# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-015916
**Filing Date:** 2025-11
**Character Count:** 66543
**Document Hash:** ec21889363c550419e1fe6e0e93e4812
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015916.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015916

**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:** 251528910

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Hood River Small-Cap Growth Fund** | **Hood River Small-Cap Growth Fund** | **Hood River Small-Cap Growth Fund** | **Hood River Small-Cap Growth 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 - 0.7%** | **COMMUNICATION SERVICES - 0.7%** | **COMMUNICATION SERVICES - 0.7%** | |
| **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** | | |
| Globalstar, Inc. <sup>(a)</sup> | Globalstar, Inc. <sup>(a)</sup> | 871251 | $31704824 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** |  | 31704824 |
| **CONSUMER DISCRETIONARY - 9.4%** | **CONSUMER DISCRETIONARY - 9.4%** | **CONSUMER DISCRETIONARY - 9.4%** |  |
| **Automobile Components - 1.3%** | **Automobile Components - 1.3%** |  |  |
| Modine Manufacturing Co. <sup>(a)(b)</sup> | Modine Manufacturing Co. <sup>(a)(b)</sup> | 347947 | 49464146 |
| Visteon Corp. | Visteon Corp. | 95619 | 11460893 |
|  |  |  | 60925039 |
| **Broadline Retail - 1.6%** | **Broadline Retail - 1.6%** |  |  |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 589478 | 75688975 |
|  |  |  | $– |
| **Diversified Consumer Services - 0.7%** | **Diversified Consumer Services - 0.7%** |  |  |
| Universal Technical Institute, Inc. <sup>(a)</sup> | Universal Technical Institute, Inc. <sup>(a)</sup> | 954457 | 31067575 |
|  |  |  | $– |
| **Hotels, Restaurants & Leisure - 3.1%** | **Hotels, Restaurants & Leisure - 3.1%** |  |  |
| Genius Sports Ltd. <sup>(a)</sup> | Genius Sports Ltd. <sup>(a)</sup> | 3135884 | 38822244 |
| Kura Sushi USA, Inc. - Class A <sup>(a)(b)</sup> | Kura Sushi USA, Inc. - Class A <sup>(a)(b)</sup> | 176438 | 10482181 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | Life Time Group Holdings, Inc. <sup>(a)</sup> | 2374635 | 65539926 |
| Rush Street Interactive, Inc. <sup>(a)</sup> | Rush Street Interactive, Inc. <sup>(a)</sup> | 1357166 | 27794760 |
|  |  |  | 142639111 |
| **Household Durables - 0.2%** | **Household Durables - 0.2%** |  |  |
| Lovesac Co. <sup>(a)(b)</sup> | Lovesac Co. <sup>(a)(b)</sup> | 633889 | 10731741 |
|  |  |  | $– |
| **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** |  |  |
| Academy Sports & Outdoors, Inc. <sup>(b)</sup> | Academy Sports & Outdoors, Inc. <sup>(b)</sup> | 504771 | 25248646 |
| Camping World Holdings, Inc. - Class A | Camping World Holdings, Inc. - Class A | 1697803 | 26808309 |
| Five Below, Inc. <sup>(a)</sup> | Five Below, Inc. <sup>(a)</sup> | 117250 | 18138575 |
| Signet Jewelers Ltd. <sup>(b)</sup> | Signet Jewelers Ltd. <sup>(b)</sup> | 450767 | 43237571 |
|  |  |  | 113433101 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 434485542 |
| **CONSUMER STAPLES - 1.9%** | **CONSUMER STAPLES - 1.9%** | **CONSUMER STAPLES - 1.9%** |  |
| **Beverages - 0.9%** | **Beverages - 0.9%** |  |  |
| Celsius Holdings, Inc. <sup>(a)</sup> | Celsius Holdings, Inc. <sup>(a)</sup> | 741131 | 42607621 |
|  |  |  | $– |
| **Food Products - 0.3%** | **Food Products - 0.3%** |  |  |
| Freshpet, Inc. <sup>(a)</sup> | Freshpet, Inc. <sup>(a)</sup> | 264630 | 14583759 |
|  |  |  | $– |
| **Personal Care Products - 0.7%** | **Personal Care Products - 0.7%** |  |  |
| Oddity Tech Ltd. - Class A <sup>(a)(b)</sup> | Oddity Tech Ltd. - Class A <sup>(a)(b)</sup> | 478146 | 29788496 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 86979876 |
| **ENERGY - 1.5%** | **ENERGY - 1.5%** | **ENERGY - 1.5%** |  |
| **Oil, Gas & Consumable Fuels - 1.5%** | **Oil, Gas & Consumable Fuels - 1.5%** |  |  |
| Denison Mines Corp. <sup>(a)(b)</sup> | Denison Mines Corp. <sup>(a)(b)</sup> | 17021024 | 46807816 |
| Northern Oil & Gas, Inc. <sup>(b)</sup> | Northern Oil & Gas, Inc. <sup>(b)</sup> | 822520 | 20398496 |
| **TOTAL ENERGY** | **TOTAL ENERGY** | **TOTAL ENERGY** | 67206312 |
| **FINANCIALS- 9.1%** | **FINANCIALS- 9.1%** | **FINANCIALS- 9.1%** |  |
| **Banks - 3.3%** | **Banks - 3.3%** |  |  |
| Customers Bancorp, Inc. <sup>(a)</sup> | Customers Bancorp, Inc. <sup>(a)</sup> | 987181 | 64532022 |
| East West Bancorp, Inc. | East West Bancorp, Inc. | 353895 | 37672123 |
| WesBanco, Inc. | WesBanco, Inc. | 554505 | 17705345 |
| Western Alliance Bancorp | Western Alliance Bancorp | 370331 | 32115104 |
|  |  |  | 152024594 |
| **Consumer Finance - 3.8%** | **Consumer Finance - 3.8%** |  |  |
| Dave, Inc. <sup>(a)(b)</sup> | Dave, Inc. <sup>(a)(b)</sup> | 529864 | 105628388 |
| FirstCash Holdings, Inc. | FirstCash Holdings, Inc. | 433837 | 68728458 |
|  |  |  | 174356846 |
| **Insurance - 2.0%** | **Insurance - 2.0%** |  |  |
| HCI Group, Inc. | HCI Group, Inc. | 485466 | 93175489 |
| Neptune Insurance Holdings, Inc. - Class A <sup>(a)</sup> | Neptune Insurance Holdings, Inc. - Class A <sup>(a)</sup> | 23118 | 462360 |
|  |  |  | 93637849 |
| **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | **TOTAL FINANCIALS** | 420019289 |
| **HEALTH CARE - 18.1%** | **HEALTH CARE - 18.1%** | **HEALTH CARE - 18.1%** |  |
| **Biotechnology - 9.6%** | **Biotechnology - 9.6%** |  |  |
| Akero Therapeutics, Inc. <sup>(a)</sup> | Akero Therapeutics, Inc. <sup>(a)</sup> | 98065 | 4656126 |
| Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> | Aurinia Pharmaceuticals, Inc. <sup>(a)</sup> | 145091 | 1603256 |
| BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> | BioCryst Pharmaceuticals, Inc. <sup>(a)</sup> | 1988507 | 15092768 |
| Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | 699339 | 36323668 |
| Insmed, Inc. <sup>(a)</sup> | Insmed, Inc. <sup>(a)</sup> | 430803 | 62039940 |
| Krystal Biotech, Inc. <sup>(a)</sup> | Krystal Biotech, Inc. <sup>(a)</sup> | 333964 | 58954665 |
| Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 134720 | 61790675 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | Neurocrine Biosciences, Inc. <sup>(a)</sup> | 242984 | 34110094 |
| PTC Therapeutics, Inc. <sup>(a)</sup> | PTC Therapeutics, Inc. <sup>(a)</sup> | 549201 | 33704465 |
| Revolution Medicines, Inc. <sup>(a)(b)</sup> | Revolution Medicines, Inc. <sup>(a)(b)</sup> | 513668 | 23988296 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 131859 | 13316440 |
| Scholar Rock Holding Corp. <sup>(a)(b)</sup> | Scholar Rock Holding Corp. <sup>(a)(b)</sup> | 1092837 | 40697250 |
| Soleno Therapeutics, Inc. <sup>(a)</sup> | Soleno Therapeutics, Inc. <sup>(a)</sup> | 338647 | 22892537 |
| TG Therapeutics, Inc. <sup>(a)(b)</sup> | TG Therapeutics, Inc. <sup>(a)(b)</sup> | 933712 | 33730346 |
|  |  |  | 442900526 |
| **Health Care Equipment & Supplies - 3.2%** | **Health Care Equipment & Supplies - 3.2%** |  |  |
| AtriCure, Inc. <sup>(a)(b)</sup> | AtriCure, Inc. <sup>(a)(b)</sup> | 1637849 | 57734177 |
| Enovis Corp. <sup>(a)(b)</sup> | Enovis Corp. <sup>(a)(b)</sup> | 951917 | 28881162 |
| Tandem Diabetes Care, Inc. <sup>(a)(b)</sup> | Tandem Diabetes Care, Inc. <sup>(a)(b)</sup> | 1479430 | 17960280 |
| TransMedics Group, Inc. <sup>(a)(b)</sup> | TransMedics Group, Inc. <sup>(a)(b)</sup> | 365464 | 41005061 |
|  |  |  | 145580680 |
| **Health Care Providers & Services - 4.0%** | **Health Care Providers & Services - 4.0%** |  |  |
| Alignment Healthcare, Inc. <sup>(a)</sup> | Alignment Healthcare, Inc. <sup>(a)</sup> | 3877060 | 67654697 |
| Ensign Group, Inc. <sup>(b)</sup> | Ensign Group, Inc. <sup>(b)</sup> | 292054 | 50458170 |
| RadNet, Inc. <sup>(a)</sup> | RadNet, Inc. <sup>(a)</sup> | 738220 | 56259746 |
| Select Medical Holdings Corp. | Select Medical Holdings Corp. | 769135 | 9875693 |
|  |  |  | 184248306 |
| **Health Care Technology - 0.4%** | **Health Care Technology - 0.4%** |  |  |
| Waystar Holding Corp. <sup>(a)</sup> | Waystar Holding Corp. <sup>(a)</sup> | 542709 | 20579525 |
|  |  |  | $– |
| **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |  |  |
| Axsome Therapeutics, Inc. <sup>(a)</sup> | Axsome Therapeutics, Inc. <sup>(a)</sup> | 189665 | 23034815 |
| Crinetics Pharmaceuticals, Inc. <sup>(a)(b)</sup> | Crinetics Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 471731 | 19647596 |
|  |  |  | 42682411 |
| **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | **TOTAL HEALTH CARE** | 835991448 |
| **INDUSTRIALS - 22.4%** | **INDUSTRIALS - 22.4%** | **INDUSTRIALS - 22.4%** |  |
| **Aerospace & Defense - 4.1%** | **Aerospace & Defense - 4.1%** |  |  |
| Axon Enterprise, Inc. <sup>(a)</sup> | Axon Enterprise, Inc. <sup>(a)</sup> | 37856 | 27166980 |
| Karman Holdings, Inc. <sup>(a)(b)</sup> | Karman Holdings, Inc. <sup>(a)(b)</sup> | 355362 | 25657136 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> | Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> | 1472405 | 134533645 |
|  |  |  | 187357761 |
| **Commercial Services & Supplies - 1.4%** | **Commercial Services & Supplies - 1.4%** |  |  |
| CECO Environmental Corp. <sup>(a)</sup> | CECO Environmental Corp. <sup>(a)</sup> | 323367 | 16556390 |
| Clean Harbors, Inc. <sup>(a)</sup> | Clean Harbors, Inc. <sup>(a)</sup> | 79604 | 18485641 |
| Interface, Inc. | Interface, Inc. | 1046515 | 30286144 |
|  |  |  | 65328175 |
| **Construction & Engineering - 8.8%** | **Construction & Engineering - 8.8%** |  |  |
| API Group Corp. <sup>(a)</sup> | API Group Corp. <sup>(a)</sup> | 1217003 | 41828393 |
| Comfort Systems USA, Inc. | Comfort Systems USA, Inc. | 128037 | 105653572 |
| Granite Construction, Inc. <sup>(b)</sup> | Granite Construction, Inc. <sup>(b)</sup> | 541602 | 59386659 |
| MasTec, Inc. <sup>(a)</sup> | MasTec, Inc. <sup>(a)</sup> | 922267 | 196267640 |
|  |  |  | 403136264 |
| **Ground Transportation - 2.0%** | **Ground Transportation - 2.0%** |  |  |
| RXO, Inc. <sup>(a)(b)</sup> | RXO, Inc. <sup>(a)(b)</sup> | 905332 | 13924006 |
| XPO, Inc. <sup>(a)(b)</sup> | XPO, Inc. <sup>(a)(b)</sup> | 609364 | 78772484 |
|  |  |  | 92696490 |
| **Machinery - 1.5%** | **Machinery - 1.5%** |  |  |
| ESCO Technologies, Inc. | ESCO Technologies, Inc. | 156851 | 33112815 |
| Flowserve Corp. | Flowserve Corp. | 398500 | 21176290 |
| Kornit Digital Ltd. <sup>(a)</sup> | Kornit Digital Ltd. <sup>(a)</sup> | 1209404 | 16326954 |
|  |  |  | 70616059 |
| **Marine Transportation - 0.3%** | **Marine Transportation - 0.3%** |  |  |
| Kirby Corp. <sup>(a)</sup> | Kirby Corp. <sup>(a)</sup> | 173911 | 14512873 |
|  |  |  | $– |
| **Professional Services - 1.8%** | **Professional Services - 1.8%** |  |  |
| ExlService Holdings, Inc. <sup>(a)</sup> | ExlService Holdings, Inc. <sup>(a)</sup> | 1132089 | 49845879 |
| Parsons Corp. <sup>(a)(b)</sup> | Parsons Corp. <sup>(a)(b)</sup> | 404135 | 33510874 |
|  |  |  | 83356753 |
| **Trading Companies & Distributors - 2.5%** | **Trading Companies & Distributors - 2.5%** |  |  |
| QXO, Inc. <sup>(a)</sup> | QXO, Inc. <sup>(a)</sup> | 4715757 | 89882329 |
| Transcat, Inc. <sup>(a)</sup> | Transcat, Inc. <sup>(a)</sup> | 311556 | 22805899 |
|  |  |  | 112688228 |
| **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | **TOTAL INDUSTRIALS** | 1029692603 |
| **INFORMATION TECHNOLOGY- 31.6%<sup>(c)</sup>** | **INFORMATION TECHNOLOGY- 31.6%<sup>(c)</sup>** | **INFORMATION TECHNOLOGY- 31.6%<sup>(c)</sup>** |  |
| **Communications Equipment - 5.1%** | **Communications Equipment - 5.1%** |  |  |
| Applied Optoelectronics, Inc. <sup>(a)(b)</sup> | Applied Optoelectronics, Inc. <sup>(a)(b)</sup> | 1031656 | 26750840 |
| Calix, Inc. <sup>(a)</sup> | Calix, Inc. <sup>(a)</sup> | 297463 | 18255305 |
| Ciena Corp. <sup>(a)</sup> | Ciena Corp. <sup>(a)</sup> | 624272 | 90937702 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup> | Lumentum Holdings, Inc. <sup>(a)(b)</sup> | 322069 | 52403847 |
| Ondas Holdings, Inc. <sup>(a)(b)</sup> | Ondas Holdings, Inc. <sup>(a)(b)</sup> | 6030824 | 46557961 |
|  |  |  | 234905655 |
| **Electronic Equipment, Instruments & Components - 4.6%** | **Electronic Equipment, Instruments & Components - 4.6%** |  |  |
| Fabrinet <sup>(a)</sup> | Fabrinet <sup>(a)</sup> | 114573 | 41775607 |
| Mirion Technologies, Inc. <sup>(a)(b)</sup> | Mirion Technologies, Inc. <sup>(a)(b)</sup> | 1812624 | 42161634 |
| nLight, Inc. <sup>(a)</sup> | nLight, Inc. <sup>(a)</sup> | 372454 | 11035812 |
| OSI Systems, Inc. <sup>(a)(b)</sup> | OSI Systems, Inc. <sup>(a)(b)</sup> | 241803 | 60266980 |
| PAR Technology Corp. <sup>(a)</sup> | PAR Technology Corp. <sup>(a)</sup> | 208842 | 8265966 |
| Red Cat Holdings, Inc. <sup>(a)(b)</sup> | Red Cat Holdings, Inc. <sup>(a)(b)</sup> | 2292104 | 23723277 |
| TTM Technologies, Inc. <sup>(a)</sup> | TTM Technologies, Inc. <sup>(a)</sup> | 417904 | 24071270 |
|  |  |  | 211300546 |
| **IT Services - 6.1%** | **IT Services - 6.1%** |  |  |
| Applied Digital Corp. <sup>(a)(b)</sup> | Applied Digital Corp. <sup>(a)(b)</sup> | 11443376 | 262511045 |
| DigitalOcean Holdings, Inc. <sup>(a)</sup> | DigitalOcean Holdings, Inc. <sup>(a)</sup> | 614772 | 21000612 |
|  |  |  | 283511657 |
| **Semiconductors & Semiconductor Equipment - 6.6%** | **Semiconductors & Semiconductor Equipment - 6.6%** |  |  |
| Lattice Semiconductor Corp. <sup>(a)</sup> | Lattice Semiconductor Corp. <sup>(a)</sup> | 356975 | 26173407 |
| Rambus, Inc. <sup>(a)(b)</sup> | Rambus, Inc. <sup>(a)(b)</sup> | 434366 | 45260937 |
| Semtech Corp. <sup>(a)</sup> | Semtech Corp. <sup>(a)</sup> | 1196933 | 85520863 |
| Sequans Communications SA - ADR <sup>(a)</sup> | Sequans Communications SA - ADR <sup>(a)</sup> | 276396 | 2614708 |
| SiTime Corp. <sup>(a)</sup> | SiTime Corp. <sup>(a)</sup> | 303756 | 91524721 |
| Tower Semiconductor Ltd. <sup>(a)</sup> | Tower Semiconductor Ltd. <sup>(a)</sup> | 754641 | 54560544 |
|  |  |  | 305655180 |
| **Software - 9.2%** | **Software - 9.2%** |  |  |
| ACI Worldwide, Inc. <sup>(a)</sup> | ACI Worldwide, Inc. <sup>(a)</sup> | 1654236 | 87294034 |
| BlackBerry Ltd. <sup>(a)(b)</sup> | BlackBerry Ltd. <sup>(a)(b)</sup> | 6943380 | 33883695 |
| Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 2191906 | 39498146 |
| Hut 8 Corp. <sup>(a)(b)</sup> | Hut 8 Corp. <sup>(a)(b)</sup> | 1302818 | 45351095 |
| nCino, Inc. <sup>(a)(b)</sup> | nCino, Inc. <sup>(a)(b)</sup> | 794811 | 21547326 |
| Pegasystems, Inc. <sup>(b)</sup> | Pegasystems, Inc. <sup>(b)</sup> | 848614 | 48795305 |
| Q2 Holdings, Inc. <sup>(a)</sup> | Q2 Holdings, Inc. <sup>(a)</sup> | 381934 | 27648202 |
| Unity Software, Inc. <sup>(a)</sup> | Unity Software, Inc. <sup>(a)</sup> | 1456307 | 58310532 |
| Varonis Systems, Inc. <sup>(a)</sup> | Varonis Systems, Inc. <sup>(a)</sup> | 1036934 | 59592597 |
|  |  |  | 421920932 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 1457293970 |
| **MATERIALS - 0.9%** | **MATERIALS - 0.9%** | **MATERIALS - 0.9%** |  |
| **Construction Materials - 0.9%** | **Construction Materials - 0.9%** |  |  |
| Eagle Materials, Inc. | Eagle Materials, Inc. | 169956 | 39606546 |
| **TOTAL MATERIALS** | **TOTAL MATERIALS** |  | 39606546 |
| **<u>Real Estate</u> - 0.7%** | **<u>Real Estate</u> - 0.7%** | **<u>Real Estate</u> - 0.7%** |  |
| **Real Estate Management & Development - 0.7%** | **Real Estate Management & Development - 0.7%** |  |  |
| Landbridge Co. LLC - Class A <sup>(b)</sup> | Landbridge Co. LLC - Class A <sup>(b)</sup> | 645110 | 34416619 |
| **TOTAL REAL ESTATE** | **TOTAL REAL ESTATE** |  | 34416619 |
| **UTILITIES - 1.1%** | **UTILITIES - 1.1%** | **UTILITIES - 1.1%** |  |
| **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** |  |  |
| Oklo, Inc. <sup>(a)(b)</sup> | Oklo, Inc. <sup>(a)(b)</sup> | 369684 | 41267825 |
|  |  |  | $– |
| **Water Utilities - 0.2%** | **Water Utilities - 0.2%** |  |  |
| WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | WaterBridge Infrastructure LLC - Class A <sup>(a)</sup> | 323333 | 8154458 |
| **TOTAL UTILITIES** | **TOTAL UTILITIES** | **TOTAL UTILITIES** | 49422283 |
| **TOTAL COMMON STOCKS** (Cost $2,947,269,893) | **TOTAL COMMON STOCKS** (Cost $2,947,269,893) | **TOTAL COMMON STOCKS** (Cost $2,947,269,893) | 4486819312 |
| **REAL ESTATE INVESTMENT TRUSTS - 0.4%** | **REAL ESTATE INVESTMENT TRUSTS - 0.4%** | **Shares** | **Value**  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. <sup>(b)</sup> | Hannon Armstrong Sustainable Infrastructure Capital, Inc. <sup>(b)</sup> | 532501 | 16347780 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $12,595,907) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $12,595,907) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $12,595,907) | 16347780 |
| **PRIVATE NOTES - 0.1%** | **PRIVATE NOTES - 0.1%** | **Par** | **Value**  |
| **CONSUMER DISCRETIONARY - 0.1%** | **CONSUMER DISCRETIONARY - 0.1%** | **CONSUMER DISCRETIONARY - 0.1%** | **CONSUMER DISCRETIONARY - 0.1%** |
|  Cariloha 12/31/2025, 15.00%, 12/31/2025 <sup>(d)</sup> | Cariloha 12/31/2025, 15.00%, 12/31/2025 <sup>(d)</sup> | 6500000 | 6500000 |
| **TOTAL PRIVATE NOTES** (Cost $6,500,000) | **TOTAL PRIVATE NOTES** (Cost $6,500,000) | **TOTAL PRIVATE NOTES** (Cost $6,500,000) | 6500000 |
| **WARRANTS - 0.2%** | **WARRANTS - 0.2%** | **Contracts** | **Value**  |
| Sequans Communications (SQNS), Expires 09/30/2030, Exercise Price $0.01 <sup>(a)(d)</sup> | Sequans Communications (SQNS), Expires 09/30/2030, Exercise Price $0.01 <sup>(a)(d)</sup> | 678966 | 6423020 |
| Sequans Communications (SQNS), Expires 10/05/2025, Exercise Price $0.01 <sup>(a)(d)</sup> | Sequans Communications (SQNS), Expires 10/05/2025, Exercise Price $0.01 <sup>(a)(d)</sup> | 298328 | 0 |
| **TOTAL WARRANTS** (Cost $9,437,630) | **TOTAL WARRANTS** (Cost $9,437,630) | **TOTAL WARRANTS** (Cost $9,437,630) | 6423020 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 19.6%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(e)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(e)</sup> | 904218402 | 904218402 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $904,218,402) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $904,218,402) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $904,218,402) | 904218402 |
| **MONEY MARKET FUNDS - 1.7%** | **MONEY MARKET FUNDS - 1.7%** | **Shares** | **Value**  |
| First American Treasury Obligations Fund - Class X, 4.02% <sup>(e)</sup> | First American Treasury Obligations Fund - Class X, 4.02% <sup>(e)</sup> | 77485268 | 77485268 |
| **TOTAL MONEY MARKET FUNDS** (Cost $77,485,268) | **TOTAL MONEY MARKET FUNDS** (Cost $77,485,268) | **TOTAL MONEY MARKET FUNDS** (Cost $77,485,268) | 77485268 |
| **TOTAL INVESTMENTS - 119.4% (**Cost $3,957,507,100**)** | **TOTAL INVESTMENTS - 119.4% (**Cost $3,957,507,100**)** | **TOTAL INVESTMENTS - 119.4% (**Cost $3,957,507,100**)** | 5497793782 |
| Liabilities in Excess of Other Assets - (19.4)% | Liabilities in Excess of Other Assets - (19.4)% | Liabilities in Excess of Other Assets - (19.4)% | (891638493) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $4606155289 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| 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 <br> LLC - Limited Liability Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $889,591,779.

(c) 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.

(d) 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 $12,923,020 or 0.3% of net assets as of September 30, 2025.

(e) 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 Small-Cap Growth 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 | $4486356952 | $462360 | $– | $4486819312 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 16347780 | – | – | 16347780 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Private Notes | – | – | 6500000 | 6500000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 6423020 | 6423020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 904218402 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 77485268 | – | – | 77485268 |
| Total Investments | $4580190000 | $462360 | $12923020 | $5497793782 |
| 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 $904,218,402 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 Small-Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000012813

- **c. LEI of Series:** 549300URUI4QC4DIX544

**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:** $5515731104.15

**Total Liabilities:** $908565822.25

**Net Assets:** $4607165281.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034642 | 3.60%                | 5.61%                | 8.48%                |
| Class ID C000160233 | 3.58%                | 5.58%                | 8.45%                |
| Class ID C000179260 | 3.61%                | 5.61%                | 8.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $64071128.76             | $76150433.65                               |
| Month 2  | $12280716.00             | $212078275.29                              |
| Month 3  | $170252546.99            | $192811129.71                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Verona Pharma PLC                         | Verona Pharma PLC                         | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |    166075 | NS      | $17721863.25  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                              | Visteon Corp                              | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     67375 | NS      | $8075567.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |    333964 | NS      | $58954664.92  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    176438 | NS      | $10482181.58  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Red Cat Holdings Inc                      | Red Cat Holdings Inc                      | CUSIP: 75644T100<br>LEI: 5493005OGSQW28V2PY05 | Long             | EC               | CORP              | US        |   2292104 | NS      | $23723276.40  | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    513668 | NS      | $23988295.60  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    131859 | NS      | $13316440.41  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | Rush Street Interactive Inc               | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1200600 | NS      | $24588288.00  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |    322069 | NS      | $52403846.99  | 1.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |    134720 | NS      | $61790675.20  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |    922267 | NS      | $196267640.27 | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                   | Mirion Technologies Inc                   | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |   1812624 | NS      | $42161634.24  | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Modine Manufacturing Co                   | Modine Manufacturing Co                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    347947 | NS      | $49464145.52  | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| nCino Inc                                 | nCino Inc                                 | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |    794811 | NS      | $21547326.21  | 0.47%             |  |  |  | No            |                  1 | On Loan: —       |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    242984 | NS      | $34110093.92  | 0.74%             |  |  |  | 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        | 904218402 | NS      | $904218401.55 | 19.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                      | Bridgebio Pharma Inc                      | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    699339 | NS      | $36323667.66  | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| CECO Environmental Corp                   | CECO Environmental Corp                   | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |    454402 | NS      | $23265382.40  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |    297463 | NS      | $18255304.31  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |   1697803 | NS      | $26808309.37  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    741131 | NS      | $42607621.19  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |    624272 | NS      | $90937702.24  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                         | Clean Harbors Inc                         | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     79604 | NS      | $18485640.88  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2191906 | NS      | $39498146.12  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    951917 | NS      | $28881161.78  | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    128037 | NS      | $105653571.66 | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    471731 | NS      | $19647596.15  | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    987181 | NS      | $64532021.97  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    529864 | NS      | $105628388.40 | 2.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Denison Mines Corp                        | Denison Mines Corp                        | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |  17021024 | NS      | $46807816.00  | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |    614772 | NS      | $21000611.52  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    169956 | NS      | $39606546.24  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                     | East West Bancorp Inc                     | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |    353895 | NS      | $37672122.75  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    292054 | NS      | $50458169.58  | 1.10%             |  |  |  | No            |                  1 | On Loan: —       |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |    156851 | NS      | $33112814.61  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |   1132089 | NS      | $49845878.67  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  77485268 | NS      | $77485268.05  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalstar Inc                            | Globalstar Inc                            | CUSIP: 378973507<br>LEI: 549300NEX8I0MSOW0R64 | Long             | EC               | CORP              | US        |    871251 | NS      | $31704823.89  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                  | Granite Construction Inc                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |    541602 | NS      | $59386659.30  | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| HCI Group Inc                             | HCI Group Inc                             | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |    485466 | NS      | $93175489.38  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure             | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    532501 | NS      | $16347780.70  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Hut 8 Corp                                | Hut 8 Corp                                | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |   1302818 | NS      | $45351094.58  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    430803 | NS      | $62039940.03  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                             | Interface Inc                             | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |   1046515 | NS      | $30286144.10  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    355362 | NS      | $25657136.40  | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |   1472405 | NS      | $134533644.85 | 2.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Cariloha 15 12/31/2025                    | Cariloha 15 12/31/2025                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6500000.00   | 0.14%             | 2025-12-31      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |    100665 | NS      | $36704472.30  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   3135884 | NS      | $38822243.92  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |   1217003 | NS      | $41828393.11  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc             | Academy Sports & Outdoors Inc             | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    504771 | NS      | $25248645.42  | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Akero Therapeutics Inc                    | Akero Therapeutics Inc                    | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     98065 | NS      | $4656126.20   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                  | Alignment Healthcare Inc                  | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3877060 | NS      | $67654697.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |  11443376 | NS      | $262511045.44 | 5.70%             |  |  |  | No            |                  1 | On Loan: —       |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    433837 | NS      | $68728457.54  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                            | Five Below Inc                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |    117250 | NS      | $18138575.00  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                            | Flowserve Corp                            | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    398500 | NS      | $21176290.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |    264630 | NS      | $14583759.30  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                | Kirby Corp                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    173911 | NS      | $14512872.95  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd                        | Kornit Digital Ltd                        | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |   1284032 | NS      | $17334432.00  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Oklo Inc                                  | Oklo Inc                                  | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369684 | NS      | $41267824.92  | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC                         | Landbridge Co LLC                         | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    645110 | NS      | $34416618.50  | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    356975 | NS      | $26173407.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2374635 | NS      | $65539926.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                            | Lovesac Co/The                            | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    633889 | NS      | $10731740.77  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| nLight Inc                                | nLight Inc                                | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    372454 | NS      | $11035812.02  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc                    | Northern Oil & Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    822520 | NS      | $20398496.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| OSI Systems Inc                           | OSI Systems Inc                           | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |    241803 | NS      | $60266979.72  | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    589478 | NS      | $75688975.20  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Holdings Inc                        | Ondas Holdings Inc                        | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |   6030824 | NS      | $46557961.28  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |    549201 | NS      | $33704465.37  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                       | PAR Technology Corp                       | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |    208842 | NS      | $8265966.36   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                              | Parsons Corp                              | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |    404135 | NS      | $33510874.20  | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Pegasystems Inc                           | Pegasystems Inc                           | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |    848614 | NS      | $48795305.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Q2 Holdings Inc                           | Q2 Holdings Inc                           | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    381934 | NS      | $27648202.26  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                                   | RXO Inc                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    905332 | NS      | $13924006.16  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    738220 | NS      | $56259746.20  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    434366 | NS      | $45260937.20  | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |   1092837 | NS      | $40697249.88  | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Select Medical Holdings Corp              | Select Medical Holdings Corp              | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    769135 | NS      | $9875693.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |   1196933 | NS      | $85520862.85  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications SA                 | Sequans Communications SA                 | CUSIP: 817323405<br>LEI: 969500G8ZIY1D601KJ66 | Long             | EC               | CORP              | FR        |    276396 | NS      | $2614708.05   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4715757 | NS      | $89882328.42  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                               | SiTime Corp                               | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303756 | NS      | $91524720.36  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |    338647 | NS      | $22892537.20  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                      | TTM Technologies Inc                      | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    417904 | NS      | $24071270.40  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                  | Tandem Diabetes Care Inc                  | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |   1479430 | NS      | $17960280.20  | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    933712 | NS      | $33730346.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Transcat Inc                              | Transcat Inc                              | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |    311556 | NS      | $22805899.20  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |    365464 | NS      | $41005060.80  | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| Unity Software Inc                        | Unity Software Inc                        | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |   1456307 | NS      | $58310532.28  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute             | Universal Technical Institute Inc         | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    954457 | NS      | $31067575.35  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                       | Varonis Systems Inc                       | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |   1036934 | NS      | $59592596.98  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications (SQNS)             | Sequans Communications (SQNS)             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    298328 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |    450767 | NS      | $43237570.64  | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Oddity Tech Ltd                           | Oddity Tech Ltd                           | CUSIP: N/A<br>LEI: 254900QH12XZS53G0V57       | Long             | EC               | CORP              | IL        |    478146 | NS      | $29788495.80  | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                   | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |    754641 | NS      | $54560544.30  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequans Communications (SQNS)             | Sequans Communications (SQNS)             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    678966 | NS      | $6423020.25   | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| WaterBridge Infrastructure LLC            | WaterBridge Infrastructure LLC            | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    323333 | NS      | $8154458.26   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                      | Waystar Holding Corp                      | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    542709 | NS      | $20579525.28  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                              | WesBanco Inc                              | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    554505 | NS      | $17705344.65  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    370331 | NS      | $32115104.32  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    609364 | NS      | $78772484.28  | 1.71%             |  |  |  | No            |                  1 | On Loan: —       |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |   1654236 | NS      | $87294033.72  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc               | Applied Optoelectronics Inc               | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |   1031656 | NS      | $26750840.08  | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |   1637849 | NS      | $57734177.25  | 1.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Aurinia Pharmaceuticals Inc               | Aurinia Pharmaceuticals Inc               | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | CA        |    346375 | NS      | $3827443.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     37856 | NS      | $27166979.84  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |    189665 | NS      | $23034814.25  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc              | BioCryst Pharmaceuticals Inc              | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |   1988507 | NS      | $15092768.13  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                            | BlackBerry Ltd                            | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |   6943380 | NS      | $33883694.40  | 0.74%             |  |  |  | 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