# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-25-048655
**Filing Date:** 2025-7
**Character Count:** 33773
**Document Hash:** 1a445b751230361ebad461bfecfe47b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-048655.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001145549-25-048655

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**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:** 251154555

**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

### SWP GROWTH & INCOME ETF (Series ID: S000087763)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000253723 | SWP GROWTH & INCOME ETF | SWP             |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **SWP Growth & Income ETF** | **SWP Growth & Income ETF** | **SWP Growth & Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 84.2%** | **Shares** | **Value**  |
| **COMMUNICATION SERVICES - 4.6%** | **COMMUNICATION SERVICES - 4.6%** | |
| **Interactive Media & Services - 4.6%** | | |
| Alphabet, Inc. - Class A | 16012 | $2749901 |
| Match Group, Inc. | 41907 | 1254695 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 4004596 |
| **CONSUMER DISCRETIONARY - 5.1%** | **CONSUMER DISCRETIONARY - 5.1%** |  |
| **Specialty Retail - 5.1%** |  |  |
| Dick's Sporting Goods, Inc. | 6091 | 1092360 |
| Home Depot, Inc. | 4213 | 1551606 |
| TJX Cos., Inc. | 14391 | 1826218 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 4470184 |
| **CONSUMER STAPLES - 4.9%** | **CONSUMER STAPLES - 4.9%** |  |
| **Consumer Staples Distribution & Retail - 1.8%** |  |  |
| Target Corp. | 16319 | 1534149 |
|  |  | $– |
| **Tobacco - 3.1%** |  |  |
| Philip Morris International, Inc. | 15093 | 2725645 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 4259794 |
| **ENERGY - 4.9%** | **ENERGY - 4.9%** |  |
| **Energy Equipment & Services - 2.1%** |  |  |
| Baker Hughes Co. | 49842 | 1846646 |
|  |  | $– |
| **Oil, Gas & Consumable Fuels - 2.8%** |  |  |
| Cameco Corp. | 5853 | 342576 |
| Kinder Morgan, Inc. | 75816 | 2125881 |
|  |  | 2468457 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | 4315103 |
| **FINANCIALS - 14.7%** | **FINANCIALS - 14.7%** |  |
| **Banks - 6.4%** |  |  |
| Citigroup, Inc. | 23517 | 1771300 |
| JPMorgan Chase & Co. | 8073 | 2131272 |
| PNC Financial Services Group, Inc. | 9731 | 1691345 |
|  |  | 5593917 |
| **Capital Markets - 6.4%** |  |  |
| Blackrock, Inc. | 1998 | 1957820 |
| Blackstone, Inc. | 13839 | 1920300 |
| Goldman Sachs Group, Inc. | 2935 | 1762321 |
|  |  | 5640441 |
| **Financial Services - 1.9%** |  |  |
| Visa, Inc. - Class A | 4563 | 1666362 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 12900720 |
| **HEALTH CARE - 13.6%** | **HEALTH CARE - 13.6%** |  |
| **Biotechnology - 1.9%** |  |  |
| AbbVie, Inc. | 8963 | 1668104 |
|  |  | $– |
| **Health Care Equipment & Supplies - 4.0%** |  |  |
| Medtronic PLC | 22815 | 1893189 |
| Stryker Corp. | 4212 | 1611679 |
|  |  | 3504868 |
| **Health Care Providers & Services - 3.2%** |  |  |
| Cencora, Inc. | 6669 | 1942280 |
| UnitedHealth Group, Inc. | 2942 | 888219 |
|  |  | 2830499 |
| **Pharmaceuticals - 4.5%** |  |  |
| AstraZeneca PLC - ADR | 27133 | 1976097 |
| Eli Lilly & Co. | 2672 | 1971054 |
|  |  | 3947151 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 11950622 |
| **INDUSTRIALS - 9.7%** | **INDUSTRIALS - 9.7%** |  |
| **Aerospace & Defense - 2.0%** |  |  |
| RTX Corp. | 12754 | 1740666 |
|  |  | $– |
| **Electrical Equipment - 3.9%** |  |  |
| Eaton Corp. PLC | 5007 | 1603241 |
| Emerson Electric Co. | 15444 | 1843705 |
|  |  | 3446946 |
| **Ground Transportation - 1.7%** |  |  |
| Union Pacific Corp. | 6811 | 1509726 |
|  |  | $– |
| **Trading Companies & Distributors - 2.1%** |  |  |
| Applied Industrial Technologies, Inc. | 8055 | 1824619 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 8521957 |
| **INFORMATION TECHNOLOGY - 20.7%** | **INFORMATION TECHNOLOGY - 20.7%** |  |
| **IT Services - 2.1%** |  |  |
| International Business Machines Corp. | 7116 | 1843471 |
|  |  | $– |
| **Semiconductors & Semiconductor Equipment - 1.8%** |  |  |
| Broadcom, Inc. | 2640 | 639065 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 4692 | 907057 |
|  |  | 1546122 |
| **Software - 12.6%** |  |  |
| Microsoft Corp. | 13055 | 6010000 |
| Oracle Corp. | 7905 | 1308515 |
| Roper Technologies, Inc. | 2808 | 1601318 |
| Salesforce, Inc. | 8147 | 2161969 |
|  |  | 11081802 |
| **Technology Hardware, Storage & Peripherals - 4.2%** |  |  |
| Apple, Inc. | 18139 | 3643218 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 18114613 |
| **MATERIALS - 2.2%** | **MATERIALS - 2.2%** |  |
| **Construction Materials - 1.2%** |  |  |
| Vulcan Materials Co. | 3861 | 1023435 |
|  |  | $– |
| **Metals & Mining - 1.0%** |  |  |
| Freeport-McMoRan, Inc. | 23085 | 888311 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | 1911746 |
| **UTILITIES - 3.8%** | **UTILITIES - 3.8%** |  |
| **Electric Utilities - 3.8%** |  |  |
| Duke Energy Corp. | 14391 | 1694108 |
| NextEra Energy, Inc. | 23868 | 1686036 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | 3380144 |
| **TOTAL COMMON STOCKS** (Cost $72,309,675) | **TOTAL COMMON STOCKS** (Cost $72,309,675) | 73829479 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.1%** | **Shares** | **Value**  |
| **Industrial REITs - 1.9%** |  |  |
| Prologis, Inc. | 15093 | 1639100 |
|  |  | $– |
| **Specialized REITs - 2.2%** |  |  |
| Digital Realty Trust, Inc. | 11420 | 1958758 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $3,729,274) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $3,729,274) | 3597858 |
| **SHORT-TERM INVESTMENTS - 5.3%** | **Shares** | **Value**  |
| **Money Market Funds - 5.3%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(a)</sup> | 4643949 | 4643949 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,643,949) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,643,949) | 4643949 |
| **TOTAL INVESTMENTS - 93.6% (**Cost $80,682,898**)** | **TOTAL INVESTMENTS - 93.6% (**Cost $80,682,898**)** | 82071286 |
| Other Assets in Excess of Liabilities - 6.4% | Other Assets in Excess of Liabilities - 6.4% | 5606254 |
| **TOTAL NET ASSETS - 100.0%** |  | $87677540 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
SWP Growth & Income ETF (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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $73829479 | $– | $– | $73829479 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 3597858 | – | – | 3597858 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4643949 | – | – | 4643949 |
| Total Investments | $82071286 | $– | $– | $82071286 |
| 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. |

---

## 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:** SWP Growth & Income ETF

- **b. EDGAR series identifier (if any):** S000087763

- **c. LEI of Series:** 529900L25S7UAX8SZO75

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $88116989.35

**Total Liabilities:** $473583.93

**Net Assets:** $87643405.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253723 | -5.12%               | -2.28%               | 4.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $46578.32                | $-4807410.22                               |
| Month 2  | $-1890743.71             | $-175903.15                                |
| Month 3  | $-213533.98              | $3776527.42                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AstraZeneca PLC                | AstraZeneca PLC                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     27133 | NS      | $1976096.39   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     23868 | NS      | $1686035.52   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The      | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      9731 | NS      | $1691345.11   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Apple Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -111 | NC      | $-111.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Eaton Corp PLC                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -24 | NC      | $-240.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Eli Lilly & Co                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -16 | NC      | $-336.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc      | Dick's Sporting Goods Inc                 | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      6091 | NS      | $1092359.94   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      8073 | NS      | $2131272.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      2808 | NS      | $1601318.16   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                             | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     22815 | NS      | $1893188.70   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Target Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -81 | NC      | $-81.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     16012 | NS      | $2749900.88   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                             | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      1998 | NS      | $1957820.22   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp                               | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     31353 | NS      | $1835091.09   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      7116 | NS      | $1843470.96   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     14040 | NS      | $3398662.80   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4213 | NS      | $1551605.77   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      8147 | NS      | $2161969.39   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      4212 | NS      | $1611679.68   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4692 | NS      | $907057.44    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Salesforce Inc                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -66 | NC      | $-132.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Match Group Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -342 | NC      | $-9576.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc                  | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     11420 | NS      | $1958758.40   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   4643949 | NS      | $4643948.86   | 5.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                         | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     75816 | NS      | $2125880.64   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2672 | NS      | $1971054.24   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     13055 | NS      | $6009999.80   | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Kinder Morgan Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -620 | NC      | $-620.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group Inc                           | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |     41907 | NS      | $1254695.58   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     15093 | NS      | $1639099.80   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      3861 | NS      | $1023435.27   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Goldman Sachs Group Inc/The               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -23 | NC      | $-23.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Home Depot Inc/The                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -34 | NC      | $-34.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      8055 | NS      | $1824618.60   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49842 | NS      | $1846646.10   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan Inc                      | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     23085 | NS      | $888310.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     12754 | NS      | $1740665.92   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AstraZeneca PLC                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -221 | NC      | $-10166.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Blackstone Inc                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -45 | NC      | $-135.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Microsoft Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -106 | NC      | $-106.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -38 | NC      | $-38.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | UnitedHealth Group Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -23 | NC      | $-287.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      8963 | NS      | $1668103.93   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                               | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      6669 | NS      | $1942279.56   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     17905 | NS      | $2963814.65   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     16319 | NS      | $1534149.19   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      4563 | NS      | $1666361.97   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Cameco Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -255 | NC      | $-170850.00   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Dick's Sporting Goods Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -49 | NC      | $-1274.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                            | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      5007 | NS      | $1603241.40   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Alphabet Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -53 | NC      | $-53.00       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | PNC Financial Services Group Inc/The      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -79 | NC      | $-4582.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18139 | NS      | $3643218.15   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     23517 | NS      | $1771300.44   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      2935 | NS      | $1762320.75   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -114 | NC      | $-200640.00   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     13839 | NS      | $1920299.64   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                          | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     14391 | NS      | $1694108.52   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                       | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     15444 | NS      | $1843704.72   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2942 | NS      | $888219.22    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Oracle Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-2200.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     15093 | NS      | $2725644.87   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     14391 | NS      | $1826217.90   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      6811 | NS      | $1509726.26   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President