# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-26-006274
**Filing Date:** 2026-2
**Character Count:** 43034
**Document Hash:** f54987b1b53f077a9ed37b27d039065f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006274.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006274

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 26686428

**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           |

## 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:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $446647511.92

**Total Liabilities:** $72542976.94

**Net Assets:** $374104534.98

**Cash Not Reported:** $1190679.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251704 | 5.55%                | 1.20%                | 0.96%                |
| Class ID C000251705 | 5.57%                | 1.20%                | 0.91%                |
| Class ID C000251706 | 5.61%                | 1.20%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1433270.01              | $13510188.30                               |
| Month 2  | $1493315.28              | $3873173.38                                |
| Month 3  | $470642.74               | $3578135.39                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nuvalent Inc                              | Nuvalent Inc                              | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15607 | NS      | $1569908.13   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                  | Okta Inc                                  | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     17253 | NS      | $1491866.91   | 0.40%             |  |  |  | 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        |     30565 | NS      | $3350229.65   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Holdings Inc                        | Ondas Holdings Inc                        | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |   1466199 | NS      | $14310102.24  | 3.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     14234 | NS      | $2599697.76   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Babcock & Wilcox Enterprises I            | Babcock & Wilcox Enterprises Inc          | CUSIP: 05614L209<br>LEI: 5493006H661OZN2C0T54 | Long             | EC               | CORP              | US        |    371965 | NS      | $2358258.10   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                         | Bloom Energy Corp                         | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     61569 | NS      | $5349730.41   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                      | Bridgebio Pharma Inc                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     39016 | NS      | $2984333.84   | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |     59215 | NS      | $1577487.60   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                     | East West Bancorp Inc                     | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     20273 | NS      | $2278482.47   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      9196 | NS      | $1601943.20   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     11656 | NS      | $2277465.84   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                  | VSE Corp                                  | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |      2954 | NS      | $510362.58    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                              | Visteon Corp                              | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      2180 | NS      | $207318.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC            | WaterBridge Infrastructure LLC            | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23848 | NS      | $477198.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Williams-Sonoma Inc                       | Williams-Sonoma Inc                       | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     11646 | NS      | $2079859.14   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |     43419 | NS      | $5901076.29   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                               | Xometry Inc                               | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |     90710 | NS      | $5394523.70   | 1.44%             |  |  |  | No            |                  1 | On Loan: —       |
| XENERGY REACTOR COMPANY                   | XENERGY REACTOR COMPANY                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137586 | NS      | $2000005.13   | 0.53%             |  |  |  | No            |                  3 | On Loan: No      |
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     89020 | NS      | $3405905.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     99509 | NS      | $4757525.29   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                    | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    443687 | NS      | $3908882.47   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Amprius Technologies Inc                  | Amprius Technologies Inc                  | CUSIP: 03214Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    179391 | NS      | $1415394.99   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp                     | Antero Resources Corp                     | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     87317 | NS      | $3008943.82   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    711031 | NS      | $17434480.12  | 4.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Arcellx Inc                               | Arcellx Inc                               | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11567 | NS      | $754168.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |    114843 | NS      | $4543189.08   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      3283 | NS      | $1864514.19   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc                 | Build-A-Bear Workshop Inc                 | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     11660 | NS      | $714408.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Butterfly Network Inc                     | Butterfly Network Inc                     | CUSIP: 124155102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1499889 | NS      | $5699578.20   | 1.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |    125849 | NS      | $1224510.77   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88804 | NS      | $4061894.96   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                        | Expand Energy Corp                        | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     14220 | NS      | $1569319.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     20705 | NS      | $4842278.35   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    166273 | NS      | $4010504.76   | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Coherent Corp                             | Coherent Corp                             | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     10286 | NS      | $1898487.02   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      9651 | NS      | $9007181.79   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Inc                              | Comstock Inc                              | CUSIP: 205750409<br>LEI: 549300PX1C7TOIY9SK20 | Long             | EC               | CORP              | US        |    400066 | NS      | $1504248.16   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                           | Core & Main Inc                           | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52036 | NS      | $2704310.92   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     31707 | NS      | $1475960.85   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp                       | Curtiss-Wright Corp                       | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      2945 | NS      | $1623490.15   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     46819 | NS      | $3423405.28   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                          | Cytokinetics Inc                          | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      3952 | NS      | $251110.08    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57911 | NS      | $12822074.51  | 3.43%             |  |  |  | No            |                  1 | On Loan: —       |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     42456 | NS      | $2042982.72   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| DraftKings Inc                            | DraftKings Inc                            | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     33218 | NS      | $1144692.28   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc                     | DuPont de Nemours Inc                     | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |     23716 | NS      | $953383.20    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      5988 | NS      | $1237599.84   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |     43692 | NS      | $1854288.48   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Exzeo Group Inc                           | Exzeo Group Inc                           | CUSIP: 30234F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97952 | NS      | $2375336.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   6691296 | NS      | $6691296.23   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43250 | NS      | $6893185.00   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                            | Five Below Inc                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      8641 | NS      | $1627618.76   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     19031 | NS      | $1159558.83   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    116603 | NS      | $5008098.85   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                       | Guardant Health Inc                       | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     55916 | NS      | $5711260.24   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                        | Hippo Holdings Inc                        | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114711 | NS      | $3450506.88   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Hut 8 Corp                                | Hut 8 Corp                                | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     55808 | NS      | $2563819.52   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     48456 | NS      | $8433282.24   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Machines Inc                    | Intuitive Machines Inc                    | CUSIP: 46125A100<br>LEI: 254900386IE2PEPLVM59 | Long             | EC               | CORP              | US        |     89138 | NS      | $1446709.74   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Owlet Inc                                 | Owlet Inc                                 | CUSIP: 69120X206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7795 | NS      | $126201.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     34820 | NS      | $2644927.20   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                           | Pegasystems Inc                           | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |     62299 | NS      | $3720496.28   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Education Partners Inc            | Phoenix Education Partners Inc            | CUSIP: 718968100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20990 | NS      | $635997.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Precision Medicines Inc            | Praxis Precision Medicines Inc            | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8857 | NS      | $2610512.18   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Qnity Electronics Inc                     | Qnity Electronics Inc                     | CUSIP: 74743L100<br>LEI: 254900RSUG4J9TFFZX53 | Long             | EC               | CORP              | US        |     11858 | NS      | $968205.70    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     49171 | NS      | $3508350.85   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     33128 | NS      | $3044131.92   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                         | Ralph Lauren Corp                         | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |      6999 | NS      | $2474916.39   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                            | Red Violet Inc                            | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |     15499 | NS      | $882668.05    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                                | Reddit Inc                                | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     14670 | NS      | $3372192.90   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     29784 | NS      | $2372295.60   | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |      7860 | NS      | $841334.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                           | Rocket Lab Corp                           | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53592 | NS      | $3738577.92   | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217663 | NS      | $4229192.09   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     76180 | NS      | $3355729.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     79467 | NS      | $5855923.23   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Senseonics Holdings Inc                   | Senseonics Holdings Inc                   | CUSIP: 81727U303<br>LEI: 549300RCH6Z07TBHJ258 | Long             | EC               | CORP              | US        |     92980 | NS      | $513249.60    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295415 | NS      | $5698555.35   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     21383 | NS      | $990032.90    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                              | Symbotic Inc                              | CUSIP: 87151X101<br>LEI: 529900UN9QT55OG9I235 | Long             | EC               | CORP              | US        |    100558 | NS      | $5983201.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Syndax Pharmaceuticals Inc                | Syndax Pharmaceuticals Inc                | CUSIP: 87164F105<br>LEI: 529900OF94TRHKZVBS87 | Long             | EC               | CORP              | US        |     91367 | NS      | $1919620.67   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software             | Take-Two Interactive Software Inc         | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     15013 | NS      | $3843778.39   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                              | Teradyne Inc                              | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     16796 | NS      | $3251033.76   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     23156 | NS      | $690280.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     25954 | NS      | $3157304.10   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                | Twilio Inc                                | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     30794 | NS      | $4380138.56   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |    121390 | NS      | $5361796.30   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Unusual Machines Inc /US                  | Unusual Machines Inc /US                  | CUSIP: 91532F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    183968 | NS      | $2343752.32   | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Amer Sports Inc                           | Amer Sports Inc                           | CUSIP: N/A<br>LEI: 391200YCSWTRD1J21867       | Long             | EC               | CORP              | FI        |     40723 | NS      | $1521004.05   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |      2588 | NS      | $1178264.64   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    386034 | NS      | $4254094.68   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                       | Viking Holdings Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     21260 | NS      | $1518176.60   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                   | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |     35494 | NS      | $4167705.48   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28043 | NS      | $2051906.31   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Knight-Swift Transportation Ho            | Knight-Swift Transportation Holdings Inc  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47018 | NS      | $2458101.04   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |     94129 | NS      | $7145332.39   | 1.91%             |  |  |  | No            |                  1 | On Loan: —       |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |     21335 | NS      | $5259930.90   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20957 | NS      | $1096679.81   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     34695 | NS      | $2552858.10   | 0.68%             |  |  |  | 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        |    150148 | NS      | $3990933.84   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LightPath Technologies Inc                | LightPath Technologies Inc                | CUSIP: 532257805<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    173822 | NS      | $1877277.60   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     10344 | NS      | $3812694.96   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| MKS Inc                                   | MKS Inc                                   | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     13016 | NS      | $2079956.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      7926 | NS      | $4615626.84   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     46567 | NS      | $10122268.79  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                 | Mirum Pharmaceuticals Inc                 | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |      9628 | NS      | $760515.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     28710 | NS      | $4571780.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp                  | National HealthCare Corp                  | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |     10546 | NS      | $1445751.14   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     28922 | NS      | $4102007.26   | 1.10%             |  |  |  | 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        |  72156189 | NS      | $72156189.00  | 19.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                          | Novo Nordisk A/S                          | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     20805 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kestra Medical Technologies Lt            | Kestra Medical Technologies Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    124123 | NS      | $3291741.96   | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Slide Insurance Holdings Inc              | Slide Insurance Holdings Inc              | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |    237127 | NS      | $4619233.96   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                     | SoFi Technologies Inc                     | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     64609 | NS      | $1691463.62   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |     17884 | NS      | $1482225.92   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | N/A              | EC               | CORP              | FR        |     28496 | NS      | $127944.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President