# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-23-000029
**Filing Date:** 2023-1
**Character Count:** 5824
**Document Hash:** ffa910d057aac6dacf1076f491fb949f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-000029.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0000894189-23-000029

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-133691
- **FILM NUMBER:** 23501850

**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 Small-Cap Growth Fund (Series ID: S000012813)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Institutional Shares | HRSMX         | C000034642 |
| Investor Shares      | HRSRX         | C000160233 |
| Retirement Shares    | HRSIX         | C000179260 |

---

### Hood River International Opportunity Fund (Series ID: S000073660)

---

|  |  |  |
|:---|:---|:---|
| Class Name           | Ticker Symbol | Class ID   |
| Retirement Shares    | HRITX         | C000230725 |
| Institutional Shares | HRIOX         | C000230726 |
| Investor Shares      | nan           | C000230727 |

---

## Series and Classes Contracts Data

### Hood River Small-Cap Growth Fund (Series ID: S000012813)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000034642 | Institutional Shares | HRSMX           |
| C000160233 | Investor Shares      | HRSRX           |
| C000179260 | Retirement Shares    | HRSIX           |

### Hood River International Opportunity Fund (Series ID: S000073660)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230725 | Retirement Shares    | HRITX           |
| C000230726 | Institutional Shares | HRIOX           |
| C000230727 | Investor Shares      |  |

Filed pursuant to Rule 497(e)

Registration Nos. 333-133691; 811-21897

**Hood River Small-Cap Growth Fund**

**Hood River International Opportunity Fund (the "Funds"),**

each, a series of Manager Directed Portfolios (the "Trust")

**Supplement dated January 3, 2023**

**to the Prospectus and Statement of Additional Information ("SAI"),** 

**each dated October 31, 2022**

*<u>Compliance Services Change</u>*

Effective January 1, 2023, Ms. Jill Silver is the Chief Compliance Officer and Anti-Money Laundering Compliance Officer of the Trust.

Accordingly, the officers table in the "Trustees and Officers" section of the SAI is hereby replaced with the following:

---

| | | |
|:---|:---|:---|
| **Name and <br>Year of Birth** | **Position(s) Held with the Trust and Length of Time Served** <sup>(1)</sup> | **Principal Occupation(s) During the Past Five Years** |
| **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Scott M. Ostrowski<br>(Born 1980) | President and Principal Executive Officer, since August 10, 2021 | Senior Vice President, U.S. Bancorp Fund Services, LLC, since 2006 |
| Alyssa M. Bernard<br>(Born 1988) | Vice President and Secretary, since August 20, 2019<sup>(2)</sup> | Vice President, U.S. Bancorp Fund Services, LLC, since 2021; Assistant Vice President, U.S. Bancorp Fund Services, LLC, 2018–2021; Attorney, Mutual Fund Disclosure, Waddell & Reed Financial, Inc., 2017–2018 |
| Jill S. Silver<br>(Born 1976) | Chief Compliance Officer and Anti-Money Laundering Compliance Officer, since January 1, 2023 | Vice President, U.S. Bancorp Fund Services, LLC, since December 2022; Compliance Director, Corebridge Financial Inc. (previously AIG), 2019–2022; Compliance Manager, Corebridge Financial Inc., 2018–2019 |
| Ryan S. Frank<br>(Born 1985) | Treasurer, and Principal Financial Officer, since August 17, 2022 | Vice President, U.S. Bancorp Fund Services, LLC, since 2008 |
| Colton W. Scarmardo<br>(Born 1997) | Assistant Treasurer, since August 17, 2022 | Fund Administrator, U.S. Bancorp Fund Services, LLC, since 2019; Business Administration Student, 2015–2019 |
| Isabella K. Zoller<br>(Born 1994) | Assistant Secretary, since February 15, 2022 | Assistant Vice President, U.S. Bancorp Fund Services, LLC, since 2021; Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC, since 2019; Regulatory Administration Intern, U.S. Bancorp Fund Services, LLC, 2018–2019; Law Student, 2016–2019 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Each officer is elected annually and serves until his or her successor has been duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Ms. Bernard has served as Vice President of the Trust, in addition to her other positions held with the Trust, since May 11, 2021.

In addition, the "Services Providers - Compliance Services" section of the SAI is replaced with the following:

Fund Services provides compliance services to the Funds pursuant to a service agreement between Fund Services and the Trust. Under this service agreement, Fund Services also provides an individual to serve as Chief Compliance Officer to the Trust, subject to the approval and oversight of the Board. The Board has approved Ms. Silver as Chief Compliance Officer of the Trust.

All references in the Prospectus and SAI to Vigilant Compliance, LLC and Mr. Justin Dausch should be disregarded.

**Please retain this supplement for future reference.**

<br>