# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-015918
**Filing Date:** 2025-11
**Character Count:** 56615
**Document Hash:** 1820732f16f35740cd2c001cb0ef4398
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015918.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015918

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251528912

**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   |
|:---|:---|:---|
| C000230725 | Retirement Shares    | HRITX           |
| C000230726 | Institutional Shares | HRIOX           |
| C000230727 | Investor Shares      | HRIIX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hood River International Opportunity Fund** | **Hood River International Opportunity Fund** | **Hood River International Opportunity Fund** | **Hood River International Opportunity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** | **Shares** | **Value**  |
| **COMMUNICATION SERVICES - 3.1%** | **COMMUNICATION SERVICES - 3.1%** | **COMMUNICATION SERVICES - 3.1%** | |
| **Entertainment - 2.4%** | **Entertainment - 2.4%** | | |
| CD Projekt SA | CD Projekt SA | 35835 | $2671708 |
| Hacksaw AB <sup>(a)</sup> | Hacksaw AB <sup>(a)</sup> | 228000 | 1657979 |
|  |  |  | 4329687 |
| **Interactive Media & Services - 0.7%** | **Interactive Media & Services - 0.7%** |  |  |
| Karnov Group AB <sup>(a)</sup> | Karnov Group AB <sup>(a)</sup> | 99688 | 1194339 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 5524026 |
| **CONSUMER DISCRETIONARY - 12.5%** | **CONSUMER DISCRETIONARY - 12.5%** | **CONSUMER DISCRETIONARY - 12.5%** |  |
| **Automobile Components - 3.8%** | **Automobile Components - 3.8%** |  |  |
| Minth Group Ltd. | Minth Group Ltd. | 419000 | 1814354 |
| Musashi Seimitsu Industry Co. Ltd. | Musashi Seimitsu Industry Co. Ltd. | 141000 | 3284271 |
| Schaeffler AG | Schaeffler AG | 241837 | 1618434 |
|  |  |  | 6717059 |
| **Automobiles - 0.3%** | **Automobiles - 0.3%** |  |  |
| Zhejiang Leapmotor Technology Co. Ltd. - Class H <sup>(a)(b)</sup> | Zhejiang Leapmotor Technology Co. Ltd. - Class H <sup>(a)(b)</sup> | 62000 | 528952 |
|  |  |  | $– |
| **Broadline Retail - 1.6%** | **Broadline Retail - 1.6%** |  |  |
| Falabella SA | Falabella SA | 353010 | 2092879 |
| MINISO Group Holding Ltd. - ADR <sup>(c)</sup> | MINISO Group Holding Ltd. - ADR <sup>(c)</sup> | 34470 | 775575 |
|  |  |  | 2868454 |
| **Hotels, Restaurants & Leisure - 4.0%** | **Hotels, Restaurants & Leisure - 4.0%** |  |  |
| Cirsa Enterprises SA <sup>(a)</sup> | Cirsa Enterprises SA <sup>(a)</sup> | 40000 | 728382 |
| Genius Sports Ltd. <sup>(a)</sup> | Genius Sports Ltd. <sup>(a)</sup> | 229952 | 2846806 |
| Lottomatica Group SpA | Lottomatica Group SpA | 61537 | 1655918 |
| WEB Travel Group Ltd. <sup>(a)</sup> | WEB Travel Group Ltd. <sup>(a)</sup> | 752258 | 1967195 |
|  |  |  | 7198301 |
| **Household Durables - 0.6%** | **Household Durables - 0.6%** |  |  |
| Cury Construtora e Incorporadora SA | Cury Construtora e Incorporadora SA | 180906 | 1175052 |
|  |  |  | $– |
| **Management of Companies and Enterprises - 0.5%** | **Management of Companies and Enterprises - 0.5%** |  |  |
| Viking Holdings Ltd. ORD SHS <sup>(a)(c)</sup> | Viking Holdings Ltd. ORD SHS <sup>(a)(c)</sup> | 14058 | 873845 |
|  |  |  | $– |
| **Specialty Retail - 0.7%** | **Specialty Retail - 0.7%** |  |  |
| KITS Eyecare Ltd. <sup>(a)</sup> | KITS Eyecare Ltd. <sup>(a)</sup> | 104000 | 1213595 |
|  |  |  | $– |
| **Textiles, Apparel & Luxury Goods - 1.0%** | **Textiles, Apparel & Luxury Goods - 1.0%** |  |  |
| Kurabo Industries Ltd. | Kurabo Industries Ltd. | 37000 | 1763986 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 22339244 |
| **CONSUMER STAPLES - 1.2%** | **CONSUMER STAPLES - 1.2%** | **CONSUMER STAPLES - 1.2%** |  |
| **Food Products - 0.3%** | **Food Products - 0.3%** |  |  |
| Winfarm SAS <sup>(a)</sup> | Winfarm SAS <sup>(a)</sup> | 129813 | 556287 |
|  |  |  | $– |
| **Personal Care Products - 0.9%** | **Personal Care Products - 0.9%** |  |  |
| Oddity Tech Ltd. - Class A <sup>(a)(c)</sup> | Oddity Tech Ltd. - Class A <sup>(a)(c)</sup> | 24669 | 1536879 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 2093166 |
| **ENERGY - 2.1%** | **ENERGY - 2.1%** | **ENERGY - 2.1%** |  |
| **Oil, Gas & Consumable Fuels - 2.1%** | **Oil, Gas & Consumable Fuels - 2.1%** |  |  |
| Cameco Corp. <sup>(c)</sup> | Cameco Corp. <sup>(c)</sup> | 44839 | 3760199 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | **TOTAL ENERGY** | 3760199 |
| **FINANCIALS<u>s</u> - 9.5%** | **FINANCIALS<u>s</u> - 9.5%** | **FINANCIALS<u>s</u> - 9.5%** |  |
| **Banks - 3.9%** | **Banks - 3.9%** |  |  |
| Banco BPM SpA | Banco BPM SpA | 91702 | 1376313 |
| BPER Banca SPA | BPER Banca SPA | 93351 | 1038267 |
| Credicorp Ltd. | Credicorp Ltd. | 6000 | 1597680 |
| Credito Emiliano SpA | Credito Emiliano SpA | 54850 | 885493 |
| Grupo Cibest SA - ADR | Grupo Cibest SA - ADR | 38836 | 2017142 |
|  |  |  | 6914895 |
| **Capital Markets - 2.3%** | **Capital Markets - 2.3%** |  |  |
| flatexDEGIRO AG | flatexDEGIRO AG | 31664 | 1040212 |
| Pensionbee Group PLC <sup>(a)</sup> | Pensionbee Group PLC <sup>(a)</sup> | 525000 | 1129716 |
| Plus500 Ltd. | Plus500 Ltd. | 43603 | 1889763 |
|  |  |  | 4059691 |
| **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** |  |  |
| Kaspi.KZ JSC - ADR | Kaspi.KZ JSC - ADR | 12835 | 1048363 |
| Zip Co. Ltd. <sup>(a)</sup> | Zip Co. Ltd. <sup>(a)</sup> | 575000 | 1689795 |
|  |  |  | 2738158 |
| **Financial Services - 0.9%** | **Financial Services - 0.9%** |  |  |
| Boku, Inc. <sup>(a)(b)</sup> | Boku, Inc. <sup>(a)(b)</sup> | 510000 | 1536413 |
|  |  |  | $– |
| **Insurance - 0.9%** | **Insurance - 0.9%** |  |  |
| Revo Insurance SpA | Revo Insurance SpA | 79468 | 1619683 |
| **Total Financials** | **Total Financials** | **Total Financials** | 16868840 |
| **HEALTH CARE - 3.5%** | **HEALTH CARE - 3.5%** | **HEALTH CARE - 3.5%** |  |
| **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** |  |  |
| Establishment Labs Holdings, Inc. <sup>(a)(c)</sup> | Establishment Labs Holdings, Inc. <sup>(a)(c)</sup> | 53124 | 2177553 |
| Implantica AG <sup>(a)</sup> | Implantica AG <sup>(a)</sup> | 83204 | 570931 |
|  |  |  | 2748484 |
| **Health Care Technology - 0.8%** | **Health Care Technology - 0.8%** |  |  |
| Craneware PLC | Craneware PLC | 45769 | 1471158 |
|  |  |  | $– |
| **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** |  |  |
| Verona Pharma PLC - ADR <sup>(a)</sup> | Verona Pharma PLC - ADR <sup>(a)</sup> | 18882 | 2014898 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 6234540 |
| **INDUSTRIALS - 31.3%<sup>(d)</sup>** | **INDUSTRIALS - 31.3%<sup>(d)</sup>** | **INDUSTRIALS - 31.3%<sup>(d)</sup>** |  |
| **Aerospace & Defense - 4.7%** | **Aerospace & Defense - 4.7%** |  |  |
| A2Z Cust2Mate Solutions Corp. <sup>(a)</sup> | A2Z Cust2Mate Solutions Corp. <sup>(a)</sup> | 187500 | 1498125 |
| Avio SpA | Avio SpA | 53000 | 3341192 |
| Hanwha Systems Co. Ltd. | Hanwha Systems Co. Ltd. | 41000 | 1742805 |
| Theon International PLC | Theon International PLC | 48000 | 1835143 |
|  |  |  | 8417265 |
| **Building Products - 0.9%** | **Building Products - 0.9%** |  |  |
| KRN Heat Exchanger And Refrigeration Ltd. <sup>(a)</sup> | KRN Heat Exchanger And Refrigeration Ltd. <sup>(a)</sup> | 163000 | 1544398 |
|  |  |  | $– |
| **Commercial Services & Supplies - 2.6%** | **Commercial Services & Supplies - 2.6%** |  |  |
| GFL Environmental, Inc. | GFL Environmental, Inc. | 49738 | 2356587 |
| Orizon Valorizacao de Residuos SA <sup>(a)</sup> | Orizon Valorizacao de Residuos SA <sup>(a)</sup> | 220000 | 2301996 |
|  |  |  | 4658583 |
| **Construction & Engineering - 7.7%** | **Construction & Engineering - 7.7%** |  |  |
| Dai-Dan Co. Ltd. | Dai-Dan Co. Ltd. | 86000 | 3598393 |
| Hyundai Engineering & Construction Co. Ltd. | Hyundai Engineering & Construction Co. Ltd. | 33377 | 1294772 |
| Kandenko Co. Ltd. | Kandenko Co. Ltd. | 131000 | 3591499 |
| Sanki Engineering Co. Ltd. | Sanki Engineering Co. Ltd. | 72000 | 2400715 |
| Sumitomo Densetsu Co. Ltd. | Sumitomo Densetsu Co. Ltd. | 66000 | 2846652 |
|  |  |  | 13732031 |
| **Electrical Equipment - 4.0%** | **Electrical Equipment - 4.0%** |  |  |
| Fujikura Ltd. | Fujikura Ltd. | 22000 | 2151972 |
| Hyosung Heavy Industries Corp. | Hyosung Heavy Industries Corp. | 2412 | 2314312 |
| Siemens Energy AG <sup>(a)</sup> | Siemens Energy AG <sup>(a)</sup> | 23000 | 2704328 |
|  |  |  | 7170612 |
| **Machinery - 9.7%** | **Machinery - 9.7%** |  |  |
| Circus SE <sup>(a)</sup> | Circus SE <sup>(a)</sup> | 76190 | 1292569 |
| Hanwha Ocean Co. Ltd. <sup>(a)</sup> | Hanwha Ocean Co. Ltd. <sup>(a)</sup> | 18459 | 1451144 |
| IHI Corp. | IHI Corp. | 195300 | 3637321 |
| Japan Steel Works Ltd. | Japan Steel Works Ltd. | 15300 | 928153 |
| Kornit Digital Ltd. <sup>(a)</sup> | Kornit Digital Ltd. <sup>(a)</sup> | 96466 | 1302291 |
| Mitsubishi Heavy Industries Ltd. | Mitsubishi Heavy Industries Ltd. | 119000 | 3114124 |
| Union Tool Co. | Union Tool Co. | 30000 | 1551238 |
| Wartsila OYJ Abp | Wartsila OYJ Abp | 89000 | 2669534 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd. - Class H <sup>(a)</sup> | Zhejiang Sanhua Intelligent Controls Co. Ltd. - Class H <sup>(a)</sup> | 237000 | 1332158 |
|  |  |  | 17278532 |
| **Professional Services - 0.9%** | **Professional Services - 0.9%** |  |  |
| Chrysos Corp. Ltd. <sup>(a)</sup> | Chrysos Corp. Ltd. <sup>(a)</sup> | 320000 | 1657109 |
|  |  |  | $– |
| **Trading Companies & Distributors - 0.8%** | **Trading Companies & Distributors - 0.8%** |  |  |
| Zedcor, Inc. <sup>(a)</sup> | Zedcor, Inc. <sup>(a)</sup> | 373400 | 1400552 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 55859082 |
| **INFORMATION TECHNOLOGY - 26.8%<sup>(d)</sup>** | **INFORMATION TECHNOLOGY - 26.8%<sup>(d)</sup>** | **INFORMATION TECHNOLOGY - 26.8%<sup>(d)</sup>** |  |
| **Electronic Equipment, Instruments & Components - 6.4%** | **Electronic Equipment, Instruments & Components - 6.4%** |  |  |
| Fabrinet <sup>(a)</sup> | Fabrinet <sup>(a)</sup> | 13733 | 5007326 |
| Kraken Robotics, Inc. <sup>(a)</sup> | Kraken Robotics, Inc. <sup>(a)</sup> | 503400 | 1642190 |
| Maruwa Co. Ltd. | Maruwa Co. Ltd. | 4900 | 1279914 |
| Next Vision Stabilized Systems Ltd. | Next Vision Stabilized Systems Ltd. | 41000 | 1859107 |
| Taiwan Union Technology Corp. | Taiwan Union Technology Corp. | 155000 | 1612204 |
|  |  |  | 11400741 |
| **IT Services - 7.9%** | **IT Services - 7.9%** |  |  |
| Applied Digital Corp. <sup>(a)(c)</sup> | Applied Digital Corp. <sup>(a)(c)</sup> | 477255 | 10948230 |
| Indra Sistemas SA | Indra Sistemas SA | 31000 | 1388047 |
| Kingsoft Cloud Holdings Ltd. - ADR <sup>(a)(c)</sup> | Kingsoft Cloud Holdings Ltd. - ADR <sup>(a)(c)</sup> | 53000 | 790760 |
| Vnet Group, Inc. - ADR <sup>(a)(c)</sup> | Vnet Group, Inc. - ADR <sup>(a)(c)</sup> | 101000 | 1043330 |
|  |  |  | 14170367 |
| **Semiconductors & Semiconductor Equipment - 9.4%** | **Semiconductors & Semiconductor Equipment - 9.4%** |  |  |
| AIXTRON SE | AIXTRON SE | 164000 | 2860677 |
| BE Semiconductor Industries NV | BE Semiconductor Industries NV | 18500 | 2770024 |
| Canatu PLC <sup>(a)</sup> | Canatu PLC <sup>(a)</sup> | 51364 | 512585 |
| Kokusai Electric Corp. | Kokusai Electric Corp. | 91000 | 2581212 |
| Sequans Communications SA - ADR <sup>(a)</sup> | Sequans Communications SA - ADR <sup>(a)</sup> | 10092 | 95469 |
| Tower Semiconductor Ltd. <sup>(a)</sup> | Tower Semiconductor Ltd. <sup>(a)</sup> | 108776 | 7864505 |
|  |  |  | 16684472 |
| **Software - 3.1%** | **Software - 3.1%** |  |  |
| BlackBerry Ltd. <sup>(a)</sup> | BlackBerry Ltd. <sup>(a)</sup> | 352108 | 1718287 |
| Gorilla Technology Group, Inc. <sup>(a)</sup> | Gorilla Technology Group, Inc. <sup>(a)</sup> | 37100 | 684866 |
| IREN Ltd. <sup>(a)(c)</sup> | IREN Ltd. <sup>(a)(c)</sup> | 28500 | 1337505 |
| Opera Ltd. - ADR | Opera Ltd. - ADR | 83413 | 1721644 |
|  |  |  | 5462302 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 47717882 |
| **MATERIALS - 6.8%** | **MATERIALS - 6.8%** | **MATERIALS - 6.8%** |  |
| **Chemicals - 1.5%** | **Chemicals - 1.5%** |  |  |
| MEC Co. Ltd. | MEC Co. Ltd. | 103000 | 2667151 |
|  |  |  | $– |
| **Construction Materials - 1.1%** | **Construction Materials - 1.1%** |  |  |
| Heidelberg Materials AG | Heidelberg Materials AG | 8530 | 1928176 |
|  |  |  | $– |
| **Metals & Mining - 4.2%** | **Metals & Mining - 4.2%** |  |  |
| Almonty Industries, Inc. <sup>(a)</sup> | Almonty Industries, Inc. <sup>(a)</sup> | 392000 | 2363760 |
| IperionX Ltd. <sup>(a)</sup> | IperionX Ltd. <sup>(a)</sup> | 180000 | 901154 |
| Lynas Rare Earths Ltd. <sup>(a)</sup> | Lynas Rare Earths Ltd. <sup>(a)</sup> | 140746 | 1563703 |
| Mitsui Kinzoku Co. Ltd. | Mitsui Kinzoku Co. Ltd. | 35000 | 2719052 |
|  |  |  | 7547669 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** | **TOTAL MATERIALS** | 12142996 |
| **UTILITIES - 0.6%** | **UTILITIES - 0.6%** | **UTILITIES - 0.6%** |  |
| **Independent Power and Renewable Electricity Producers - 0.6%** | **Independent Power and Renewable Electricity Producers - 0.6%** |  |  |
| Capital Power Corp. | Capital Power Corp. | 22066 | 1036152 |
| **TOTAL COMMON STOCKS** (Cost $131,319,543) | **TOTAL COMMON STOCKS** (Cost $131,319,543) | **TOTAL COMMON STOCKS** (Cost $131,319,543) | 173576127 |
| **WARRANTS - 0.1%** | **WARRANTS - 0.1%** | **Contracts** | **Value**  |
| Sequans Communications (SQNS), Expires 09/30/2030, Exercise Price $0.01 <sup>(a)(e)</sup> | Sequans Communications (SQNS), Expires 09/30/2030, Exercise Price $0.01 <sup>(a)(e)</sup> | 24080 | 227792 |
| Sequans Communications (SQNS), Expires 10/05/2025, Exercise Price $0.01 <sup>(a)(e)</sup> | Sequans Communications (SQNS), Expires 10/05/2025, Exercise Price $0.01 <sup>(a)(e)</sup> | 10580 | 0 |
| **TOTAL WARRANTS** (Cost $334,705) | **TOTAL WARRANTS** (Cost $334,705) | **TOTAL WARRANTS** (Cost $334,705) | 227792 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.1%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.1%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(f)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(f)</sup> | 17962061 | 17962061 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $17,962,061) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $17,962,061) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $17,962,061) | 17962061 |
| **MONEY MARKET FUNDS - 3.2%** | **MONEY MARKET FUNDS - 3.2%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 4.02%<sup>(f)</sup> | First American Treasury Obligations Fund - Class X, 4.02%<sup>(f)</sup> | 5701622 | 5701622 |
| **TOTAL MONEY MARKET FUNDS** (Cost $5,701,622) | **TOTAL MONEY MARKET FUNDS** (Cost $5,701,622) | **TOTAL MONEY MARKET FUNDS** (Cost $5,701,622) | 5701622 |
| **TOTAL INVESTMENTS - 110.8% (**Cost $155,317,931**)** | **TOTAL INVESTMENTS - 110.8% (**Cost $155,317,931**)** | **TOTAL INVESTMENTS - 110.8% (**Cost $155,317,931**)** | 197467602 |
| Liabilities in Excess of Other Assets - (10.8)% | Liabilities in Excess of Other Assets - (10.8)% | Liabilities in Excess of Other Assets - (10.8)% | (19268075) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $178199527 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| JSC - Public Joint Stock Company |
| LLC - Limited Liability Company |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

(b) 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 September 30, 2025, the value of these securities total $2,065,365 or 1.2% of the Fund's net assets.

(c) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $17,928,017.

(d) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $227,792 or 0.1% of net assets as of September 30, 2025.

(f) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Hood River International Opportunity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $82426806 | $91149321 | $– | $173576127 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 227792 | 227792 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 17962061 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5701622 | – | – | 5701622 |
| Total Investments | $88128428 | $91149321 | $227792 | $197467602 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $17,962,061 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Manager Directed Portfolios

- **b. Investment Company Act file number:** 811-21897

- **c. CIK number of Registrant:** 0001359057

- **d. LEI of Registrant:** 549300WAC9XE08QLVP90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E. Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hood River International Opportunity Fund

- **b. EDGAR series identifier (if any):** S000073660

- **c. LEI of Series:** 549300O0VSYG3SRE2F79

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $199466616.57

**Total Liabilities:** $21613811.15

**Net Assets:** $177852805.42

**Cash Not Reported:** $7072.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000230725 | 1.96%                | 7.78%                | 8.45%                |
| Class ID C000230726 | 1.89%                | 7.80%                | 8.41%                |
| Class ID C000230727 | 1.90%                | 7.76%                | 8.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $620585.99               | $2204977.58                                |
| Month 2  | $3646141.92              | $7934806.21                                |
| Month 3  | $6647734.96              | $7144615.44                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackBerry Ltd                            | BlackBerry Ltd                              | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |    352108 | NS      | $1718287.04   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                               | Cameco Corp                                 | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     44839 | NS      | $3760198.54   | 2.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Falabella SA                              | Falabella SA                                | CUSIP: N/A<br>LEI: 5493004CKJQ7H391LM41       | Long             | EC               | CORP              | CL        |    353010 | NS      | $2092879.36   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BPER Banca SPA                            | BPER Banca SPA                              | CUSIP: N/A<br>LEI: N747OI7JINV7RUUH6190       | Long             | EC               | CORP              | IT        |     93351 | NS      | $1038267.52   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-Dan Co Ltd                            | Dai-Dan Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     86000 | NS      | $3598392.70   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Credito Emiliano SpA                      | Credito Emiliano SpA                        | CUSIP: N/A<br>LEI: 8156004B244AA70DE787       | Long             | EC               | CORP              | IT        |     54850 | NS      | $885492.54    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| CD Projekt SA                             | CD Projekt SA                               | CUSIP: N/A<br>LEI: 259400TYO5Q8SH8TL437       | Long             | EC               | CORP              | PL        |     35835 | NS      | $2671708.00   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Craneware PLC                             | Craneware PLC                               | CUSIP: N/A<br>LEI: 213800O2CTJ1YFXNXG05       | Long             | EC               | CORP              | GB        |     45769 | NS      | $1471157.42   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Power Corp                        | Capital Power Corp                          | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |     22066 | NS      | $1036152.26   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Boku Inc                                  | Boku Inc                                    | CUSIP: N/A<br>LEI: 549300Y4P2ZPFKCZ0C60       | Long             | EC               | CORP              | US        |    510000 | NS      | $1536413.15   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV            | BE Semiconductor Industries NV              | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |     18500 | NS      | $2770024.04   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Cury Construtora e Incorporado            | Cury Construtora e Incorporadora SA         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    180906 | NS      | $1175051.98   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Canatu Plc                                | Canatu Plc                                  | CUSIP: N/A<br>LEI: 743700CKOP7IHGI98B12       | Long             | EC               | CORP              | FI        |     51364 | NS      | $512584.68    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chrysos Corp Ltd                          | Chrysos Corp Ltd                            | CUSIP: N/A<br>LEI: 984500AAZB77B0753848       | Long             | EC               | CORP              | AU        |    320000 | NS      | $1657108.58   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Cirsa Enterprises SA                      | Cirsa Enterprises SA                        | CUSIP: N/A<br>LEI: 254900PU87HSLE4V5K18       | Long             | EC               | CORP              | ES        |     40000 | NS      | $728382.74    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Circus SE                                 | Circus SE                                   | CUSIP: N/A<br>LEI: 98450020CA9F13FUED64       | Long             | EC               | CORP              | DE        |     76190 | NS      | $1292568.83   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                             | Credicorp Ltd                               | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |      6000 | NS      | $1597680.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In            | Establishment Labs Holdings Inc             | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |     53124 | NS      | $2177552.76   | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Fabrinet                                  | Fabrinet                                    | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |     13733 | NS      | $5007326.46   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Union Technology Corp              | Taiwan Union Technology Corp                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    155000 | NS      | $1612203.68   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanki Engineering Co Ltd                  | Sanki Engineering Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     72000 | NS      | $2400715.56   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Opera Ltd                                 | Opera Ltd                                   | CUSIP: 68373M107<br>LEI: 5493001ULS7KDNNZ3W51 | Long             | EC               | CORP              | NO        |     83413 | NS      | $1721644.32   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Densetsu Co Ltd                  | Sumitomo Densetsu Co Ltd                    | CUSIP: N/A<br>LEI: 3538004TJPF8WYKHK431       | Long             | EC               | CORP              | JP        |     66000 | NS      | $2846651.60   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Tool Co                             | Union Tool Co                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     30000 | NS      | $1551237.41   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequans Communications SA                 | Sequans Communications SA                   | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | Long             | EC               | CORP              | FR        |     10092 | NS      | $95469.37     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Plus500 Ltd                               | Plus500 Ltd                                 | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               | CORP              | IL        |     43603 | NS      | $1889763.11   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Orizon Valorizacao de Residuos            | Orizon Valorizacao de Residuos SA           | CUSIP: N/A<br>LEI: 894500ACAMVLSLV62B28       | Long             | EC               | CORP              | BR        |    220000 | NS      | $2301996.34   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                         | Siemens Energy AG                           | CUSIP: N/A<br>LEI: 5299005CHJZ14D4FDJ62       | Long             | EC               | CORP              | DE        |     23000 | NS      | $2704327.74   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Pensionbee Group PLC                      | Pensionbee Group PLC                        | CUSIP: N/A<br>LEI: 2138008663P5FHPGZV74       | Long             | EC               | CORP              | GB        |    525000 | NS      | $1129715.55   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Revo Insurance SpA                        | Revo Insurance SpA                          | CUSIP: N/A<br>LEI: 815600BF2EA41687F764       | Long             | EC               | CORP              | IT        |     79468 | NS      | $1619682.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Theon International PLC                   | Theon International PLC                     | CUSIP: N/A<br>LEI: 2138002Y6CEIWHLN8775       | Long             | EC               | CORP              | CY        |     48000 | NS      | $1835142.99   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                                    | Zhejiang Sanhua Intelligent Controls Co Ltd | CUSIP: N/A<br>LEI: 8368003UTQ4F88XERZ23       | Long             | EC               | CORP              | CN        |    237000 | NS      | $1332158.21   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Schaeffler AG                             | Schaeffler AG                               | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | EC               | CORP              | DE        |    241837 | NS      | $1618433.68   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Sequans Communications (SQNS)             | Sequans Communications (SQNS)               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     10580 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                             | CUSIP: N/A<br>LEI: 254900QH12XZS53G0V57       | Long             | EC               | CORP              | IL        |     24669 | NS      | $1536878.70   | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| SimilarWeb Ltd                            | SimilarWeb Ltd                              | CUSIP: N/A<br>LEI: 254900GWO7PNBAYCPJ12       | Long             | EC               | CORP              | IL        |     78446 | NS      | $729547.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                     | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |    108776 | NS      | $7864504.80   | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications (SQNS)             | Sequans Communications (SQNS)               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     24080 | NS      | $227792.07    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| A2Z Cust2Mate Solutions Corp              | A2Z Cust2Mate Solutions Corp                | CUSIP: 002205102<br>LEI: 875500SPYFJB375QFG54 | Long             | EC               | CORP              | IL        |    187500 | NS      | $1498125.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                        | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |    477255 | NS      | $10948229.70  | 6.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Wartsila OYJ Abp                          | Wartsila OYJ Abp                            | CUSIP: N/A<br>LEI: 743700G7A9J1PHM3X223       | Long             | EC               | CORP              | FI        |     89000 | NS      | $2669534.39   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.KZ JSC                              | Kaspi.KZ JSC                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     12835 | NS      | $1048362.80   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Cloud Holdings Ltd               | Kingsoft Cloud Holdings Ltd                 | CUSIP: 49639K101<br>LEI: 875500HZE0VKCD0Z8K15 | Long             | EC               | CORP              | CN        |     53000 | NS      | $790760.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| WEB Travel Group Ltd                      | WEB Travel Group Ltd                        | CUSIP: Q9570B108<br>LEI: 21380064YZG4XMO4CW38 | Long             | EC               | CORP              | AU        |    752258 | NS      | $1967195.04   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Lynas Rare Earths Ltd                     | Lynas Rare Earths Ltd                       | CUSIP: N/A<br>LEI: 529900SGT9M1FJPXXI35       | Long             | EC               | CORP              | AU        |    140746 | NS      | $1563702.81   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Musashi Seimitsu Industry Co L            | Musashi Seimitsu Industry Co Ltd            | CUSIP: N/A<br>LEI: 353800J742CBBV9MSZ43       | Long             | EC               | CORP              | JP        |    141000 | NS      | $3284270.87   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| MEC Co Ltd                                | MEC Co Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    103000 | NS      | $2667151.42   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Steel Works Ltd/The                 | Japan Steel Works Ltd/The                   | CUSIP: N/A<br>LEI: 529900AWFTILIHHO0936       | Long             | EC               | CORP              | JP        |     15300 | NS      | $928153.31    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kandenko Co Ltd                           | Kandenko Co Ltd                             | CUSIP: N/A<br>LEI: 35380080NSN7GCYZ3X14       | Long             | EC               | CORP              | JP        |    131000 | NS      | $3591499.02   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kurabo Industries Ltd                     | Kurabo Industries Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     37000 | NS      | $1763985.44   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruwa Co Ltd/Aichi                       | Maruwa Co Ltd/Aichi                         | CUSIP: N/A<br>LEI: 3538009BXGIG8PFXNI29       | Long             | EC               | CORP              | JP        |      4900 | NS      | $1279913.70   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt            | Mitsubishi Heavy Industries Ltd             | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |    119000 | NS      | $3114123.87   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Kinzoku Co Ltd                     | Mitsui Kinzoku Co Ltd                       | CUSIP: N/A<br>LEI: 35380021EYAHSQM25559       | Long             | EC               | CORP              | JP        |     35000 | NS      | $2719051.88   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| MINISO Group Holding Ltd                  | MINISO Group Holding Ltd                    | CUSIP: 66981J102<br>LEI: 2549006PIKT2YKNBL092 | Long             | EC               | CORP              | CN        |     34470 | NS      | $775575.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Vnet Group Inc                            | Vnet Group Inc                              | CUSIP: 90138A103<br>LEI: 529900672GYJQ3T38I58 | Long             | EC               | CORP              | CN        |    101000 | NS      | $1043330.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Verona Pharma PLC                         | Verona Pharma PLC                           | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     18882 | NS      | $2014898.22   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  17962061 | NS      | $17962061.25  | 10.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Minth Group Ltd                           | Minth Group Ltd                             | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | TW        |    419000 | NS      | $1814354.29   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraken Robotics Inc                       | Kraken Robotics Inc                         | CUSIP: 50077N102<br>LEI: 529900IX6H61N726FS70 | Long             | EC               | CORP              | CA        |    503400 | NS      | $1642190.13   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Zedcor Inc                                | Zedcor Inc                                  | CUSIP: 98923V109<br>LEI: 254900C8YEKAFZG8P027 | Long             | EC               | CORP              | CA        |    263400 | NS      | $987962.92    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Karnov Group AB                           | Karnov Group AB                             | CUSIP: N/A<br>LEI: 549300P7312749LJS754       | Long             | EC               | CORP              | SE        |     99688 | NS      | $1194338.72   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhejiang Leapmotor Technology             | Zhejiang Leapmotor Technology Co Ltd        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     62000 | NS      | $528952.22    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| KITS Eyecare Ltd                          | KITS Eyecare Ltd                            | CUSIP: 49804N104<br>LEI: 254900QPUEPAYH33G850 | Long             | EC               | CORP              | CA        |    104000 | NS      | $1213594.88   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Winfarm SAS                               | Winfarm SAS                                 | CUSIP: N/A<br>LEI: 969500NPTXP45WNXHW18       | Long             | EC               | CORP              | FR        |    129813 | NS      | $556287.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lottomatica Group Spa                     | Lottomatica Group Spa                       | CUSIP: N/A<br>LEI: 549300R72LKEGT4EX026       | Long             | EC               | CORP              | IT        |     61537 | NS      | $1655917.86   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Next Vision Stabilized Systems            | Next Vision Stabilized Systems Ltd          | CUSIP: N/A<br>LEI: 2549001OCAI48UYCZD40       | Long             | EC               | CORP              | IL        |     41000 | NS      | $1859107.38   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokusai Electric Corp                     | Kokusai Electric Corp                       | CUSIP: N/A<br>LEI: 549300CDY6N3WKYK2I96       | Long             | EC               | CORP              | JP        |     91000 | NS      | $2581212.25   | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Zip Co Ltd                                | Zip Co Ltd                                  | CUSIP: N/A<br>LEI: 254900RM95URFC15G140       | Long             | EC               | CORP              | AU        |    575000 | NS      | $1689795.58   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| KRN Heat Exchanger And Refrige            | KRN Heat Exchanger And Refrigeration Ltd    | CUSIP: N/A<br>LEI: 3358007L1G6EOZQYBZ22       | Long             | EC               | CORP              | IN        |    163000 | NS      | $1544398.43   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Viking Holdings Ltd                       | Viking Holdings Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     14058 | NS      | $873845.28    | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Kornit Digital Ltd                        | Kornit Digital Ltd                          | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |     96466 | NS      | $1302291.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund    | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   5701622 | NS      | $5701621.76   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                       | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |     49738 | NS      | $2356586.44   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest SA                           | Grupo Cibest SA                             | CUSIP: 40090E106<br>LEI: N/A                  | Long             | EC               | CORP              | CO        |     38836 | NS      | $2017141.84   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Indra Sistemas SA                         | Indra Sistemas SA                           | CUSIP: N/A<br>LEI: 95980020140005308793       | Long             | EC               | CORP              | ES        |     31000 | NS      | $1388047.30   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG                   | Heidelberg Materials AG                     | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      8530 | NS      | $1928175.66   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Ocean Co Ltd                       | Hanwha Ocean Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     18459 | NS      | $1451144.08   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd                              | Fujikura Ltd                                | CUSIP: N/A<br>LEI: 353800PSDZ8VRCKVPL51       | Long             | EC               | CORP              | JP        |     22000 | NS      | $2151972.18   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Engineering & Construc            | Hyundai Engineering & Construction Co Ltd   | CUSIP: N/A<br>LEI: 988400CEQG9N710HN313       | Long             | EC               | CORP              | KR        |     33377 | NS      | $1294772.43   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                  | IHI Corp                                    | CUSIP: N/A<br>LEI: 549300ETQIESIUQ2OE26       | Long             | EC               | CORP              | JP        |    195300 | NS      | $3637320.92   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corp             | Hyosung Heavy Industries Corp               | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |      2412 | NS      | $2314312.33   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Systems Co Ltd                     | Hanwha Systems Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     41000 | NS      | $1742805.37   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Implantica AG                             | Implantica AG                               | CUSIP: N/A<br>LEI: 5493007VLX358PSHF006       | Long             | EC               | CORP              | LI        |     83204 | NS      | $570931.59    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IperionX Ltd                              | IperionX Ltd                                | CUSIP: N/A<br>LEI: 98450096B1C9E094C832       | Long             | EC               | CORP              | AU        |    180000 | NS      | $901154.02    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hacksaw AB                                | Hacksaw AB                                  | CUSIP: N/A<br>LEI: 636700SMLZDCBPNPMJ36       | Long             | EC               | CORP              | SE        |    228000 | NS      | $1657979.27   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BPM SpA                             | Banco BPM SpA                               | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               | CORP              | IT        |     91702 | NS      | $1376313.36   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| flatexDEGIRO AG                           | flatexDEGIRO AG                             | CUSIP: N/A<br>LEI: 529900IRBZTADXJB6757       | Long             | EC               | CORP              | DE        |     31664 | NS      | $1040211.90   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Avio SpA                                  | Avio SpA                                    | CUSIP: N/A<br>LEI: 8156008F25C4B0E7C860       | Long             | EC               | CORP              | IT        |     53000 | NS      | $3341191.43   | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    229952 | NS      | $2846805.76   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Almonty Industries Inc                    | Almonty Industries Inc                      | CUSIP: 020398707<br>LEI: 54930049R1BTGV5RJ021 | Long             | EC               | CORP              | CA        |    392000 | NS      | $2363760.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AIXTRON SE                                | AIXTRON SE                                  | CUSIP: N/A<br>LEI: 5299004UJ4D51M25LD67       | Long             | EC               | CORP              | DE        |    164000 | NS      | $2860676.60   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Gorilla Technology Group Inc              | Gorilla Technology Group Inc                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     37100 | NS      | $684866.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                                  | IREN Ltd                                    | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |     28500 | NS      | $1337505.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President