# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-25-009609
**Filing Date:** 2025-9
**Character Count:** 100363
**Document Hash:** 805713224cd245ec25f410e83c77ae8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009609.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009609

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251300681

**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

### Vert Global Sustainable Real Estate ETF (Series ID: S000083012)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000246488 | Vert Global Sustainable Real Estate ETF | VGSR            |

?xml version='1.0' encoding='ASCII'? 2025-07-07199463_VertGlobalSustainableRealEstateETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21897</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Manager Directed Portfolios</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Ryan Frank, President**

**Manager Directed Portfolios**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Avenue, 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 516-1519</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62245_202412301957186.jpg) | **Vert Global Sustainable Real Estate ETF**  | ![image](img62244_202412301958629.jpg) |
| ![image](img62245_202412301957186.jpg) | VGSR (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img62244_202412301958629.jpg) |
| ![image](img62245_202412301957186.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img62244_202412301958629.jpg) |

---

This annual shareholder report contains important information about the Vert Global Sustainable Real Estate ETF for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://vertfunds.com/fund-information/. You can also request this information by contacting us at 1-844-740-VERT or by sending an email request to info@vertasset.com.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Vert Global Sustainable Real Estate ETF | $48 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended June 30, 2025, the ETF had a total return of 11.13% as measured by NAV. Over those same 12 months, the benchmark S&P Global REIT Index return was 9.96%. The Vert Global Sustainable Real Estate ETF has now outperformed the S&P Global REIT Index over the trailing 1-year, 3-year, and 5-year periods. The strategy has also outperformed the benchmark since inception which was on October 31st, 2017.

We believe the main contributor to outperformance over the past year has been our strong tilt to sustainability. REITs with more sustainable properties have done well recently reflecting a general flight to quality across sectors like industrial, retail, and office. A detractor to performance relative to the benchmark has been our exclusion from the portfolio of Hong Kong where REITs have done well in the last year.

The ETF received $19 million in net inflows from July 1, 2024 to June 30, 2025. The ETF now has over $400 million in assets under management as of June 30, 2025.

**HOW DID THE FUND PERFORM SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5088img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/31/2017)** |
| **Vert Global Sustainable Real Estate ETF NAV**  | 11.13 | 7.04 | 3.44 |
| **MSCI ACWI Net Total Return Index (USD)**  | 16.17 | 13.65 | 10.24 |
| **S&P Global REIT (US Dollar) Net Total Return Index**  | 9.96 | 6.20 | 3.33 |

---

Vert Global Sustainable Real Estate ETF PAGE 1 TSR-AR-56170L695

------

Visit https://vertfunds.com/fund-information/ for more recent performance information.

\* **The Fund's past performance is not a good predictor of the Fund's future performance.** The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization on December 4, 2023. Had the predecessor mutual fund been organized as an ETF, its performance may have differed from the performance shown above.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $414685930 |
| **Number of Holdings** | 148 |
| **Net Advisory Fee Paid** | $1407838 |
| **Portfolio Turnover Rate** | 6% |
| **Total Fund Operating Expenses** | 0.51% |
| **30-Day SEC Yield** | 3.59% |
| **30-Day SEC Yield Unsubsidized** | 3.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Sector Breakdown (% of Net** **Assets)** **\***

![image](ts5088img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Digital Realty Trust, Inc.  | 5.3% |
|  American Tower Corp.  | 5.0% |
|  Welltower, Inc.  | 4.9% |
|  Goodman Group  | 4.8% |
|  Simon Property Group, Inc.  | 4.8% |
|  Prologis, Inc.  | 4.7% |
|  Equinix, Inc.  | 4.5% |
|  Extra Space Storage, Inc.  | 3.3% |
|  Iron Mountain, Inc.  | 3.2% |
|  AvalonBay Communities, Inc.  | 3.1% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5088img005.jpg)

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code above or visit https://vertfunds.com/fund-information/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-740-VERT, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Vert Global Sustainable Real Estate ETF PAGE 2 TSR-AR-56170L695

100001018910865922012421108801046211656129541000010313109051113615508130651522518175211141000010397113149514128271146611120116871285099.10.966.39.86.85.23.42.81.50.90.82.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees has determined that there are two audit committee financial experts serving on its audit committee. Gaylord B. Lyman and Scott C. Jones are the "audit committee financial experts" and are considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $14100 | $13500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3500 | $3500 |
| (d) All Other Fees | N/A | N/A |

---

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant as well as non-audit services provided to the registrant's investment adviser and any entity controlling, controlled by or under the common control with the registrant's investment adviser that provides ongoing services to the registrant, relating to the operations and financial reporting of the registrant.

The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

The following table indicates the non-audit fees billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any entity controlling, controlled by, or under common control with the registrant's investment adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 06/30/2025 | FYE 06/30/2024 |
| Registrant | $3500 | $3500 |
| Registrant's Investment Adviser | N/A | N/A |

---

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Act"), and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows: Gaylord B. Lyman, Scott Craven Jones, Lawrence T. Greenberg, and James R. Schoenike.

(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](v-02.jpg)

**Vert Global Sustainable Real Estate ETF (VGSR)**

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [6](#sal) |
| [Statement of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to Financial Statements](#notes) | [10](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [18](#rep) |
| [Notice to Shareholders](#notice) | [19](#notice) |
| [ADDITIONAL INFORMATION](#add) | [20](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - 99.1%** | **REAL ESTATE INVESTMENT TRUSTS - 99.1%** | **REAL ESTATE INVESTMENT TRUSTS - 99.1%** |
| **Diversified REITs - 7.4%**<br>|  |  |
| Activia Properties, Inc. | 898 | $762814  |
| Alexander & Baldwin, Inc. | 32880 | 586250  |
| American Assets Trust, Inc. | 20869 | 412163  |
| British Land Co. PLC | 448624 | 2314003  |
| Charter Hall Long Wale REIT | 280252 | 749347  |
| Covivio SA | 24825 | 1560487  |
| Custodian Property Income Reit PLC | 28949 | 30982  |
| Daiwa House REIT Investment Corp. | 924 | 1557645  |
| GPT Group | 846846 | 2686110  |
| Growthpoint Properties Australia Ltd. | 118508 | 180958  |
| Growthpoint Properties Ltd. | 1440264 | 1085187  |
| Hulic Reit, Inc. | 541 | 584278  |
| ICADE | 13618 | 381093  |
| KDX Realty Investment Corp. | 1772 | 1914979  |
| Land Securities Group PLC | 310548 | 2685282  |
| Merlin Properties Socimi SA | 171567 | 2241508  |
| Mirvac Group | 1717364 | 2476047  |
| Mori Trust Reit, Inc. | 1227 | 586126  |
| Nomura Real Estate Master Fund, Inc. | 1741 | 1774206  |
| Picton Property Income Ltd. | 170820 | 188203  |
| Redefine Properties Ltd. | 3012537 | 776390  |
| Sekisui House Reit, Inc. | 1825 | 958964  |
| Stockland | 1052935 | 3698625  |
| Tokyu REIT, Inc. | 409 | 551582  |
|  |  | 30743229  |
| **Health Care REITs - 11.4%**<br>|  |  |
| Aedifica SA | 21284 | 1650203  |
| Alexandria Real Estate Equities, Inc. | 67747 | 4920465  |
| Assura PLC | 1403338 | 966340  |
| Cofinimmo SA | 16432 | 1489084  |
| Healthpeak Properties, Inc. | 297762 | 5213813  |
| Ventas, Inc.<sup>(a)</sup> | 196887 | 12433414  |
| Welltower, Inc. | 133425 | 20511425  |
|  |  | 47184744  |
| **Hotel & Resort REITs - 2.0%**<br>|  |  |
| CapitaLand Ascott Trust | 1130300 | 785393  |
| DiamondRock Hospitality Co.<sup>(a)</sup> | 85474 | 654731  |
| Hoshino Resorts REIT, Inc. | 270 | 450483  |
| Host Hotels & Resorts, Inc.<sup>(a)</sup> | 310272 | 4765778  |
| Japan Hotel REIT Investment Corp.<sup>(b)</sup> | 2241 | 1180657  |
| RLJ Lodging Trust | 67864 | 494050  |
|  |  | 8331092  |
| **Industrial REITs - 17.4%**<br>|  |  |
| Americold Realty Trust, Inc. | 124482 | 2070136  |
| CapitaLand Ascendas REIT | 1633400 | 3436982  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |
| **Industrial REITs - (Continued)** | **Industrial REITs - (Continued)** | **Industrial REITs - (Continued)** |
| Dexus Industria REIT | 92624 | $165107  |
| Dream Industrial Real Estate Investment Trust | 58419 | 504771  |
| Frasers Logistics & Commercial Trust | 1228400 | 824624  |
| GLP J-Reit | 1933 | 1735678  |
| Goodman Group | 887298 | 19910272  |
| Goodman Property Trust | 482589 | 565405  |
| Industrial & Infrastructure Fund Investment Corp. | 1094 | 920219  |
| Japan Logistics Fund, Inc. | 1169 | 756700  |
| LaSalle Logiport REIT | 786 | 756915  |
| LXP Industrial Trust<sup>(a)</sup> | 133569 | 1103280  |
| Mitsubishi Estate Logistics REIT Investment Corp. | 594 | 489363  |
| Montea NV | 6873 | 525217  |
| Nippon Prologis REIT, Inc. | 2874 | 1583789  |
| Prologis Property Mexico SAB de CV | 453472 | 1698241  |
| Prologis, Inc. | 184251 | 19368465  |
| Rexford Industrial Realty, Inc.<sup>(a)</sup> | 103389 | 3677547  |
| Segro PLC | 559058 | 5206454  |
| STAG Industrial, Inc. | 78294 | 2840506  |
| Tritax Big Box REIT PLC | 978375 | 1978898  |
| Warehouses De Pauw CVA | 79403 | 1929384  |
|  |  | 72047953  |
| **Office REITs - 7.6%**<br>|  |  |
| Allied Properties Real Estate Investment Trust | 20600 | 259066  |
| Brandywine Realty Trust | 66296 | 284410  |
| BXP, Inc.<sup>(a)</sup> | 66627 | 4495324  |
| CLS Holdings PLC | 15840 | 15216  |
| Cousins Properties, Inc. | 70882 | 2128587  |
| Cromwell Property Group | 647533 | 144283  |
| Derwent London PLC | 42627 | 1210337  |
| Dexus | 473192 | 2062210  |
| Dream Office Real Estate Investment Trust | 3508 | 41829  |
| Empire State Realty Trust, Inc. - Class A | 56073 | 453631  |
| Gecina SA | 20054 | 2196312  |
| Great Portland Estates PLC | 150565 | 739682  |
| Helical PLC | 17189 | 54176  |
| Hudson Pacific Properties, Inc.<sup>(b)</sup> | 36698 | 100553  |
| Inmobiliaria Colonial Socimi SA | 134204 | 946785  |
| Japan Prime Realty Investment Corp. | 1564 | 1002641  |
| Japan Real Estate Investment Corp. | 2698 | 2202182  |
| JBG SMITH Properties<sup>(a)</sup> | 31074 | 537580  |
| Keppel REIT | 1075000 | 746967  |
| Kilroy Realty Corp.<sup>(a)</sup> | 47166 | 1618266  |
| Mori Hills REIT Investment Corp. | 606 | 561340  |
| Nippon Building Fund, Inc. | 3273 | 3011400  |
| NSI NV | 7443 | 208376  |
| Orix JREIT, Inc. | 1080 | 1404161  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  |
| **Office REITs - (Continued)**  | **Office REITs - (Continued)**  | **Office REITs - (Continued)**  |
| Precinct Properties New Zealand Ltd. | 607879 | $442816  |
| SL Green Realty Corp.<sup>(a)</sup> | 28906 | 1789281  |
| Vornado Realty Trust<sup>(a)</sup> | 67435 | 2578714  |
| Workspace Group PLC | 65908 | 379783  |
|  |  | 31615908  |
| **Residential REITs - 13.0%**<br>|  |  |
| Altarea SCA | 1773 | 210621  |
| AvalonBay Communities, Inc.<sup>(a)</sup> | 62841 | 12788143  |
| Care Property Invest NV | 10738 | 157307  |
| Centerspace | 6376 | 383771  |
| Equity LifeStyle Properties, Inc. | 80165 | 4943776  |
| Equity Residential | 146194 | 9866633  |
| Essex Property Trust, Inc.<sup>(a)</sup> | 28406 | 8050260  |
| Home REIT PLC<sup>(b)(c)</sup> | 255956 | 31567  |
| InterRent Real Estate Investment Trust | 24900 | 246719  |
| Irish Residential Properties REIT PLC | 166745 | 199648  |
| Killam Apartment Real Estate Investment Trust | 23942 | 344084  |
| Mid-America Apartment Communities, Inc. | 50831 | 7523496  |
| Minto Apartment Real Estate Investment Trust<sup>(d)</sup> | 11500 | 118666  |
| UDR, Inc. | 137778 | 5625476  |
| UMH Properties, Inc.<sup>(a)</sup> | 34594 | 580833  |
| UNITE Group PLC | 169704 | 1970896  |
| Veris Residential, Inc. | 36256 | 539852  |
| Xior Student Housing NV | 13494 | 487077  |
|  |  | 54068825  |
| **Retail REITs - 18.3%**<br>|  |  |
| Aeon Reit Investment Corp. | 600 | 526706  |
| Brixmor Property Group, Inc. | 133136 | 3466861  |
| CapitaLand Integrated Commercial Trust | 2516056 | 4286768  |
| Carmila SA | 24909 | 486543  |
| Charter Hall Retail REIT | 231057 | 581466  |
| Choice Properties Real Estate Investment Trust | 71734 | 781740  |
| Eurocommercial Properties NV | 19212 | 603264  |
| Federal Realty Investment Trust<sup>(a)</sup> | 34253 | 3253692  |
| First Capital Real Estate Investment Trust | 37925 | 504462  |
| Frasers Centrepoint Trust | 559336 | 1001285  |
| Frontier Real Estate Investment Corp. | 1040 | 591118  |
| Hammerson PLC | 203510 | 833852  |
| Immobiliare Grande Distribuzione SIIQ SpA | 19790 | 72014  |
| Japan Metropolitan Fund Invest | 3169 | 2237793  |
| Kimco Realty Corp. | 299794 | 6301670  |
| Kiwi Property Group Ltd. | 735482 | 397362  |
| Klepierre SA | 93728 | 3679146  |
| Lendlease Global Commercial REIT | 831697 | 339561  |
| Macerich Co. | 108157 | 1749980  |
| Mercialys SA | 44581 | 556805  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - (Continued)**  |
| **Retail REITs - (Continued)**  | **Retail REITs - (Continued)**  | **Retail REITs - (Continued)**  |
| Phillips Edison & Co., Inc. | 52737 | $1847377  |
| Regency Centers Corp. | 76009 | 5414121  |
| RioCan Real Estate Investment Trust | 69213 | 898323  |
| Scentre Group | 2277548 | 5313632  |
| Shaftesbury Capital PLC | 583790 | 1248796  |
| Simon Property Group, Inc. | 123237 | 19811580  |
| Unibail-Rodamco-Westfield | 53256 | 5072417  |
| Urban Edge Properties | 50276 | 938150  |
| Vastned Belgium NV | 3705 | 139606  |
| Vicinity Ltd. | 1608013 | 2602918  |
| Wereldhave Belgium Comm VA | 447 | 27810  |
| Wereldhave NV | 16895 | 338733  |
|  |  | 75905551  |
| **Specialized REITs - 22.0%**<br>|  |  |
| American Tower Corp. | 93250 | 20610115  |
| Big Yellow Group PLC | 74661 | 1035395  |
| Charter Hall Social Infrastructure REIT | 136353 | 258248  |
| Digital Realty Trust, Inc. | 126304 | 22018576  |
| Equinix, Inc. | 23621 | 18789797  |
| Extra Space Storage, Inc. | 93400 | 13770896  |
| Iron Mountain, Inc. | 129482 | 13280969  |
| Safestore Holdings PLC | 87713 | 850999  |
| Shurgard Self Storage Ltd. | 10924 | 474455  |
|  |  | 91089450  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $376,201,508)** |  | 410986752  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 13.4%** | **SHORT-TERM INVESTMENTS - 13.4%** | **SHORT-TERM INVESTMENTS - 13.4%** |
| **Investments Purchased with Proceeds from Securities Lending - 13.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(e)</sup> | 53854131 | 53854131  |
|  | **Shares** |  |
| **Money Market Funds - 0.4%** | **Money Market Funds - 0.4%** | **Money Market Funds - 0.4%** |
| Invesco Government & Agency Portfolio - Class Institutional, 4.25%<sup>(e)</sup> | 1546354 | 1546354  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $55,400,485)** |  | 55400485  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 112.5%** <br>**(Cost $431,601,993)** |  | $466387237  |
| Liabilities in Excess of Other Assets - (12.5)% |  | (51701307)  |
| **TOTAL NET ASSETS - 100.0%** |  | $414685930 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025(Continued)** 

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.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> All or a portion of this security was on loan as of June 30, 2025. The fair value of these securities was $52,347,002.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of Vert Asset Management, LLC (the "Advisor"), acting as Valuation Designee. These securities represented $31,567 or less than 0.1% of net assets as of June 30, 2025.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $118,666 or less than 0.1% of the Fund's net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

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**Vert Global Sustainable Real Estate ETF** 

**Statement of Assets and Liabilities** 

**June 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $466387237  |
| Foreign currency, at value | 339453 |
| Dividends receivable | 1802622  |
| Dividend tax reclaims receivable | 182586  |
| Interest receivable | 1947  |
| Security lending income receivable | 1649  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 468715494  |
| **LIABILITIES:**<br>|  |
| Payable upon return of securities loaned | 53854131  |
| Payable to adviser | 113392  |
| Payable for fund administration and accounting fees | 37324  |
| Payable for custodian fees | 9116  |
| Payable for compliance fees | 2636  |
| Payable for transfer agent fees and expenses | 198  |
| Payable for expenses and other liabilities | 12767  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 54029564  |
| **NET ASSETS** | $414685930  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $401189410  |
| Total accumulated earnings | 13496520  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $414685930  |
| Net assets | $414685930  |
| Shares issued and outstanding<sup>(a)</sup> | 39842962  |
| **Net asset value per share** | $10.41  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $431601993  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $334460  |
| **Loaned Securities:**<br>|  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $52347002 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**Vert Global Sustainable Real Estate ETF** 

**Statement of Operations** 

**For the Year Ended June 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $14487961  |
| Securities lending income | 21070  |
| Less: Dividend withholding taxes | (703069)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 13805962  |
| **EXPENSES:**<br>|  |
| Investment advisory fee (Note 4) | 1650011  |
| Fund administration and accounting fees (Note 4) | 228192  |
| Custodian fees (Note 4) | 75794  |
| Legal fees | 38805  |
| Trustees' fees | 28383  |
| Reports to shareholders | 23321  |
| Audit fees | 18243  |
| Compliance fees (Note 4) | 15877  |
| Federal and state registration fees | 2024  |
| Transfer agent fees (Note 4) | 1645  |
| Other expenses and fees | 16140  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2098435  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor (Note 4) | (242173)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1856262  |
| **NET INVESTMENT INCOME** | 11949700  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (3120872) |
| &nbsp;&nbsp;&nbsp; In-kind transactions | 14454868  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | 541  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | 86548  |
| Net realized gain | 11421085  |
| Net change in unrealized appreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 17811086  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 18303  |
| Net change in unrealized appreciation | 17829389  |
| **Net realized and unrealized gain** | 29250474  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $41200174 |

---

The accompanying notes are an integral part of these financial statements.

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**Vert Global Sustainable Real Estate ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $11949700 | $9941461  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11421085 | (4825400)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 17829389 | 32060152  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 41200174 | 37176213  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (12668842) | (16350404)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (1283216)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (12668842) | (17633620)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 61878098 | 100074661  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (42809998) | (44380856)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) |  | 1284  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 19068100 | 55695089  |
| **Net increase in net assets** | 47599432 | 75237682  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 367086498 | 291848816  |
| &nbsp;&nbsp;&nbsp; End of the year | $414685930 | $367086498  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5975000 | 10836661  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4150000) | (4847028)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 1825000 | 5989633 |

---

The accompanying notes are an integral part of these financial statements.

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**Vert Global Sustainable Real Estate ETF** 

**Financial Highlights** 

**For a share outstanding throughout each year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025** | **2024<sup>(a)</sup>** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.66 | $9.11 | $9.62 | $11.39 | $8.59  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.35 | 0.28 | 0.30 | 0.21 | 0.19  |
| Net realized and unrealized gain (loss) on investments | 0.72 | 0.76 | (0.67) | (1.55) | 2.76  |
| **Total from investment operations** | 1.07 | 1.04 | (0.37) | (1.34) | 2.95  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.32) | (0.46) | (0.04) | (0.26) | (0.15)  |
| Net realized gains |  |  | (0.10) | (0.17) | —  |
| Return of capital | —  | (0.03) |  |  |  |
| **Total distributions** | (0.32) | (0.49) | (0.14) | (0.43) | (0.15)  |
| Redemption fee per share |  | 0.00<sup>(c)</sup> |  |  | —  |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of year** | $10.41 | $9.66 | $9.11 | $9.62 | $11.39  |
| Total return | 11.13%<sup>(d)</sup> | 11.41%<sup>(d)</sup> | (3.84)% | (12.41)% | 34.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $414686 | $367086 | $291849 | $159356 | $125923  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.51% | 0.56% | 0.62% | 0.67% | 0.80%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.45% | 0.47% | 0.50% | 0.50% | 0.50%  |
| Ratio of net investment income (loss) to average net assets | 3.33% | 3.03% | 3.23% | 1.80% | 1.96%  |
| Portfolio turnover rate | 6%<sup>(e)</sup> | 11%<sup>(e)</sup> | 9% | 11% | 19% |

---

<sup>(a)</sup> The Fund converted from a mutual fund to an ETF pursuant to an Agreement and Plan of Reorganization on December 4, 2023. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. The financial highlights in the above table reflect the performance of the mutual fund for the period prior to December 4, 2023 and the performance of the Fund as an ETF for the period from December 4, 2023 through June 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> The performance for the Fund is calculated on a net asset value basis.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

9<br>

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025** 

**NOTE 1 – ORGANIZATION** 

The Vert Global Sustainable Real Estate ETF (the "Fund") is a series of Manager Directed Portfolios (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and was organized as a Delaware statutory trust on April 4, 2006. The Fund is an open-end investment management company and is a diversified series of the Trust. The Fund commenced operations on October 31, 2017. Vert Asset Management, LLC (the "Advisor") serves as the investment advisor to the Fund. Dimensional Fund Advisors LP (the "Sub-Advisor") serves as the sub-advisor to the Fund. The investment objective of the Fund is to achieve long-term capital appreciation.

The Fund is the accounting and performance survivor of the Vert Global Sustainable Real Estate Fund (the "Target Fund") following a tax-free reorganization ("Reorganization"), pursuant to an Agreement and Plan of Reorganization, which resulted in the conversion of the Target Fund organized as a mutual fund to an exchange-traded fund ("ETF") on December 4, 2023. The Fund was established as a "shell" fund organized solely in connection with the Reorganization for the purpose of acquiring the assets and liabilities of the Target Fund and continuing the operations of the Target Fund as an ETF. The Fund had no performance history prior to the Reorganization. The Fund has a substantially similar strategy as the Target Fund. Shares of the Target Fund were exchanged for shares of equal value of the Fund. The cost basis of the investments received from the Target Fund were carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation*:
 All investments in securities are recorded at their estimated fair value, as described in Note 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes*: It is the Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to
 regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income
 or excise tax provisions are required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions to be taken or expected to be taken on a tax return. The tax returns for the Fund for the prior three fiscal years are open for examination. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, management has concluded that the Fund does not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Fund did not incur any interest or penalties for the fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions, Income, Expenses, and Distributions*: Securities transactions are accounted for on the trade date. Realized gains
 and losses on securities sold are determined on the basis of identified cost. Interest income is recorded on an accrual basis. Dividend
 income and distributions to shareholders are recorded on the ex-dividend date. The Fund invests in real estate investment trusts (REITs)
 which report information on the source of their distributions annually. The Fund's policy is to record all REIT distributions initially
 as dividend income on the ex-dividend date and then re-designate them as return of capital and/or capital gain distributions at the end
 of the reporting period based on information provided annually by each REIT, and management estimates such re-designations when actual
 information has not yet been reported.

10<br>

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

Income on REITs may be reclassified to realized gains or as an adjustment to cost in order to correctly recognize the true character of the distributions received by the Fund. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

The Fund distributes its net investment income and net realized capital gains, if any, at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these book/tax differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax treatment.

The Fund is charged for those expenses that are directly attributable to it, such as investment advisory, custody and transfer agent fees. Expenses that are not attributable to the Fund are typically allocated among the funds in the Trust proportionately based on allocation methods approved by the Board of Trustees (the "Board"). Common expenses of the Trust are typically allocated among the funds in the Trust based on a fund's respective net assets, or by other equitable means.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Use of Estimates*:
 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
 reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases
 in net assets during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Reclassification of Capital Accounts*: GAAP requires that certain components of net assets relating to permanent differences be reclassified between
 financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Foreign Currency*:
 Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the
 time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market rate of exchange
 prevailing on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations resulting
 from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities
 held. Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional
 risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting
 standards, and other factors.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Year End*: In preparing the financial statements as of June 30, 2025, management considered the impact of subsequent
 events for potential recognition or disclosure in the financial statements and has concluded that no additional recognition or disclosures
 are necessary.

**NOTE 3 – SECURITIES VALUATION** 

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 develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the fiscal period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

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.

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).

11<br>

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

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.

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.

Equity Securities: Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, 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 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 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 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 fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its net asset value ("NAV") because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by an event (a "Significant Event") occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, or even occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts, or significant government actions.

Registered Investment Companies: Investments in 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. Exchange-traded funds are valued at the last reported sale price on the exchange on which that security is principally traded, and will be classified in Level 1 of the fair value hierarchy.

Short-Term Debt Securities: Debt securities, including 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 analytical pricing models as well as market transactions and dealer quotations. Short-term 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.

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 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 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, as well as the use and oversight of third-party pricing services for fair valuation.

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.

The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts. The effect of using fair value pricing is that the Fund's NAV will reflect the affected portfolio securities' values as determined by the Valuation Designee instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from the foreign security's most recent closing price and from the prices

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

used by other investment companies to calculate their NAVs and are generally classified in Level 2 of the fair valuation hierarchy. Because the Fund may invest in foreign securities, the value of the Fund's portfolio securities may change on days when you will not be able to purchase or redeem your shares.

The inputs and methodology used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | $410955185 | $— | $31567 | $410986752  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 53854131  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1546354 |  |  | 1546354  |
| **Total Investments** | $412501539 | $— | $31567 | $466387237 |

---

<sup>(a)</sup> Investment valued using the NAV per share practical expedient. In accordance with Topic 820, the investment is excluded from the fair value hierarchy. The investment is included in the total column for the purpose of reconciling the table to the schedule of investments. 

**Level 3 Reconciliation Disclosure** 

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
|  | **Investments** |
| July 1, 2024 Market Value  | $30770  |
| Purchases  |  |
| Sales proceeds (and/or rights exercised) |  |
| Accrued discounts/premiums net |  |
| Change in unrealized appreciation/(depreciation)  | 797 |
| Transfer in and/or (out) of Level 3  |  |
| Balance as of June 30, 2025  | $31567 |

---

As of June 30, 2025, the change in unrealized appreciation on positions still held in the Fund was $797 for Home REIT PLC.

**Significant Unobservable Inputs** 

The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of June 30, 2025.

The table is not intended to be all-inclusive but instead identifies the significant unobservable inputs relevant to the determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Category**  | **Fair Value**  | **Valuation** <br>**Technique**  | **Unobservable** <br>**Inputs**  | **Weighted** <br>**Average<sup>(a)</sup>**  | **Change in** <br>**Valuation from** <br>**a Decrease in** <br>**Input**  |
| REIT  | $31567  | Market <br>approach  | Last quoted <br>trade price  | 0.12 USD  | &nbsp;&nbsp;&nbsp; Decrease |

---

<sup>(a)</sup> Weighted Averages are calculated based on fair value of investments.

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

**NOTE 4 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

For the fiscal year ended June 30, 2025, the Advisor provided the Fund with investment management services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space, and facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at an annual rate of 0.40% of the average daily net assets of the Fund. For the fiscal year ended June 30, 2025, the Fund incurred $1,650,011 in advisory fees. Advisory fees payable at June 30, 2025 were $113,392. The Advisor has hired Dimensional Fund Advisors LP as the sub-advisor to the Fund. The Advisor pays the sub-advisory fee for the Fund from its own assets and these fees are not an additional expense of the Fund.

The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to waive a portion of its fees and reimburse certain expenses for the Fund to ensure that the total annual fund operating expenses excluding front-end or contingent deferred loads, Rule 12b-1 plan fees, shareholder servicing plan fees (including sub-transfer agency fees), taxes, any expenses incurred in connection with borrowings made by a Fund, interest (including without limitation interest incurred in connection with bank and custody overdrafts), brokerage commissions and other transactional expenses, expenses incurred in connection with any merger or reorganization, dividends or interest on short positions, acquired fund fees and expenses or extraordinary expenses such as litigation do not exceed the following amounts of the average daily net assets of the ETF:

---

| | |
|:---|:---|
| Vert Global Sustainable Real Estate ETF  | 0.45% |

---

For the fiscal year ended June 30, 2025, the Advisor reduced its fees and absorbed Fund expenses in the amount of $242,173 for the Fund. The waivers and reimbursements will remain in effect through at least December 4, 2026, unless terminated sooner by, or with the consent of, the Board.

The Advisor may request recoupment of previously waived fees and paid expenses in any subsequent month in the three-year period from the date of the management fee reduction and expense payment if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) will not cause the Fund to exceed the lesser of: (1) the expense limitation in place at the time of the management fee reduction and expense payment; or (2) the expense limitation in place at the time of the reimbursement. Any such reimbursement is also contingent upon the Trust's prior review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. Cumulative expenses subject to recapture pursuant to the aforementioned conditions expire as follows:

---

| | | |
|:---|:---|:---|
| **6/30/2027** | **6/30/2028** | **Total**  |
| $195771 | $242173 | $437944 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC ("Fund Services" or the "Administrator") acts as the Fund's Administrator under a Fund Administration Servicing Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund's custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund's expenses and reviews the Fund's expense accruals. Fund Services also serves as the fund accountant, transfer agent to the Fund and provides Chief Compliance Officer services to the Fund. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund's custodian.

For the fiscal year ended June 30, 2025, the Fund incurred the following expenses for administration, fund accounting, transfer agency, custody, and compliance fees:

---

| | |
|:---|:---|
| Fund Administration and Accounting | $228192 |
| Custody  | $75794 |
| Transfer agency  | $1645 |
| Compliance  | $15877 |

---

14<br>

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

At June 30, 2025, the Fund had payables due to Fund Services for administration, fund accounting and transfer agency fees, compliance fees, and to U.S. Bank N.A. for custody fees in the following amounts:

---

| | |
|:---|:---|
| Fund Administration and Accounting | $37324 |
| Custody  | $9116 |
| Transfer agency  | $198 |
| Compliance  | $2636 |

---

Quasar Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Shares of the Fund ("Shares") are continuously offered for sale by the Distributor only in Creation Units (defined below). The Distributor will not distribute Shares in amounts less than a Creation Unit (defined below) and does not maintain a secondary market in Shares.

Certain officers of the Fund are employees of the Administrator and are not paid any fees by the Fund for serving in such capacities.

**NOTE 5 – SECURITIES TRANSACTIONS** 

For the fiscal year ended June 30, 2025, the cost of purchases and the proceeds from sales of securities, excluding short-term securities and in-kind transactions, were as follows:

---

| | |
|:---|:---|
| **Purchases**  | **Sales**  |
| $25493905  | $23756547 |

---

There were no purchases or sales of long-term U.S. Government securities.

For the fiscal year ended June 30, 2025, the in-kind transactions associated with creations and redemptions of the Fund were as follows:

---

| | |
|:---|:---|
| **Purchases**  | **Sales**  |
| $60446837 | $42307862 |

---

**NOTE 6 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of June 30, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup>  | $440992619  |
| Gross unrealized appreciation | 56639639  |
| Gross unrealized depreciation | (31245021)  |
| Net unrealized appreciation | 25394618  |
| Undistributed ordinary income | 2490745  |
| Undistributed long-term capital gain  | —  |
| Total distributable earnings. | 2490745  |
| Capital loss carry-forwards | (14406447) |
| Other accumulated gains/(losses)  | 17604  |
| Total accumulated earnings | $13496520 |

---

<sup>(a)</sup> The difference between the book basis and tax basis net unrealized appreciation and cost is attributable primarily to wash sales and passive foreign investment companies.

As of June 30, 2025, the Fund had long-term capital losses in the amount of $12,391,485 and short-term capital losses in the amount of $2,014,962 with no expiration, to offset future capital gains.

15<br>

------

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

For the fiscal year ended June 30, 2025, the effect of permanent "book/tax" reclassifications relating to redemptions in-kind resulted in increases and decreases to components of the Fund's net assets as follows:

---

| | | |
|:---|:---|:---|
|  | **Total Accumulated** <br>**Deficit**  | **Paid in** <br>**Capital**  |
| Vert Global Sustainable Real Estate ETF  | &nbsp;&nbsp; $(13343583)  | $13343583 |

---

The tax character of distributions paid during the fiscal year ended June 30, 2025 and the fiscal year ended June 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended June 30,**  | **Year Ended June 30,**  |
|  | **2025**  | **2024** |
| Ordinary income | $12668842  | $16350404 |
| Long-term capital gains. |  | —  |
| Return of Capital  | —  | 1283216 |
|  | $12668842 | $17633620 |

---

**NOTE 7 – CREATION AND REDEMPTION TRANSACTIONS** 

The Fund offers and issues Shares at its NAV only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are listed on the Nasdaq Stock Market LLC (the "Exchange") and trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. A Creation Unit of the Fund generally consists of 25,000 Shares, though this may change from time to time. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement. The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As is the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**NOTE 8 – SECURITIES LENDING** 

The Fund participates in securities lending arrangements whereby it lends certain of its portfolio securities to brokers, dealers and financial institutions (not with individuals) in order to receive additional income and increase the rate of return of its portfolio. U.S. Bank, N.A. serves as the Fund's securities lending agent.

U.S. Bank, N.A. oversees the securities lending process, which includes the screening, selection and ongoing review of borrowers, monitoring the availability of securities, negotiating rebates, daily marking to market of loans, monitoring and maintaining cash collateral levels, processing securities movements and reinvesting cash collateral as directed by the Advisor.

The Fund may lend securities pursuant to agreements that require the loans to be secured by collateral consisting of cash, securities of the U.S. Government or it agencies, or any combination of cash and such securities. At the time of loans, the collateral value should at least be equal to 102% of domestic securities and 105% of foreign securities. The value of loaned securities will then be marked-to-market daily and the collateral will be continuously secured by collateral equal to 100% of the market value of the loaned securities. Such loans will not be made if, as a result, the aggregate amount of all outstanding securities loans for the Fund exceeds one-third of the value of the Fund's total assets taken at fair market value. The Fund will earn interest on the investment of the cash collateral in U.S. Government

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at June 30, 2025(Continued)** 

securities, short-term money market instruments or such other approved vehicle. However, the Fund will normally pay lending fees to such broker-dealers and related expenses from the interest earned on invested collateral. There may be risks of delay in receiving additional collateral or risks of delay in recovery of the securities and even loss of rights in the collateral should the borrower of the securities fail financially. However, loans are made only to borrowers deemed by the Advisor to be of good standing and when, in the judgment of the Advisor, the consideration that can be earned currently from such securities loans justifies the attendant risk. Either party, upon reasonable notice to the other party, may terminate the loan.

As of June 30, 2025, the Fund had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in the Fund's Schedule of Investments.

The following table presents the securities out on loan for the Fund, and the collateral delivered related to those securities, as of the end of the reporting period.

**Securities Lending Transactions** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Overnight and Continuous**  | **Market Value** <br>**of Securities** <br>**on Loan**  | **Investment** <br>**Asset Class** <br>**of Securities** <br>**Purchased**  | **Collateral** <br>**Proceeds from** <br>**Securities Lending**  | **Pledged** <br>**Counterparty<sup>^</sup>**  | **Net** <br>**Exposure**  |
| &nbsp;&nbsp;&nbsp; Vert Global Sustainable Real <br>Estate ETF  | $52347002  | Non-registered <br>money market <br>fund  | &nbsp;&nbsp; $53854131  | $53854131  | $— |

---

<sup>^</sup> As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan.

Refer to the Fund's Schedule of Investments for details on the securities out on loan.

**NOTE 9 – GUARANTEES AND INDEMNIFICATIONS** 

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust.

**NOTE 10 – SEGMENT REPORTING** 

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Vert Global Sustainable Real Estate ETF and

Board of Trustees of Manager Directed Portfolios

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vert Global Sustainable Real Estate ETF (the "Fund"), a series of Manager Directed Portfolios, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then

ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for

each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 29, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](efp16845.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 29, 2025

18<br>

------

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**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**NOTICE TO SHAREHOLDERS** 

**at June 30, 2025 (Unaudited)** 

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended June 30, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Vert Global Sustainable Real Estate ETF | 33.02% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended June 30, 2025, was as follows:

---

| | |
|:---|:---|
| Vert Global Sustainable Real Estate ETF | 0.00% |

---

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**VERT GLOBAL SUSTAINABLE REAL ESTATE ETF** 

**ADDITIONAL INFORMATION** 

**June 30, 2025 (Unaudited)** 

**Item 7(b). Financial Highlights are included within the financial statements under Item 7(a) above.** 

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.** 

Not applicable.

20<br>

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service providers.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit*. Filed herewith.](v-efp16852_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](v-efp16852_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](v-efp16852_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Manager
 Directed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan Frank |
|  | Ryan Frank, President/Principal Executive Officer |

---

Date <u>September 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan Frank |
|  | Ryan Frank, President/Principal Executive Officer |

---

Date <u>September 8, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Colton Scarmardo |
|  | Colton Scarmardo, Treasurer/Principal Financial Officer |

---

Date <u>September 8, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

**MANAGER DIRECTED PORTFOLIOS**

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

Effective January 1, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Introduction/Covered Persons

Manager Directed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder.

This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics.

This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other
public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to
the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons
for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own mutual fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to
the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Trust to take action, or fail to take action,
for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or
any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal
underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in
commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares
other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose.

Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

This Code of Ethics may be amended by the Board of Trustees, including a majority of independent Trustees. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the applicable Fund to shall (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply.

Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Disclosure

The Trust shall make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as <u>Appendix A</u>, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as <u>Appendix B</u>, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ryan Frank, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Manager Directed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether material, or not, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | /s/ Ryan Frank |
|  |  | Ryan Frank<br> President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Colton Scarmardo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Manager Directed Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether material, or not, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 8, 2025 | /s/ Colton Scarmardo |
|  |  | Colton Scarmardo<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Manager Directed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Manager Directed Portfolios for the year ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Manager Directed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Ryan Frank | /s/ Colton Scarmardo |
| Ryan Frank | Colton Scarmardo |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Manager Directed Portfolios | Manager Directed Portfolios |

---

Dated: <u>September 8, 2025 </u> Dated: <u>September 8, 2025 </u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Manager Directed Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934