# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0000894189-25-005985
**Filing Date:** 2025-8
**Character Count:** 38746
**Document Hash:** f8837ae993270342bab0b5028c8a1cfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005985.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000894189-25-005985

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20250630

**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:** 251261118

**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:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $4652250115.49

**Total Liabilities:** $749607190.76

**Net Assets:** $3902642924.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034642 | -1.17%               | 8.03%                | 9.41%                |
| Class ID C000160233 | -1.19%               | 8.01%                | 9.39%                |
| Class ID C000179260 | -1.15%               | 8.04%                | 9.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-169345536.87           | $132545229.53                              |
| Month 2  | $-81008570.64            | $348114640.12                              |
| Month 3  | $64804888.42             | $273480816.70                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RXO Inc                                   | RXO Inc                                   | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    413574 | NS      | $6501383.28   | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    492496 | NS      | $31529593.92  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwire Corp                              | Redwire Corp                              | CUSIP: 75776W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1203287 | NS      | $19613578.10  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    623433 | NS      | $22936100.07  | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    306271 | NS      | $19353264.49  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Scholar Rock Holding Corp                 | Scholar Rock Holding Corp                 | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |   1070604 | NS      | $37920793.68  | 0.97%             |  |  |  | No            |                  1 | On Loan: —       |
| Select Medical Holdings Corp              | Select Medical Holdings Corp              | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    902240 | NS      | $13696003.20  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |   1235498 | NS      | $55770379.72  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                               | SiTime Corp                               | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    313711 | NS      | $66845539.88  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc              | Slide Insurance Holdings Inc              | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |    849570 | NS      | $18401686.20  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                      | TTM Technologies Inc                      | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    540997 | NS      | $22083497.54  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc                  | Tandem Diabetes Care Inc                  | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |   1479430 | NS      | $27576575.20  | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| TG Therapeutics Inc                       | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    933712 | NS      | $33604294.88  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Transcat Inc                              | Transcat Inc                              | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |    218385 | NS      | $18772374.60  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                     | TransMedics Group Inc                     | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |    365464 | NS      | $48975830.64  | 1.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Universal Technical Institute             | Universal Technical Institute Inc         | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    891164 | NS      | $30201547.96  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                       | Varonis Systems Inc                       | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |   1036934 | NS      | $52624400.50  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                         | Verona Pharma PLC                         | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |    820644 | NS      | $77616509.52  | 1.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Signet Jewelers Ltd                       | Signet Jewelers Ltd                       | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |    412015 | NS      | $32775793.25  | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| ZoomInfo Technologies Inc                 | ZoomInfo Technologies Inc                 | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |   1849611 | NS      | $18718063.32  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |   1145394 | NS      | $50156803.26  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund  | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  69289180 | NS      | $69289179.60  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    323990 | NS      | $43784008.60  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                             | HCI Group Inc                             | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |    574137 | NS      | $87383651.40  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure             | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    532501 | NS      | $14302976.86  | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Hinge Health Inc                          | Hinge Health Inc                          | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    267640 | NS      | $13850370.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    563108 | NS      | $56671189.12  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                             | Interface Inc                             | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |   1046515 | NS      | $21903558.95  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    369182 | NS      | $18595697.34  | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| Kirby Corp                                | Kirby Corp                                | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |    347247 | NS      | $39381282.27  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                          | Knife River Corp                          | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    336164 | NS      | $27444428.96  | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |   1518459 | NS      | $70532420.55  | 1.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Krystal Biotech Inc                       | Krystal Biotech Inc                       | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |    288745 | NS      | $39690887.70  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc                        | Kura Sushi USA Inc                        | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    199136 | NS      | $17141626.88  | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Landbridge Co LLC                         | Landbridge Co LLC                         | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    645110 | NS      | $43596533.80  | 1.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Lantheus Holdings Inc                     | Lantheus Holdings Inc                     | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    240668 | NS      | $19701082.48  | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    396552 | NS      | $19427082.48  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1843212 | NS      | $55904619.96  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                            | Lovesac Co/The                            | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    633889 | NS      | $11536779.80  | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |   1179954 | NS      | $112166427.24 | 2.87%             |  |  |  | No            |                  1 | On Loan: —       |
| Madrigal Pharmaceuticals Inc              | Madrigal Pharmaceuticals Inc              | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |    134720 | NS      | $40771660.80  | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| MasTec Inc                                | MasTec Inc                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |    940409 | NS      | $160273905.87 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                   | Mirion Technologies Inc                   | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    951076 | NS      | $20476666.28  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Modine Manufacturing Co                   | Modine Manufacturing Co                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    365299 | NS      | $35981951.50  | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| MoonLake Immunotherapeutics               | MoonLake Immunotherapeutics               | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    354124 | NS      | $16714652.80  | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| NANO Nuclear Energy Inc                   | NANO Nuclear Energy Inc                   | CUSIP: 63010H108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    892513 | NS      | $30782773.37  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                 | nCino Inc                                 | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |    644473 | NS      | $18025909.81  | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| Neurocrine Biosciences Inc                | Neurocrine Biosciences Inc                | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    119014 | NS      | $14958869.66  | 0.38%             |  |  |  | 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        | 743085431 | NS      | $743085430.78 | 19.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |    154091 | NS      | $45407535.88  | 1.16%             |  |  |  | No            |                  1 | On Loan: —       |
| JFrog Ltd                                 | JFrog Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    673290 | NS      | $29543965.20  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kornit Digital Ltd                        | Kornit Digital Ltd                        | CUSIP: N/A<br>LEI: 5299006DPCQWP3VTFK34       | Long             | EC               | CORP              | IL        |   1373156 | NS      | $27339535.96  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                                  | IREN Ltd                                  | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |   2455809 | NS      | $35781137.13  | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Oil & Gas Inc                    | Northern Oil & Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    777893 | NS      | $22053266.55  | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Oklo Inc                                  | Oklo Inc                                  | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    402535 | NS      | $22537934.65  | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| OSI Systems Inc                           | OSI Systems Inc                           | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |    241803 | NS      | $54371822.58  | 1.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Ollie's Bargain Outlet Holding            | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    647368 | NS      | $85310155.04  | 2.19%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                      | PTC Therapeutics Inc                      | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |    349019 | NS      | $17046087.96  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                       | PAR Technology Corp                       | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |    239606 | NS      | $16621468.22  | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Q2 Holdings Inc                           | Q2 Holdings Inc                           | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    401090 | NS      | $37538013.10  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                           | CUSIP: N/A<br>LEI: 254900QH12XZS53G0V57       | Long             | EC               | CORP              | IL        |    443567 | NS      | $33476001.49  | 0.86%             |  |  |  | No            |                  1 | On Loan: —       |
| Waystar Holding Corp                      | Waystar Holding Corp                      | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    542709 | NS      | $22180516.83  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                              | WesBanco Inc                              | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    615198 | NS      | $19458712.74  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                  | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    328947 | NS      | $25651287.06  | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| XPO Inc                                   | XPO Inc                                   | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |    539269 | NS      | $68104282.01  | 1.75%             |  |  |  | No            |                  1 | On Loan: —       |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    738220 | NS      | $42012100.20  | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| QXO Inc                                   | QXO Inc                                   | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4715757 | NS      | $101577405.78 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                            | API Group Corp                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    841980 | NS      | $42983079.00  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp              | American Superconductor Corp              | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    756135 | NS      | $27742593.15  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |  11728777 | NS      | $118108784.39 | 3.03%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                              | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1637849 | NS      | $53672311.73  | 1.38%             |  |  |  | No            |                  1 | On Loan: —       |
| CECO Environmental Corp                   | CECO Environmental Corp                   | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |   1247755 | NS      | $35323944.05  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Celsius Holdings Inc                      | Celsius Holdings Inc                      | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    694011 | NS      | $32195170.29  | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Chart Industries Inc                      | Chart Industries Inc                      | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |    126591 | NS      | $20843208.15  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |    638052 | NS      | $51892769.16  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                         | Clean Harbors Inc                         | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     85734 | NS      | $19819986.12  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2434846 | NS      | $53396172.78  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                               | Enovis Corp                               | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |    951917 | NS      | $29852117.12  | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    128037 | NS      | $68654719.77  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren            | Concentra Group Holdings Parent Inc       | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc             | Crinetics Pharmaceuticals Inc             | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    471731 | NS      | $13566983.56  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Customers Bancorp Inc                     | Customers Bancorp Inc                     | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    858280 | NS      | $50415367.20  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc                                  | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    493710 | NS      | $132516701.10 | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Denison Mines Corp                        | Denison Mines Corp                        | CUSIP: 248356107<br>LEI: 529900JWGSW17LJK6586 | Long             | EC               | CORP              | CA        |  17021024 | NS      | $30978263.68  | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                 | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |    480278 | NS      | $13716739.68  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Eagle Materials Inc                       | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |    178747 | NS      | $36126556.17  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    292054 | NS      | $45052250.04  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |    164456 | NS      | $31554172.72  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                              | Freshpet Inc                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |    264630 | NS      | $17984254.80  | 0.46%             |  |  |  | No            |                  1 | On Loan: —       |
| FTAI Infrastructure Inc                   | FTAI Infrastructure Inc                   | CUSIP: 35953C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3796029 | NS      | $23421498.93  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                  | Granite Construction Inc                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |    418627 | NS      | $39145810.77  | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Cariloha 15 12/31/2025                    | Cariloha 15 12/31/2025                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6500000.00   | 0.17%             | 2025-12-31      | Fixed         | 15.00%                | No            |                  3 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   3135884 | NS      | $32613193.60  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                     | CyberArk Software Ltd                     | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |    135049 | NS      | $54948737.12  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |     37856 | NS      | $31342496.64  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |    200174 | NS      | $20896163.86  | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| BioCryst Pharmaceuticals Inc              | BioCryst Pharmaceuticals Inc              | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    672061 | NS      | $6021666.56   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackBerry Ltd                            | BlackBerry Ltd                            | CUSIP: 09228F103<br>LEI: 549300HJD8NEGT71RF07 | Long             | EC               | CORP              | CA        |   7248714 | NS      | $33199110.12  | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Academy Sports & Outdoors Inc             | Academy Sports & Outdoors Inc             | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    504771 | NS      | $22618788.51  | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |   1868270 | NS      | $85772275.70  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                  | Alignment Healthcare Inc                  | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3554937 | NS      | $49769118.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     78668 | NS      | $4184350.92   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc                | Camping World Holdings Inc                | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |   1155476 | NS      | $19862632.44  | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| CareDx Inc                                | CareDx Inc                                | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |    951377 | NS      | $18589906.58  | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President