# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-247598
**Filing Date:** 2026-5
**Character Count:** 47152
**Document Hash:** 9709a8b4303f6214f8f9b52ad94c5005
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247598.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247598

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261042340

**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 Emerging Markets Fund (Series ID: S000097192)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000266368 | Retirement    | HRERX           |
| C000266369 | Investor      | HREIX           |
| C000266370 | Institutional | HREOX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Hood River Emerging Markets Fund** | **Hood River Emerging Markets Fund** | **Hood River Emerging Markets Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 90.2%** | **Shares**  | **Value**  |
| **<u>Communication Services</u> - 3.5%** | **<u>Communication Services</u> - 3.5%** | |
| **Interactive Media & Services - 1.7%** | | |
| Baidu, Inc. - ADR <sup>(a)</sup> | 708 | $78885 |
| Tencent Holdings Ltd. | 5300 | 334284 |
|  |  | 413169 |
| **Wireless Telecommunication Services - 1.8%** |  |  |
| Millicom International Cellular SA | 5700 | 427158 |
| **Total Communication Services** | **Total Communication Services** | 840327 |
| **<u>Consumer Discretionary</u> - 7.1%** | **<u>Consumer Discretionary</u> - 7.1%** |  |
| **Automobile Components - 3.6%** |  |  |
| BYD Co. Ltd. - Class H | 13200 | 178105 |
| Essence Fastening Systems Shanghai Co. Ltd. - Class A | 8600 | 210051 |
| Minth Group Ltd. | 21000 | 87729 |
| WeRide, Inc. - ADR <sup>(a)</sup> | 18962 | 153403 |
| Zhejiang Yinlun Machinery Co. Ltd. - Class A | 38400 | 241993 |
|  |  | 871281 |
| **Broadline Retail - 1.8%** |  |  |
| Alibaba Group Holding Ltd. - ADR <sup>(b)</sup> | 3485 | 437228 |
| **Household Durables - 0.8%** |  |  |
| SharkNinja, Inc. <sup>(a)</sup> | 1757 | 186066 |
| **Specialty Retail - 0.9%** |  |  |
| ATRenew, Inc. - ADR <sup>(a)</sup> | 44647 | 209395 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 1703970 |
| **<u>Consumer Staples</u> - 1.9%** | **<u>Consumer Staples</u> - 1.9%** |  |
| **Consumer Staples Distribution & Retail - 0.7%** |  |  |
| Busy Ming Group Co. Ltd. - Class H <sup>(a)</sup> | 3615 | 162374 |
| **Food Products - 1.2%** |  |  |
| China Youran Dairy Group Ltd. <sup>(a)(c)</sup> | 81000 | 39996 |
| Samyang Foods Co. Ltd. | 300 | 243205 |
|  |  | 283201 |
| **Total Consumer Staples** | **Total Consumer Staples** | 445575 |
| **<u>Energy</u> - 2.4%** | **<u>Energy</u> - 2.4%** |  |
| **Oil, Gas & Consumable Fuels - 2.4%** |  |  |
| NAC Kazatomprom JSC - GDR | 2000 | 157931 |
| PRIO SA/Brazil <sup>(a)</sup> | 32900 | 421107 |
| **Total Energy** | **Total Energy** | 579038 |
| **<u>Financials</u> - 10.4%** | **<u>Financials</u> - 10.4%** |  |
| **Banks - 4.3%** |  |  |
| Credicorp Ltd. | 720 | 244210 |
| Eurobank SA | 42214 | 169027 |
| HSBC Holdings PLC | 14700 | 240335 |
| National Bank of Greece SA | 11565 | 178656 |
| Standard Chartered PLC | 9110 | 189082 |
|  |  | 1021310 |
| **Capital Markets - 0.5%** |  |  |
| Mirae Asset Securities Co. Ltd. | 2609 | 110550 |
| **Consumer Finance - 1.0%** |  |  |
| FirstCash Holdings, Inc. | 1269 | 238572 |
| **Financial Services - 1.2%** |  |  |
| FirstRand Ltd. | 59000 | 302039 |
| **Insurance - 3.4%** |  |  |
| China Life Insurance Co. Ltd. - Class H | 56000 | 178653 |
| China Pacific Insurance Group Co. Ltd. - Class H | 70000 | 286692 |
| China Taiping Insurance Holdings Co. Ltd. | 88400 | 233443 |
| Samsung Life Insurance Co. Ltd. | 759 | 109439 |
|  |  | 808227 |
| **Total Financials** | **Total Financials** | 2480698 |
| **<u>Health Care</u> - 0.9%** | **<u>Health Care</u> - 0.9%** |  |
| **Life Sciences Tools & Services - 0.9%** |  |  |
| Insilico Medicine Cayman TopCo <sup>(a)</sup> | 28700 | 204969 |
| **<u>Industrials</u> - 15.9%** | **<u>Industrials</u> - 15.9%** |  |
| **Aerospace & Defense - 2.8%** |  |  |
| Embraer SA - ADR | 2316 | 137432 |
| Hanwha Aerospace Co. Ltd. | 232 | 197828 |
| Hanwha Systems Co. Ltd. | 2724 | 213291 |
| Karman Holdings, Inc. <sup>(a)(b)</sup> | 1198 | 95900 |
| Theon International PLC | 1047 | 37848 |
|  |  | 682299 |
| **Construction & Engineering - 1.3%** |  |  |
| Hyundai Engineering & Construction Co. Ltd. | 3176 | 310071 |
| **Electrical Equipment - 7.0%** |  |  |
| Bloom Energy Corp. - Class A <sup>(a)</sup> | 1046 | 141722 |
| Dajin Heavy Industry Co. Ltd. - Class A | 16100 | 163080 |
| Doosan Enerbility Co. Ltd. <sup>(a)</sup> | 4923 | 309351 |
| HD Hyundai Electric Co. Ltd. | 323 | 183040 |
| Hyosung Heavy Industries Corp. | 143 | 241466 |
| LS Electric Co. Ltd. | 324 | 161947 |
| Sieyuan Electric Co. Ltd. - Class A | 15700 | 464344 |
|  |  | 1664950 |
| **Machinery - 4.8%** |  |  |
| Anhui Yingliu Electromechanical Co. Ltd. - Class A | 52000 | 471371 |
| Hanwha Ocean Co. Ltd. <sup>(a)</sup> | 2514 | 206945 |
| Kaori Heat Treatment Co. Ltd. | 4000 | 111995 |
| Leader Harmonious Drive Systems Co. Ltd. - Class A | 3200 | 88383 |
| RoboTechnik Intelligent Technology Co. Ltd. - Class A | 3400 | 191121 |
| UBTech Robotics Corp. Ltd. - Class H <sup>(a)</sup> | 7700 | 85697 |
|  |  | 1155512 |
| **Total Industrials** | **Total Industrials** | 3812832 |
| **<u>Information Technology</u> - 41.1% <sup>(d)</sup>** | **<u>Information Technology</u> - 41.1% <sup>(d)</sup>** |  |
| **Communications Equipment - 4.8%** |  |  |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 387 | 271968 |
| Suzhou TFC Optical Communication Co. Ltd. | 6900 | 310467 |
| Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. - Class H <sup>(c)</sup> | 10500 | 253733 |
| Zhongji Innolight Co. Ltd. - Class A | 3500 | 299842 |
|  |  | 1136010 |
| **Electronic Equipment, Instruments & Components - 6.0%** |  |  |
| Chroma ATE, Inc. | 9000 | 431860 |
| Delta Electronics, Inc. | 15700 | 707919 |
| Gold Circuit Electronics Ltd. | 6000 | 169187 |
| Samsung Electro-Mechanics Co. Ltd. | 468 | 134086 |
|  |  | 1443052 |
| **IT Services - 0.4%** |  |  |
| GDS Holdings Ltd. - ADR <sup>(a)</sup> | 2300 | 92667 |
| **Semiconductors & Semiconductor Equipment - 23.7%** |  |  |
| AEM Holdings Ltd. <sup>(a)</sup> | 65700 | 216714 |
| ASE Technology Holding Co. Ltd. | 57000 | 627351 |
| ASPEED Technology, Inc. | 800 | 275756 |
| Biwin Storage Technology Co. Ltd. - Class A <sup>(a)</sup> | 3100 | 99390 |
| D.I Corp. | 3328 | 65402 |
| GigaDevice Semiconductor, Inc. - Class H <sup>(a)</sup> | 4453 | 194789 |
| Hua Hong Semiconductor Ltd. - Class H <sup>(a)(c)</sup> | 14000 | 141265 |
| King Yuan Electronics Co. Ltd. | 38000 | 325059 |
| MKS, Inc. <sup>(b)</sup> | 671 | 154202 |
| Montage Technology Co. Ltd. - Class H <sup>(a)</sup> | 7900 | 155155 |
| SK hynix, Inc. | 1308 | 742114 |
| Suzhou Maxwell Technologies Co. Ltd. - Class A | 3300 | 110926 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 7581 | 2561999 |
|  |  | 5670122 |
| **Software - 0.7%** |  |  |
| Minimax Group, Inc. <sup>(a)</sup> | 1400 | 165957 |
| **Technology Hardware, Storage & Peripherals - 5.5%** |  |  |
| Samsung Electronics Co. Ltd. | 11349 | 1327395 |
| **Total Information Technology** | **Total Information Technology** | 9835203 |
| **<u>Materials</u> - 5.5%** | **<u>Materials</u> - 5.5%** |  |
| **Chemicals - 0.7%** |  |  |
| Qinghai Salt Lake Industry Co. Ltd. <sup>(a)</sup> | 31500 | 171598 |
| **Metals & Mining - 4.8%** |  |  |
| Anglogold Ashanti PLC | 1620 | 161695 |
| Gold Fields Ltd. | 4500 | 206784 |
| Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. - Class A | 40500 | 182677 |
| Jiaxin International Resources Investment Ltd. <sup>(a)</sup> | 17500 | 235841 |
| Vale SA - ADR | 10906 | 173515 |
| Zijin Mining Group Co. Ltd. - Class H | 41000 | 184438 |
|  |  | 1144950 |
| **Total Materials** | **Total Materials** | 1316548 |
| **<u>Utilities</u> - 1.5%** | **<u>Utilities</u> - 1.5%** |  |
| **Electric Utilities - 1.5%** |  |  |
| Axia Energia | 32500 | 367173 |
| **TOTAL COMMON STOCKS** (Cost $21,500,062) | **TOTAL COMMON STOCKS** (Cost $21,500,062) | 21586333 |
| **PREFERRED STOCKS - 3.6%** | **Shares**  | **Value**  |
| **<u>Energy</u> - 2.1%** | **<u>Energy</u> - 2.1%** |  |
| **Oil, Gas & Consumable Fuels - 2.1%** |  |  |
|  Petroleo Brasileiro SA - Petrobras, 0.00% | 53000 | 497068 |
| **<u>Financials</u> - 1.5%** | **<u>Financials</u> - 1.5%** |  |
| **Banks - 1.5%** |  |  |
|  Itau Unibanco Holding SA, 0.00% | 44300 | 371857 |
| **TOTAL PREFERRED STOCKS** (Cost $821,426) | **TOTAL PREFERRED STOCKS** (Cost $821,426) | 868925 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.5%** | **Shares**  | **Value**  |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(e)</sup> | 1089044 | 1089044 |
| **TOTAL MONEY MARKET FUNDS** (Cost $1,089,044) | **TOTAL MONEY MARKET FUNDS** (Cost $1,089,044) | 1089044 |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.8%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(e)</sup> | 663607 | 663607 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $663,607) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $663,607) | 663607 |
| **TOTAL INVESTMENTS - 101.1% (**Cost $24,074,139**)** | **TOTAL INVESTMENTS - 101.1% (**Cost $24,074,139**)** | 24207909 |
| Liabilities in Excess of Other Assets - (1.1)% | Liabilities in Excess of Other Assets - (1.1)% | (263366) |
| **TOTAL NET ASSETS - 100.0%** |  | $23944543 |
| 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. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| GDR - Global Depositary Receipt |
| JSC - Public Joint Stock Company |
| LLC - Limited Liability Company |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $680,370.

(c) 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 March 31, 2026, the value of these securities total $434,994 or 1.8% of the Fund's net assets.

(d) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(e) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Hood River Emerging Markets Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $7453951 | $14132382 | $– | $21586333 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 868925 | – | – | 868925 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1089044 | – | – | 1089044 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 663607 |
| Total Investments | $9411920 | $14132382 | $– | $24207909 |
| 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
 $663,607 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4145163123

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

- **a. Name of Series:** Hood River Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000097192

- **c. LEI of Series:** 529900H21AGFRVVDO005

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $24741558.80

**Total Liabilities:** $795447.53

**Net Assets:** $23946111.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000266368 | 13.87%               | 10.94%               | -11.13%              |
| Class ID C000266369 | 13.88%               | 10.95%               | -11.14%              |
| Class ID C000266370 | 13.98%               | 10.94%               | -11.13%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $49331.64                | $444571.43                                 |
| Month 2  | $102984.21               | $1500611.79                                |
| Month 3  | $-616021.72              | $-1983156.76                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Standard Chartered PLC                    | Standard Chartered PLC                                 | CUSIP: N/A<br>LEI: U4LOSYZ7YG4W3S5F2G91       | Long             | EC               | CORP              | GB        |      9110 | NS      | $189081.89    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| TFC                                       | Suzhou TFC Optical Communication Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      6900 | NS      | $310467.36    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzhou Maxwell Technologies Co            | Suzhou Maxwell Technologies Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      3300 | NS      | $110926.15    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                                   | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | CN        |      5300 | NS      | $334283.62    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ATRenew Inc                               | ATRenew Inc                                            | CUSIP: 00138L108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     44647 | NS      | $209394.43    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                 | Alibaba Group Holding Ltd                              | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      3485 | NS      | $437228.10    | 1.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Baidu Inc                                 | Baidu Inc                                              | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |       708 | NS      | $78885.36     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                         | Bloom Energy Corp                                      | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      1046 | NS      | $141722.54    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer SA                                | Embraer SA                                             | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |      2316 | NS      | $137431.44    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga            | First American Treasury Obligations Fund               | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1089044 | NS      | $1089043.54   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd                 | Zijin Mining Group Co Ltd                              | CUSIP: N/A<br>LEI: 836800JRNL2393Z2I561       | Long             | EC               | CORP              | CN        |     41000 | NS      | $184438.45    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                                 | Petroleo Brasileiro SA - Petrobras                     | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |     53000 | NS      | $497068.45    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electro-Mechanics Co L            | Samsung Electro-Mechanics Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       468 | NS      | $134086.31    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                | Samsung Electronics Co Ltd                             | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     11349 | NS      | $1327394.83   | 5.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Samyang Foods Co Ltd                      | Samyang Foods Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       300 | NS      | $243204.97    | 1.02%             |  |  |  | No            |                  2 | 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        |    663607 | NS      | $663607.00    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Life Insurance Co Ltd             | Samsung Life Insurance Co Ltd                          | CUSIP: N/A<br>LEI: 988400VYE6E0WYSM4S92       | Long             | EC               | CORP              | KR        |       759 | NS      | $109438.57    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| QHSLI                                     | Qinghai Salt Lake Industry Co Ltd                      | CUSIP: N/A<br>LEI: 300300Q8WSV1OODU9092       | Long             | EC               | CORP              | CN        |     16300 | NS      | $88795.11     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENHUO CO.LTD                            | Henan Shenhuo Coal Industry & Electricity Power Co Ltd | CUSIP: N/A<br>LEI: 300300GF8XK44CSHXV64       | Long             | EC               | CORP              | CN        |     22000 | NS      | $99231.85     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                | National Bank of Greece SA                             | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     11565 | NS      | $178655.64    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| NAC Kazatomprom JSC                       | NAC Kazatomprom JSC                                    | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               | CORP              | KZ        |      2000 | NS      | $157931.26    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| RoboTechnik Intelligent Techno            | RoboTechnik Intelligent Technology Co Ltd              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      3400 | NS      | $191120.60    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Montage Technology Co Ltd                 | Montage Technology Co Ltd                              | CUSIP: N/A<br>LEI: 836800ZMWT5PAN574D81       | Long             | EC               | CORP              | CN        |      7900 | NS      | $155154.82    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Muyuan Foods Co Ltd                       | Muyuan Foods Co Ltd                                    | CUSIP: N/A<br>LEI: 3003006NCTDQW4KZR676       | Long             | EC               | CORP              | CN        |     35000 | NS      | $168813.45    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA/Brazil                            | PRIO SA/Brazil                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     32900 | NS      | $421106.79    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                            | SharkNinja Inc                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1757 | NS      | $186066.30    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| D.I Corp                                  | D.I Corp                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      7528 | NS      | $147941.23    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                            | Chroma ATE Inc                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      9000 | NS      | $431859.97    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                     | Delta Electronics Inc                                  | CUSIP: N/A<br>LEI: 529900UVZWNWGDLJSM52       | Long             | EC               | CORP              | TW        |     15700 | NS      | $707918.83    | 2.96%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA TAIPING                             | China Taiping Insurance Holdings Co Ltd                | CUSIP: N/A<br>LEI: 529900C2G37NOIADYW07       | Long             | EC               | CORP              | HK        |     88400 | NS      | $233442.93    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Enerbility Co Ltd                  | Doosan Enerbility Co Ltd                               | CUSIP: N/A<br>LEI: 988400TK5NA3GLSTN506       | Long             | EC               | CORP              | KR        |      6400 | NS      | $402163.03    | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                             | FirstRand Ltd                                          | CUSIP: N/A<br>LEI: 529900XYOP8CUZU7R671       | Long             | EC               | CORP              | ZA        |     59000 | NS      | $302039.38    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| China Life Insurance Co Ltd               | China Life Insurance Co Ltd                            | CUSIP: N/A<br>LEI: 549300J6TFLDXGH6S048       | Long             | EC               | CORP              | CN        |     56000 | NS      | $178653.03    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| CPIC                                      | China Pacific Insurance Group Co Ltd                   | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |     70000 | NS      | $286692.01    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                     | ASPEED Technology Inc                                  | CUSIP: N/A<br>LEI: 984500D002CB7E149R74       | Long             | EC               | CORP              | TW        |       800 | NS      | $275755.81    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd             | ASE Technology Holding Co Ltd                          | CUSIP: N/A<br>LEI: 300300GO8QHPMV87NZ73       | Long             | EC               | CORP              | TW        |     57000 | NS      | $627351.46    | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                                      | Taiwan Semiconductor Manufacturing Co Ltd              | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      7581 | NS      | $2561998.95   | 10.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                   | Vale SA                                                | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     10906 | NS      | $173514.46    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| WeRide Inc                                | WeRide Inc                                             | CUSIP: 950915108<br>LEI: 254900R1B7IWBCPDQ262 | Long             | EC               | CORP              | CN        |     18962 | NS      | $153402.58    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| YINLUN                                    | Zhejiang Yinlun Machinery Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     38400 | NS      | $241993.52    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongji Innolight Co Ltd                  | Zhongji Innolight Co Ltd                               | CUSIP: N/A<br>LEI: 655600K7YZDKAI214O83       | Long             | EC               | CORP              | CN        |      3500 | NS      | $299841.78    | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Theon International PLC                   | Theon International PLC                                | CUSIP: N/A<br>LEI: 2138002Y6CEIWHLN8775       | Long             | EC               | CORP              | CY        |      1047 | NS      | $37848.09     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| UBTech Robotics Corp Ltd                  | UBTech Robotics Corp Ltd                               | CUSIP: N/A<br>LEI: 836800LIVMBW69Z2WT05       | Long             | EC               | CORP              | CN        |      7700 | NS      | $85697.07     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| YINGLIU                                   | Anhui Yingliu Electromechanical Co Ltd                 | CUSIP: N/A<br>LEI: 300300D1M9RNSPEHDR92       | Long             | EC               | CORP              | CN        |     52000 | NS      | $471371.21    | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| YOFC                                      | Yangtze Optical Fibre & Cable Joint Stock Ltd Co       | CUSIP: N/A<br>LEI: 836800VT7MZILX431W47       | Long             | EC               | CORP              | CN        |     10500 | NS      | $253732.52    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| China Youran Dairy Group Ltd              | China Youran Dairy Group Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     81000 | NS      | $39996.36     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Essence Fastening Systems Shan            | Essence Fastening Systems Shanghai Co Ltd              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      8600 | NS      | $210050.75    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Biwin Storage Technology Co Lt            | Biwin Storage Technology Co Ltd                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      3100 | NS      | $99389.58     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Dajin Heavy Industry Co Ltd               | Dajin Heavy Industry Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     16100 | NS      | $163080.12    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                     | Anglogold Ashanti Plc                                  | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      1620 | NS      | $161695.44    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Busy Ming Group Co Ltd                    | Busy Ming Group Co Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      3615 | NS      | $162373.49    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                              | Axia Energia                                           | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               | CORP              | BR        |     32500 | NS      | $367172.79    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank SA                               | Eurobank SA                                            | CUSIP: N/A<br>LEI: 213800KGF4EFNUQKAT69       | Long             | EC               | CORP              | GR        |     42214 | NS      | $169027.12    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| AEM Holdings Ltd                          | AEM Holdings Ltd                                       | CUSIP: Y0019D103<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     65700 | NS      | $216713.88    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                             | Credicorp Ltd                                          | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |       720 | NS      | $244209.60    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                   | MKS Inc                                                | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       671 | NS      | $154202.51    | 0.64%             |  |  |  | No            |                  1 | On Loan: —       |
| Mirae Asset Securities Co Ltd             | Mirae Asset Securities Co Ltd                          | CUSIP: N/A<br>LEI: 98840072S6T63E2V1291       | Long             | EC               | CORP              | KR        |      4201 | NS      | $178019.58    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                           | Minth Group Ltd                                        | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | TW        |     21000 | NS      | $87728.55     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Minimax Group Inc                         | Minimax Group Inc                                      | CUSIP: N/A<br>LEI: 984500GAF1264B3B9Z19       | Long             | EC               | CORP              | CN        |       840 | NS      | $99574.04     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Ocean Co Ltd                       | Hanwha Ocean Co Ltd                                    | CUSIP: N/A<br>LEI: 984500ACAD2B57CCT437       | Long             | EC               | CORP              | KR        |      2514 | NS      | $206944.88    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                   | Hanwha Aerospace Co Ltd                                | CUSIP: N/A<br>LEI: 9884001NSUA8FQKQWR25       | Long             | EC               | CORP              | KR        |       232 | NS      | $197827.95    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Electric Co Ltd                | HD Hyundai Electric Co Ltd                             | CUSIP: N/A<br>LEI: 988400CSDKM9UHLHGB91       | Long             | EC               | CORP              | KR        |       441 | NS      | $249909.44    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Systems Co Ltd                     | Hanwha Systems Co Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2724 | NS      | $213291.21    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc                              | SK hynix Inc                                           | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1308 | NS      | $742113.59    | 3.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Sieyuan Electric Co Ltd                   | Sieyuan Electric Co Ltd                                | CUSIP: N/A<br>LEI: 836800H6UQQUWN4PSZ32       | Long             | EC               | CORP              | CN        |     15700 | NS      | $464343.70    | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd                          | GDS Holdings Ltd                                       | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | CN        |      2300 | NS      | $92667.00     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Circuit Electronics Ltd              | Gold Circuit Electronics Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      6000 | NS      | $169187.38    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                           | Gold Fields Ltd                                        | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |      4500 | NS      | $206784.35    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| GigaDevice Semiconductor Inc              | GigaDevice Semiconductor Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      4453 | NS      | $194788.94    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                                    | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1198 | NS      | $95899.90     | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                                  | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       387 | NS      | $271968.12    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                         | HSBC Holdings PLC                                      | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |     14700 | NS      | $240335.45    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| King Yuan Electronics Co Ltd              | King Yuan Electronics Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     38000 | NS      | $325059.39    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| LS Electric Co Ltd                        | LS Electric Co Ltd                                     | CUSIP: N/A<br>LEI: 988400AF8KS117D7D072       | Long             | EC               | CORP              | KR        |       457 | NS      | $228425.03    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Engineering & Construc            | Hyundai Engineering & Construction Co Ltd              | CUSIP: N/A<br>LEI: 988400CEQG9N710HN313       | Long             | EC               | CORP              | KR        |      3904 | NS      | $381144.97    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co                          | Hyundai Motor Co                                       | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EC               | CORP              | KR        |       416 | NS      | $128153.13    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaori Heat Treatment Co Ltd               | Kaori Heat Treatment Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      4000 | NS      | $111995.46    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                  | Itau Unibanco Holding SA                               | CUSIP: P5968U113<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     44300 | NS      | $371857.10    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyosung Heavy Industries Corp             | Hyosung Heavy Industries Corp                          | CUSIP: N/A<br>LEI: 988400IDLF9EQ95M0928       | Long             | EC               | CORP              | KR        |       183 | NS      | $309008.59    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Leader Harmonious Drive System            | Leader Harmonious Drive Systems Co Ltd                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      3200 | NS      | $88382.93     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Hua Hong Semiconductor Ltd                | Hua Hong Semiconductor Ltd                             | CUSIP: N/A<br>LEI: 529900OXH3ZYLIMGB907       | Long             | EC               | CORP              | CN        |     14000 | NS      | $141265.35    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Insilico Medicine Cayman TopCo            | Insilico Medicine Cayman TopCo                         | CUSIP: N/A<br>LEI: 254900MQK3C1TR58H275       | Long             | EC               | CORP              | HK        |     28700 | NS      | $204968.63    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiaxin International Resources            | Jiaxin International Resources Investment Ltd          | CUSIP: N/A<br>LEI: 98450000BMG7870N0359       | Long             | EC               | CORP              | HK        |     17500 | NS      | $235841.14    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Millicom International Cellula            | Millicom International Cellular SA                     | CUSIP: N/A<br>LEI: 549300CTHC1CP86P2G96       | Long             | EC               | CORP              | LU        |      5700 | NS      | $427158.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-22

**Name of Applicant:** Manager Directed Portfolios

**Signature:** /s/ Ryan Frank

**Name of Signer:** Ryan Frank

**Title:** President