# EDGAR Filing Document

**Accession Number:** 0001359057
**File Stem:** 0001193125-26-246917
**Filing Date:** 2026-5
**Character Count:** 69014
**Document Hash:** 5193acf36ea7d742f8ba1d758fec3dc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-246917.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-246917

**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:** 261040447

**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** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **REAL ESTATE INVESTMENT TRUSTS - 99.1%** | **Shares**  | **Value**  |
| **Diversified REITs - 8.6%** | **Diversified REITs - 8.6%** | |
| Activia Properties, Inc. | 983 | $863809 |
| American Assets Trust, Inc. | 20869 | 384198 |
| British Land Co. PLC | 486203 | 2278676 |
| CapitaLand Integrated Commercial Trust | 3031156 | 5380264 |
| Charter Hall Long Wale REIT | 326187 | 748407 |
| Covivio SA/France | 26019 | 1536437 |
| Custodian Property Income Reit PLC | 103476 | 109027 |
| Daiwa House REIT Investment Corp. | 2134 | 1672700 |
| GPT Group | 939205 | 2913969 |
| Growthpoint Properties Australia Ltd. | 118508 | 170449 |
| Growthpoint Properties Ltd. | 1638269 | 1547586 |
| Hulic Reit, Inc. | 621 | 627675 |
| ICADE | 18817 | 419746 |
| KDX Realty Investment Corp. | 2010 | 2029078 |
| Land Securities Group PLC | 345526 | 2519726 |
| Merlin Properties Socimi SA | 192417 | 3086121 |
| Mirvac Group | 1977817 | 2397649 |
| Mori Trust Reit, Inc. | 1271 | 569629 |
| Nomura Real Estate Master Fund, Inc. | 1844 | 1810502 |
| Picton Property Income Ltd. | 170820 | 173226 |
| Redefine Properties Ltd. | 3227147 | 1121748 |
| Sekisui House Reit, Inc. | 1997 | 1124717 |
| Shaftesbury Capital PLC | 667334 | 1122021 |
| Stockland | 1206948 | 3562806 |
| Suntec Real Estate Investment Trust | 850200 | 962130 |
| Tokyu REIT, Inc. | 350 | 432082 |
|  |  | 39564378 |
| **Health Care REITs - 12.0%** | **Health Care REITs - 12.0%** |  |
| Aedifica SA | 39841 | 3188106 |
| Alexandria Real Estate Equities, Inc. | 74376 | 3452534 |
| Care Property Invest NV | 14592 | 206127 |
| Healthpeak Properties, Inc. | 338011 | 5553521 |
| Primary Health Properties PLC | 1232162 | 1476183 |
| Ventas, Inc. <sup>(a)</sup> | 230664 | 18863702 |
| Welltower, Inc. | 112353 | 22213312 |
|  |  | 54953485 |
| **Hotel & Resort REITs - 2.2%** | **Hotel & Resort REITs - 2.2%** |  |
| CapitaLand Ascott Trust | 1258500 | 858412 |
| DiamondRock Hospitality Co. <sup>(a)</sup> | 100822 | 944702 |
| Hoshino Resorts REIT, Inc. | 299 | 454824 |
| Host Hotels & Resorts, Inc. | 333723 | 6394133 |
| Japan Hotel REIT Investment Corp. | 2889 | 1356517 |
|  |  | 10008588 |
| **Industrial REITs - 16.5%** | **Industrial REITs - 16.5%** |  |
| Americold Realty Trust, Inc. <sup>(a)</sup> | 130899 | 1500103 |
| CapitaLand Ascendas REIT | 1892700 | 3623586 |
| Dexus Industria REIT | 110930 | 175504 |
| Dream Industrial Real Estate Investment Trust | 61919 | 548843 |
| Frasers Logistics & Commercial Trust | 1375100 | 953931 |
| GLP J-Reit | 2212 | 1800578 |
| Goodman Group | 1006189 | 17600572 |
| Goodman Property Trust <sup>(b)</sup> | 537238 | 580756 |
| Industrial & Infrastructure Fund Investment Corp. | 1160 | 1026639 |
| Japan Logistics Fund, Inc. | 1205 | 722591 |
| LaSalle Logiport REIT | 830 | 773707 |
| LXP Industrial Trust | 28221 | 1305503 |
| Mitsubishi Estate Logistics REIT Investment Corp. | 672 | 525046 |
| Montea NV | 9497 | 715640 |
| Nippon Prologis REIT, Inc. | 3231 | 1730349 |
| Prologis Property Mexico SAB de CV | 514518 | 2231294 |
| Prologis, Inc. | 174294 | 23038181 |
| Rexford Industrial Realty, Inc. | 112946 | 3696723 |
| Segro PLC | 625980 | 5314457 |
| STAG Industrial, Inc. | 93848 | 3384159 |
| Tritax Big Box REIT PLC | 1179344 | 2197506 |
| Warehouses De Pauw CVA | 95478 | 2455431 |
|  |  | 75901099 |
| **Office REITs - 6.3%** | **Office REITs - 6.3%** |  |
| Allied Properties Real Estate Investment Trust | 26800 | 176292 |
| Brandywine Realty Trust | 66296 | 179662 |
| BXP, Inc. <sup>(a)</sup> | 69856 | 3625526 |
| CLS Holdings PLC | 15840 | 10026 |
| Colonial SFL Socimi SA | 135885 | 796146 |
| Cousins Properties, Inc. | 86015 | 1941358 |
| Cromwell Property Group | 819845 | 221797 |
| Derwent London PLC | 52172 | 1081527 |
| Dexus <sup>(c)</sup> | 530921 | 2152672 |
| Dream Office Real Estate Investment Trust | 3508 | 39440 |
| Empire State Realty Trust, Inc. - Class A | 56073 | 291580 |
| Gecina SA | 21477 | 1677775 |
| Great Portland Estates PLC | 168062 | 627196 |
| Helical PLC | 17189 | 39758 |
| Hudson Pacific Properties, Inc. <sup>(c)</sup> | 18047 | 106658 |
| Japan Prime Realty Investment Corp. | 1662 | 1011262 |
| Japan Real Estate Investment Corp. | 3192 | 2337469 |
| JBG SMITH Properties | 30374 | 443764 |
| Keppel REIT | 1651200 | 1139068 |
| Kilroy Realty Corp. | 53460 | 1508107 |
| Mori Hills REIT Investment Corp. | 674 | 560502 |
| Nippon Building Fund, Inc. | 3904 | 3253947 |
| NSI NV | 7443 | 149735 |
| Orix JREIT, Inc. | 2640 | 1596379 |
| Precinct Properties New Zealand Ltd. <sup>(c)</sup> | 828604 | 489221 |
| SL Green Realty Corp. <sup>(a)</sup> | 33721 | 1245654 |
| Vornado Realty Trust | 79340 | 2062047 |
| Workspace Group PLC | 75673 | 340784 |
|  |  | 29105352 |
| **Residential REITs - 13.5%** | **Residential REITs - 13.5%** |  |
| Altarea SCA | 2406 | 311596 |
| AvalonBay Communities, Inc. | 68387 | 11171017 |
| Camden Property Trust | 49818 | 4865226 |
| Centerspace | 7218 | 414674 |
| Equity LifeStyle Properties, Inc. | 89370 | 5578475 |
| Equity Residential | 172731 | 10217039 |
| Essex Property Trust, Inc. | 30462 | 7371804 |
| Home Reit PLC <sup>(b)(c)</sup> | 255956 | 30378 |
| Irish Residential Properties REIT PLC | 223974 | 261161 |
| Killam Apartment Real Estate Investment Trust | 29442 | 336498 |
| Mid-America Apartment Communities, Inc. | 54775 | 6689123 |
| Minto Apartment Real Estate Investment Trust <sup>(d)</sup> | 5895 | 74218 |
| UDR, Inc. | 154165 | 5207694 |
| UMH Properties, Inc. | 37726 | 544386 |
| Unibail-Rodamco-Westfield | 60148 | 6576847 |
| UNITE Group PLC | 196174 | 1177065 |
| Veris Residential, Inc. | 26298 | 496243 |
| Xior Student Housing NV | 20738 | 632008 |
|  |  | 61955452 |
| **Retail REITs - 17.2%** | **Retail REITs - 17.2%** |  |
| Aeon Reit Investment Corp | 757 | 593362 |
| Brixmor Property Group, Inc. | 144327 | 4156618 |
| Carmila SA | 32027 | 614045 |
| Charter Hall Retail REIT | 253352 | 661113 |
| Choice Properties Real Estate Investment Trust | 71734 | 789534 |
| Eurocommercial Properties NV | 20876 | 627795 |
| Federal Realty Investment Trust | 39864 | 4233955 |
| First Capital Real Estate Investment Trust | 49925 | 737669 |
| Frasers Centrepoint Trust | 675336 | 1141133 |
| Hammerson PLC <sup>(c)</sup> | 264387 | 1027118 |
| Immobiliare Grande Distribuzione SIIQ SpA | 19790 | 90183 |
| Japan Metropolitan Fund Invest | 3604 | 2514577 |
| Kimco Realty Corp. <sup>(a)</sup> | 329250 | 7398247 |
| Kite Realty Group Trust <sup>(a)</sup> | 94267 | 2314255 |
| Kiwi Property Group Ltd. | 811825 | 421426 |
| Klepierre SA | 105236 | 3931042 |
| Lendlease Global Commercial REIT | 1033697 | 428654 |
| Macerich Co. | 123105 | 2326684 |
| Mercialys SA | 46918 | 628168 |
| NewRiver REIT PLC | 87500 | 80309 |
| Phillips Edison & Co., Inc. | 59814 | 2238240 |
| Regency Centers Corp. <sup>(a)</sup> | 85802 | 6491779 |
| RioCan Real Estate Investment Trust | 72213 | 982641 |
| Scentre Group | 2577874 | 5861734 |
| Simon Property Group, Inc. | 124488 | 23220747 |
| SmartCentres Real Estate Investment Trust | 37886 | 723215 |
| Urban Edge Properties | 55041 | 1099719 |
| Vastned NV <sup>(c)</sup> | 3705 | 123372 |
| Vicinity Ltd. | 1926511 | 3087548 |
| Wereldhave Belgium Comm VA | 545 | 34035 |
| Wereldhave NV | 18651 | 456658 |
|  |  | 79035575 |
| **Specialized REITs - 22.8%** | **Specialized REITs - 22.8%** |  |
| American Tower Corp. | 127867 | 22067287 |
| Big Yellow Group PLC | 94052 | 1048026 |
| Charter Hall Social Infrastructure REIT | 175368 | 311083 |
| Digital Realty Trust, Inc. | 130349 | 23490193 |
| Equinix, Inc. | 28629 | 28063291 |
| Extra Space Storage, Inc. | 103013 | 13508095 |
| Iron Mountain, Inc. | 143378 | 14644629 |
| Safestore Holdings PLC | 109776 | 918516 |
| Shurgard Self Storage Ltd. | 15422 | 441568 |
|  |  | 104492688 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $431,015,104) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $431,015,104) | 455016617 |
| **RIGHTS - 0.0% <sup>(e)</sup>** | **Shares**  | **Value**  |
| **Industrial REITs *-* 0.0% <sup>(e)</sup>** | **Industrial REITs *-* 0.0% <sup>(e)</sup>** |  |
| CapitaLand Ascendas REIT, Expires 04/16/2026, Exercise Price $2.35 <sup>(b)(c)</sup> | 52996 | 3902 |
| **TOTAL RIGHTS** (Cost $6,751) | **TOTAL RIGHTS** (Cost $6,751) | 3902 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.0%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(f)</sup> | 27439229 | 27439229 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $27,439,229) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $27,439,229) | 27439229 |
| **MONEY MARKET FUNDS - 0.4%** | **Shares**  | **Value**  |
| Invesco Government & Agency Portfolio - Institutional Class, 3.58% <sup>(f)</sup> | 2043515 | 2043515 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,043,515) | **TOTAL MONEY MARKET FUNDS** (Cost $2,043,515) | 2043515 |
| **TOTAL INVESTMENTS - 105.5% (**Cost $460,504,599**)** | **TOTAL INVESTMENTS - 105.5% (**Cost $460,504,599**)** | 484503263 |
| Liabilities in Excess of Other Assets - (5.5)% | Liabilities in Excess of Other Assets - (5.5)% | (25184617) |
| **TOTAL NET ASSETS - 100.0%** |  | $459318646 |
| 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. |  |

---

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 March 31, 2026. The fair value of these securities was $26,899,439.

(b) 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 $615,036
 or 0.1% of net assets as of March 31, 2026.

(c) Non-income producing security.

(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 March 31, 2026, the value of these securities total $74,218 or less than 0.1% of the Fund's net assets.

(e) Represents less than 0.05% of net assets.

(f) 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)
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 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;Real Estate Investment Trusts | $454405483 | $– | $611134 | $455016617 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | – | – | 3902 | 3902 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 27439229 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2043515 | – | – | 2043515 |
| Total Investments | $456448998 | $– | $615036 | $484503263 |
| 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
 $27,439,229 presented in the table is 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:** 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:** $487121943.45

**Total Liabilities:** $27804215.22

**Net Assets:** $459317728.23

**Cash Not Reported:** $472343.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246488 | 2.85%                | 5.15%                | -7.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-168466.18              | $12627827.51                               |
| Month 2  | $179191.12               | $23412367.60                               |
| Month 3  | $-413283.16              | $-41624740.11                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Derwent London PLC                        | Derwent London PLC                               | CUSIP: N/A<br>LEI: 213800BXKQ9KZNUR1M61       | Long             | EC               | CORP              | GB        |     52172 | NS      | $1081527.38   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                        | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    333723 | NS      | $6394132.68   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                           | Macerich Co/The                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    123105 | NS      | $2326684.50   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit            | Mid-America Apartment Communities Inc            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     54775 | NS      | $6689123.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cromwell Property Group                   | Cromwell Property Group                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    819845 | NS      | $221796.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA/France                         | Covivio SA/France                                | CUSIP: N/A<br>LEI: 969500P8M3W2XX376054       | Long             | EC               | CORP              | FR        |     26019 | NS      | $1536437.09   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Helical PLC                               | Helical PLC                                      | CUSIP: N/A<br>LEI: 2138003SBD2Z7WV2MP70       | Long             | EC               | CORP              | GB        |     17189 | NS      | $39758.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercialys SA                              | Mercialys SA                                     | CUSIP: N/A<br>LEI: 969500081CGAXB7YS433       | Long             | EC               | CORP              | FR        |     46918 | NS      | $628168.18    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Residential Invest            | Daiwa House REIT Investment Corp                 | CUSIP: N/A<br>LEI: 3538001FWU534P8JMO05       | Long             | EC               | CORP              | JP        |      2134 | NS      | $1672699.73   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Safestore Holdings PLC                    | Safestore Holdings PLC                           | CUSIP: N/A<br>LEI: 213800WGA3YSJC1YOH73       | Long             | EC               | CORP              | GB        |    109776 | NS      | $918515.56    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                 | Segro PLC                                        | CUSIP: N/A<br>LEI: 213800XC35KGM9NFC641       | Long             | EC               | CORP              | GB        |    625980 | NS      | $5314457.27   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc                  | Hoshino Resorts REIT Inc                         | CUSIP: N/A<br>LEI: 353800DF2MUZWFL4IL56       | Long             | EC               | CORP              | JP        |       299 | NS      | $454824.31    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Custodian Property Income Reit            | Custodian Property Income Reit PLC               | CUSIP: N/A<br>LEI: 2138001BOD1J5XK1CX76       | Long             | EC               | CORP              | GB        |    103476 | NS      | $109026.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Reit PLC                             | Home Reit PLC                                    | CUSIP: N/A<br>LEI: 213800A53AOVH3FCGG44       | Long             | EC               | CORP              | GB        |    255956 | NS      | $30377.73     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Scentre Group                             | Scentre Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   2577874 | NS      | $5861733.81   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA               | Merlin Properties Socimi SA                      | CUSIP: N/A<br>LEI: 959800L8KD863DP30X04       | Long             | EC               | CORP              | ES        |    192417 | NS      | $3086121.26   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Reit Inc                    | Sekisui House Reit Inc                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1997 | NS      | $1124716.83   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                | DiamondRock Hospitality Co                       | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    100822 | NS      | $944702.14    | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| Digital Realty Trust Inc                  | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    130349 | NS      | $23490193.29  | 5.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc             | Empire State Realty Trust Inc                    | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     56073 | NS      | $291579.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                               | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     28629 | NS      | $28063290.96  | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In            | Equity LifeStyle Properties Inc                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     89370 | NS      | $5578475.40   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                        | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    172731 | NS      | $10217038.65  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                  | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     30462 | NS      | $7371804.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                   | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103013 | NS      | $13508094.69  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus            | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     39864 | NS      | $4233955.44   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc             | Hudson Pacific Properties Inc                    | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               | CORP              | US        |     18047 | NS      | $106657.77    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                 | Gecina SA                                        | CUSIP: N/A<br>LEI: 9695003E4MMA10IBTR26       | Long             | EC               | CORP              | FR        |     21477 | NS      | $1677774.63   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                     | Dexus                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    530921 | NS      | $2152672.35   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Centrepoint Trust                 | Frasers Centrepoint Trust                        | CUSIP: N/A<br>LEI: 5493002RGQ266FKERZ83       | Long             | EC               | CORP              | SG        |    675336 | NS      | $1141132.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hulic Reit Inc                            | Hulic Reit Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       621 | NS      | $627674.90    | 0.14%             |  |  |  | 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        |     49925 | NS      | $737668.66    | 0.16%             |  |  |  | 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        |     61919 | NS      | $548843.13    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurocommercial Properties NV              | Eurocommercial Properties NV                     | CUSIP: N/A<br>LEI: 724500SFK53FPNM68L95       | Long             | EC               | CORP              | NL        |     20876 | NS      | $627795.37    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus Industria REIT                      | Dexus Industria REIT                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    110930 | NS      | $175504.12    | 0.04%             |  |  |  | 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      | $39440.02     | 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        |   1375100 | NS      | $953931.33    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Property Trust                    | Goodman Property Trust                           | CUSIP: N/A<br>LEI: 213800EWCLT1H1U94486       | Long             | EC               | CORP              | NZ        |    537238 | NS      | $580756.42    | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| GPT Group/The                             | GPT Group/The                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    939205 | NS      | $2913968.95   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                             | Goodman Group                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1006189 | NS      | $17600571.93  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP J-Reit                                | GLP J-Reit                                       | CUSIP: N/A<br>LEI: 353800E27V9KA51K2I90       | Long             | EC               | CORP              | JP        |      2212 | NS      | $1800578.29   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     74376 | NS      | $3452533.92   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                 | American Assets Trust Inc                        | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20869 | NS      | $384198.29    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Big Yellow Group PLC                      | Big Yellow Group PLC                             | CUSIP: N/A<br>LEI: 213800W7Q4V2ZI8LIW31       | Long             | EC               | CORP              | GB        |     94052 | NS      | $1048026.43   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                       | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    127867 | NS      | $22067286.86  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    130899 | NS      | $1500102.54   | 0.33%             |  |  |  | No            |                  1 | On Loan: —       |
| AvalonBay Communities Inc                 | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     68387 | NS      | $11171016.45  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                       | UNITE Group PLC/The                              | CUSIP: G9283N101<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    196174 | NS      | $1177064.70   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties Real Estate             | Allied Properties Real Estate Investment Trust   | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               | CORP              | CA        |     26800 | NS      | $176291.78    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICADE                                     | ICADE                                            | CUSIP: N/A<br>LEI: 969500UDH342QLTE1M42       | Long             | EC               | CORP              | FR        |     18817 | NS      | $419745.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                         | Iron Mountain Inc                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    143378 | NS      | $14644628.92  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Altarea SCA                               | Altarea SCA                                      | CUSIP: N/A<br>LEI: 969500ICGCY1PD6OT783       | Long             | EC               | CORP              | FR        |      2406 | NS      | $311596.27    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                     | Veris Residential Inc                            | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |     26298 | NS      | $496243.26    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vastned NV                                | Vastned NV                                       | CUSIP: N/A<br>LEI: 54930068RSC6OT68NE51       | Long             | EC               | CORP              | BE        |      3705 | NS      | $123371.93    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirvac Group                              | Mirvac Group                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1977817 | NS      | $2397649.49   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc                  | Nippon Building Fund Inc                         | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        |      3904 | NS      | $3253946.82   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Metropolitan Fund Invest            | Japan Metropolitan Fund Invest                   | CUSIP: N/A<br>LEI: 353800QDHNIP60E1LQ93       | Long             | EC               | CORP              | JP        |      3604 | NS      | $2514576.65   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Orix JREIT Inc                            | Orix JREIT Inc                                   | CUSIP: N/A<br>LEI: 353800WVNTBIU65TA247       | Long             | EC               | CORP              | JP        |      2640 | NS      | $1596379.41   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyu REIT Inc                            | Tokyu REIT Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       350 | NS      | $432082.47    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mori Trust Reit Inc                       | Mori Trust Reit Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1271 | NS      | $569629.14    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockland                                 | Stockland                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1206948 | NS      | $3562805.81   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                  | Phillips Edison & Co Inc                         | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |     59814 | NS      | $2238239.88   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                      | SL Green Realty Corp                             | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     33721 | NS      | $1245653.74   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio            | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2043515 | NS      | $2043514.53   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    124488 | NS      | $23220746.64  | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                       | STAG Industrial Inc                              | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     93848 | NS      | $3384158.88   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                   | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    154165 | NS      | $5207693.70   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                        | UMH Properties Inc                               | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     37726 | NS      | $544386.18    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                     | Urban Edge Properties                            | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55041 | NS      | $1099719.18   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    230664 | NS      | $18863701.92  | 4.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC        | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  27439229 | NS      | $27439229.25  | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntec REIT                               | Suntec Real Estate Investment Trust              | CUSIP: N/A<br>LEI: 549300C46QFXSI2F4K13       | Long             | EC               | CORP              | SG        |    850200 | NS      | $962129.98    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Logistics Fund Inc                  | Japan Logistics Fund Inc                         | CUSIP: N/A<br>LEI: 3538004KZWISCQO70151       | Long             | EC               | CORP              | JP        |      1205 | NS      | $722590.99    | 0.16%             |  |  |  | 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        |      2889 | NS      | $1356517.07   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Montea NV                                 | Montea NV                                        | CUSIP: N/A<br>LEI: 5493006K5LQDD0GK1T60       | Long             | EC               | CORP              | BE        |      9497 | NS      | $715639.82    | 0.16%             |  |  |  | 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        |       674 | NS      | $560501.60    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Infrastructure Fu            | Industrial & Infrastructure Fund Investment Corp | CUSIP: N/A<br>LEI: 353800WCHFY04YKYCI19       | Long             | EC               | CORP              | JP        |      1160 | NS      | $1026639.01   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaftesbury Capital PLC                   | Shaftesbury Capital PLC                          | CUSIP: N/A<br>LEI: 549300TTXXZ1SHUI0D54       | Long             | EC               | CORP              | GB        |    667334 | NS      | $1122020.85   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Prologis REIT Inc                  | Nippon Prologis REIT Inc                         | CUSIP: N/A<br>LEI: 353800PHBMSDLAFURY41       | Long             | EC               | CORP              | JP        |      3231 | NS      | $1730348.86   | 0.38%             |  |  |  | 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        |      5895 | NS      | $74218.16     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NewRiver REIT PLC                         | NewRiver REIT PLC                                | CUSIP: N/A<br>LEI: 2138004GX1VAUMH66L31       | Long             | EC               | CORP              | GB        |     87500 | NS      | $80309.10     | 0.02%             |  |  |  | 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      | $90182.57     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                 | Unibail-Rodamco-Westfield                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | FR        |     60148 | NS      | $6576846.64   | 1.43%             |  |  |  | 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      | $525046.20    | 0.11%             |  |  |  | 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        |   1179344 | NS      | $2197506.42   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Irish Residential Properties R            | Irish Residential Properties REIT PLC            | CUSIP: N/A<br>LEI: 635400EOPACLULRENY18       | Long             | EC               | CORP              | IE        |    223974 | NS      | $261161.06    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Shurgard Self Storage Ltd                 | Shurgard Self Storage Ltd                        | CUSIP: N/A<br>LEI: 549300J0UEIKU81XO336       | Long             | EC               | CORP              | LU        |     15422 | NS      | $441567.81    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vicinity Ltd                              | Vicinity Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1926511 | NS      | $3087547.68   | 0.67%             |  |  |  | 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        |      1844 | NS      | $1810502.23   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartCentres Real Estate Inves            | SmartCentres Real Estate Investment Trust        | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               | CORP              | CA        |     37886 | NS      | $723215.25    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NSI NV                                    | NSI NV                                           | CUSIP: N/A<br>LEI: 724500I77C30W2LZZJ03       | Long             | EC               | CORP              | NL        |      7443 | NS      | $149734.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                               | Centerspace                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |      7218 | NS      | $414674.10    | 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        |       545 | NS      | $34035.03     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                      | Vornado Realty Trust                             | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79340 | NS      | $2062046.60   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                             | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    112353 | NS      | $22213311.63  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                    | Warehouses De Pauw CVA                           | CUSIP: N/A<br>LEI: 549300HWDYC5JXC85138       | Long             | EC               | CORP              | BE        |     95478 | NS      | $2455431.46   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RioCan REIT                               | RioCan Real Estate Investment Trust              | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               | CORP              | CA        |     72213 | NS      | $982641.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wereldhave NV                             | Wereldhave NV                                    | CUSIP: N/A<br>LEI: 724500YRQCY3BD9RJZ92       | Long             | EC               | CORP              | NL        |     18651 | NS      | $456658.31    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Precinct Properties New Zealan            | Precinct Properties New Zealand Ltd              | CUSIP: N/A<br>LEI: 9845001BD9S8C9A04510       | Long             | EC               | CORP              | NZ        |    828604 | NS      | $489221.41    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Retail REIT                  | Charter Hall Retail REIT                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |    253352 | NS      | $661112.91    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Integrated Commerci            | CapitaLand Integrated Commercial Trust           | CUSIP: N/A<br>LEI: 54930031292WUTXF0L29       | Long             | EC               | CORP              | SG        |   3031156 | NS      | $5380263.72   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                              | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    174294 | NS      | $23038180.92  | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                      | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     85802 | NS      | $6491779.32   | 1.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Rexford Industrial Realty Inc             | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    112946 | NS      | $3696722.58   | 0.80%             |  |  |  | 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      | $173225.79    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                               | Aedifica SA                                      | CUSIP: N/A<br>LEI: 529900DTKNXL0AXQFN28       | Long             | EC               | CORP              | BE        |     39841 | NS      | $3188106.29   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmila SA                                | Carmila SA                                       | CUSIP: N/A<br>LEI: 222100P6D3QKU33LZQ72       | Long             | EC               | CORP              | FR        |     32027 | NS      | $614044.57    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Workspace Group PLC                       | Workspace Group PLC                              | CUSIP: N/A<br>LEI: 2138003GUZRFIN3UT430       | Long             | EC               | CORP              | GB        |     75673 | NS      | $340783.96    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Activia Properties Inc                    | Activia Properties Inc                           | CUSIP: N/A<br>LEI: 353800RPGYN3ML8CXV54       | Long             | EC               | CORP              | JP        |       983 | NS      | $863809.16    | 0.19%             |  |  |  | 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        |    326187 | NS      | $748406.89    | 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        |    486203 | NS      | $2278675.84   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                   | BXP Inc                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     69856 | NS      | $3625526.40   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Brandywine Realty Trust                   | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     66296 | NS      | $179662.16    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                | Brixmor Property Group Inc                       | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    144327 | NS      | $4156617.60   | 0.90%             |  |  |  | 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      | $593361.62    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Care Property Invest NV                   | Care Property Invest NV                          | CUSIP: N/A<br>LEI: 54930096UUTCOUCQDU64       | Long             | EC               | CORP              | BE        |     14592 | NS      | $206127.34    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Redefine Properties Ltd                   | Redefine Properties Ltd                          | CUSIP: N/A<br>LEI: 37890061EC026A7DA532       | Long             | EC               | CORP              | ZA        |   3227147 | NS      | $1121748.19   | 0.24%             |  |  |  | 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        |    514518 | NS      | $2231293.54   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Primary Health Properties PLC             | Primary Health Properties PLC                    | CUSIP: N/A<br>LEI: 213800Y5CJHXOATK7X11       | Long             | EC               | CORP              | GB        |   1232162 | NS      | $1476183.11   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xior Student Housing NV                   | Xior Student Housing NV                          | CUSIP: N/A<br>LEI: 549300JK7HFOCP0U8K85       | Long             | EC               | CORP              | BE        |     20738 | NS      | $632008.41    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                     | Camden Property Trust                            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     49818 | NS      | $4865225.88   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                    | Cousins Properties Inc                           | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     86015 | NS      | $1941358.55   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    338011 | NS      | $5553520.73   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                      | JBG SMITH Properties                             | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30374 | NS      | $443764.14    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                        | Kilroy Realty Corp                               | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     53460 | NS      | $1508106.60   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                         | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    329250 | NS      | $7398247.50   | 1.61%             |  |  |  | No            |                  1 | On Loan: —       |
| Kite Realty Group Trust                   | Kite Realty Group Trust                          | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94267 | NS      | $2314254.85   | 0.50%             |  |  |  | No            |                  1 | On Loan: —       |
| LXP Industrial Trust                      | LXP Industrial Trust                             | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |     28221 | NS      | $1305503.46   | 0.28%             |  |  |  | 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        |      3192 | NS      | $2337469.36   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Prime Realty Investment             | Japan Prime Realty Investment Corp               | CUSIP: N/A<br>LEI: 353800NJOQJAY1ODEX72       | Long             | EC               | CORP              | JP        |      1662 | NS      | $1011261.55   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT                  | CapitaLand Ascendas REIT                         | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |   1892700 | NS      | $3623585.63   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                              | Klepierre SA                                     | CUSIP: N/A<br>LEI: 969500PB4U31KEFHZ621       | Long             | EC               | CORP              | FR        |    105236 | NS      | $3931041.73   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KDX Realty Investment Corp                | KDX Realty Investment Corp                       | CUSIP: N/A<br>LEI: 353800FFT483NCIHFY42       | Long             | EC               | CORP              | JP        |      2010 | NS      | $2029077.88   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel REIT                               | Keppel REIT                                      | CUSIP: N/A<br>LEI: 549300ZD5HZLQCF55J25       | Long             | EC               | CORP              | SG        |   1651200 | NS      | $1139067.55   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Austral            | Growthpoint Properties Australia Ltd             | CUSIP: N/A<br>LEI: 529900VCPJ9IEDF4TJ03       | Long             | EC               | CORP              | AU        |    118508 | NS      | $170448.54    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                | Growthpoint Properties Ltd                       | CUSIP: N/A<br>LEI: 37890019DD1E46632291       | Long             | EC               | CORP              | ZA        |   1638269 | NS      | $1547586.37   | 0.34%             |  |  |  | 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      | $789534.05    | 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        |    135885 | NS      | $796146.13    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LaSalle Logiport REIT                     | LaSalle Logiport REIT                            | CUSIP: N/A<br>LEI: 353800II3DI1RPKBB314       | Long             | EC               | CORP              | JP        |       830 | NS      | $773706.71    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CLS Holdings PLC                          | CLS Holdings PLC                                 | CUSIP: N/A<br>LEI: 213800A357TKB2TD9U78       | Long             | EC               | CORP              | GB        |     15840 | NS      | $10026.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Portland Estates PLC                | Great Portland Estates PLC                       | CUSIP: N/A<br>LEI: 213800JMEDD2Q4N1MC42       | Long             | EC               | CORP              | GB        |    168062 | NS      | $627196.25    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascott Trust                   | CapitaLand Ascott Trust                          | CUSIP: Y0261Y177<br>LEI: 549300W6RTG7Y32IWY65 | Long             | EC               | CORP              | SG        |   1258500 | NS      | $858411.81    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Social Infrastruc            | Charter Hall Social Infrastructure REIT          | CUSIP: N/A<br>LEI: 254900W31UGIMDQW3W98       | Long             | EC               | CORP              | AU        |    175368 | NS      | $311083.11    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendlease Global Commercial RE            | Lendlease Global Commercial REIT                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1033697 | NS      | $428653.95    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammerson PLC                             | Hammerson PLC                                    | CUSIP: N/A<br>LEI: 213800G1C9KKVVDN1A60       | Long             | EC               | CORP              | GB        |    264387 | NS      | $1027117.97   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiwi Property Group Ltd                   | Kiwi Property Group Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |    811825 | NS      | $421426.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Ascendas REIT                  | CapitaLand Ascendas REIT                         | CUSIP: N/A<br>LEI: 549300ILIBAEMQZK3L20       | Long             | EC               | CORP              | SG        |     52996 | NS      | $3902.32      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Land Securities Group PLC                 | Land Securities Group PLC                        | CUSIP: N/A<br>LEI: 213800V8IAVKS37D6B88       | Long             | EC               | CORP              | GB        |    345526 | NS      | $2519726.21   | 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        |     29442 | NS      | $336498.08    | 0.07%             |  |  |  | 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