# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-015899
**Filing Date:** 2025-11
**Character Count:** 73889
**Document Hash:** 707f2f4833176c6b02e011869e7003e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015899.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015899

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21897
- **FILM NUMBER:** 251528768

**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

### Vert Global Sustainable Real Estate ETF (Series ID: S000083012)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000246488 | Vert Global Sustainable Real Estate ETF | VGSR            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Vert Global Sustainable Real Estate ETF** | **Vert Global Sustainable Real Estate ETF** | **Vert Global Sustainable Real Estate ETF** | **Vert Global Sustainable Real Estate ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **REAL ESTATE INVESTMENT TRUSTS - 99.2%** | **REAL ESTATE INVESTMENT TRUSTS - 99.2%** | **Shares** | **Value**  |
| **Diversified REITs - 7.5%** | **Diversified REITs - 7.5%** | **Diversified REITs - 7.5%** | |
| Activia Properties, Inc. | Activia Properties, Inc. | 986 | $898640 |
| Alexander & Baldwin, Inc. | Alexander & Baldwin, Inc. | 32880 | 598087 |
| American Assets Trust, Inc. | American Assets Trust, Inc. | 20869 | 424058 |
| British Land Co. PLC | British Land Co. PLC | 441211 | 2068251 |
| Charter Hall Long Wale REIT | Charter Hall Long Wale REIT | 298247 | 869721 |
| Covivio SA/France | Covivio SA/France | 24825 | 1668496 |
| Custodian Property Income Reit PLC | Custodian Property Income Reit PLC | 46700 | 50925 |
| Daiwa House REIT Investment Corp. | Daiwa House REIT Investment Corp. | 1948 | 1661970 |
| GPT Group | GPT Group | 880631 | 3134147 |
| Growthpoint Properties Australia Ltd. | Growthpoint Properties Australia Ltd. | 118508 | 201851 |
| Growthpoint Properties Ltd. | Growthpoint Properties Ltd. | 1586042 | 1354146 |
| Hulic Reit, Inc. | Hulic Reit, Inc. | 541 | 620913 |
| ICADE | ICADE | 15697 | 395072 |
| KDX Realty Investment Corp. | KDX Realty Investment Corp. | 1885 | 2150675 |
| Land Securities Group PLC | Land Securities Group PLC | 317065 | 2484273 |
| Merlin Properties Socimi SA | Merlin Properties Socimi SA | 183106 | 2762533 |
| Mirvac Group | Mirvac Group | 1809476 | 2722261 |
| Mori Trust Reit, Inc. | Mori Trust Reit, Inc. | 1239 | 635922 |
| Nomura Real Estate Master Fund, Inc. | Nomura Real Estate Master Fund, Inc. | 1763 | 1914786 |
| Picton Property Income Ltd. | Picton Property Income Ltd. | 170820 | 180525 |
| Redefine Properties Ltd. | Redefine Properties Ltd. | 3012537 | 867834 |
| Sekisui House Reit, Inc. | Sekisui House Reit, Inc. | 1924 | 1037007 |
| Stockland | Stockland | 1094960 | 4441204 |
| Tokyu REIT, Inc. | Tokyu REIT, Inc. | 409 | 554158 |
|  |  |  | 33697455 |
| **Health Care REITs - 12.2%** | **Health Care REITs - 12.2%** | **Health Care REITs - 12.2%** |  |
| Aedifica SA | Aedifica SA | 21734 | 1610144 |
| Alexandria Real Estate Equities, Inc. <sup>(a)</sup> | Alexandria Real Estate Equities, Inc. <sup>(a)</sup> | 70266 | 5855968 |
| Cofinimmo SA | Cofinimmo SA | 17413 | 1509975 |
| Healthpeak Properties, Inc. | Healthpeak Properties, Inc. | 318587 | 6100941 |
| Primary Health Properties PLC | Primary Health Properties PLC | 596995 | 733786 |
| Ventas, Inc. | Ventas, Inc. | 206992 | 14487370 |
| Welltower, Inc. | Welltower, Inc. | 137765 | 24541457 |
|  |  |  | 54839641 |
| **Hotel & Resort REITs - 2.1%** | **Hotel & Resort REITs - 2.1%** | **Hotel & Resort REITs - 2.1%** |  |
| CapitaLand Ascott Trust | CapitaLand Ascott Trust | 1208700 | 871929 |
| DiamondRock Hospitality Co. | DiamondRock Hospitality Co. | 94629 | 753247 |
| Hoshino Resorts REIT, Inc. | Hoshino Resorts REIT, Inc. | 270 | 492338 |
| Host Hotels & Resorts, Inc. | Host Hotels & Resorts, Inc. | 310332 | 5281851 |
| Japan Hotel REIT Investment Corp. | Japan Hotel REIT Investment Corp. | 2382 | 1438700 |
| RLJ Lodging Trust <sup>(a)</sup> | RLJ Lodging Trust <sup>(a)</sup> | 67864 | 488621 |
|  |  |  | 9326686 |
| **Industrial REITs - 17.3%** | **Industrial REITs - 17.3%** | **Industrial REITs - 17.3%** |  |
| Americold Realty Trust, Inc. | Americold Realty Trust, Inc. | 127779 | 1564015 |
| CapitaLand Ascendas REIT | CapitaLand Ascendas REIT | 1769300 | 3829000 |
| Dexus Industria REIT | Dexus Industria REIT | 104892 | 198820 |
| Dream Industrial Real Estate Investment Trust <sup>(a)</sup> | Dream Industrial Real Estate Investment Trust <sup>(a)</sup> | 59319 | 529923 |
| Frasers Logistics & Commercial Trust | Frasers Logistics & Commercial Trust | 1287600 | 948821 |
| GLP J-Reit | GLP J-Reit | 2001 | 1849453 |
| Goodman Group | Goodman Group | 940806 | 20439020 |
| Goodman Property Trust | Goodman Property Trust | 515948 | 638116 |
| Industrial & Infrastructure Fund Investment Corp. | Industrial & Infrastructure Fund Investment Corp. | 1128 | 1037224 |
| Japan Logistics Fund, Inc. | Japan Logistics Fund, Inc. | 1189 | 787380 |
| LaSalle Logiport REIT | LaSalle Logiport REIT | 804 | 781217 |
| LXP Industrial Trust | LXP Industrial Trust | 144068 | 1290849 |
| Mitsubishi Estate Logistics REIT Investment Corp. | Mitsubishi Estate Logistics REIT Investment Corp. | 672 | 553762 |
| Montea NV | Montea NV | 7955 | 641216 |
| Nippon Prologis REIT, Inc. | Nippon Prologis REIT, Inc. | 3065 | 1793114 |
| Prologis Property Mexico SAB de CV | Prologis Property Mexico SAB de CV | 481372 | 1969340 |
| Prologis, Inc. | Prologis, Inc. | 192913 | 22092397 |
| Rexford Industrial Realty, Inc. <sup>(a)</sup> | Rexford Industrial Realty, Inc. <sup>(a)</sup> | 106830 | 4391781 |
| Segro PLC | Segro PLC | 573520 | 5060380 |
| STAG Industrial, Inc. | STAG Industrial, Inc. | 82927 | 2926494 |
| Tritax Big Box REIT PLC | Tritax Big Box REIT PLC | 1021644 | 1987447 |
| Warehouses De Pauw CVA | Warehouses De Pauw CVA | 85545 | 2138977 |
|  |  |  | 77448746 |
| **Office REITs - 7.7%** | **Office REITs - 7.7%** | **Office REITs - 7.7%** |  |
| Allied Properties Real Estate Investment Trust <sup>(a)</sup> | Allied Properties Real Estate Investment Trust <sup>(a)</sup> | 23500 | 350287 |
| Brandywine Realty Trust | Brandywine Realty Trust | 66296 | 276454 |
| BXP, Inc. <sup>(a)</sup> | BXP, Inc. <sup>(a)</sup> | 67975 | 5053262 |
| CLS Holdings PLC | CLS Holdings PLC | 15840 | 12837 |
| Cousins Properties, Inc. | Cousins Properties, Inc. | 77110 | 2231563 |
| Cromwell Property Group | Cromwell Property Group | 790092 | 238254 |
| Derwent London PLC | Derwent London PLC | 50025 | 1173850 |
| Dexus <sup>(b)</sup> | Dexus <sup>(b)</sup> | 490942 | 2336177 |
| Dream Office Real Estate Investment Trust | Dream Office Real Estate Investment Trust | 3508 | 49869 |
| Empire State Realty Trust, Inc. - Class A | Empire State Realty Trust, Inc. - Class A | 56073 | 429519 |
| Gecina SA | Gecina SA | 20943 | 2099074 |
| Great Portland Estates PLC | Great Portland Estates PLC | 152951 | 655828 |
| Helical PLC | Helical PLC | 17189 | 47439 |
| Hudson Pacific Properties, Inc. <sup>(b)</sup> | Hudson Pacific Properties, Inc. <sup>(b)</sup> | 90954 | 251033 |
| Inmobiliaria Colonial Socimi SA | Inmobiliaria Colonial Socimi SA | 134924 | 880670 |
| Japan Prime Realty Investment Corp. | Japan Prime Realty Investment Corp. | 1580 | 1103010 |
| Japan Real Estate Investment Corp. | Japan Real Estate Investment Corp. | 2831 | 2386563 |
| JBG SMITH Properties <sup>(a)</sup> | JBG SMITH Properties <sup>(a)</sup> | 31074 | 691397 |
| Keppel REIT | Keppel REIT | 1187000 | 929933 |
| Kilroy Realty Corp. <sup>(a)</sup> | Kilroy Realty Corp. <sup>(a)</sup> | 52181 | 2204647 |
| Mori Hills REIT Investment Corp. | Mori Hills REIT Investment Corp. | 606 | 586776 |
| Nippon Building Fund, Inc. | Nippon Building Fund, Inc. | 3446 | 3255016 |
| NSI NV | NSI NV | 7443 | 186281 |
| Orix JREIT, Inc. | Orix JREIT, Inc. | 2317 | 1572017 |
| Precinct Properties New Zealand Ltd. <sup>(b)</sup> | Precinct Properties New Zealand Ltd. <sup>(b)</sup> | 647130 | 495997 |
| SL Green Realty Corp. | SL Green Realty Corp. | 31295 | 1871754 |
| Vornado Realty Trust | Vornado Realty Trust | 72583 | 2941789 |
| Workspace Group PLC | Workspace Group PLC | 65908 | 351811 |
|  |  |  | 34663107 |
| **Residential REITs - 12.0%** | **Residential REITs - 12.0%** | **Residential REITs - 12.0%** |  |
| Altarea SCA | Altarea SCA | 1901 | 234090 |
| AvalonBay Communities, Inc. <sup>(a)</sup> | AvalonBay Communities, Inc. <sup>(a)</sup> | 64766 | 12510848 |
| Care Property Invest NV | Care Property Invest NV | 10738 | 146864 |
| Centerspace | Centerspace | 6812 | 401227 |
| Equity LifeStyle Properties, Inc. | Equity LifeStyle Properties, Inc. | 83091 | 5043624 |
| Equity Residential | Equity Residential | 159648 | 10334015 |
| Essex Property Trust, Inc. <sup>(a)</sup> | Essex Property Trust, Inc. <sup>(a)</sup> | 29412 | 7872416 |
| Home Reit PLC <sup>(b)(c)</sup> | Home Reit PLC <sup>(b)(c)</sup> | 255956 | 31012 |
| InterRent Real Estate Investment Trust | InterRent Real Estate Investment Trust | 24900 | 239265 |
| Irish Residential Properties REIT PLC | Irish Residential Properties REIT PLC | 189315 | 217775 |
| Killam Apartment Real Estate Investment Trust | Killam Apartment Real Estate Investment Trust | 27142 | 350540 |
| Mid-America Apartment Communities, Inc. | Mid-America Apartment Communities, Inc. | 53063 | 7414493 |
| Minto Apartment Real Estate Investment Trust <sup>(d)</sup> | Minto Apartment Real Estate Investment Trust <sup>(d)</sup> | 11500 | 113892 |
| UDR, Inc. | UDR, Inc. | 142085 | 5294087 |
| UMH Properties, Inc. | UMH Properties, Inc. | 35683 | 529893 |
| UNITE Group PLC | UNITE Group PLC | 175141 | 1695293 |
| Veris Residential, Inc. | Veris Residential, Inc. | 37318 | 567234 |
| Xior Student Housing NV | Xior Student Housing NV | 14534 | 499518 |
|  |  |  | 53496086 |
| **Retail REITs - 19.4%** | **Retail REITs - 19.4%** | **Retail REITs - 19.4%** |  |
| Aeon Reit Investment Corp | Aeon Reit Investment Corp | 757 | 664813 |
| Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 141312 | 3911516 |
| CapitaLand Integrated Commercial Trust | CapitaLand Integrated Commercial Trust | 2724756 | 4839971 |
| Carmila SA | Carmila SA | 27725 | 572053 |
| Charter Hall Retail REIT | Charter Hall Retail REIT | 239609 | 655850 |
| Choice Properties Real Estate Investment Trust | Choice Properties Real Estate Investment Trust | 71734 | 757862 |
| Eurocommercial Properties NV | Eurocommercial Properties NV | 20453 | 640463 |
| Federal Realty Investment Trust | Federal Realty Investment Trust | 37048 | 3753333 |
| First Capital Real Estate Investment Trust <sup>(a)</sup> | First Capital Real Estate Investment Trust <sup>(a)</sup> | 45925 | 652535 |
| Frasers Centrepoint Trust | Frasers Centrepoint Trust | 597436 | 1075125 |
| Frontier Real Estate Investment Corp. | Frontier Real Estate Investment Corp. | 1163 | 703226 |
| Hammerson PLC <sup>(b)</sup> | Hammerson PLC <sup>(b)</sup> | 212956 | 833132 |
| Immobiliare Grande Distribuzione SIIQ SpA | Immobiliare Grande Distribuzione SIIQ SpA | 19790 | 80224 |
| Japan Metropolitan Fund Invest | Japan Metropolitan Fund Invest | 3297 | 2538300 |
| Kimco Realty Corp. <sup>(a)</sup> | Kimco Realty Corp. <sup>(a)</sup> | 306704 | 6701482 |
| Kiwi Property Group Ltd. | Kiwi Property Group Ltd. | 777583 | 476336 |
| Klepierre SA | Klepierre SA | 100184 | 3903487 |
| Lendlease Global Commercial REIT | Lendlease Global Commercial REIT | 831697 | 403204 |
| Macerich Co. | Macerich Co. | 116417 | 2118789 |
| Mercialys SA | Mercialys SA | 44581 | 574117 |
| Phillips Edison & Co., Inc. | Phillips Edison & Co., Inc. | 58128 | 1995534 |
| Regency Centers Corp. | Regency Centers Corp. | 78365 | 5712809 |
| RioCan Real Estate Investment Trust | RioCan Real Estate Investment Trust | 70513 | 960343 |
| Scentre Group | Scentre Group | 2418516 | 6539735 |
| Shaftesbury Capital PLC | Shaftesbury Capital PLC | 583790 | 1115237 |
| Simon Property Group, Inc. | Simon Property Group, Inc. | 128817 | 24175086 |
| Unibail-Rodamco-Westfield | Unibail-Rodamco-Westfield | 56123 | 5898105 |
| Urban Edge Properties | Urban Edge Properties | 51963 | 1063683 |
| Vastned Belgium NV | Vastned Belgium NV | 3705 | 130602 |
| Vicinity Ltd. | Vicinity Ltd. | 1781887 | 2975992 |
| Wereldhave Belgium Comm VA | Wereldhave Belgium Comm VA | 447 | 27207 |
| Wereldhave NV | Wereldhave NV | 18651 | 416824 |
|  |  |  | 86866975 |
| **Specialized REITs - 21.0%** | **Specialized REITs - 21.0%** | **Specialized REITs - 21.0%** |  |
| American Tower Corp. | American Tower Corp. | 103122 | 19832423 |
| Big Yellow Group PLC | Big Yellow Group PLC | 85357 | 1116949 |
| Charter Hall Social Infrastructure REIT | Charter Hall Social Infrastructure REIT | 168846 | 379351 |
| Digital Realty Trust, Inc. | Digital Realty Trust, Inc. | 131283 | 22696205 |
| Equinix, Inc. | Equinix, Inc. | 27244 | 21338591 |
| Extra Space Storage, Inc. | Extra Space Storage, Inc. | 96921 | 13660046 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | 134581 | 13719187 |
| Safestore Holdings PLC | Safestore Holdings PLC | 100336 | 888814 |
| Shurgard Self Storage Ltd. | Shurgard Self Storage Ltd. | 13200 | 500200 |
|  |  |  | 94131766 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $399,339,762) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $399,339,762) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $399,339,762) | 444470462 |
| **SHORT-TERM INVESTMENTS – 8.9%** | **SHORT-TERM INVESTMENTS – 8.9%** |  | **<u>Value</u>** |
| **Investments Purchased with Proceeds from Securities Lending - 8.4%** | **Investments Purchased with Proceeds from Securities Lending - 8.4%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(e)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(e)</sup> | 37906825 | 37906825 |
| **Money Market Funds - 0.5%** | **Money Market Funds - 0.5%** | **<u>Shares</u>** |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.06% <sup>(e)</sup> | Invesco Government & Agency Portfolio - Institutional Class, 4.06% <sup>(e)</sup> | 2140401 | 2140401 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $40,047,226) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $40,047,226) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $40,047,226) | 40047226 |
| **TOTAL INVESTMENTS - 108.1% (**Cost $439,386,988**)** | **TOTAL INVESTMENTS - 108.1% (**Cost $439,386,988**)** | **TOTAL INVESTMENTS - 108.1% (**Cost $439,386,988**)** | 484517688 |
| Liabilities in Excess of Other Assets - (8.1)% | Liabilities in Excess of Other Assets - (8.1)% | Liabilities in Excess of Other Assets - (8.1)% | (36220992) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $448296696 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $36,902,592.

(b) Non-income producing security.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $31,012 or 0.0% of net assets as of September 30, 2025.

(d) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of September 30, 2025, the value of these securities total $113,892 or 0.0% of the Fund's net assets.

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

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | $444439450 | $– | $31012 | $444470462 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 37906825 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2140401 | – | – | 2140401 |
| Total Investments | $446579851 | $– | $31012 | $484517688 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $37,906,825 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

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

- **a. Name of Series:** Vert Global Sustainable Real Estate ETF

- **b. EDGAR series identifier (if any):** S000083012

- **c. LEI of Series:** 529900XBXJ8L1CX3YX02

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $487534184.28

**Total Liabilities:** $39237878.44

**Net Assets:** $448296305.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246488 | -1.06%               | 3.38%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1601.03                 | $-4877220.04                               |
| Month 2  | $196397.42               | $13009321.93                               |
| Month 3  | $-1036826.78             | $3295722.09                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Empire State Realty Trust Inc             | Empire State Realty Trust Inc                    | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     56073 | NS      | $429519.18    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                               | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     27244 | NS      | $21338590.56  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In            | Equity LifeStyle Properties Inc                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     83091 | NS      | $5043623.70   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                        | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    159648 | NS      | $10334015.04  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                  | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     29412 | NS      | $7872415.92   | 1.76%             |  |  |  | No            |                  1 | On Loan: —       |
| Extra Space Storage Inc                   | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96921 | NS      | $13660045.74  | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus            | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     37048 | NS      | $3753332.88   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Property Trust                    | Goodman Property Trust                           | CUSIP: N/A<br>LEI: 213800EWCLT1H1U94486       | Long             | EC               | CORP              | NZ        |    515948 | NS      | $638115.70    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                 | Gecina SA                                        | CUSIP: N/A<br>LEI: 9695003E4MMA10IBTR26       | Long             | EC               | CORP              | FR        |     20943 | NS      | $2099073.98   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                   | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    142085 | NS      | $5294087.10   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                        | UMH Properties Inc                               | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     35683 | NS      | $529892.55    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Real Estate Investmen            | Frontier Real Estate Investment Corp             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1163 | NS      | $703225.78    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                             | Goodman Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    940806 | NS      | $20439020.64  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Centrepoint Trust                 | Frasers Centrepoint Trust                        | CUSIP: N/A<br>LEI: 5493002RGQ266FKERZ83       | Long             | EC               | CORP              | SG        |    597436 | NS      | $1075125.29   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP J-Reit                                | GLP J-Reit                                       | CUSIP: N/A<br>LEI: 353800E27V9KA51K2I90       | Long             | EC               | CORP              | JP        |      2001 | NS      | $1849453.23   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                 | Unibail-Rodamco-Westfield                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |     56123 | NS      | $5898104.86   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tritax Big Box REIT PLC                   | Tritax Big Box REIT PLC                          | CUSIP: N/A<br>LEI: 213800L6X88MIYPVR714       | Long             | EC               | CORP              | GB        |   1021644 | NS      | $1987446.93   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| First Capital Real Estate Inve            | First Capital Real Estate Investment Trust       | CUSIP: 31890B103<br>LEI: 54930042UG2WCIIAQZ39 | Long             | EC               | CORP              | CA        |     45925 | NS      | $652535.04    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Eurocommercial Properties NV              | Eurocommercial Properties NV                     | CUSIP: N/A<br>LEI: 724500SFK53FPNM68L95       | Long             | EC               | CORP              | NL        |     20453 | NS      | $640463.01    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Office Real Estate Inves            | Dream Office Real Estate Investment Trust        | CUSIP: 26153P203<br>LEI: 549300WQI5VPNY3ILE95 | Long             | EC               | CORP              | CA        |      3508 | NS      | $49869.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Logistics & Commercial            | Frasers Logistics & Commercial Trust             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1287600 | NS      | $948820.97    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave NV                             | Wereldhave NV                                    | CUSIP: N/A<br>LEI: 724500YRQCY3BD9RJZ92       | Long             | EC               | CORP              | NL        |     18651 | NS      | $416823.75    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave Belgium Comm VA                | Wereldhave Belgium Comm VA                       | CUSIP: N/A<br>LEI: 549300WKEX26S4CUA403       | Long             | EC               | CORP              | BE        |       447 | NS      | $27206.78     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Workspace Group PLC                       | Workspace Group PLC                              | CUSIP: N/A<br>LEI: 2138003GUZRFIN3UT430       | Long             | EC               | CORP              | GB        |     65908 | NS      | $351811.01    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Xior Student Housing NV                   | Xior Student Housing NV                          | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |     14534 | NS      | $499517.66    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                        | Derwent London PLC                               | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |     50025 | NS      | $1173849.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                               | Centerspace                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |      6812 | NS      | $401226.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                    | Cousins Properties Inc                           | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     77110 | NS      | $2231563.40   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan REIT                               | RioCan Real Estate Investment Trust              | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     70513 | NS      | $960343.07    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                | DiamondRock Hospitality Co                       | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     94629 | NS      | $753246.84    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                  | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    131283 | NS      | $22696205.04  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cofinimmo SA                              | Cofinimmo SA                                     | CUSIP: N/A<br>LEI: 549300TM914CSF6KI389       | Long             | EC               | CORP              | BE        |     17413 | NS      | $1509975.09   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    318587 | NS      | $6100941.05   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                        | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    310332 | NS      | $5281850.64   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc             | Hudson Pacific Properties Inc                    | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90954 | NS      | $251033.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ICADE                                     | ICADE                                            | CUSIP: N/A<br>LEI: 969500UDH342QLTE1M42       | Long             | EC               | CORP              | FR        |     15697 | NS      | $395071.72    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                         | Iron Mountain Inc                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    134581 | NS      | $13719187.14  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Precinct Properties New Zealan            | Precinct Properties New Zealand Ltd              | CUSIP: N/A<br>LEI: 9845001BD9S8C9A04510       | Long             | EC               | CORP              | NZ        |    647130 | NS      | $495997.35    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cromwell Property Group                   | Cromwell Property Group                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    790092 | NS      | $238253.95    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Retail REIT                  | Charter Hall Retail REIT                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    239609 | NS      | $655849.56    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GPT Group/The                             | GPT Group/The                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    880631 | NS      | $3134146.62   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Metropolitan Fund Invest            | Japan Metropolitan Fund Invest                   | CUSIP: N/A<br>LEI: 353800QDHNIP60E1LQ93       | Long             | EC               | CORP              | JP        |      3297 | NS      | $2538300.44   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Orix JREIT Inc                            | Orix JREIT Inc                                   | CUSIP: N/A<br>LEI: 353800WVNTBIU65TA247       | Long             | EC               | CORP              | JP        |      2317 | NS      | $1572017.47   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Prime Realty Investment             | Japan Prime Realty Investment Corp               | CUSIP: N/A<br>LEI: 353800NJOQJAY1ODEX72       | Long             | EC               | CORP              | JP        |      1580 | NS      | $1103009.78   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyu REIT Inc                            | Tokyu REIT Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       409 | NS      | $554158.51    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Trust Reit Inc                       | Mori Trust Reit Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1239 | NS      | $635922.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockland                                 | Stockland                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1094960 | NS      | $4441204.09   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                  | Phillips Edison & Co Inc                         | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     58128 | NS      | $1995534.24   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                              | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    192913 | NS      | $22092396.76  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                         | RLJ Lodging Trust                                | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67864 | NS      | $488620.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Regency Centers Corp                      | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     78365 | NS      | $5712808.50   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc             | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    106830 | NS      | $4391781.30   | 0.98%             |  |  |  | No            |                  1 | On Loan: —       |
| Covivio SA/France                         | Covivio SA/France                                | CUSIP: N/A<br>LEI: 969500P8M3W2XX376054       | Long             | EC               | CORP              | FR        |     24825 | NS      | $1668495.76   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                      | SL Green Realty Corp                             | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     31295 | NS      | $1871753.95   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio            | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2136300 | NS      | $2136300.26   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    128817 | NS      | $24175086.39  | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                       | STAG Industrial Inc                              | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     82927 | NS      | $2926493.83   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  37906825 | NS      | $37906825.00  | 8.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                     | Dexus                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    490942 | NS      | $2336176.69   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Logistics Fund Inc                  | Japan Logistics Fund Inc                         | CUSIP: N/A<br>LEI: 3538004KZWISCQO70151       | Long             | EC               | CORP              | JP        |      1189 | NS      | $787379.90    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Helical PLC                               | Helical PLC                                      | CUSIP: N/A<br>LEI: 2138003SBD2Z7WV2MP70       | Long             | EC               | CORP              | GB        |     17189 | NS      | $47438.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Picton Property Income Ltd                | Picton Property Income Ltd                       | CUSIP: N/A<br>LEI: 213800RYE59K9CKR4497       | Long             | EC               | CORP              | GB        |    170820 | NS      | $180524.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Residential Invest            | Daiwa House REIT Investment Corp                 | CUSIP: N/A<br>LEI: 3538001FWU534P8JMO05       | Long             | EC               | CORP              | JP        |      1948 | NS      | $1661969.73   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Hotel REIT Investment Co            | Japan Hotel REIT Investment Corp                 | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        |      2382 | NS      | $1438699.94   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Montea NV                                 | Montea NV                                        | CUSIP: N/A<br>LEI: 5493006K5LQDD0GK1T60       | Long             | EC               | CORP              | BE        |      7955 | NS      | $641215.66    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Hills REIT Investment Cor            | Mori Hills REIT Investment Corp                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       606 | NS      | $586775.91    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme            | InterRent Real Estate Investment Trust           | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     24900 | NS      | $239264.77    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Safestore Holdings PLC                    | Safestore Holdings PLC                           | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        |    100336 | NS      | $888813.79    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Austral            | Growthpoint Properties Australia Ltd             | CUSIP: N/A<br>LEI: 529900VCPJ9IEDF4TJ03       | Long             | EC               | CORP              | AU        |    118508 | NS      | $201851.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Infrastructure Fu            | Industrial & Infrastructure Fund Investment Corp | CUSIP: N/A<br>LEI: 353800WCHFY04YKYCI19       | Long             | EC               | CORP              | JP        |      1128 | NS      | $1037223.82   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmila SA                                | Carmila SA                                       | CUSIP: N/A<br>LEI: 222100P6D3QKU33LZQ72       | Long             | EC               | CORP              | FR        |     27725 | NS      | $572052.50    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                 | Segro PLC                                        | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        |    573520 | NS      | $5060379.75   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaftesbury Capital PLC                   | Shaftesbury Capital PLC                          | CUSIP: N/A<br>LEI: 549300TTXXZ1SHUI0D54       | Long             | EC               | CORP              | GB        |    583790 | NS      | $1115236.95   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                | Growthpoint Properties Ltd                       | CUSIP: N/A<br>LEI: 37890019DD1E46632291       | Long             | EC               | CORP              | ZA        |   1586042 | NS      | $1354145.70   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc                  | Hoshino Resorts REIT Inc                         | CUSIP: N/A<br>LEI: 353800DF2MUZWFL4IL56       | Long             | EC               | CORP              | JP        |       270 | NS      | $492338.42    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Properties Real Estate             | Choice Properties Real Estate Investment Trust   | CUSIP: 17039A106<br>LEI: 5493007MYGFSLOZGT937 | Long             | EC               | CORP              | CA        |     71734 | NS      | $757862.44    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Colonial SFL Socimi SA                    | Colonial SFL Socimi SA                           | CUSIP: N/A<br>LEI: 95980020140005007414       | Long             | EC               | CORP              | ES        |    134924 | NS      | $880669.78    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Long Wale REIT               | Charter Hall Long Wale REIT                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    298247 | NS      | $869720.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CLS Holdings PLC                          | CLS Holdings PLC                                 | CUSIP: N/A<br>LEI: 213800A357TKB2TD9U78       | Long             | EC               | CORP              | GB        |     15840 | NS      | $12837.48     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Immobiliare Grande Distribuzio            | Immobiliare Grande Distribuzione SIIQ SpA        | CUSIP: N/A<br>LEI: 815600CF8C0389D0E272       | Long             | EC               | CORP              | IT        |     19790 | NS      | $80224.07     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Logistics RE            | Mitsubishi Estate Logistics REIT Investment Corp | CUSIP: N/A<br>LEI: 353800YYSGZU31ICQK38       | Long             | EC               | CORP              | JP        |       672 | NS      | $553762.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Portland Estates PLC                | Great Portland Estates PLC                       | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    152951 | NS      | $655827.86    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Social Infrastruc            | Charter Hall Social Infrastructure REIT          | CUSIP: N/A<br>LEI: 254900W31UGIMDQW3W98       | Long             | EC               | CORP              | AU        |    168846 | NS      | $379351.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Reit Inc                            | Hulic Reit Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       541 | NS      | $620912.75    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Irish Residential Properties R            | Irish Residential Properties REIT PLC            | CUSIP: N/A<br>LEI: 635400EOPACLULRENY18       | Long             | EC               | CORP              | IE        |    189315 | NS      | $217774.76    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Custodian Property Income Reit            | Custodian Property Income Reit PLC               | CUSIP: N/A<br>LEI: 2138001BOD1J5XK1CX76       | Long             | EC               | CORP              | GB        |     46700 | NS      | $50924.88     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Reit PLC                             | Home Reit PLC                                    | CUSIP: N/A<br>LEI: 213800A53AOVH3FCGG44       | Long             | EC               | CORP              | GB        |    255956 | NS      | $31012.44     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Scentre Group                             | Scentre Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2418516 | NS      | $6539735.48   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Industrial Real Estate I            | Dream Industrial Real Estate Investment Trust    | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     59319 | NS      | $529923.22    | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Redefine Properties Ltd                   | Redefine Properties Ltd                          | CUSIP: N/A<br>LEI: 37890061EC026A7DA532       | Long             | EC               | CORP              | ZA        |   3012537 | NS      | $867834.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de            | Prologis Property Mexico SA de CV                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    481372 | NS      | $1969340.41   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus Industria REIT                      | Dexus Industria REIT                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    104892 | NS      | $198819.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Shurgard Self Storage Ltd                 | Shurgard Self Storage Ltd                        | CUSIP: N/A<br>LEI: 549300J0UEIKU81XO336       | Long             | EC               | CORP              | LU        |     13200 | NS      | $500199.75    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammerson PLC                             | Hammerson PLC                                    | CUSIP: N/A<br>LEI: 213800G1C9KKVVDN1A60       | Long             | EC               | CORP              | GB        |    212956 | NS      | $833131.58    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Reit Inc                    | Sekisui House Reit Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1924 | NS      | $1037007.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Primary Health Properties PLC             | Primary Health Properties PLC                    | CUSIP: N/A<br>LEI: 213800Y5CJHXOATK7X11       | Long             | EC               | CORP              | GB        |    596995 | NS      | $733786.26    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| British Land Co PLC/The                   | British Land Co PLC/The                          | CUSIP: N/A<br>LEI: RV5B68J2GV3QGMRPW209       | Long             | EC               | CORP              | GB        |    441211 | NS      | $2068250.81   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                      | Big Yellow Group PLC                             | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     85357 | NS      | $1116949.43   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                       | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    103122 | NS      | $19832423.04  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    127779 | NS      | $1564014.96   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                 | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     64766 | NS      | $12510848.22  | 2.79%             |  |  |  | No            |                  1 | On Loan: —       |
| BXP Inc                                   | BXP Inc                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     67975 | NS      | $5053261.50   | 1.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Brandywine Realty Trust                   | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     66296 | NS      | $276454.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group Inc                       | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    141312 | NS      | $3911516.16   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                      | JBG SMITH Properties                             | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31074 | NS      | $691396.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Kilroy Realty Corp                        | Kilroy Realty Corp                               | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     52181 | NS      | $2204647.25   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corp                         | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    306704 | NS      | $6701482.40   | 1.49%             |  |  |  | No            |                  1 | On Loan: —       |
| LXP Industrial Trust                      | LXP Industrial Trust                             | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    144068 | NS      | $1290849.28   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                           | Macerich Co/The                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    116417 | NS      | $2118789.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit            | Mid-America Apartment Communities Inc            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     53063 | NS      | $7414492.99   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirvac Group                              | Mirvac Group                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1809476 | NS      | $2722260.86   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc                  | Nippon Building Fund Inc                         | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        |      3446 | NS      | $3255015.74   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment C            | Japan Real Estate Investment Corp                | CUSIP: N/A<br>LEI: 3538003YAIR3CBGJJ928       | Long             | EC               | CORP              | JP        |      2831 | NS      | $2386562.62   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commerci            | CapitaLand Integrated Commercial Trust           | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |   2724756 | NS      | $4839971.49   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT                  | CapitaLand Ascendas REIT                         | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |   1769300 | NS      | $3829000.16   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                              | Klepierre SA                                     | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |    100184 | NS      | $3903486.76   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| KDX Realty Investment Corp                | KDX Realty Investment Corp                       | CUSIP: N/A<br>LEI: 353800FFT483NCIHFY42       | Long             | EC               | CORP              | JP        |      1885 | NS      | $2150675.42   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercialys SA                              | Mercialys SA                                     | CUSIP: N/A<br>LEI: 969500081CGAXB7YS433       | Long             | EC               | CORP              | FR        |     44581 | NS      | $574116.70    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel REIT                               | Keppel REIT                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1187000 | NS      | $929933.29    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Prologis REIT Inc                  | Nippon Prologis REIT Inc                         | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        |      3065 | NS      | $1793113.72   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Minto Apartment Real Estate In            | Minto Apartment Real Estate Investment Trust     | CUSIP: 60448E103<br>LEI: 8945004CL5S09C4BXW65 | Long             | EC               | CORP              | CA        |     11500 | NS      | $113892.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LaSalle Logiport REIT                     | LaSalle Logiport REIT                            | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |       804 | NS      | $781216.78    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascott Trust                   | CapitaLand Ascott Trust                          | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |   1208700 | NS      | $871929.10    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendlease Global Commercial RE            | Lendlease Global Commercial REIT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |    831697 | NS      | $403204.02    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Care Property Invest NV                   | Care Property Invest NV                          | CUSIP: N/A<br>LEI: 54930096UUTCOUCQDU64       | Long             | EC               | CORP              | BE        |     10738 | NS      | $146864.29    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA               | Merlin Properties Socimi SA                      | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        |    183106 | NS      | $2762532.65   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiwi Property Group Ltd                   | Kiwi Property Group Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    777583 | NS      | $476335.68    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Real Estate Master Fund            | Nomura Real Estate Master Fund Inc               | CUSIP: N/A<br>LEI: 353800TNNZOQ1CPZE086       | Long             | EC               | CORP              | JP        |      1763 | NS      | $1914786.20   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Land Securities Group PLC                 | Land Securities Group PLC                        | CUSIP: N/A<br>LEI: 213800V8IAVKS37D6B88       | Long             | EC               | CORP              | GB        |    317065 | NS      | $2484273.42   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Killam Apartment Real Estate I            | Killam Apartment Real Estate Investment Trust    | CUSIP: 49410M102<br>LEI: 2549001RZSL75H60JE41 | Long             | EC               | CORP              | CA        |     27142 | NS      | $350540.28    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NSI NV                                    | NSI NV                                           | CUSIP: N/A<br>LEI: 724500I77C30W2LZZJ03       | Long             | EC               | CORP              | NL        |      7443 | NS      | $186280.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                   | Alexander & Baldwin Inc                          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32880 | NS      | $598087.20    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     70266 | NS      | $5855968.44   | 1.31%             |  |  |  | No            |                  1 | On Loan: —       |
| American Assets Trust Inc                 | American Assets Trust Inc                        | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20869 | NS      | $424058.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                       | UNITE Group PLC/The                              | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    175141 | NS      | $1695293.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties Real Estate             | Allied Properties Real Estate Investment Trust   | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | CORP              | CA        |     23500 | NS      | $350287.48    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Altarea SCA                               | Altarea SCA                                      | CUSIP: N/A<br>LEI: 969500ICGCY1PD6OT783       | Long             | EC               | CORP              | FR        |      1901 | NS      | $234090.19    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                     | Veris Residential Inc                            | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     37318 | NS      | $567233.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vastned NV                                | Vastned NV                                       | CUSIP: N/A<br>LEI: 54930068RSC6OT68NE51       | Long             | EC               | CORP              | BE        |      3705 | NS      | $130601.84    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                     | Urban Edge Properties                            | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51963 | NS      | $1063682.61   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    206992 | NS      | $14487370.08  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                      | Vornado Realty Trust                             | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72583 | NS      | $2941788.99   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                             | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    137765 | NS      | $24541457.10  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                               | Aedifica SA                                      | CUSIP: N/A<br>LEI: 529900DTKNXL0AXQFN28       | Long             | EC               | CORP              | BE        |     21734 | NS      | $1610143.47   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Activia Properties Inc                    | Activia Properties Inc                           | CUSIP: N/A<br>LEI: 353800RPGYN3ML8CXV54       | Long             | EC               | CORP              | JP        |       986 | NS      | $898639.67    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AEON REIT Investment Corp                 | AEON REIT Investment Corp                        | CUSIP: N/A<br>LEI: 353800P59F8MJB4FE788       | Long             | EC               | CORP              | JP        |       757 | NS      | $664812.95    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                    | Warehouses De Pauw CVA                           | CUSIP: N/A<br>LEI: 549300HWDYC5JXC85138       | Long             | EC               | CORP              | BE        |     85545 | NS      | $2138976.81   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicinity Ltd                              | Vicinity Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1781887 | NS      | $2975991.97   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President