# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001145549-23-014434
**Filing Date:** 2023-3
**Character Count:** 33184
**Document Hash:** 63c200298e57eda73e9e299f114f34f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-014434.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001145549-23-014434

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Manager Directed Portfolios
- **CENTRAL INDEX KEY:** 0001359057
- **IRS NUMBER:** 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:** 23693612

**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           |

## 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:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1575810368.38

**Total Liabilities:** $342447640.66

**Net Assets:** $1233362727.72

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034642 | 8.69%                | -1.69%               | -6.80%               |
| Class ID C000160233 | 8.68%                | -1.70%               | -6.81%               |
| Class ID C000179260 | 8.69%                | -1.66%               | -6.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1728076.43             | $102030800.55                              |
| Month 2  | $-43013115.03            | $23216723.62                               |
| Month 3  | $-12379410.82            | $-74316398.74                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                              | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     87840 | NS      | $10491609.60  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                                  | Nice Ltd                                                | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     21205 | NS      | $4077721.50   | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Oil and Gas Inc                  | Northern Oil and Gas Inc                                | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    405001 | NS      | $12482130.82  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| OceanFirst Financial Corp                 | OceanFirst Financial Corp                               | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    708850 | NS      | $15063062.50  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                       | Onto Innovation Inc                                     | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |    100663 | NS      | $6854143.67   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                    | Option Care Health Inc                                  | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |    730020 | NS      | $21966301.80  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                        | Planet Fitness Inc                                      | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |    203455 | NS      | $16032254.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Plug Power Inc                            | Plug Power Inc                                          | CUSIP: 72919P202<br>LEI: 549300JPDKRSJ8JSM954 | Long             | EC               | CORP              | US        |   1198126 | NS      | $14820818.62  | 1.20%             |  |  |  | No            |                  1 | On Loan: —       |
| RXO Inc                                   | RXO Inc                                                 | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    335855 | NS      | $5776706.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                              | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    506464 | NS      | $18141540.48  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp              | Select Medical Holdings Corp                            | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    987467 | NS      | $24518805.61  | 1.99%             |  |  |  | No            |                  1 | On Loan: —       |
| SiTime Corp                               | SiTime Corp                                             | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131440 | NS      | $13356932.80  | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Summit Materials Inc                      | Summit Materials Inc                                    | CUSIP: 86614U100<br>LEI: 549300XNOLX5GIOSO108 | Long             | EC               | CORP              | US        |    230906 | NS      | $6555415.15   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Surgery Partners Inc                      | Surgery Partners Inc                                    | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |    337744 | NS      | $9409547.84   | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| TFI International Inc                     | TFI International Inc                                   | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |    240590 | NS      | $24116741.60  | 1.96%             |  |  |  | No            |                  1 | On Loan: —       |
| Valmont Industries Inc                    | Valmont Industries Inc                                  | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     53789 | NS      | $17786408.63  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verve Therapeutics Inc                    | Verve Therapeutics Inc                                  | CUSIP: 92539P101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145270 | NS      | $2810974.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Viad Corp                                 | Viad Corp                                               | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |    356970 | NS      | $8706498.30   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                          | WNS Holdings Ltd                                        | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |    315925 | NS      | $25270840.75  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp                                | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    377462 | NS      | $22481636.72  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc                 | ZoomInfo Technologies Inc                               | CUSIP: 98980F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    204751 | NS      | $6165052.61   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        | 337314645 | NS      | $337314645.03 | 27.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                              | Alkermes PLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |    298641 | NS      | $7803489.33   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding            | Credo Technology Group Holding Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1368999 | NS      | $18221376.69  | 1.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Fabrinet                                  | Fabrinet                                                | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |    185237 | NS      | $23751088.14  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                         | FTAI Aviation Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |   1466362 | NS      | $25104117.44  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Playa Hotels & Resorts NV                 | Playa Hotels & Resorts NV                               | CUSIP: N/A<br>LEI: 529900BUP3KWPCJNLS49       | Long             | EC               | CORP              | US        |   1791025 | NS      | $11695393.25  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc                       | Scorpio Tankers Inc                                     | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MC        |    283016 | NS      | $15217770.32  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                       | ADTRAN Holdings Inc                                     | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    886045 | NS      | $16648785.55  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Aehr Test Systems                         | Aehr Test Systems                                       | CUSIP: 00760J108<br>LEI: 529900A4GWWZFRU2RE97 | Long             | EC               | CORP              | US        |    621198 | NS      | $12486079.80  | 1.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Alignment Healthcare Inc                  | Alignment Healthcare Inc                                | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    901756 | NS      | $10604650.56  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Altus Power Inc                           | Altus Power Inc                                         | CUSIP: 02217A102<br>LEI: 5493005V83PBRWNLK259 | Long             | EC               | CORP              | US        |   1358885 | NS      | $8859930.20   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Antero Resources Corp                     | Antero Resources Corp                                   | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    420292 | NS      | $13024849.08  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                                    | CUSIP: 038169207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1459013 | NS      | $2684583.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc             | Arrowhead Pharmaceuticals Inc                           | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |    161002 | NS      | $6530241.12   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Aspen Aerogels Inc                        | Aspen Aerogels Inc                                      | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    482073 | NS      | $5683640.67   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Axcelis Technologies Inc                  | Axcelis Technologies Inc                                | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |     70184 | NS      | $5569802.24   | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Axon Enterprise Inc                       | Axon Enterprise Inc                                     | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |    250230 | NS      | $41520663.90  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                                 | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |    203827 | NS      | $15721176.51  | 1.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Axonics Inc                               | Axonics Inc                                             | CUSIP: 05465P101<br>LEI: 549300LJY4X7N57VJL05 | Long             | EC               | CORP              | US        |    560346 | NS      | $35038435.38  | 2.84%             |  |  |  | No            |                  1 | On Loan: —       |
| BRP Group Inc                             | BRP Group Inc                                           | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237169 | NS      | $5962428.66   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                           | Bancorp Inc/The                                         | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    215696 | NS      | $6121452.48   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc                     | Beam Therapeutics Inc                                   | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99788 | NS      | $3902708.68   | 0.32%             |  |  |  | No            |                  1 | On Loan: —       |
| Boot Barn Holdings Inc                    | Boot Barn Holdings Inc                                  | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |    227187 | NS      | $14203731.24  | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Caesars Entertainment Inc                 | Caesars Entertainment Inc                               | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |    354881 | NS      | $14763049.60  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                                 | Calix Inc                                               | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |    669576 | NS      | $45819085.68  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                                    | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    640885 | NS      | $66677675.40  | 5.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Cerevel Therapeutics Holdings             | Cerevel Therapeutics Holdings Inc                       | CUSIP: 15678U128<br>LEI: 254900RJNIRS9COSQR41 | Long             | EC               | CORP              | US        |    409299 | NS      | $12909290.46  | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Cerus Corp                                | Cerus Corp                                              | CUSIP: 157085101<br>LEI: 254900BIEY9XIDA04Q21 | Long             | EC               | CORP              | US        |   1886724 | NS      | $6886542.60   | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| Clean Harbors Inc                         | Clean Harbors Inc                                       | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |    177694 | NS      | $20278439.28  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                            | Clearfield Inc                                          | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |     60742 | NS      | $5718251.88   | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                                 | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    196930 | NS      | $22662704.40  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Health Systems Inc              | Community Health Systems Inc                            | CUSIP: 203668108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155821 | NS      | $673146.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                          | Cytokinetics Inc                                        | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    212097 | NS      | $9718284.54   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Denison Mines Corp                        | Denison Mines Corp                                      | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |   9618506 | NS      | $11061281.90  | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Digimarc Corp                             | Digimarc Corp                                           | CUSIP: 25381B101<br>LEI: 254900TL728B5T0M5R41 | Long             | EC               | CORP              | US        |     56383 | NS      | $1042521.67   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| DocGo Inc                                 | DocGo Inc                                               | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2537117 | NS      | $17937417.19  | 1.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Eagle Materials Inc                       | Eagle Materials Inc                                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    152641 | NS      | $20278356.85  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                          | Encore Wire Corp                                        | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74271 | NS      | $10216718.76  | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Evolent Health Inc                        | Evolent Health Inc                                      | CUSIP: 30050B101<br>LEI: 549300CZOCFHQ2BBTR11 | Long             | EC               | CORP              | US        |    353245 | NS      | $9919119.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                                 | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |    199141 | NS      | $33740459.63  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund                | CUSIP: 31846V542<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  18673740 | NS      | $18673739.57  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                                  | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    235081 | NS      | $20430889.71  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                                 | Five9 Inc                                               | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |    294429 | NS      | $19979951.94  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Infrastructure Inc                   | FTAI Infrastructure Inc                                 | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1384823 | NS      | $4085227.85   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Funko Inc                                 | Funko Inc                                               | CUSIP: 361008105<br>LEI: 529900NG9F0KL5P6NK67 | Long             | EC               | CORP              | US        |    438580 | NS      | $4784907.80   | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| GXO Logistics Inc                         | GXO Logistics Inc                                       | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |    138258 | NS      | $5902234.02   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Golden Entertainment Inc                  | Golden Entertainment Inc                                | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |    286661 | NS      | $10721121.40  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                              | Harmonic Inc                                            | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |   1074415 | NS      | $14074836.50  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I            | Harmony Biosciences Holdings Inc                        | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126660 | NS      | $6978966.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinera Corp                             | Infinera Corp                                           | CUSIP: 45667G103<br>LEI: 549300ZOF66WPV3H0H17 | Long             | EC               | CORP              | US        |   1014683 | NS      | $6838963.42   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Intra-Cellular Therapies Inc              | Intra-Cellular Therapies Inc                            | CUSIP: 46116X101<br>LEI: 5299002U2KGF193IJA20 | Long             | EC               | CORP              | US        |    351833 | NS      | $18619002.36  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc                          | I3 Verticals Inc                                        | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |    298295 | NS      | $7260500.30   | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Karuna Therapeutics Inc                   | Karuna Therapeutics Inc                                 | CUSIP: 48576A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102528 | NS      | $20146752.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Kezar Life Sciences Inc                   | Kezar Life Sciences Inc                                 | CUSIP: 49372L100<br>LEI: 549300EV1V8GXBV18004 | Long             | EC               | CORP              | US        |    600079 | NS      | $4224556.16   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                 | Kinsale Capital Group Inc                               | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     83053 | NS      | $21720020.56  | 1.76%             |  |  |  | No            |                  1 | On Loan: —       |
| Kirby Corp                                | Kirby Corp                                              | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    275387 | NS      | $17721153.45  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                       | Krystal Biotech Inc                                     | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |    188275 | NS      | $14915145.50  | 1.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Lantheus Holdings Inc                     | Lantheus Holdings Inc                                   | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    697288 | NS      | $35533796.48  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                | MasTec Inc                                              | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |    522959 | NS      | $44624091.47  | 3.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Grand Canyon Education Inc                | Grand Canyon Education Inc                              | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     60051 | NS      | $6344988.66   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Plains Inc                          | Green Plains Inc                                        | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |    205945 | NS      | $6281322.50   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| HCI Group Inc                             | HCI Group Inc                                           | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |    180371 | NS      | $7140887.89   | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Hannon Armstrong Sustainable I            | Hannon Armstrong Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    392063 | NS      | $11361985.74  | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2023-02-24

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Scott Ostrowski

**Name of Signer:** Manager Directed Portfolios

**Title:** President