# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-011308
**Filing Date:** 2025-10
**Character Count:** 42619
**Document Hash:** 749750d657f9a2071ff1bac2f3020dbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-011308.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0000894189-25-011308

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**EFFECTIVENESS DATE**: 20251015

**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283762
- **FILM NUMBER:** 251393716

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 9522306140

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANCORP FUND SERVICES, LLC
- **STREET 2:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roxbury Funds
- **DATE OF NAME CHANGE:** 20060411

## Series and Classes Contracts Data

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000230726 | Institutional Shares | HRIOX           |
| C000230727 | Investor Shares      | HRIIX           |

As filed with the Securities and Exchange Commission on October 15, 2025

Securities Act Registration No. 333-283762

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-14**

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| | | |
|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [X] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. | | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. | 1 | [X] |

---

**<u>MANAGER DIRECTED PORTFOLIOS</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, including Area Code) (201) 708-9796

---

| | |
|:---|:---|
| Ryan S. Frank, President<br>Manager Directed Portfolios<br>c/o U.S. Bank Global Fund Services<br>777 East Wisconsin Avenue, 5th Floor<br>Milwaukee, WI 53202<br>(Name and Address of Agent for Service) | Copies to:<br>Ellen Drought, Esq.<br>Godfrey & Kahn, S.C.<br>833 East Michigan Street, Suite 1800<br>Milwaukee, Wisconsin 53202<br>(414) 273-3500 |

---

It is proposed that this filing will become effective immediately pursuant to Rule 485(b) under the Securities Act of 1933, as amended.

This Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14 hereby incorporates by reference Part A and Part B of the Registrant's Registration Statement on Form N-14 (File No. 333-283762) filed with the Securities and Exchange Commission on December 12, 2024 pursuant to Rule 497 under the Securities Act of 1933, as amended.

This Post-Effective Amendment No. 1 is being filed solely for the purpose of filing as an exhibit to this Registration Statement the final tax opinion of Godfrey & Kahn, S.C.

------

**PART C**

**OTHER INFORMATION**

Item 15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>

Article 9 of the Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") provides for indemnification of the trustees, officers and agents of the Trust, subject to certain limitations. The Declaration of Trust is incorporated herein by reference to <u>[Exhibit (a)(2) of Post-Effective Amendment No. 135 to the Registrant's Registration Statement on Form N-1A as filed on July 28, 2023.](http://www.sec.gov/Archives/edgar/data/1359057/000089418923005134/mdpamendedandrestateddecla.htm)</u>

The Trust's trustees and officers are insured under a policy of insurance maintained by the Trust against certain liabilities that might be imposed as a result of actions, suits or proceedings to which they are a party by reason of having been such trustees or officers.

Pursuant to Rule 484 under the Securities Act of 1933, as amended, the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue."

Item 16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits</u> 

See "Exhibit Index."

Item 17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Undertakings</u>

1. The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

2. The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

------

**SIGNATURES**

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed on behalf of the Registrant, in the City of Milwaukee and State of Wisconsin on October 15, 2025.

MANAGER DIRECTED PORTFOLIOS

By: *<u>/s/ Ryan S. Frank</u>*<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

Ryan S. Frank

President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated as of October 15, 2025

---

| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| *<u>James R. Schoenike</u>*<u>\*</u> <br>James R. Schoenike | Trustee |
| *<u>Gaylord B. Lyman</u>*<u>\*</u> <br>Gaylord B. Lyman | Trustee |
| *<u>Scott Craven Jones</u>*<u>\*</u> <br>Scott Craven Jones | Trustee |
| *<u>Lawrence T. Greenberg</u>*<u>\*</u> <br>Lawrence T. Greenberg | Trustee |
| *<u>/s/ Ryan S. Frank</u>*<br>Ryan S. Frank | President (Principal Executive Officer) |
| *<u>/s/ Colton W. Scarmardo</u>*<br>Colton W. Scarmardo | Treasurer (Principal Financial Officer) |
| \* <u>By:</u> *<u>/s/ Ryan S. Frank</u>*<br>&nbsp;&nbsp;&nbsp;&nbsp;Ryan S. Frank<br>&nbsp;&nbsp;&nbsp;&nbsp;\* Attorney-in-Fact pursuant to Power of Attorney previously filed with Registrant's Registration Statement on Form N-14 with the SEC on August 12, 2025 and is incorporated by reference. |  |

---

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**EXHIBIT INDEX**

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| | | | |
|:---|:---|:---|:---|
| (1) | (a) | (i) | <u>[Certificate of Trust is incorporated herein by reference to Exhibit (1)(a)(i) of the Registrant's Registration Statement on Form N-1A as filed on May 1, 2006 (File Nos. 333-133691 and 811-21897).](https://www.sec.gov/Archives/edgar/data/1359057/000120677406000986/d19183-ex99_a1.txt)</u> |
|  |  | (ii) | <u>[Certificate of Amendment to Certificate of Trust was previously filed with Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A with the SEC on October 28, 2016 (File Nos. 333-133691 and 811-21897) and is herein incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418916012633/cot.htm)</u> |
|  | (b) |  | <u>[Amended and Restated Agreement and Declaration of Trust is incorporated herein by reference to Exhibit (1)(b) to Post-Effective Amendment No. 135 to the Registrant's Registration Statement on Form N-1A with the SEC on July 28, 2023 (File Nos. 333-133691 and 811-21897).](https://www.sec.gov/Archives/edgar/data/1359057/000089418923005134/mdpamendedandrestateddecla.htm)</u> |
| (2) |  |  | <u>[Amended and Restated By-laws are incorporated herein by reference to Exhibit (2) to Post-Effective Amendment No. 34 to the Trust's Registration Statement on Form N-1A, as filed with the SEC on July 7, 2017 (File Nos. 333-133691 and 811-21897)](https://www.sec.gov/Archives/edgar/data/1359057/000089418917003386/by-laws.htm)</u> |
| (3) |  |  |  |
| (4) |  |  | <u>[Form of Agreement and Plan of Reorganization](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)[was previously filed with Appendix A of Part A of Registrant's Registration Statement on Form N-14 as filed on](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)[December 12, 2024](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)[.](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)</u> |
| (5) |  |  | Instruments Defining Rights of Security Holders are incorporated herein by reference to the Amended and Restated Agreement and Declaration of Trust and By-Laws |
| (6) | (a) | (i) | <u>[Investment Advisory Agreement dated May 20, 2020 was previously filed with Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A with the SEC on October 28, 2020 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418920008639/hoodrivernewadvisoryag.htm)</u> |
|  |  | (ii) | <u>[Amendment to Investment Advisory Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/hoodriveramendediaaschedul.htm)</u> |
|  |  | (iii) | <u>[Amendment to Investment Advisory Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99d3hoodriveramendedsche.htm)</u> |
|  |  | (iv) | <u>[Amendment to Schedule B to Investment Advisory Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99d4hoodriveramendedsche.htm)</u> |
| (7) | (a) |  | <u>[Distribution Agreement was previously filed with Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A with the SEC on October 28, 2016 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418916012633/under_agr.htm)</u> |
|  | (b) | (i) | <u>[Novation Agreement dated March 31, 2020 between Quasar Distributors, LLC, the Trust, and the Adviser was previously filed with Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A with the SEC on October 28, 2020 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418920008639/hoodrivernovationagree.htm)</u> |
|  |  | (ii) | <u>[Amendment to Novation Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/hoodriver1stamendmentda.htm)</u> |
|  | (c) | (i) | <u>[Novation Agreement dated September 30, 2021 between Quasar Distributors, LLC, the Trust, and the Adviser was previously filed with Registrant's Post-Effective Amendment No. 117 to its Registration Statement on Form N-1A with the SEC on October 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921007567/exe2i-genstarnovationxmana.htm)</u> |
|  |  | (ii) | <u>[Amendment to Underwriting Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99e2ivmdp-hoodrivercmxqd.htm)</u> |
| (8) |  |  |  |
| (9) | (a) | (i) | <u>[Custody Agreement was previously filed with Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A with the SEC on October 28, 2016 (File Nos. 333-133691 and 811-21897) and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1359057/000089418916012633/cust_agr.htm)</u> |
|  |  | (ii) | <u>[Amendment to the Custody Agreement dated July 1, 2019 was previously filed with Registrant's Post-Effective Amendment No. 81 to its Registration Statement on Form N-1A with the SEC on October 28, 2019 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418919007167/exg2formofamendmenttocusto.htm)</u>  |
|  |  | (iii) | <u>[Amendment to the Custody Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/hoodriveramendcustodyagrmnt.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | | (iv) | <u>[Amendment to the Custody Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99g4mdp-custodyagreement.htm)</u> |
| (10) | (a) |  | Rule 12b-1 Plan - Not Applicable |
|  | (b) |  | Rule 18f-3 Plan - Not Applicable |
| (11) |  |  | <u>[Opinion and Consent of Counsel with respect to the validity of shares to be issued by the Registrant was filed previously with the Registrant's Registration Statement on Form N-14 filed on December 12, 2024.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/n-14hoodriverxsevencanyons.htm)</u> |
| (12) |  |  | <u>[Opinion of Godfrey & Kahn, S.C. regarding certain tax matters -](taxopinion-managedportfoli.htm)</u>**<u>[Filed Herewith.](taxopinion-managedportfoli.htm)</u>** |
| (13) | (a) | (i) | <u>[Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A with the SEC on October 28, 2016 (File Nos. 333-133691 and 811-21897) and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1359057/000089418923008308/vertadminamendment.htm)</u>  |
|  |  | (ii) | <u>[Form of Amendment to the Fund Administration Servicing Agreement dated July 1, 2019 was previously filed with Registrant's Post-Effective Amendment No. 81 to its Registration Statement on Form N-1A with the SEC on October 28, 2019 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1359057/000089418922004607/fundadminagreement-marvista.htm)</u> |
|  |  | (iii) | <u>[Amendment to the Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/hoodriveramendfundadminagr.htm)</u> |
|  |  | (iv) | <u>[Amendment to the Fund Administration Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99h1ivmdp-adminagreement.htm)</u> |
|  | (b) | (i) | <u>[Transfer Agent Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A with the SEC on October 28, 2016 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1359057/000089418916012633/trans_agr.htm)</u> |
|  |  | (ii) | <u>[Form of Amendment to the Transfer Agent Servicing Agreement dated July 1, 2019 was previously filed with Registrant's Post-Effective Amendment No. 81 to its Registration Statement on Form N-1A with the SEC on October 28, 2019 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418919007167/exh2iiformofamendmenttotra.htm)</u>  |
|  |  | (iii) | <u>[Amendment to the Transfer Agent Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/hoodriveramendtransferagen.htm)</u> |
|  |  | (iv) | <u>[Amendment to the Transfer Agent Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99h2ivmdp-taagreementxho.htm)</u> |
|  | (c) | (i) | <u>[Fund Accounting Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 24 to its Registration Statement on Form N-1A with the SEC on October 28, 2016 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1359057/000089418916012633/fdacct_agr.htm)</u> |
|  |  | (ii) | <u>[Form of Amendment to the Fund Accounting Servicing Agreement dated July 1, 2019 was previously filed with Registrant's Post-Effective Amendment No. 81 to its Registration Statement on Form N-1A with the SEC on October 28, 2019 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1359057/000089418923008308/vertaccountingamendment.htm)</u> |
|  |  | (iii) | <u>[Amendment to the Fund Accounting Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/hoodriveramendfundacctagre.htm)</u> |
|  |  | (iv) | <u>[Amendment to the Fund Accounting Servicing Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99h3ivmdp-acctagreementx.htm)</u> |
| (14) | (a) | (i) | <u>[Amended and Restated Expense Limitation Agreement with respect to the Hood River International Opportunity Fund was previously filed with Registrant's Post-Effective Amendment No. 138 to its Registration Statement on Form N-1A with the SEC on October 26, 2023 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418923007813/hoodriverinternationaloppo.htm)</u> |
| (15) | (a) | (i) | <u>[Securities Lending Agreement was previously filed with Registrant's Post-Effective Amendment No. 81 to its Registration Statement on Form N-1A with the SEC on October 28, 2019 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418919007167/exh6securitieslendingagree.htm)</u> |
|  |  | (ii) | <u>[First Amendment to Securities Lending Agreement was previously filed with Registrant's Post-Effective Amendment No. 103 to its Registration Statement on Form N-1A with the SEC on October 28, 2020 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418920008639/slaamendmenthr20200923.htm)</u> |
|  |  | (iii) | <u>[Second Amendment to Securities Lending Agreement was previously filed with Registrant's Post-Effective Amendment No. 113 to its Registration Statement on Form N-1A with the SEC on September 28, 2021 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418921006931/slasecondamend_hr.htm)</u> |

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| | | | |
|:---|:---|:---|:---|
| | | (iv) | <u>[Amended Exhibit A, dated August 1, 2024, to Securities Lending Agreement was previously filed with Registrant's Post-Effective Amendment No. 154 to its Registration Statement on Form N-1A with the SEC on August 2, 2024 (File Nos. 333-133691 and 811-21897), and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924004574/ex99h6ivhoodriverslaupdate.htm)</u> |
| (16) | (a) |  | <u>[Consent of Independent Registered Public Accounting Firm was previously filed with Registrant's Registration Statement on Form N-14 as filed on December 12, 2024.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentmdphoodriver.htm)</u> |
|  | (b) |  | <u>[Consent of](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)[Previous](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)[Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)[was previously filed with Registrant](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)['](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)[s Re](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)[gistration Statement on Form N-14 as filed on December 12, 2024.](https://www.sec.gov/Archives/edgar/data/1359057/000089418924007234/consentalpssevencanyons.htm)</u> |
| (17) |  |  |  |
| (18) |  |  | <u>[Power of Attorney was previously filed with Registrant's Registration Statement on Form N-14 with the SEC on August 12, 2025 and is incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1359057/000089418925005550/mdppowerofattorneyaugust20.htm)</u> |
| (19) |  |  | <u>[Form of Proxy Card was previously filed](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)[with](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)[Registrant's Registration Statement on Form N-14 as filed on](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)[December 12, 2024.](https://www.sec.gov/Archives/edgar/data/1359057/000089418925000730/n-14hoodriverxsevencanyons.htm)</u> |

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## Exhibit 99.12

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| | |
|:---|:---|
| ![image.jpg](image.jpg) | ![image1.jpg](image1.jpg) |

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April 7, 2025

Board of Trustees

ALPS Series Trust <br>1290 Broadway, Suite 1000

Denver, Colorado 80203

Board of Trustees<br>Manager Directed Portfolios <br>615 East Michigan Street

Milwaukee, Wisconsin 53202 <br>

Ladies and Gentlemen:&nbsp;&nbsp;&nbsp;&nbsp;

We have been requested to render this opinion concerning certain U.S. federal income tax consequences in connection with the proposed acquisition of all of the assets of Seven Canyon Strategic Global Fund and all of the assets of Seven Canyons World Innovators Fund (each a "<u>Target Fund</u>" and together the "<u>Target Funds</u>"), each a series of ALPS Series Trust, a Delaware statutory trust ("<u>AST</u>"), by Hood River International Opportunity Fund (the "<u>Acquiring Fund</u>"), a series of Manager Directed Portfolios, a Delaware statutory trust ("<u>MDP</u>"). The foregoing transfer of each Target Fund's assets is in exchange solely for the corresponding class of shares of the Acquiring Fund (the "<u>Acquiring Fund Shares</u>"), of equal value to the net assets of the Target Fund being acquired and the assumption by the Acquiring Fund of all of the Assumed Liabilities of each Target Fund. Each Target Fund will then distribute the Acquiring Fund Shares pro rata to the Target Fund shareholders of record of such Target Fund ("<u>Target Fund Shareholders</u>") in exchange for their shares of such Target Fund (the "<u>Target Fund Shares</u>") in complete liquidation and termination of such Target Fund.

Collectively, with respect to each Target Fund, the transfer of all the Target Fund's assets in exchange for the Acquiring Fund's assumption of all the Assumed Liabilities of the Target Fund and the Acquiring Fund's delivery of the corresponding class of the Acquiring Fund Shares to the Target Fund, followed by the distribution of each corresponding class of the Acquiring

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Board of Trustees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>ALPS Series Trust

Board of Trustees<br>Manager Directed Portfolios

April 7, 2025

Fund Shares to such Target Fund Shareholders in complete liquidation and termination of such Target Fund, is referred to as a "<u>Reorganization,</u>" and together, the "<u>Reorganizations</u>." Each class of the Target Funds has a corresponding class of the Acquiring Fund as listed below:

**Corresponding Classes Table**

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| | |
|:---|:---|
| **<u>Target Funds – Target Classes</u>** | **<u>Acquiring Fund – Acquiring Class</u>** |
| Seven Canyons World Innovators Fund – Investor Class | Hood River International Opportunity Fund – Investor Class |
| Seven Canyons World Innovators Fund – Institutional Class | Hood River International Opportunity Fund – Institutional Class |
| Seven Canyons Strategic Global Fund – Investor Class | Hood River International Opportunity Fund – Investor Class |

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Each Reorganization will be consummated in accordance with that certain Agreement and Plan of Reorganization dated as of January 30, 2025 (the "<u>Agreement</u>") entered into by and among (1) AST, on behalf of each of the Target Funds, (2) MDP, on behalf of the Acquiring Fund, (3) solely for the purposes of paragraphs 1.7, 3.8, 6.8, 12.1 and 14.1 to 14.4 of the Agreement, as applicable, Hood River Capital Management LLC, a Delaware limited liability company ("Hood River") and Seven Canyons Advisors, LLC, a Delaware limited liability company ("Seven Canyons"). Except as otherwise provided, capitalized terms referred to herein have the meanings as set forth in the Agreement.

We have acted as counsel to MDP with respect to each Reorganization. As such, and for the purpose of rendering this opinion, we have examined and are relying upon (without any independent investigation or review thereof) the truth and accuracy, at all relevant times, including on the anticipated Closing Date, of the statements, covenants, conditions, representations, and warranties contained in the following documents, including all schedules and exhibits thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Registration Statement on Form N-14 of MDP as filed with the Securities and Exchange Commission on December 12, 2024 (the "<u>Registration</u> 

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Board of Trustees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>ALPS Series Trust

Board of Trustees<br>Manager Directed Portfolios

April 7, 2025

<u>Statement</u>"), and the definitive Combined Proxy Statement/Prospectus and Statement of Additional Information as filed pursuant to Rule 497 under the Securities Act of 1933, as amended, with the Securities and Exchange Commission on January 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Officer Certificate of AST, for itself, and on behalf of each Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Officer Certificate of MDP, for itself, and on behalf of the Acquiring Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Such other instruments and documents related to the formation, organization, and operation of the Target Funds and the Acquiring Fund or the consummation of the Reorganizations and the transactions contemplated thereby as we have deemed necessary or appropriate.

In connection with rendering this opinion, we have assumed the following (and are relying thereon, without any independent investigation or review thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.That original documents, including signatures, are authentic, that documents submitted to us as copies conform to the original documents or the forms thereof submitted for signature, and that there has been due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.That any representation or statement made "to the knowledge of" or otherwise similarly qualified is correct without such qualification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.That each Reorganization will be consummated pursuant to the Agreement in accordance with the terms thereof and without waiver or breach of any material provision thereof.

Based on our examination of the foregoing items and subject to the assumptions, exceptions, limitations, and qualifications set forth herein, we are of the opinion that for federal income tax purposes with respect to each Reorganization of a Target Fund into the Acquiring Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.In accordance with Sections 361(a) and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of all of the Target Fund Assets to the Acquiring Fund in exchange solely for Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the Assumed Liabilities of the Target Fund, and in

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Board of Trustees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>ALPS Series Trust

Board of Trustees<br>Manager Directed Portfolios

April 7, 2025

accordance with Section 361(c) of the Code, no gain or loss will be recognized by the Target Fund upon the distribution (whether actual or constructive) of the Acquiring Fund Shares to the Target Fund Shareholders in exchange for their Target Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.In accordance with Section 1032 of the Code, no gain or loss will be recognized by the Acquiring Fund upon its receipt of the Target Fund Assets solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of all the Assumed Liabilities of the Target Fund as part of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.In accordance with Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the receipt of the Acquiring Fund Shares solely in exchange for their Target Fund Shares as part of the Reorganization (including fractional shares to which they may be entitled);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.In accordance with Section 358 of the Code, the aggregate tax basis of the Acquiring Fund Shares received by each Target Fund Shareholder pursuant to the Reorganization (including fractional shares to which such Target Fund Shareholder may be entitled) will be equal to the aggregate tax basis of the Target Fund Shares exchanged therefor by such Target Fund Shareholder immediately prior to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.In accordance with Section 1223 of the Code, the holding period of the Acquiring Fund Shares received by each Target Fund Shareholder (including fractional shares to which such Target Fund Shareholder may be entitled) will include the period during which the Target Fund Shares surrendered in exchange therefor were held by such Target Fund Shareholder, provided that the Target Fund Shares were held as a capital asset in the hands of such Target Fund Shareholder on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.In accordance with Section 362(b) of the Code, the tax basis of each Target Fund Asset acquired by the Acquiring Fund in the Reorganization will be the same as the tax basis of such Target Fund Asset in the hands of the Target Fund immediately prior to the transfer thereof in the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.In accordance with Section 1223 of the Code, the holding period of each Target Fund Asset acquired by the Acquiring Fund in the Reorganization will include the period during which that Target Fund Asset was held by the Target Fund immediately prior to transfer thereof in the Reorganization.

With respect to each Reorganization, we express no opinion as to whether any gain or loss will be recognized (1) on Target Fund Assets in which gain or loss recognition is required by the Code even if the transaction otherwise constitutes a nontaxable transaction, (2) on "Section 1256 contracts" as defined in Section 1256(b) of the Code, (3) on stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, (4) as a result of the closing of a taxable year (or a termination thereof) of the Target Fund due to the occurrence of an event other

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Board of Trustees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>ALPS Series Trust

Board of Trustees<br>Manager Directed Portfolios

April 7, 2025

than the Reorganization if otherwise applicable, (5) upon termination of a position, or (6) upon the redemption of fractional shares of the Target Fund prior to the Reorganization. In addition, no opinion will be expressed as to any other federal, estate, gift, state, local, or foreign tax consequences that may result from the Reorganizations.

In addition to the assumptions set forth above, this opinion is subject to the exceptions, limitations, and qualifications set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Our opinion with respect to an issue represents our best judgment as to the outcome on the merits with respect to such issue, is not binding upon the Internal Revenue Service ("IRS") or the courts and is not a guarantee that the IRS will not assert a contrary position with respect to an issue, or that a court will not sustain such a position if asserted by the IRS. No ruling has been or will be requested from the IRS concerning the federal income tax consequences of the Reorganizations. Future legislative, judicial, or administrative changes, on either a prospective or retroactive basis, may adversely affect the accuracy of the opinion expressed herein. Nevertheless, we undertake no responsibility to advise you of any new developments in the application or interpretation of the federal income tax laws. In addition, some issues under existing law that could significantly affect our opinion have not yet been addressed authoritatively by the IRS or the courts, and our opinion is not binding on the IRS or the courts. Hence, there can be no assurance that the IRS will not challenge, or that the courts will agree with, our conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Our opinion concerning certain U.S. federal income tax consequences of the Reorganizations is limited to the specific federal income tax consequences presented above. No opinion is expressed as to any transactions other than the Reorganizations, including any transactions undertaken in connection with the Reorganizations. In addition, this opinion does not address any other U.S. federal, estate, gift, state, local, or foreign tax consequences that may result from the Reorganizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Our opinion is void and may not be relied upon if (a) any of the transactions described in the Agreement are not consummated in accordance with the terms thereof and without waiver or breach of any material provision thereof, or (b) any of the representations, warranties, covenants, conditions, statements, and assumptions upon which we relied are not materially true and accurate at all relevant times.

This opinion is being delivered solely for the purpose of satisfying the requirements set forth in paragraph 9.5 of the Agreement. Our opinion is being rendered to AST and its Board of Trustees and MDP and its Board of Trustees, and may be relied upon only by AST and its Board

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Board of Trustees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>ALPS Series Trust

Board of Trustees<br>Manager Directed Portfolios

April 7, 2025

of Trustees, MDP and its Board of Trustees, and the shareholders of the Target Funds and the Acquiring Fund, it being understood that we are not thereby establishing an attorney-client relationship with any shareholder.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement to be filed with the SEC and to the use of our name in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, or the rules and regulations thereunder.

Very truly yours,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ Godfrey & Kahn, S.C.*

GODFREY & KAHN, S.C.

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