</sup> | Senseonics Holdings, Inc. <sup>(a)(b)</sup> | 1307708 | 569899 |
| Tandem Diabetes Care, Inc. <sup>(a)(b)</sup> | Tandem Diabetes Care, Inc. <sup>(a)(b)</sup> | 42354 | 514178 |
| TransMedics Group, Inc. <sup>(a)</sup> | TransMedics Group, Inc. <sup>(a)</sup> | 18251 | 2047762 |
|  |  |  | 10305690 |
| **Health Care Providers & Services - 3.2%** | **Health Care Providers & Services - 3.2%** |  |  |
| Ensign Group, Inc. | Ensign Group, Inc. | 6466 | 1117131 |
| Guardant Health, Inc. <sup>(a)</sup> | Guardant Health, Inc. <sup>(a)</sup> | 39321 | 2456776 |
| National HealthCare Corp. | National HealthCare Corp. | 7416 | 901118 |
| RadNet, Inc. <sup>(a)</sup> | RadNet, Inc. <sup>(a)</sup> | 34578 | 2635189 |
| Select Medical Holdings Corp. | Select Medical Holdings Corp. | 42158 | 541309 |
|  |  |  | 7651523 |
| **Health Care Technology - 0.4%** | **Health Care Technology - 0.4%** |  |  |
| Waystar Holding Corp. <sup>(a)</sup> | Waystar Holding Corp. <sup>(a)</sup> | 27503 | 1042914 |
|  |  |  | $– |
| **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |  |  |
| Axsome Therapeutics, Inc. <sup>(a)</sup> | Axsome Therapeutics, Inc. <sup>(a)</sup> | 10009 | 1215593 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | Crinetics Pharmaceuticals, Inc. <sup>(a)</sup> | 22296 | 928628 |
|  |  |  | 2144221 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 42974830 |
| **INDUSTRIALS - 22.2%** | **INDUSTRIALS - 22.2%** | **INDUSTRIALS - 22.2%** |  |
| **Aerospace & Defense - 4.2%** | **Aerospace & Defense - 4.2%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | Axon Enterprise, Inc. <sup>(a)</sup> | 2285 | 1639807 |
| Curtiss-Wright Corp. | Curtiss-Wright Corp. | 2046 | 1110855 |
| Karman Holdings, Inc. <sup>(a)</sup> | Karman Holdings, Inc. <sup>(a)</sup> | 19720 | 1423784 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 66191 | 6047872 |
|  |  |  | 10222318 |
| **Commercial Services & Supplies - 1.6%** | **Commercial Services & Supplies - 1.6%** |  |  |
| GFL Environmental, Inc. | GFL Environmental, Inc. | 81995 | 3884923 |
|  |  |  | $– |
| **Construction & Engineering - 6.5%** | **Construction & Engineering - 6.5%** |  |  |
| API Group Corp. <sup>(a)</sup> | API Group Corp. <sup>(a)</sup> | 62599 | 2151528 |
| Comfort Systems USA, Inc. | Comfort Systems USA, Inc. | 6787 | 5600497 |
| MasTec, Inc. <sup>(a)</sup> | MasTec, Inc. <sup>(a)</sup> | 37346 | 7947602 |
|  |  |  | 15699627 |
| **Electrical Equipment - 0.7%** | **Electrical Equipment - 0.7%** |  |  |
| Vertiv Holdings Co. - Class A | Vertiv Holdings Co. - Class A | 10998 | 1659158 |
|  |  |  | $– |
| **Ground Transportation - 1.6%** | **Ground Transportation - 1.6%** |  |  |
| XPO, Inc. <sup>(a)</sup> | XPO, Inc. <sup>(a)</sup> | 30532 | 3946872 |
|  |  |  | $– |
| **Machinery - 2.2%** | **Machinery - 2.2%** |  |  |
| ESCO Technologies, Inc. | ESCO Technologies, Inc. | 8196 | 1730257 |
| Symbotic, Inc. <sup>(a)(b)</sup> | Symbotic, Inc. <sup>(a)(b)</sup> | 64961 | 3501398 |
|  |  |  | 5231655 |
| **Marine Transportation - 0.3%** | **Marine Transportation - 0.3%** |  |  |
| Kirby Corp. <sup>(a)</sup> | Kirby Corp. <sup>(a)</sup> | 9093 | 758811 |
|  |  |  | $– |
| **Professional Services - 2.2%** | **Professional Services - 2.2%** |  |  |
| ExlService Holdings, Inc. <sup>(a)</sup> | ExlService Holdings, Inc. <sup>(a)</sup> | 49442 | 2176931 |
| Parsons Corp. <sup>(a)</sup> | Parsons Corp. <sup>(a)</sup> | 36678 | 3041340 |
|  |  |  | 5218271 |
| **Trading Companies & Distributors - 2.9%** | **Trading Companies & Distributors - 2.9%** |  |  |
| QXO, Inc. <sup>(a)</sup> | QXO, Inc. <sup>(a)</sup> | 179227 | 3416067 |
| Xometry, Inc. - Class A <sup>(a)(b)</sup> | Xometry, Inc. - Class A <sup>(a)(b)</sup> | 65338 | 3558961 |
|  |  |  | 6975028 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 53596663 |
| **INFORMATION TECHNOLOGY - 25.7%<sup>(c)</sup>** | **INFORMATION TECHNOLOGY - 25.7%<sup>(c)</sup>** | **INFORMATION TECHNOLOGY - 25.7%<sup>(c)</sup>** |  |
| **Communications Equipment - 6.7%** | **Communications Equipment - 6.7%** |  |  |
| Ciena Corp. <sup>(a)</sup> | Ciena Corp. <sup>(a)</sup> | 35953 | 5237273 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 16683 | 2714491 |
| Ondas Holdings, Inc. <sup>(a)(b)</sup> | Ondas Holdings, Inc. <sup>(a)(b)</sup> | 1059318 | 8177935 |
|  |  |  | 16129699 |
| **Electronic Equipment, Instruments & Components - 2.5%** | **Electronic Equipment, Instruments & Components - 2.5%** |  |  |
| Corning, Inc. | Corning, Inc. | 27119 | 2224571 |
| Fabrinet <sup>(a)</sup> | Fabrinet <sup>(a)</sup> | 5332 | 1944154 |
| Unusual Machines, Inc. <sup>(a)</sup> | Unusual Machines, Inc. <sup>(a)</sup> | 129366 | 1953427 |
|  |  |  | 6122152 |
| **IT Services - 5.7%** | **IT Services - 5.7%** |  |  |
| Applied Digital Corp. <sup>(a)(b)</sup> | Applied Digital Corp. <sup>(a)(b)</sup> | 409291 | 9389136 |
| DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | 29854 | 1019813 |
| Okta, Inc. <sup>(a)</sup> | Okta, Inc. <sup>(a)</sup> | 12132 | 1112504 |
| Twilio, Inc. - Class A <sup>(a)</sup> | Twilio, Inc. - Class A <sup>(a)</sup> | 21655 | 2167449 |
|  |  |  | 13688902 |
| **Semiconductors & Semiconductor Equipment - 4.8%** | **Semiconductors & Semiconductor Equipment - 4.8%** |  |  |
| Lattice Semiconductor Corp. <sup>(a)</sup> | Lattice Semiconductor Corp. <sup>(a)</sup> | 24119 | 1768405 |
| Rambus, Inc. <sup>(a)</sup> | Rambus, Inc. <sup>(a)</sup> | 27169 | 2831010 |
| Semtech Corp. <sup>(a)</sup> | Semtech Corp. <sup>(a)</sup> | 55882 | 3992769 |
| Sequans Communications SA - ADR <sup>(a)</sup> | Sequans Communications SA - ADR <sup>(a)</sup> | 12165 | 115081 |
| Tower Semiconductor Ltd. <sup>(a)</sup> | Tower Semiconductor Ltd. <sup>(a)</sup> | 38944 | 2815651 |
|  |  |  | 11522916 |
| **Software - 6.0%** | **Software - 6.0%** |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | ACI Worldwide, Inc. <sup>(a)</sup> | 69975 | 3692581 |
| Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 110761 | 1995913 |
| Pegasystems, Inc. | Pegasystems, Inc. | 43809 | 2519018 |
| Red Violet, Inc. | Red Violet, Inc. | 10899 | 569473 |
| Unity Software, Inc. <sup>(a)</sup> | Unity Software, Inc. <sup>(a)</sup> | 85362 | 3417894 |
| Varonis Systems, Inc. <sup>(a)</sup> | Varonis Systems, Inc. <sup>(a)</sup> | 42288 | 2430291 |
|  |  |  | 14625170 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 62088839 |
| **MATERIALS - 1.7%** | **MATERIALS - 1.7%** | **MATERIALS - 1.7%** |  |
| **Chemicals - 0.5%** | **Chemicals - 0.5%** |  |  |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | 16677 | 1299138 |
|  |  |  | $– |
| **Construction Materials - 0.4%** | **Construction Materials - 0.4%** |  |  |
| Eagle Materials, Inc. | Eagle Materials, Inc. | 4211 | 981332 |
|  |  |  | $– |
| **Metals & Mining - 0.8%** | **Metals & Mining - 0.8%** |  |  |
| Almonty Industries, Inc. <sup>(a)</sup> | Almonty Industries, Inc. <sup>(a)</sup> | 312001 | 1881366 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | **TOTAL MATERIALS** | 4161836 |
| **REAL ESTATE - 0.8%** | **REAL ESTATE - 0.8%** | **REAL ESTATE - 0.8%** |  |
| **Real Estate Management & Development - 0.8%** | **Real Estate Management & Development - 0.8%** |  |  |
| CoStar Group, Inc. <sup>(a)</sup> | CoStar Group, Inc. <sup>(a)</sup> | 21251 | 1792947 |
| **TOTAL REAL ESTATE** | **TOTAL REAL ESTATE** |  | 1792947 |
| **UTILITIES - 2.3%** | **UTILITIES - 2.3%** | **UTILITIES - 2.3%** |  |
| **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** |  |  |
| NRG Energy, Inc. | NRG Energy, Inc. | 20190 | 3269771 |
| Oklo, Inc. <sup>(a)(b)</sup> | Oklo, Inc. <sup>(a)(b)</sup> | 15505 | 1730823 |
|  |  |  | 5000594 |
| **Water Utilities - 0.2%** | **Water Utilities - 0.2%** |  |  |
| WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | 16769 | 422914 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | **TOTAL UTILITIES** | 5423508 |
| **TOTAL COMMON STOCKS** (Cost $176,859,693) | **TOTAL COMMON STOCKS** (Cost $176,859,693) | **TOTAL COMMON STOCKS** (Cost $176,859,693) | 231932093 |
| **WARRANTS - 0.1%** | **WARRANTS - 0.1%** | **Contracts** | **Value**  |
| Sequans Communications (SQNS), Expires 09/30/2030, Exercise Price $0.01 <sup>(a)(d)</sup> | Sequans Communications (SQNS), Expires 09/30/2030, Exercise Price $0.01 <sup>(a)(d)</sup> | 28496 | 269567 |
| Sequans Communications (SQNS), Expires 10/05/2025, Exercise Price $0.01 <sup>(a)(d)</sup> | Sequans Communications (SQNS), Expires 10/05/2025, Exercise Price $0.01 <sup>(a)(d)</sup> | 12521 | 0 |
| **TOTAL WARRANTS** (Cost $396,088) | **TOTAL WARRANTS** (Cost $396,088) | **TOTAL WARRANTS** (Cost $396,088) | 269567 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.6%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(e)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(e)</sup> | 30303309 | 30303309 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $30,303,309) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $30,303,309) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $30,303,309) | 30303309 |
| **MONEY MARKET FUNDS - 3.6%** | **MONEY MARKET FUNDS - 3.6%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(e)</sup> | First American Treasury Obligations Fund - Class X, 4.02%<sup>(e)</sup> | 8826435 | 8826435 |
| **TOTAL MONEY MARKET FUNDS** (Cost $8,826,435) | **TOTAL MONEY MARKET FUNDS** (Cost $8,826,435) | **TOTAL MONEY MARKET FUNDS** (Cost $8,826,435) | 8826435 |
| **TOTAL INVESTMENTS - 112.5% (**Cost $216,385,525**)** | **TOTAL INVESTMENTS - 112.5% (**Cost $216,385,525**)** | **TOTAL INVESTMENTS - 112.5% (**Cost $216,385,525**)** | 271331404 |
| Liabilities in Excess of Other Assets - (12.5)% | Liabilities in Excess of Other Assets - (12.5)% | Liabilities in Excess of Other Assets - (12.5)% | (30086345) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $241245059 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

ADR - American Depositary Receipt <br> JSC - Public Joint Stock Company <br> LLC - Limited Liability Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $29,131,989.

(c) 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.

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $269,567 or 0.1% of net assets as of September 30, 2025.

(e) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Hood River New Opportunities 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $231932093 | $– | $– | $231932093 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 269567 | 269567 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 30303309 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 8826435 | – | – | 8826435 |
| Total Investments | $240758528 | $– | $269567 | $271331404 |
| 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 $30,303,309 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 New Opportunities Fund

- **b. EDGAR series identifier (if any):** S000086255

- **c. LEI of Series:** 529900TR41M9QT3U9N96

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $271459790.39

**Total Liabilities:** $30551482.53

**Net Assets:** $240908307.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251704 | 3.55%                | 7.48%                | 7.80%                |
| Class ID C000251705 | 3.48%                | 7.50%                | 7.76%                |
| Class ID C000251706 | 3.55%                | 7.55%                | 7.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1257848.52              | $4819297.40                                |
| Month 2  | $1753080.79              | $12224928.39                               |
| Month 3  | $4029199.89              | $12501293.03                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Varonis Systems Inc                       | Varonis Systems Inc                       | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     42288 | NS      | $2430291.36   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                         | Verona Pharma PLC                         | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |      3589 | NS      | $382982.19    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                        | Vertiv Holdings Co                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     10998 | NS      | $1659158.28   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                              | Visteon Corp                              | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      3496 | NS      | $419030.56    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC            | WaterBridge Infrastructure LLC            | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16769 | NS      | $422914.18    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corp                      | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27503 | NS      | $1042913.76   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     14729 | NS      | $1277298.88   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                       | Williams-Sonoma Inc                       | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      8190 | NS      | $1600735.50   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     30532 | NS      | $3946871.64   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                               | Xometry Inc                               | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     65338 | NS      | $3558960.86   | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Viking Holdings Ltd                       | Viking Holdings Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     29854 | NS      | $1855724.64   | 0.77%             |  |  |  | No            |                  1 | On Loan: —       |
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     62599 | NS      | $2151527.63   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     69975 | NS      | $3692580.75   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                    | Akero Therapeutics Inc                    | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |      4224 | NS      | $200555.52    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                    | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    312001 | NS      | $1881366.03   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | Oklo Inc                                  | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15505 | NS      | $1730823.15   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Antero Resources Corp                     | Antero Resources Corp                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     61402 | NS      | $2060651.12   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    409291 | NS      | $9389135.54   | 3.90%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |     80758 | NS      | $2846719.50   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurinia Pharmaceuticals Inc               | Aurinia Pharmaceuticals Inc               | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | CA        |     16631 | NS      | $183772.55    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      2285 | NS      | $1639807.40   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     10009 | NS      | $1215593.05   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc              | BioCryst Pharmaceuticals Inc              | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     89397 | NS      | $678523.23    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                      | Bridgebio Pharma Inc                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     27436 | NS      | $1425025.84   | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Build-A-Bear Workshop Inc                 | Build-A-Bear Workshop Inc                 | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      8201 | NS      | $534787.21    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Butterfly Network Inc                     | Butterfly Network Inc                     | CUSIP: 124155102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    831994 | NS      | $1605748.42   | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     35953 | NS      | $5237273.51   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110761 | NS      | $1995913.22   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     41639 | NS      | $1263327.26   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      6787 | NS      | $5600496.66   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Inc                              | Comstock Inc                              | CUSIP: 205750409<br>LEI: 549300PX1C7TOIY9SK20 | Long             | EC               | CORP              | US        |    281327 | NS      | $962138.34    | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Corning Inc                               | Corning Inc                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     27119 | NS      | $2224571.57   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                          | CoStar Group Inc                          | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     21251 | NS      | $1792946.87   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     22296 | NS      | $928628.40    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                       | Curtiss-Wright Corp                       | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      2046 | NS      | $1110855.24   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     32924 | NS      | $2152241.88   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40170 | NS      | $8007889.50   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     29854 | NS      | $1019812.64   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| DuPont de Nemours Inc                     | DuPont de Nemours Inc                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     16677 | NS      | $1299138.30   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      4211 | NS      | $981331.44    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                     | East West Bancorp Inc                     | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     14256 | NS      | $1517551.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                       | Electronic Arts Inc                       | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      9132 | NS      | $1841924.40   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   8826435 | NS      | $8826434.81   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22207 | NS      | $3518032.94   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                            | Five Below Inc                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      4508 | NS      | $697387.60    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     13383 | NS      | $737537.13    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     81995 | NS      | $3884923.10   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                       | Guardant Health Inc                       | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     39321 | NS      | $2456776.08   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                        | Hippo Holdings Inc                        | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80665 | NS      | $2916846.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     34075 | NS      | $4907140.75   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                              | Kaspi.KZ JSC                              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     11567 | NS      | $944792.56    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19720 | NS      | $1423784.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                | Kirby Corp                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      9093 | NS      | $758810.85    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     66191 | NS      | $6047871.67   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     15003 | NS      | $2648479.59   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10105 | NS      | $600338.05    | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     24119 | NS      | $1768405.08   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105585 | NS      | $2914146.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     16683 | NS      | $2714490.93   | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      5573 | NS      | $2556112.18   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     37346 | NS      | $7947602.26   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     20190 | NS      | $3269770.50   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp                  | National HealthCare Corp                  | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |      7416 | NS      | $901118.16    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     20368 | NS      | $2859259.84   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                  | Okta Inc                                  | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     12132 | NS      | $1112504.40   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     26593 | NS      | $3414541.20   | 1.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Ondas Holdings Inc                        | Ondas Holdings Inc                        | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |   1059318 | NS      | $8177934.96   | 3.39%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     23166 | NS      | $1421697.42   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                              | Parsons Corp                              | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |     36678 | NS      | $3041339.76   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                           | Pegasystems Inc                           | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     43809 | NS      | $2519017.50   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     34578 | NS      | $2635189.38   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     27169 | NS      | $2831009.80   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                            | Red Violet Inc                            | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |     10899 | NS      | $569472.75    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                | Reddit Inc                                | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     10316 | NS      | $2372576.84   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     20944 | NS      | $978084.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      5527 | NS      | $558171.73    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109670 | NS      | $2246041.60   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     52185 | NS      | $1943369.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | Long             | EC               | CORP              | FR        |     12165 | NS      | $115080.90    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    179227 | NS      | $3416066.62   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc              | Slide Insurance Holdings Inc              | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |    152325 | NS      | $2404450.13   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                     | SoFi Technologies Inc                     | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     60037 | NS      | $1586177.54   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     14628 | NS      | $988852.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc                | Sprouts Farmers Market Inc                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     17884 | NS      | $1945779.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                              | Symbotic Inc                              | CUSIP: 87151X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64961 | NS      | $3501397.90   | 1.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Take-Two Interactive Software             | Take-Two Interactive Software Inc         | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     10558 | NS      | $2727764.88   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                  | Tandem Diabetes Care Inc                  | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |     42354 | NS      | $514177.56    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     16283 | NS      | $588223.38    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     18251 | NS      | $2047762.20   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                | Twilio Inc                                | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     21655 | NS      | $2167448.95   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     85362 | NS      | $3417894.48   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Unusual Machines Inc /US                  | Unusual Machines Inc /US                  | CUSIP: 91532F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129366 | NS      | $1953426.60   | 0.81%             |  |  |  | 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        |  30303309 | NS      | $30303309.25  | 12.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Amer Sports Inc                           | Amer Sports Inc                           | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | FI        |     28637 | NS      | $995135.75    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |      5332 | NS      | $1944153.84   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    271460 | NS      | $3360674.80   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kestra Medical Technologies Lt            | Kestra Medical Technologies Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     61366 | NS      | $1458056.16   | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |     12575 | NS      | $1206194.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                   | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |     38944 | NS      | $2815651.20   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications (SQNS)             | Sequans Communications (SQNS)             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     28496 | NS      | $269567.43    | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     88498 | NS      | $1397383.42   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37181 | NS      | $2137535.69   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                        | Expand Energy Corp                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      9999 | NS      | $1062293.76   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      6466 | NS      | $1117130.82   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      8196 | NS      | $1730257.56   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     49442 | NS      | $2176931.26   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp              | Select Medical Holdings Corp              | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42158 | NS      | $541308.72    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     55882 | NS      | $3992768.90   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Senseonics Holdings Inc                   | Senseonics Holdings Inc                   | CUSIP: 81727U105<br>LEI: 549300RCH6Z07TBHJ258 | Long             | EC               | CORP              | US        |   1307708 | NS      | $569899.15    | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Sequans Communications (SQNS)             | Sequans Communications (SQNS)             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     12520 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President