# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001133228-26-008124
**Filing Date:** 2026-5
**Character Count:** 58663
**Document Hash:** f49770596ea23eb7cdd2b0ad02c16f3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008124.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001133228-26-008124

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 26954870

**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

### SWP GROWTH & INCOME ETF (Series ID: S000087763)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000253723 | SWP GROWTH & INCOME ETF | SWP             |

?xml version='1.0' encoding='ASCII'? 2025-12-30195855_SWPGrowth-IncomeETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Scott Ostrowski, Vice President and Acting Principal Executive Officer**

**Manager Directed Portfolios**

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

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

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

(Name and address of agent for service)

**<u>(414) 516-0387</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31, 2026</u>**

Date of reporting period: **<u>February 28, 2026</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img330886_202502271454326.jpg) | **SWP Growth & Income ETF**  | ![image](img342913_202503271422679.jpg) |
| ![image](img330886_202502271454326.jpg) | SWP (Principal U.S. Listing Exchange: NASDAQ Stock Market LLC) | ![image](img342913_202503271422679.jpg) |
| ![image](img330886_202502271454326.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img342913_202503271422679.jpg) |

---

This semi-annual shareholder report contains important information about the SWP Growth & Income ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.swp-invest.com/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FROM SEPTEMBER 1, 2025 TO FEBRUARY 28, 2026?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| SWP Growth & Income ETF | $52 | 0.99% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $145293814 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee Paid** | $612833 |
| **Portfolio Turnover Rate** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Sector Allocation<sup>1</sup>**  | **(% of Net** **Assets)** |
|  Information Technology  | 20.0% |
|  Financials  | 14.0% |
|  Industrials  | 13.9% |
|  Consumer Discretionary  | 10.6% |
|  Health Care  | 9.0% |
|  Energy  | 6.5% |
|  Communication Services  | 6.3% |
|  Real Estate  | 3.9% |
|  Utilities  | 3.3% |
|  Consumer Staples  | 2.8% |
|  Materials  | 1.8% |
|  Cash & Other  | 7.9% |

---

1 The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Microsoft Corp.  | 4.0% |
|  Alphabet, Inc.  | 3.9% |
|  Apple, Inc.  | 3.6% |
|  Broadcom, Inc.  | 3.3% |
|  Philip Morris International, Inc.  | 2.8% |
|  Prologis, Inc.  | 2.7% |
|  Flowserve Corp.  | 2.7% |
|  International Business Machines Corp.  | 2.7% |
|  Oracle Corp.  | 2.6% |
|  Baker Hughes Co.  | 2.5% |

---

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

SWP Growth & Income ETF PAGE 1 TSR-SAR-56170L612

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SWP Growth & Income ETF PAGE 2 TSR-SAR-56170L612

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

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

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

(a) ![](swp_im.jpg)

**SWP Growth & Income ETF (SWP)** 

**Core Financial Statements** 

**February 28, 2026 (Unaudited)**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Statement of Operations](#tsop) | [4](#tsop) |
| [Statements of Changes in Net Assets](#a_001)  | [5](#a_001) |
| [Financial Highlights](#tfihi) | [6](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [7](#tnotes) |
| [Additional Information](#taddinf) | [13](#taddinf) |

---

------

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

**SWP Growth & Income ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 88.2%**<br>|  |  |
| **COMMUNICATION SERVICES - 6.3%** | **COMMUNICATION SERVICES - 6.3%** | **COMMUNICATION SERVICES - 6.3%** |
| **Interactive Media & Services - 6.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 18205 | $5675591  |
| Meta Platforms, Inc. - Class A | 5376 | 3484615  |
|  **TOTAL COMMUNICATION SERVICES** |  | 9160206  |
| **CONSUMER DISCRETIONARY - 10.6%** | **CONSUMER DISCRETIONARY - 10.6%** | **CONSUMER DISCRETIONARY - 10.6%** |
| **Automobiles - 1.5%**<br>|  |  |
| Toyota Motor Corp. - ADR | 8728 | 2115493  |
| **Hotels, Restaurants & Leisure - 1.7%**<br>|  |  |
| Darden Restaurants, Inc. | 11713 | 2504825  |
| **Household Durables - 2.5%**<br>|  |  |
| Toll Brothers, Inc. | 23247 | 3655358  |
| **Specialty Retail - 3.7%**<br>|  |  |
| Dick's Sporting Goods, Inc. | 10289 | 2095149  |
| TJX Cos., Inc. | 20672 | 3341836  |
|  |  | 5436985  |
| **Textiles, Apparel & Luxury Goods - 1.2%** | **Textiles, Apparel & Luxury Goods - 1.2%** | **Textiles, Apparel & Luxury Goods - 1.2%** |
| NIKE, Inc. - Class B | 27642 | 1718779  |
|  **TOTAL CONSUMER DISCRETIONARY** |  | 15431440  |
| **CONSUMER STAPLES - 2.8%**<br>|  |  |
| **Tobacco - 2.8%**<br>|  |  |
| Philip Morris International, Inc. | 21680 | 4050474  |
| **TOTAL CONSUMER STAPLES**  |  | 4050474 |
| **ENERGY - 6.5%**<br>|  |  |
| **Energy Equipment & Services - 2.5%**<br>|  |  |
| Baker Hughes Co. | 56072 | 3659259  |
| **Oil, Gas & Consumable Fuels - 4.0%**<br>|  |  |
| Cameco Corp. | 12630 | 1495392  |
| Canadian Natural Resources Ltd. | 53759 | 2353031  |
| Enbridge, Inc. | 37396 | 1987224  |
|  |  | 5835647  |
| **TOTAL ENERGY** |  | 9494906  |
| **FINANCIALS - 14.0%**<br>|  |  |
| **Banks - 5.8%**<br>|  |  |
| Citigroup, Inc. | 24193 | 2665827  |
| JPMorgan Chase & Co. | 11462 | 3442039  |
| PNC Financial Services Group, Inc. | 11217 | 2381930  |
|  |  | 8489796  |
| **Capital Markets - 6.9%**<br>|  |  |
| Blackrock, Inc. | 2763 | 2937705  |
| Blackstone, Inc. | 19778 | 2242232  |
| Goldman Sachs Group, Inc. | 2469 | 2122278  |
| Jefferies Financial Group, Inc. | 60596 | 2690462  |
|  |  | 9992677  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Consumer Finance - 1.3%**<br>|  |  |
| American Express Co. | 6108 | $1886761  |
| **TOTAL FINANCIALS** |  | 20369234  |
| **HEALTH CARE - 9.0%** | **HEALTH CARE - 9.0%** | **HEALTH CARE - 9.0%** |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
| AbbVie, Inc. | 1298 | 301240  |
| **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** |
| Medtronic PLC | 32768 | 3200123  |
| **Health Care Providers & Services - 2.4%** | **Health Care Providers & Services - 2.4%** | **Health Care Providers & Services - 2.4%** |
| Cencora, Inc. | 9584 | 3566589  |
| **Pharmaceuticals - 4.2%**<br>|  |  |
| AstraZeneca PLC | 15345 | 3198665  |
| Eli Lilly & Co. | 2732 | 2874037  |
|  |  | 6072702  |
| **TOTAL HEALTH CARE** |  | 13140654  |
| **INDUSTRIALS - 13.9%**<br>|  |  |
| **Aerospace & Defense - 2.2%**<br>|  |  |
| RTX Corp. | 15667 | 3174447  |
| **Air Freight & Logistics - 1.5%**<br>|  |  |
| United Parcel Service, Inc. - Class B | 18791 | 2179004  |
| **Electrical Equipment - 2.3%**<br>|  |  |
| Emerson Electric Co. | 22184 | 3344238  |
| **Ground Transportation - 1.7%**<br>|  |  |
| Union Pacific Corp. | 9270 | 2456365  |
| **Machinery - 2.7%**<br>|  |  |
| Flowserve Corp. | 44432 | 3933121  |
| **Trading Companies & Distributors - 3.5%** | **Trading Companies & Distributors - 3.5%** | **Trading Companies & Distributors - 3.5%** |
| Applied Industrial Technologies, Inc. | 11421 | 3227346  |
| United Rentals, Inc. | 2227 | 1870680  |
|  |  | 5098026  |
| **TOTAL INDUSTRIALS** |  | 20185201  |
| **INFORMATION TECHNOLOGY - 20.0%** | **INFORMATION TECHNOLOGY - 20.0%** | **INFORMATION TECHNOLOGY - 20.0%** |
| **IT Services - 2.7%** | **IT Services - 2.7%** | **IT Services - 2.7%** |
| International Business Machines Corp. | 16329 | 3922389  |
|  **Semiconductors & Semiconductor Equipment - 7.0%**<br>|  |  |
| Broadcom, Inc. | 15035 | 4804434  |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp. - <br>ADR | 20265 | 2618846  |
| STMicroelectronics NV | 74594 | 2507105  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 781 | 292547  |
|  |  | 10222932  |

---

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

1<br>

------

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

**SWP Growth & Income ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Common Stocks - (Continued)**  | **Common Stocks - (Continued)**  | **Common Stocks - (Continued)**  |
| **INFORMATION TECHNOLOGY - (Continued)** | **INFORMATION TECHNOLOGY - (Continued)** | **INFORMATION TECHNOLOGY - (Continued)** |
| **Software - 6.6%**<br>|  |  |
| Microsoft Corp. | 14666 | $5759925  |
| Oracle Corp. | 25998 | 3780109  |
|  |  | 9540034  |
| &nbsp;&nbsp;&nbsp; **Technology Hardware, Storage & Peripherals - 3.7%**<br>**Apple, Inc.** | 20061 | 5299715  |
|  **TOTAL INFORMATION TECHNOLOGY** |  | 28985070  |
| **MATERIALS - 1.8%**<br>|  |  |
| **Chemicals - 1.6%**<br>|  |  |
| Scotts Miracle-Gro Co. | 32322 | 2266419  |
| **Metals & Mining - 0.2%**<br>|  |  |
| Freeport-McMoRan, Inc. | 4206 | 286344  |
| **TOTAL MATERIALS** |  | 2552763  |
| **UTILITIES - 3.3%**<br>|  |  |
| **Electric Utilities - 3.3%**<br>|  |  |
| Duke Energy Corp. | 12349 | 1615867  |
| NextEra Energy, Inc. | 34181 | 3205152  |
| **TOTAL UTILITIES** |  | 4821019  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $121,514,192)** |  | 128190967  |
| **REAL ESTATE INVESTMENT TRUSTS - 3.9%** | **REAL ESTATE INVESTMENT TRUSTS - 3.9%** | **REAL ESTATE INVESTMENT TRUSTS - 3.9%** |
| Digital Realty Trust, Inc.  | 9370  | 1660364 |
| Prologis, Inc.  | 27861  | 3972143 |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $5,036,959)**  |  | 5632507 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 3.0%** | **MONEY MARKET FUNDS - 3.0%** | **MONEY MARKET FUNDS - 3.0%** |
| &nbsp;&nbsp;&nbsp; First American Treasury Obligations <br>Fund - Class X, 3.60%<sup>(a)</sup>  | 4360384  | 4360384 |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,360,384)**  |  | 4360384 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 95.1%** <br>**(Cost $130,911,535)**  |  | 138183858 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 4.9%  |  | 7109956 |
| **TOTAL NET ASSETS - 100.0%** |  | $145293814 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

2<br>

------

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

**SWP Growth & Income ETF** 

**Statement of Assets and Liabilities** 

**February 28, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $138183858  |
| Receivable for investments sold | 7151868  |
| Cash | 1272864  |
| Dividends receivable | 246208  |
| Dividend tax reclaims receivable | 4751  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 146859549  |
| **LIABILITIES:**<br>|  |
| Payable for capital shares redeemed | 1454670  |
| Payable to advisor (Note 5) | 111065  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1565735  |
| **NET ASSETS** | $145293814  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $131134496  |
| Total distributable earnings | 14159318  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $145293814  |
| Net assets | $145293814  |
| Shares issued and outstanding<sup>(a)</sup> | 5040000  |
| Net asset value per share | $28.83  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $130911535 |

---

<sup>(a)</sup> Unlimited shares authorized with par value of $0.01.

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

3<br>

------

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

**SWP Growth & Income ETF** 

**Statement of Operations** 

**For the Period Ended February 28, 2026 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $1128931  |
| Less: Issuance fees | (526)  |
| Less: Dividend withholding taxes | (16735)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1111670  |
| **EXPENSES:**<br>|  |
| Investment advisory fees (Note 5) | 612833  |
| &nbsp;&nbsp;&nbsp; Total expenses | 612833  |
| **NET INVESTMENT INCOME** | 498837  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 7020269  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 340901  |
| &nbsp;&nbsp;&nbsp; Written options contracts expired or closed | 2850160  |
| Net realized gain | 10211330  |
| Net change in unrealized appreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 1065147  |
| &nbsp;&nbsp;&nbsp; Written options contracts | 55345  |
| Net change in unrealized appreciation | 1120492  |
| **Net realized and unrealized gain** | 11331822  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $11830659 |

---

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

4<br>

------

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

**SWP Growth & Income ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**February 28, 2026** <br>(Unaudited) | **Period Ended**<br>**August 31, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $498837 | $854412  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 10211330 | 3001870  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1120492 | 6151831  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 11830659 | 10008113  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (5363059) | (1595004)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5363059) | (1595004)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 40747771 | 100103090  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1738559) | (8699197)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 39009212 | 91403893  |
| **NET INCREASE IN NET ASSETS** | 45476812 | 99817002  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 99817002 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $145293814 | $99817002  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1450000 | 3990000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (60000) | (340000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 1390000 | 3650000 |

---

<sup>(a)</sup> The Fund commenced operations on September 24, 2024.

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

5<br>

------

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

**SWP Growth & Income ETF** 

**Financial Highlights** 

**For a capital share oustanding throughout each period** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**February 28,** <br>**2026 (Unaudited)** | **Period Ended** <br>**August 31,**<br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.25  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.57  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.82  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.44)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.47)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.83 | &nbsp;&nbsp; $27.35  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.02% | &nbsp;&nbsp; 11.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $145294 | &nbsp;&nbsp; $99817  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99%  |
| Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.07%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp; 85% |

---

<sup>(a)</sup> The Fund commenced operations on September 24, 2024.

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

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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

6<br>

------

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

**SWP Growth & Income ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at February 28, 2026 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The SWP Growth & Income ETF (the "Fund") is a series of Manager Directed Portfolios (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and was organized as a Delaware statutory trust on April 4, 2006. The Fund is classified as a diversified open-end investment management company under the 1940 Act. The Fund commenced operations on September 24, 2024. SWP Investment Management, LLC (the "Advisor") serves as the investment advisor to the Fund. The Fund seeks to provide long-term capital appreciation with a secondary emphasis on generating current income.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken or expected to be taken on a tax return. The Fund identifies its major tax jurisdictions as U.S. Federal and the state of Delaware.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the period ended February 28, 2026, the Fund did not incur any interest or penalties.

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

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

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will

7<br>

------

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

**SWP Growth & Income ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at February 28, 2026 (Unaudited)(Continued)** 

generally not be taxable, but will reduce each shareholder's cost basis in shares of the Fund ("Shares") and result in a higher capital gain or lower capital loss when the Shares are sold. After a shareholder's basis in Shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Shares will be treated as gain from the sale of the Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;E. *Redemption Fees:* The Fund does not charge redemption fees to shareholders.

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

&nbsp;&nbsp;&nbsp;&nbsp;G. *Events Subsequent to the Fiscal Period End:* In preparing the financial statements as of February 28, 2026, management considered the impact
 of subsequent events for potential recognition or disclosure in the financial statements and has concluded that no additional recognition
 or disclosures are necessary.

**NOTE 3 – SECURITIES VALUATION** 

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to at the date of each measurement.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

Following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis.

Equity Securities: Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, closed-end mutual funds and REITs, that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its net asset value ("NAV") because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by an event (a "Significant Event") occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, or even occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts, or significant government actions.

8<br>

------

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

**SWP Growth & Income ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at February 28, 2026 (Unaudited)(Continued)** 

Options Contracts: The Fund may use covered call options to seek investment income or mitigate risk. With exchange-traded options, there is minimal counterparty credit risk to the Fund since options are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As the writer of a call option, the Fund has the obligation to sell the security at the exercise price during or at the expiration of the exercise period. As a writer of a put option, the Fund has the obligation to buy the underlying security at the exercise price during or at the expiration of the exercise period. The premium that the Fund pays when purchasing a call option or receives when writing a call option will reflect, among other things, the market price of the security, the relationship of the exercise price to the market price of the security, the relationship of the exercise price to the volatility of the security, the length of the option period and supply and demand factors. Options will generally be valued at the official close of the exchange for the trading date or the mean of the bid and asked prices will be used if a close price is not available.

Registered Investment Companies: Investments in mutual funds are generally priced at the ending NAV provided by the applicable registered investment company's service agent and will be classified in Level 1 of the fair value hierarchy. Exchange-traded funds are valued at the last reported sale price on the exchange on which that security is principally traded.

Short-Term Debt Securities: Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.

In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be determined under the Fund's valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the Fund's valuation designee (the "Valuation Designee") to perform all fair valuations of the Fund's portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of the Fund's portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $128190967 | $— | $— | $128190967  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 5632507 |  |  | 5632507  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4360384 |  |  | 4360384  |
| **Total Investments** | $138183858 | $— | $— | $138183858 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**NOTE 4 – DERIVATIVES** 

The Fund may invest in derivative instruments as a principal investment strategy. The primary types of derivatives in which the Fund invests are option contracts.

As of February 28, 2026, The Fund did not hold any derivatives instruments.

9<br>

------

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

**SWP Growth & Income ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at February 28, 2026 (Unaudited)(Continued)** 

The effect of the transactions from derivative instruments for the Fund during the period ended February 28, 2026, as reflected within the Statement of Operations were as follows:

---

| | |
|:---|:---|
| **Net Realized Gain on:** | **Investments<sup>1</sup>**  |
| Written Call Options - Equity Contracts | $2850160 |

---

---

| | |
|:---|:---|
| **Net Change in Unrealized Appreciation on:** | **Investments<sup>1</sup>**  |
| Written Call Options - Equity Contracts | $55345 |

---

<sup>1</sup> Represents realized gain and change in unrealized appreciation for written options during the period.

The average monthly market value of written options during the period ended February 28, 2026 was $(293,232).

**NOTE 5 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

For the period ended February 28, 2026, the Advisor provided the Fund with investment management services under an investment advisory agreement. As compensation for its services, the Advisor is entitled to a unified management fee, which is calculated daily and paid monthly at an annual rate of 0.99% of the average daily net assets of the Fund. For the period ended February 28, 2026, the Fund incurred $612,833 in advisory fees. Advisory fees payable at February 28, 2026 were $111,065.

Under the investment advisory agreement, the Advisor has agreed to pay all expenses of the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, shareholder service fees and expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, the unified management fee payable to the Advisor, and certain other excluded expenses.

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

Quasar Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Shares are continuously offered for sale by the Distributor only in Creation Units (defined in Note 8). The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares.

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

**NOTE 6 – SECURITIES TRANSACTIONS** 

For the period ended February 28, 2026, the cost of purchases and the proceeds from sales of securities, excluding U.S. Government securities, short-term securities and in-kind transactions, for the Fund were as follows:

---

| | |
|:---|:---|
| **Purchases**<br>| **Sales**  |
| $94115244 | $38107893 |

---

10<br>

------

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

**SWP Growth & Income ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at February 28, 2026 (Unaudited)(Continued)** 

For the period ended February 28, 2026, the in-kind transactions associated with creations and redemptions of the Fund were as follows:

---

| | |
|:---|:---|
| **Purchases**<br>| **Sales**  |
| $48736468 | $1389306 |

---

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

**NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

As of August 31, 2025, the Fund's most recent fiscal year end, the components of accumulated earnings/(losses) on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
| Cost of investments<sup>(a)</sup>  | $94226360  |
| Gross unrealized appreciation  | 8121556  |
| Gross unrealized depreciation  | (2226698)  |
| Net unrealized appreciation | 5894858  |
| Undistributed ordinary income  | 1852205  |
| Undistributed long-term capital gain | —  |
| Total distributable earnings  | 1852205  |
| Other accumulated gains/(losses)<sup>(b)</sup> | (55345)  |
| Total accumulated earnings/(losses)  | $7691718 |

---

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

<sup>(b)</sup> The other accumulated gains/(losses) are attributable to unrealized gain/(loss) on options.

As of August 31, 2025, the Fund had no capital losses to offset future gains.

For the fiscal period ended August 31, 2025, the effect of permanent "book/tax" reclassifications attributable to redemptions in-kind and distribution reclasses resulted in increases and decreases to components of the Fund's net assets as follows:

---

| | |
|:---|:---|
| **Total Accumulated**<br>**Earnings** | **Capital Stock**  |
| $(721391) | $721391 |

---

The tax character of distributions paid during the fiscal period ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
| Ordinary Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | $1583685  |
| Long-Term Capital Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | 11319  |
|  | $1595004 |

---

**NOTE 8 – CREATION AND REDEMPTION TRANSACTIONS** 

The Fund offers and issues Shares at their NAV only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount to be added to the Cash Component to replace any Deposit Security. Shares are listed on the Nasdaq Stock Market, LLC (the "Exchange") and trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. A Creation Unit of the Fund generally consists of 10,000 Shares, though this may change from time to time. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities.

11<br>

------

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

**SWP Growth & Income ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**at February 28, 2026 (Unaudited)(Continued)** 

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

**NOTE 9 – GUARANTEES AND INDEMNIFICATIONS** 

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

**NOTE 10 – SEGMENT REPORTING** 

The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Chief Investment Officer of the Advisor, Nate Fischer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**NOTE 11 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly of more than 25% of the voting securities of a Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the Investment Company Act of 1940. While no known individual shareholder has a position which exceeds 25% of the voting securities of the Fund, certain shareholders are affiliated with the Advisor. As of February 28, 2026, the Advisor and investors who are affiliated with the Advisor, when aggregated, owned approximately 94% of the voting securities of the Fund.

12<br>

------

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

**SWP Growth & Income ETF** 

**ADDITIONAL INFORMATION** 

**at February 28, 2026 (Unaudited)** 

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

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

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

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

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

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

Refer to information provided within financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

13<br>

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

Not applicable to open-end investment companies.

 

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

 

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](ss-efp23924_ex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ss-efp23924_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) Manager Directed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Scott Ostrowski |
|  | Scott Ostrowski, Vice President/Principal Executive Officer |

---

Date <u>May 4, 2026</u>

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Scott Ostrowski |
|  | Scott Ostrowski, Vice President/Principal Executive Officer |

---

Date <u>May 4, 2026</u>

---

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

---

Date <u>May 4, 2026</u>

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Scott Ostrowski, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 4, 2026 | /s/ Scott Ostrowski |
|  |  | Scott Ostrowski<br> Vice President/Principal Executive Officer |

---

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

I, Colton Scarmardo, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | May 4, 2026 | /s/ Colton Scarmardo |
|  |  | Colton Scarmardo<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT** 

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Manager Directed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Manager Directed Portfolios for the period ended February 28, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Manager Directed Portfolios for the stated period.

---

| | |
|:---|:---|
| /s/ Scott Ostrowski | /s/ Colton Scarmardo |
| <u> </u><br> Scott Ostrowski<br> Vice President/Principal Executive Officer,<br> Manager Directed Portfolios | <br> Colton Scarmardo<br> Treasurer/Principal Financial Officer,<br> Manager Directed Portfolios |

---

Dated:<u> </u> <u> May 4, 2026</u> Dated: <u>May 4, 2026</u>

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