# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-019519
**Filing Date:** 2023-3
**Character Count:** 31260
**Document Hash:** c084f5b9de1fd3ede7e5dbc01c359a50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-019519.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001145549-23-019519

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 571138125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 23775079

**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

### Mar Vista Strategic Growth Fund (Series ID: S000076578)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000236561 | Retirement Shares    | MVSRX           |
| C000236562 | Institutional Shares | MVSIX           |
| C000236563 | Investor Shares      | MVSNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Mar Vista Strategic Growth Fund** | | |
| **Schedule of Investments** | | |
| **January 31, 2023 (Unaudited)** | | |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 89.9%** | | |
| **COMMUNICATION SERVICES - 5.9%** | | |
| **Entertainment - 2.3%** | | |
| The Walt Disney Co. (a) | 14716 | $1596539 |
| **Interactive Media & Services - 3.6%** |  |  |
| Alphabet, Inc. (a) | 24593 | 2456103 |
| **TOTAL COMMUNICATION SERVICES** |  | 4052642 |
| **CONSUMER DESCRETIONARY - 7.6%** |  |  |
| **Hotels, Restaurants & Leisure - 1.4%** |  |  |
| Starbucks Corp. | 8389 | 915576 |
| **Internet & Direct Marketing Retail - 3.8%** |  |  |
| Amazon.com, Inc. (a)(c) | 25071 | 2585572 |
| **Textiles, Apparel & Luxury Goods - 2.4%** |  |  |
| NIKE, Inc. | 12846 | 1635681 |
| **TOTAL CONSUMER DISCRETIONARY** |  | 5136829 |
| **CONSUMER STAPLES - 2.3%** |  |  |
| **Beverages - 2.3%** |  |  |
| PepsiCo, Inc. | 9252 | 1582277 |
| **TOTAL CONSUMER STAPLES** |  | 1582277 |
| **FINANCIALS - 20.0%** |  |  |
| **Banks - 4.8%** |  |  |
| First Republic Bank | 15815 | 2228017 |
| U.S. Bancorp | 20575 | 1024635 |
|  |  | 3252652 |
| **Capital Markets - 7.4%** |  |  |
| Charles Schwab Corp. | 33274 | 2576073 |
| Moody's Corp. | 7578 | 2445800 |
|  |  | 5021873 |
| **Diversified Financial Services - 3.4%** |  |  |
| Berkshire Hathaway, Inc. (a) | 7413 | 2309298 |
| **Insurance - 4.4%** |  |  |
| Markel Corp. (a) | 2132 | 3003945 |
| **TOTAL FINANCIALS** |  | 13587768 |
| **HEALTH CARE - 6.1%** |  |  |
| **Life Sciences Tools & Services - 3.3%** |  |  |
| Mettler-Toledo International, Inc. (a) | 1476 | 2262590 |
| **Pharmaceuticals - 2.8%** |  |  |
| Johnson & Johnson | 11588 | 1893711 |
| **TOTAL HEALTH CARE** |  | 4156301 |
| **INDUSTRIALS - 11.4%** |  |  |
| **Aerospace & Defense - 4.6%** |  |  |
| TransDigm Group, Inc. | 4369 | 3135850 |
| **Air Freight & Logistics - 2.5%** |  |  |
| GXO Logistics, Inc. (a) | 32236 | 1686910 |
| **Industrial Conglomerates - 2.2%** |  |  |
| Honeywell International, Inc. | 7138 | 1488130 |
| **Machinery - 2.1%** |  |  |
| Fortive Corp. | 20657 | 1405295 |
| **TOTAL INDUSTRIALS** |  | 7716185 |
| **INFORMATION TECHNOLOGY - 30.4%** |  |  |
| **Electronic Equipment, Instruments & Components - 2.5%** |  |  |
| Amphenol Corp. | 21400 | 1707078 |
| **IT Services - 3.4%** |  |  |
| Visa, Inc. (c) | 9938 | 2287827 |
| **Semiconductors & Semiconductor Equipment - 4.7%** |  |  |
| Microchip Technology, Inc. | 40960 | 3179315 |
| **Software - 16.2%** |  |  |
| Adobe, Inc. (a) | 6247 | 2313514 |
| Intuit, Inc. | 2969 | 1254907 |
| Microsoft Corp. | 11595 | 2873357 |
| Roper Technologies, Inc. | 3248 | 1386084 |
| Salesforce, Inc. (a) | 6878 | 1155298 |
| SAP SE - ADR (c) | 16642 | 1972576 |
|  |  | 10955736 |
| **Technology Hardware, Storage & Peripherals - 3.6%** |  |  |
| Apple, Inc. (c) | 17031 | 2457403 |
| **TOTAL INFORMATION TECHNOLOGY** |  | 20587359 |
| **MATERIALS - 6.2%** |  |  |
| **Chemicals - 6.2%** |  |  |
| Air Products and Chemicals, Inc. | 7712 | 2471773 |
| Linde PLC - ADR (c) | 5199 | 1720557 |
| **TOTAL MATERIALS** |  | 4192330 |
| **TOTAL COMMON STOCKS** ($31453791) |  | 61011691 |
| **REITS - 3.3%** |  |  |
| **Real Estate - 3.3%** |  |  |
| American Tower Corp. | 9916 | 2215135 |
| **TOTAL REITS** (Cost $1,630,510) |  | 2215135 |
| **SHORT-TERM INVESTMENTS - 6.9%** |  |  |
| **MONEY MARKET FUNDS - 6.9%** |  |  |
| First American Government Obligations Fund - Class V, 4.25% (b) | 4672725 | 4672725 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,672,725) |  | 4672725 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.4%** |  |  |
| Mount Vernon Liquid Assets Portfolio, 4.47% (b) | 9101915 | 9101915 |
| **TOTAL INVESTMENTS PURCHASED WITH CASH PROCEEDS FROM SECURITIES LENDING** (Cost $9,101,915) |  | 9101915 |
| **TOTAL INVESTMENTS** (Cost $46,858,941) - 113.5% |  | 77001466 |
| Liabilities In Excess of Other Assets - (13.5)% |  | (9152284) |
| **TOTAL NET ASSETS - 100.0%** |  | $67849182 |

---

---

| | |
|:---|:---|
|  | Percentages are stated as a percent of net assets. |
|  | ADR - American Depositary Receipt |
|  | PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | The rate shown represents the fund's 7-day yield as of January 31, 2023. |
| (c) | This security or a portion of this security was out on loan at Janaury 31, 2023. As of January 31, 2023, the total value of loaned |
|  | securities was $9,043,541 or 13.3% of net assets. The remaining contractual maturity of all the securities lending transactions |
|  | is overnight and continuous. |
|  | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the |
|  | exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). |
|  | GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank |
|  | Global Fund Services. |
|  | \* Percentages represent market value as a percentage of net assets. |

---

------

---

| | |
|:---|:---|
| **Summary of Fair Value Measurements at January 31, 2023 (Unaudited)** | **Summary of Fair Value Measurements at January 31, 2023 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out | &nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 | 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 | 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: | disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below: |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 1 - | Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date |
|  | of measurement. |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 2 - | Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, |
|  | quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all |
|  | significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, |
|  | credit risk curves, default rates, and similar data). |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 - | Significant 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 would be |
|  | based on the best information available. |
| &nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value | &nbsp;&nbsp;&nbsp;&nbsp;Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value |
| on a recurring basis. | on a recurring basis. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities* - Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, | *&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities* - Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, |
| closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued | closed-end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued |
| at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, | at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, |
| at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations | at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations |
| are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall | are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall |
| be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. | be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. |
| Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. | Over-the-counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. |
| Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked | Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked |
| prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the | prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the |
| fair value hierarchy. | fair value hierarchy. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies –* Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV | *&nbsp;&nbsp;&nbsp;&nbsp;Registered Investment Companies –* Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV |
| provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. | provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. |
| *&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt Securities* – Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price | *&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Debt Securities* – Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price |
| supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other | supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other |
| analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the | analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the |
| securities will be priced in accordance with the procedures adopted by the Board of Trustees ("Board"). Short-term debt securities are generally | securities will be priced in accordance with the procedures adopted by the Board of Trustees ("Board"). Short-term debt securities are generally |
| classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities. | classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities. |
| &nbsp;&nbsp;&nbsp;&nbsp; In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be | &nbsp;&nbsp;&nbsp;&nbsp; In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be |
| determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has | determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has |
| appointed the Advisor as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's | appointed the Advisor as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's |
| portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair | portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair |
| valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations | valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations |
| are not readily available or reliable and the methodologies to be used for determining the fair value of investments, | are not readily available or reliable and the methodologies to be used for determining the fair value of investments, |
| as well as the use and oversight of third-party pricing services for fair valuation. | as well as the use and oversight of third-party pricing services for fair valuation. |
| &nbsp;&nbsp;&nbsp;&nbsp;Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 |
| of the fair value hierarchy. | of the fair value hierarchy. |
| &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The | &nbsp;&nbsp;&nbsp;&nbsp;The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The |
| following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2023: | following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2023: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| Communication Services | $4052642 | $- | $- | $4052642 |
| Consumer Discretionary | 5136829 | - | - | 5136829 |
| Consumer Staples | 1582277 | - | - | 1582277 |
| Financials | 13587768 | - | - | 13587768 |
| Health Care | 4156301 | - | - | 4156301 |
| Industrials | 7716185 | - | - | 7716185 |
| Information Technology | 20587359 | - | - | 20587359 |
| Materials | 4192330 | - | - | 4192330 |
| **Total Common Stocks** | 61011691 | - | - | 61011691 |
| **REITs** | 2215135 | - | - | 2215135 |
| **Short-Term Investments** | 4672725 | - | - | 4672725 |
| **Investments Purchased with Cash Proceeds from Securities Lending** | 9101915 | - | - | 9101915 |
| **Total Investments in Securities** | $77001466 | $- | $- | $77001466 |

---

## 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:** Mar Vista Strategic Growth Fund

- **b. EDGAR series identifier (if any):** S000076578

- **c. LEI of Series:** 549300WAC9XE08QLUP90

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $77120990.37

**Total Liabilities:** $9266359.46

**Net Assets:** $67854630.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236561 | 8.29%                | -4.61%               | 7.53%                |
| Class ID C000236562 | 8.26%                | -4.64%               | 7.55%                |
| Class ID C000236563 | 8.21%                | -4.64%               | 7.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $557860.44               | $4911758.84                                |
| Month 2  | $1437188.85              | $-4679486.83                               |
| Month 3  | $14858.15                | $4665506.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Berkshire Hathaway Inc                    | Berkshire Hathaway Inc                    | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      7413 | NS      | $2309297.76   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA                    | First Republic Bank/CA                    | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |     15815 | NS      | $2228017.20   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                              | Fortive Corp                              | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     20657 | NS      | $1405295.71   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc                         | GXO Logistics Inc                         | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     32236 | NS      | $1686909.88   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc               | Honeywell International Inc               | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      7138 | NS      | $1488130.24   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                | Intuit Inc                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      2969 | NS      | $1254907.23   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                  | NIKE Inc                                  | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     12846 | NS      | $1635681.18   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                    | Roper Technologies Inc                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      3248 | NS      | $1386084.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                 | Adobe Inc                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      6247 | NS      | $2313513.98   | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc            | Air Products and Chemicals Inc            | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      7712 | NS      | $2471773.12   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                            | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6878 | NS      | $1155297.66   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                   | Charles Schwab Corp/The                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     33274 | NS      | $2576073.08   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                              | Alphabet Inc                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     24593 | NS      | $2456102.91   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     25071 | NS      | $2585572.23   | 3.81%             |  |  |  | No            |                  1 | On Loan: —       |
| American Tower Corp                       | American Tower Corp                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      9916 | NS      | $2215135.24   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                             | Amphenol Corp                             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     21400 | NS      | $1707078.00   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                 | Apple Inc                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     17031 | NS      | $2457402.99   | 3.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Walt Disney Co/The                        | Walt Disney Co/The                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     14716 | NS      | $1596538.84   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   4672725 | NS      | $4672724.52   | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11588 | NS      | $1893710.96   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc                       | TransDigm Group Inc                       | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4369 | NS      | $3135849.75   | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                | US Bancorp                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     20575 | NS      | $1024635.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Corp                               | Markel Corp                               | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      2132 | NS      | $3003945.36   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I            | Mettler-Toledo International Inc          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      1476 | NS      | $2262589.92   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     11595 | NS      | $2873356.95   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                  | Microchip Technology Inc                  | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     40960 | NS      | $3179315.20   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                              | Moody's Corp                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      7578 | NS      | $2445799.50   | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                               | PepsiCo Inc                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      9252 | NS      | $1582277.04   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                    | SAP SE                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     16642 | NS      | $1972576.26   | 2.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Starbucks Corp                            | Starbucks Corp                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      8389 | NS      | $915575.46    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                 | Linde PLC                                 | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | GB        |      5199 | NS      | $1720557.06   | 2.54%             |  |  |  | No            |                  1 | On Loan: —       |
| Visa Inc                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      9938 | NS      | $2287826.98   | 3.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   9101915 | NS      | $9101914.75   | 13.41%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-29

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** Treasurer